From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization, or the total value of all of the coins currently in circulation.
1. Bitcoin (BTC)
- Market cap: $548 billion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of May 12, 2022, a single Bitcoin’s price was around $29,000. That’s growth of more than 5,700%.
2. Ethereum (ETH)
- Market cap: $236 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the beginning of May 2022, its price went from about $11 to over $2,000, increasing almost 18,000%.
3. Tether (USDT)
- Market cap: $82 billion
Unlike some other forms of cryptocurrency, Tether is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
4. U.S. Dollar Coin (USDC)
- Market cap: $49 billion
Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
5. Binance Coin (BNB)
- Market cap: $44 billion
Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.
Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By early May 2022, its price had risen to around $279, a gain of approximately 280,000%.
6. XRP (XRP)
- Market cap: $18 billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of May 12, 2022, its price reached $0.39, equal to a rise of more than 6,400%.
7. Binance USD (BUSD)
- Market cap: $17 billion
Binance USD is a stablecoin that was founded by Paxos and Binance in an effort to create a cryptocurrency backed by the US dollar. To maintain this value, Paxos holds an amount of US dollars that is equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility.
8. Cardano (ADA)
- Market cap: $16 billion
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of May 12, 2022, its price was at $0.50. This is an increase of 2,400%.
9. Solana (SOL)
- Market cap: $15 billion
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By mid May 2022, its price was around $48.70, a gain of more than 6,200%.
10. Dogecoin (DOGE)
- Market cap: $10.5 billion
Dogecoin was famously started as a joke in 2013, but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By mid May 2022, its price was at $0.08, up almost 40,000%.
*Market caps and pricing current as of May 12, 2022.