Crypto top 10

If you’re unfamiliar with the world of crypto, here are the top 10 largest cryptocurrencies in terms of market capitalisation.

Cryptocurrencies are a form of financial exchange that exists solely in the digital realm and is secured through cryptography. They differ from traditional physical currencies like pounds or dollars.

Bitcoin, the original cryptocurrency, was introduced over a decade ago and has inspired the creation of thousands of rival cryptocurrencies.

Top 10 cryptocurrencies by market capitalisation

If you’re new to the world of crypto, here are the top 10 largest cryptocurrencies in terms of market capitalisation. Often shortened to ‘market cap’, this figure represents the total value of each coin that’s in circulation.

The law of supply and demand means that market cap figures are continually subject to change. For the purposes of the list below, the figures relate to June 2023 and are necessarily approximate.

The abbreviation after each cryptocurrency, BTC for example, relates to its ticker symbol. It’s a means of identification for trading purposes.

Note: investing in cryptocurrencies is not for everyone. The UK’s financial watchdog, the Financial Conduct Authority (FCA), issues regular warnings to consumers about the crypto industry. The FCA reminds would-be traders that cryptoassets are unregulated and high-risk, which means people “are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them”.

1. Bitcoin (BTC)

Market cap: $458.8 billion

The original cryptocurrency, Bitcoin was first mooted in 2008 by an anonymous individual, or group of people, using the pseudonym Satoshi Nakamoto. Its invention was a breakthrough in cryptography.

As with most cryptocurrencies, Bitcoin runs on a blockchain - a piece of software that acts as a digital ledger that logs transactions distributed across a network comprising thousands of computers.

Because additions to the distributed ledger must be verified by solving a cryptographic puzzle - a process known as ‘proof of work’ - Bitcoin is kept secure from fraudsters.

Despite becoming a household name, Bitcoin’s price has oscillated wildly in recent years. At the time of writing, a coin was worth around $25,268 having peaked at just over $57,000 in November 2021. In 2016, a single Bitcoin could be bought for around $410.

2. Ethereum (ETH)

Market cap: $198.1 billion

Ethereum is both a cryptocurrency and a blockchain platform and is popular with programme developers because of its potential applications.

These include so-called ‘smart contracts’ that automatically execute when conditions are met, as well as non-fungible tokens - or NFTs. NFTs are digital assets that represent real-world objects, such as unique works of art.

Ethereum is another cryptocurrency that has experienced tremendous growth. For example, from April 2016 to date, its price has risen from $9 to around $1,643, increasing approximately 18,000%.

3. Tether (USDT)

Market cap: $74.4 billion

Unlike some of its cryptocurrency rivals, Tether is a type of ‘stable coin’.

Stable coins attempt to peg their market value to an external reference. For Tether, this means it’s backed by established ‘fiat’ currencies such as UK pounds, US dollars or the euro and hypothetically keeps a value equal to one of those denominations.

Tether’s value, the theory runs, ought to be more consistent than other cryptocurrencies. It tends to be favoured by investors who are wary of the extreme volatility associated with other coins.

4. Binance Coin (BNB)

Market cap: $36.1 billion

Binance Coin is a version of cryptocurrency where users can trade and pay fees on Binance, one of the world’s largest crypto exchanges. Fees paid on the exchange in Binance Coin receive a discount.

Launched in 2017, Binance Coin has moved on from only facilitating trades on the Binance exchange. It can now be used for trading, payment processing, and even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Bitcoin or Ethereum.

In 2017 a coin was priced at under $0.11, but this month it has been trading around the $300 mark.

5. US Dollar Coin (USDC)

Market cap: $25.4 billion

US Dollar Coin (USDC) is another stable coin. It’s redeemable on a 1:1 basis for US dollars, backed by dollar denominated assets held in segregated accounts with US-regulated financial institutions. USDC is powered by Ethereum and can be used to complete transactions worldwide.

6. XRP (XRP)

市值：243亿美元

XRP旨在成为一种快速、经济高效的跨境支付加密货币。

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