For new users, it can be confusing and overwhelming to know which cryptocurrencies to trust with so many in circulation. There are thousands of cryptocurrencies out there today. Add to that the fact that the value of some obscure cryptocurrencies has jumped by more than 100% at times, creating a sense of FOMO.
For the sake of your financial stability, you should only invest in a few well-known cryptocurrencies before branching out into new ones. To help you get started on your crypto journey, we’ve produced a list of the ten most valuable cryptocurrencies according to market value as of August 2021.
1. Cardano
As a relatively young cryptocurrency, Cardano is one of the most talked-about ones right now, and for good reason. In comparison to larger cryptocurrencies, it requires less energy because of its use of the newer proof-of-stake technique to validate transactions. It has a market value of $69 billion by the end of August 2021.
Cardano’s blockchain was built through rigorous testing and peer review by the project’s developers. Over the course of the project’s history, the researchers have published over 90 papers on various aspects of blockchain technology. Cardano is built on this study.
Cardano stands out from its contemporaries in the proof-of-stake space as well as other major cryptocurrencies thanks to this exacting approach. With its blockchain supposedly capable of more, Cardano has also been branded “Ethereum killer.” 10 Having saying that Cardano is still a young project. In terms of decentralized financial applications, it beat Ethereum to the proof-of-stake consensus mechanism, but it still has a long way to go.
2. Solana
A unique hybrid proof-of-stake and proof-of-history mechanism help Solana process transactions quickly while also ensuring security. Last but not least, Solana has a market cap of over $20 billion. Solana was launched in 2020 at a cost of $0.77 and is currently trading at $73.19. It has grown by 9404 percent since its launch in 2020 to now trade at $73.19.
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3. Bitcoin
In 2009, someone or a group going by the name of Satoshi Nakamoto created Bitcoin, the granddaddy of them all. It’s worth noting that the blockchain technology that powers Bitcoin is similar to that used by the majority of cryptocurrencies.
Since Bitcoin has proof of work and other security features built-in, it is impervious to hacking efforts. Bitcoin’s market capitalization was over $856 billion at year’s end, with the price of one coin increasing by over 8900 percent from roughly $500 five years ago to over $45,000 today.
4. Ethereum
With Ether (ETH) as its native token, Ethereum is a blockchain network that is also frequently known as a cryptocurrency. The Ethereum blockchain has been used to process most digitally traded NFTs. Despite this, it is one of the more stable platforms that is always trying to improve and keep up with the latest trends. Its most recent initiative aims to drastically cut the world’s dependence on fossil fuels.
While it’s a cryptocurrency, the gains have been as impressive: from $11 to over $3000 in just five years, representing a staggering 27,000 percent return. With an m-cap of over $357 billion, it’s the second-largest cryptocurrency by market capitalization in the world today.
5. Binance Coin
Binance Coin is the third most valuable cryptocurrency today, valued at approximately $70 billion. It can be traded, used to process payments, or even used to book travel arrangements. If you also own Binance Coin then you can also trade or exchange this for other cryptocurrencies like Ethereum or Bitcoin.
Initially, Binance used the Ethereum blockchain to issue its tokens, but it has now switched to using the Binance blockchain to issue its tokens. It’s worth noting that BNB has a maximum supply limit, too, with a total of 200 million coins available. More than 168 million of these cards have already been issued.
6. Uniswap
In the world of decentralized trading protocols, Uniswap is a well-known one because of its involvement in automating the trading of Defi tokens (decentralized finance). Automated market maker Uniswap launched in November 2018 but has gained considerable popularity this year as a result of the Defi phenomenon and its associated rise in the trading of tokens. AMM Uniswap’s goal is to make trading on traditional exchanges more efficient while keeping token trading fully automated and accessible to everyone using tokens.
Uniswap improves efficiency by using automated ways to solve liquidity difficulties, avoiding the pitfalls of the early decentralized exchanges.
7. Polka Dot
By being unique, Polkadot aims to bring interoperability between different blockchains. In order for systems to function together under one roof, its protocol is designed to connect permissioned and permissionless blockchains as well as oracles. The relay chain at the heart of Polkadot’s system is what makes it interoperable with so many other networks. Parallel blockchains with their own native tokens for specific use cases can also be created using “parachains,” or parallel blockchains.
Polkadot differs from Ethereum in that developers can design their own blockchain and use the security that Polkadot’s chain already possesses, rather than only creating decentralized applications on Polkadot. Developers can create new blockchains with Ethereum, but they must also create their own security measures. This leaves new and smaller projects vulnerable to attack because a blockchain’s security increases in size.
8. Monero
Monero is a safe, private, and anonymous form of payment. Cryptography enthusiasts and the general public have taken an immediate interest in this open-source cryptocurrency since its inception in April 2014. This cryptocurrency’s growth is entirely supported by donations and contributions from the community. When Monero was first introduced, it focused on decentralization and scalability, and it used a specific technology known as “ring signatures” to enable perfect secrecy.
It’s possible to create an unbreakable chain of cryptographic signatures using this method, however, the unbreakable chain can’t be isolated because they all appear to be genuine. For reasons like these, Monero has earned a bad reputation—been it’s associated with illicit activities all around the world. In addition to being an excellent tool for criminals, the secrecy that Monero offers is also beneficial to political dissidents around the world. With a market capitalization of $245 million and a token value of $265.27 in September 2021, Monero enjoys a healthy return on its investment.
9. DogeCoin
Peer-to-peer cryptocurrency Dogecoin is a free and open-source project. It’s a meme coin that’s both an altcoin and a little bit caustic. Dogecoin was launched in December 2013 and its logo is a Shiba Inu dog.
Dogecoin’s blockchain may have been founded as a prank, but it still retains value. It uses Litecoin’s underlying technology. Dogecoin, which uses the script algorithm, is notable for two aspects: its low cost and its seemingly limitless supply.
Dogecoin was created as a prank, but it quickly grew in popularity. To end 2017, it was a part of the cryptocurrency bubble, which saw numerous cryptocurrencies’ values soar. Even though Dogecoin’s value plummeted in the wake of the cryptocurrency bubble crash in 2018, the currency retains a small but dedicated following of users who trade it and use it to tip others on social media sites like Twitter and Reddit.
10. Tether
It was the first and most widely used stablecoin, a cryptocurrency that attempts to decrease market volatility by pegging its market value to a currency or other external reference point. Tether and other stablecoins aim to smooth out price variations in order to attract consumers who may otherwise be wary of digital currencies due to their frequent periods of spectacular volatility, including significant ones like Bitcoin. The value of Tether is inversely proportional to the value of the US dollar. By using the system, users can send money from one cryptocurrency to another in less time than it would take to convert from one cryptocurrency to another.
A “blockchain-enabled platform designed to facilitate the use of fiat currency in a digital manner” is what Tether claims to be. To put it another way, this cryptocurrency allows users to transact in traditional currencies using a blockchain network and related technologies while avoiding the volatility and complexity commonly associated with digital currencies. Tether has a market valuation of $68.3 billion and a per-token value of $1.23 as of September 2021, making it the fifth-largest cryptocurrency by market capitalization.
Conclusion:- We’ve provided this article as a courtesy to you, and we make no predictions about the future growth of any crypto currency. As a result, you should only invest in bitcoin if you can afford to lose money. Share this to your friends so we can bring such more articles in future.