[Coinlive] Mid-2022's Top 5 Cryptocurrencies by Market Cap

Is the overwhelming list of cryptocurrencies out there in the world leaving you short of breath and probably in a daze? This is especially so if you are just getting started in the world of all-things-crypto. Up to date, there are over 18,000 in existence but not all of them have a following or much value.

Without further ado, let us jump right into the top 5 cryptocurrencies by market capitalisation in the first half of 2022.

1. 1) Bitcoin (BTC)

Bow down to the father of all cryptocurrencies cause here comes Bitcoin (BTC)! Not literally of course. It is not only a widely recognised cryptocurrency; it is the original cryptocurrency. Launched in 2009, it was the first crypto to record financial transactions on a decentralised blockchain: it enables peer-to-peer exchange of value virtually through cryptography and is built on a distributed transaction ledger called a ‘blockchain’.

The first time Bitcoin gained value, it was only priced at $0.0009 per BTC while its all-time high (ATH) was at $68,789.63. At the time of writing, its circulating supply is at 19,078,256 BTC with a market cap floating around $400B.

Graph shows BTC valued at $21,340.00 at the time of writing

1. 2) Ethereum (ETH)

All cryptocurrencies inevitably get compared to Bitcoin — Ethereum, which is both a cryptocurrency (called Ether [ETH]) and a blockchain platform, is no different. It is a decentralised, open-source blockchain with smart contract functionality; meaning it can facilitate interoperability between other blockchains. A differentiating feature for Ethereum, is its use as a software network allowing developers to build new power tools, apps, and non-fungible tokens (NFT).

However, some of the cons include increasing transaction fees (gas) and slower processing speed. The highly anticipated release of ETH 2.0, which has been delayed numerous times, is expected to improve transaction speeds and decrease costs by bringing perfect scalability to the platform.

Ethereum’s all-time high (ATH) was at $4,891.70 and at the time of writing, its circulating supply is at 121,318,526 ETH with a market cap of a little over $145B.

Graph shows ETH valued at $1,224.91 at the time of writing

1. 3) Tether (USDT)

Launched in 2014, Tether (USDT) is a stablecoin (meaning it is backed by fiat currencies like U.S. dollars) and is backed 100% by Tether’s reserves. Originally named Realcoin, it was later renamed to USTether, then finally to Tether.

It is a blockchain-enabled platform that facilitates the digital use of traditional currencies. Tying it to the price of a traditional currency is meant to keep the price of the tokens stable and not be subject to the same price volatility and complexity as some cryptocurrencies like Bitcoin.

At the time of writing, its circulating supply is at 66,867,260,244 USDT with a market cap of over $66B.

Graph shows USDT valued at $0.99918000 at the time of writing

1. 4) USD Coin (USDC)

A relatively fresh fiat-collaterialised stablecoin launched in 2018 and governed by Centre, a consortium co-founded by Circle, a financial technology company, and Coinbase, a cryptocurrency exchange, USD Coin (USDC) is pegged to the U.S. dollar on a 1:1 basis. It is an open-source project and USDC reserve assets are held in segregated accounts with U.S.-regulated financial institutions.

One of the advantages of USDC, which are actually ERC-20 tokens that can be found on the Ethereum blockchain, is that it can be integrated with Ethereum-based applications. USD Coin is also compatible with other major blockchain networks like Solana, TRON, Algorand, and more.

At the time of writing, its circulating supply is at 55,802,605,113 USDC with a market cap close to $56B.

Graph shows USDC valued at $0.9982 at the time of writing

1. 5) Binance Coin (BNB)

Binance Coin (BNB), a cryptocurrency created in 2017, can be used on Binance, a cryptocurrency exchange, to trade, pay fees, and more. It is the native asset of Binance Chain and is also a unique ecosystem of decentralised, block-chain-based networks. BNB was made even more deflationary and further decentralising the network following measures like BEP-95, a proposal that introduces a real-time burning mechanism to Binance Smart Chain (BSC). In addition, it runs an Etheruem-type blockchain, BSC as mentioned earlier, which hosts DeFi, NFT, metaverse, and Web3 projects.

Binance Coin’s all-time high (ATH) was at $690.93 and at the time of writing, its circulating supply is at 163,276,975 BNB with a supply limit of 165,116,760 BNB and a market cap of more than $38B. From its initial maximum supply of 200M BNB, the burn system leads to period reductions in its total supply (every three months) and will continue even after it has reached its target goal of 100M BNB.

Graph shows BNB valued at $231.45 at the time of writing

The content in this article is by no means financial advice; please do your own research (DYOR). Many can attest to this general rule of thumb: never invest what you cannot afford to lose.

Written by: [Coinlive] Catherine