Top 9 Cryptocurrencies August 2022

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which makes it overwhelming when you first get started in the crypto world. To help you get your directions, these are the top 10 cryptocurrencies based totally on their market price or the whole fee of all the cash presently in circulation.

What are cryptocurrencies?

A cryptocurrency is a digital asset that can be traded barring the central authority of a financial institution or government. To date, there are greater than 20,000 cryptocurrency initiatives representing the whole crypto market of $1.07 trillion.

1. Bitcoin (BTC)

Market value: $441 billion

Bitcoin (BTC) used to be created in 2009 with the aid of Satoshi Nakamoto, and is the authentic cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or ledger recording transactions disbursed across a community of hundreds of computers. Because additions to disbursed ledgers ought to be tested through fixing a cryptographic puzzle, a system called proof of work, Bitcoin is kept secure and secure from fraudsters.

Bitcoin fee has skyrocketed as it has grow to be a household name. In May 2016, you can buy 1 bitcoin for about $500. As of August 1, 2022, the price of one Bitcoin is around $23,046. That's a growth of more than 4500%.

2. Ethereum (ETH)

Market value: 201 billion dollars

Ethereum, as a cryptocurrency and blockchain platform, is liked by way of software program builders due to its potential applications, such as so-called smart contracts that execute automatically when stipulations are met and non-fungible tokens (NFTs).

Ethereum has also skilled huge growth. From April 2016 to the commencing of August 2022, its charge multiplied from about $11 to about $1,640, an enlarge of about 14,800%.

3. Tether (USDT)

Market value: sixty six billion dollars

Unlike some different varieties of cryptocurrency, Tether (USDT) is a stablecoin, which capacity that it is backed by fiat currencies like the US greenback and the euro, and presumably holds a value equal to one of these denominations. In theory, this skill that Tether have to have a more consistent cost than different cryptocurrencies, and it is favored via traders who are cautious of the excessive volatility of other coins.

4. US Dollar Currency (USDC)

Market value: $54 billion

Like Tether, the US Dollar (USDC) is a stablecoin, which skill that it is backed through the US greenback and targets to have a ratio of 1 USD to 1 USD. USDC is powered by way of Ethereum, and you can use USD Coin to complete global transactions.

5. Binance Coin (BNB)

Market value: $45 billion

Binance Coin (BNB) is a structure of cryptocurrency that you can use to alternate and pay charges on Binance, one of the biggest cryptocurrency exchanges in the world. Since its launch in 2017, Binance Coin has accelerated in the past in reality to facilitate trades on the Binance trading platform. Now, it can be used for trading, charge processing or even reserving journey arrangements. It can also be traded or exchanged for different varieties of cryptocurrency, such as Ethereum or Bitcoin.

The charge of BNB in 2017 was once only $0.10. By early August 2022, its charge had risen to about $284, a almost 283,900% increase.

6. XRP (XRP)

Market value: $18 billion

Created with the aid of some of the founders of Ripple, a digital technology and repayments processing company, XRP can be used on that community to facilitate exchanges of different types of currencies, along with fiat currencies and other predominant cryptocurrencies.

At the establishing of 2017, the charge of XRP used to be $0.006. As of August 1, 2022, it is priced at $0.37, which is a 6066% increase.

7. Binance USD (BUSD)

Market value: $17 billion

Binance USD (BUSD) is a stablecoin established by using Paxos and Binance to create a cryptocurrency backed through the US dollar. To hold this value, Paxos holds an quantity in US greenbacks equal to the whole provide of BUSD. As with different stablecoins, BUSD offers traders and crypto customers the potential to engage in transactions with other crypto property while reducing the chance of volatility.

8. Cardano (ADA)

Market value: $17 billion

Somewhat later in the crypto scene, Cardano (ADA) grew to be well-known for its early include of proof-of-stake validation. This method speeds up transaction time and reduces electricity use and environmental impact with the aid of removing the competitive problem-solving thing of validating transactions on structures like Bitcoin. Cardano is additionally working like Ethereum to enable clever contracts and decentralized applications, which ADA has as its native currency.
Cardano's ADA token has seen especially modest increase compared to other principal cryptocurrencies. In 2017, the charge of ADA was $0.02. As of August 1, 2022, it has a price tag of $0.50. This is an increase of 2400%.

9. Solana (SOL)

Market value: 14 billion dollars

Developed to assist energy the makes use of of decentralized finance (DeFi), decentralized purposes (DApps), and clever contracts, Solana works on unique hybrid proof of ownership and proof of history mechanisms to manner transactions shortly and securely. SOL, Solana's unique code, powers the platform.

When it used to be launched in 2020, the SOL price commenced at $0.77. By early August 2022, it was priced at round $41.55, an increase of almost 5300%.