Top 10 Best Cryptocurrencies with Highest Market Capitalization in 2021
The market capitalization of cryptocurrencies varies depending on the price of the underlying trends.
There are hundreds of cryptocurrencies, the new ones multiply every day and the old ones disappear seemingly as fast as they appeared. It’s reasonable for crypto investors to be overwhelmed by digital currencies as many fairy tales and market nightmares emerge. After the inception of Bitcoin, synonymous with cryptocurrencies, the sphere of digital currencies gained a lot of traction. In a span of just a few months, digital currencies skyrocketed in value, interest, and numbers, only to see their values plummet once more, before shutting down. Fortunately, crypto investors are aware of this volatile and unstable situation.
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However, one thing that cannot fall drastically is its market capitalization. The market capitalization of cryptocurrencies varies from time to time based on the price of the underlying trends. It is also an important concept that crypto investors consider before investing in a cryptocurrency. They represent the amount of cryptocurrency assets bought by people around the world. Analytics Insight has listed the top 10 cryptocurrencies with the highest market capitalization today.
Top 10 Cryptocurrencies with the Largest Market Capitalization in 2021
- Binance Coin
- USD Coin
Price of the Cryptocurrency, Bitcoin, Is Currently Close to $17,571.04
Bitcoin, the household name that became synonymous with cryptocurrency, was created with the motive of decentralizing distribution, trading, and storage. The bitcoin market is very volatile with sudden rises and falls. In 2017, the digital currency was trading at $ 20,000. In just one year, the price fell to half its previous value. Despite its instability, Bitcoin has taken a remarkable position in the cryptocurrency market and has also inspired cryptocurrency investors to try other cryptocurrencies. Unfortunately, the recent trend of the Bitcoin market is not impressive. Following Elon Musk’s decision not to accept Bitcoin at Tesla and China’s crackdown on Bitcoin mining, the digital currency is hitting the ground hard. However, crypto enthusiasts say this is a temporary drop for Bitcoin and it will return with even stronger ground in the crypto market.
Market Capitalization: US$729,387,311,119
Ethereum, compatible with the Ethereum platform, is a blockchain-based cryptocurrency. Digital currency is considered a safe place to invest compared to other cryptocurrencies due to the blockchain platform that drives it. Ethereum is a decentralized public ledger for verifying and recording transactions. In the current market scenario, Ethereum is having a tough fight with Bitcoin. Following the Bitcoin crash, Ethereum is consolidating in the digital currency market. The digital currency’s 10-day average trading volume has doubled to 80% of Bitcoin’s since early 2021. Crypto enthusiasts predict it won’t be long until Ethereum takes over Bitcoin in market capitalization. .
Market Capitalization: US$282,290,827,209
Tether, a blockchain-based cryptocurrency, is largely backed by an equivalent amount of traditional fiat currencies such as the dollar, euro, or Japanese yen, which are held in a designated bank account. Formerly known as real currency, Tether was launched by Tether Operations Limited in 2014. Unlike many cryptocurrencies, Tether is designed as a stablecoin that is attested on real-life assets or commodities to ensure stability in value and a lower volatility in the market. Despite the digital currency experiencing extensive buying and trading in recent years, questions about its reserves with the US dollar remain unanswered. Recently, Tether has spread its wings to the Avalanche blockchain.
Market Capitalization: US$62,632,645,347
Since the beginning of 2021, Binance Coin has seen a drastic increase in value. The digital currency has come to the fore as the challenger for Bitcoin and Ethereum. Surprisingly, after the attraction that Binance Coin has, many crypto investors also bought Binance Coin to try their luck in the fourth largest cryptocurrency by market capitalization. However, that does not cause the digital currency to break its record of $ 433. The Elon Musk and Bitcoin breakout also had a negative impact on Binance Coin, reducing the price of the cryptocurrency by 15% to $ 365.48 this week. Fortunately, the digital currency also recovered to its rate immediately and is stable.
Market Capitalization: US$53,677,584,163
Cardano, the proof-of-stake blockchain currency, shares features and applications with other blockchain platforms such as Ethereum. The altcoin has performed well since last week. Recently, large investors in cryptocurrencies also chose Cardano as their best option, thanks to all the promising developments that the cryptocurrency has made in recent months. Cardano’s core team seeks to join the functional ranks of Ehterum and other competitors with their planned smart contract implementation. Despite the coin being priced at just $ 1.85, its value has increased more than tenfold since early 2021.
Market Capitalization: US$48,051,054,312
How far can a meme go? A question that got an exclusive answer from the digital currency market. Dogecoin emerged as a revolutionary cryptocurrency after the internet meme “doge”, featuring a Shibu Inu dog, went viral. Founded in 2013, the digital currency has overtaken major rivals in recent weeks and is now in the top 10. Over the past week, the price of Dogecoin advanced 24%, compared to Bitcoin and Tether which recorded 6.2% and 14.9. % peak respectively. Tesla CEO Elon Musk is the biggest proponent of Dogecoin. His constant tweets and comments about the cryptocurrency have contributed greatly to his price spike.
Market Capitalization: US$40,071,518,644
XRP is a cryptocurrency that runs on the XRP ledger, a blockchain designed by Jed McCaleb, Arthur Britto, and David Schwartz. Unfortunately, the digital currency is not performing well in the market. Recently, in a single day, Ripple’s price fell 10.77%, marking the biggest one-day increase since its inception. This has finally reduced the market capitalization by 2.60%. Ripple is also in a tough legal fight with the US Securities and Exchange Commission (SEC) to show that XRP sales are beyond the jurisdiction of the US watchdog.
Market Capitalization: US$38,528,642,007
USD Coin (USDC) is a stablecoin pegged to the value of US $ 1, thus facilitating the sale of crypto assets by users for virtual fiat currencies. Although the price of the digital currency is not attractive, its stability and coordination with the market rate make it worth a try. Recently, Visa announced its plans to settle transactions in USDC on the Ethereum blockchain. Today, many crypto investors use USDC to interact with decentralized finance (DeFi) programs.
Market Capitalization: US$23,828,703,768
Polkadot is a recently launched cryptocurrency that made the top 10 list. Created by Ethereum co-founder Gavid Wood in 2020, the digital currency extends the functionality of its predecessors with the goal of building a decentralized internet. Compared to Bitcoin and Ethereum which can process roughly three transactions per second, Polkadot can process more transactions in parallel. Recently, an Asian blockchain incubator and venture capitalist announced that she had launched a US $ 30 million venture capital fund called Master Ventures Polkadot VC Fund.
Market Capitalization: U$22,020,543,534
Uniswap is one of the leading decentralized crypto exchanges running on the Ethereum blockchain. Digital currency differs from the others because it is owned and operated by a single entity, and uses a relatively new type of business model called an automated liquidity protocol. However, there is speculation that a serious bug could cause major problems in Uniswap and is creating problems for those listed there.
Market Capitalization: US$12,772,760,468