In recent years, the cryptocurrency market has grown strongly and has become a fertile ground for investors, despite many warnings about their risks. Here are the most popular cryptocurrencies on the market.
Bitcoin is the leading cryptocurrency in the virtual currency market today with a market capitalization of more than $1 trillion. Bitcoin price at 4pm on May 13 was $50,267.44. Bitcoin set a record at nearly $64,600 on April 14.
However, Bitcoin’s unique position is being eroded as other virtual currencies such as Ethereum, Dogecoin and Binance Coin have seen a rapid increase. Early this year, Bitcoin accounted for 70% of the global cryptocurrency capitalization. It has fallen to about 41.5% at present.
Bitcoin was released in 2009 by a mysterious man nicknamed Satoshi Nakamoto. It works based on Blockchain technology and can be exchanged directly using an Internet-connected device without going through an intermediary financial institution.
Behind Bitcoin is the digital currency Ethereum (also known as Ether). Ethereum is emerging as a strong competitor to Bitcoin.
On May 12, Ethereum price peaked at $4,380, but at 4:40 p.m. on May 13, Ethereum price plummeted to $3,749. The total capitalization of Ethereum is around $434 billion at present, half of that of Bitcoin, about 20% of the cryptocurrency market.
Since the beginning of April, every week Ethereum has set a new peak. Since the beginning of the year, Ethereum has increased in price by about 470%.
Ethereum was launched in 2013 for transactions for an intranet of the same name. Just like Bitcoin, Ethereum works on the Blockchain technology platform.
The biggest difference between Ethereum and Bitcoin is their intended use and core technology. Ethereum was created with the goal of being a platform for smart contract development. Bitcoin was born with the purpose of becoming a means of payment and a store of value.
Binance Coin is the third largest cryptocurrency in the world today. As of 5:30 p.m. on May 13, the price of Binance Coin was $582.18 and the capitalization of Binance Coin nearly $90 billion.
Since April, this cryptocurrency has continuously made new heights. It set a record at $620. The virtual currency is appreciated for its potential in the future.
The unusual increase of Binance Coin price in recent times was due mostly because of the world’s largest virtual currency exchange Binance. Binance Coin was issued by the Binance exchange in 2019. This coin is run on the Ethereum blockchain platform. The original purpose of Binance Coin was to reduce transaction costs on the Binance exchange. As Binance gradually became popular, this cryptocurrency was used for trading on Binance Chain. Binance Coin can be exchanged for other cryptocurrencies.
Tether (USDT) was introduced in 2014, as part of a group of cryptocurrencies called “stablecoins”. Tether is created on the Blockchain of Bitcoin. But Tether is not an Altcoin cryptocurrency or a Bitcoin competitor, but a technological addition to Bitcoin.
The price of Tether is tied to the price of the USD. Each USDT unit is backed by one US dollar and can be redeemed via the Tether platform. It is a cryptocurrency of high liquidity in the cryptocurrency industry, allowing users to store and transact without going through a bank. Users can exchange other virtual currencies to Tether and vice versa.
Tether is highly regarded for its stability and currently holds the 4th position in the cryptocurrency market. By 6pm on May 13, the price of Tether was at $1, with market capitalization of nearly $58 billion.
Cardano (ADA) was formed in 2017 by Charles Hoskinson – the co-founder of Ethereum. This virtual currency works on the basis of Blockchain Cardano.
Since its launch, Cardano has quickly made its way to the list of the top cryptocurrencies in the world. As of May 13, Cardano was the 5th largest digital currency in the world after Bitcoin, Ethereum, Binance Coin and Tether.
In 2019, the price of ADA crashed to a low of $0.02/ADA. But now, the price of Cardano has increased 60 times to nearly $1.2. Cardano’s market capitalization is now over $57 billion.
The fact that Cardano is officially listed on the Coinbase exchange in the US has ignited the belief that this virtual currency is still increasing in value. It is expected that by the end of 2021, the Cardano price may reach $10.
Dogecoin with the symbol of the Shiba Inu dog was created by two software engineers in 2013, to joke around with the booming cryptocurrencies. Dogecoin is considered a leader in the trend of playing pet-type virtual currency, ie coins/tokens that use the satirical image of pets.
Once considered a “rubbish” cryptocurrency, with a price of $0.06, Dogecoin has suddenly become one of the popular types of cryptocurrency in the world.
Since April, the price of this virtual currency has increased 10 times. The current price of Dogecoin is $0.495. Dogecoin’s market capitalization is now over $63.55 billion. According to CNBC, investors want to push the price of Dogecoin to $1.
The rise of Dogecoin originates from a Tweet from billionaire Elon Musk. “Dogecoin is the digital currency for everyone,” the Tesla CEO wrote on Twitter.
Historical market data shows that the Internet Computer (ICP) with a multicolored infinity symbol was pushed to the system at 6 pm on May 10. At about 11 pm on May 10, after only about 5 hours on the cryptocurrency exchange, the record price of this cryptocurrency reached $731.
As soon as it was listed on the floor, Internet Computer set a record when it attracted a cash flow of tens of billions of dollars, creating a record capitalization of $45 billion. Internet Computer digital currency jumped to 8th place in the ranking of digital currencies with the largest total market capitalization on the market today.
Internet Computer is traduced to help users create whatever they want on the Internet without going through digital giants like Amazon or Facebook. Users can also use commercial cloud services.
Internet Computer was launched amid the cryptocurrency revolution that is booming around the world. By the morning of May 14, the price of Internet Computer was $313.53; market capitalization reached more than $37 billion.
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