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5 Major Cryptocurrencies

Learn about the 5 major cryptocurrencies - Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Tether (USDT), and Solana (SOL).
Submitted by Vaishnavi Srivastava, on February 02, 2022

Cryptocurrencies are digital or virtual currencies that rely on cryptography technologies to function. Let's take a look at the top five cryptocurrencies on the market right now.

1) Bitcoin (BTC)

BTC

Market Capitalization of about $882 billion.

Bitcoin is a digital currency, to put it simply. There are no notes to be printed or coins to be minted. It's decentralized, meaning it's not under the jurisdiction of any government, institution (such as a bank), or other authority. Bitcoin connects buyers and sellers with encryption keys rather than utilizing names, tax IDs, or social security numbers. Bitcoin is "mined" by powerful computers connected to the internet, rather than being issued from the top down like traditional currency.

In May 2016, a Bitcoin could be purchased for around $500. The price of a single Bitcoin was above $46,000 on January 3, 2022. This equates to a 9,200% increase.

2) Ethereum (ETH)

ETH

Market Capitalization of about $447 billion.

Ethereum provides everyone, regardless of background or location, with open access to digital money and data-friendly services. It's the technology that powers the cryptocurrency ether (ETH) and thousands of other apps available today.

Thereum is based on Bitcoin's innovation, however, there are several significant changes.

Both allow you to utilize digital money without the need for a payment provider or a bank. However, because Ethereum is programmable, you may use it to create a variety of digital assets, including Bitcoin.

3) Binance Coin (BNB)

BNB

Market Capitalization of more than $86 billion.

Binance Coin is a cryptocurrency that was created by the Binance exchange and is traded under the symbol BNB. BNB is the native currency of Binance's blockchain, the Binance Chain, and was originally based on the Ethereum network.

It was only $0.10 in 2017; on January 3, 2022, it has climbed to roughly $520, a gain of around 520,000 percent.

4) Tether (USDT)

USDT

Market Capitalization of over $78 billion.

Tether (USDT) is a stablecoin with a price tied to $1.00. It is a blockchain-based cryptocurrency whose tokens in circulation are backed by an equivalent quantity of US dollars. Traditional fiat currencies, such as the dollar, euro, or Japanese yen, are tracked by stablecoins, which are maintained in a designated bank account.

5) Solana (SOL)

Solana

Market Capitalization of more than $52 billion.

Solana is a decentralized crypto computing platform that promises to achieve high transaction speeds while maintaining decentralization. It uses a variety of innovative techniques, including the "evidence of history" method. The native cryptocurrency of Solana is SOL, which is utilized for transaction fees and staking.


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