If you are not living under a rock then you must have surely heard about crypto currencies and if so then you must be eager to have a piece of pie. The total market value of all cryptocurrencies recently went over $1 trillion for the first time as Bitcoin surged to a record high.
Bitcoin has jumped more than 900% to $38,655 on Thursday, from $3,850 in March, this has raised concern as well as greed in the minds of the masses.
In the world of virtual currencies, fortunes tend to move up and down quickly. The space is dominated by volatility above many other factors. These are the largest digital currencies by market cap as of mid-January 2021.
Bitcoin $692 billion
In August 2008, the domain name bitcoin.org was registered and on October 31st 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
Ethereum $158 billion
Ethereum was launched by Vitalik Buterin on July 30th 2015. Ethereum is seen more as a medium of exchange than a store of value by cryptocurrency users. He introduced scripting language in cryptos.
Tether $24 billion
Tether was issued on the Bitcoin blockchain. In their own words “Tether converts cash into digital currency, to anchor or ‘tether’ the value of the coin to the price of national currencies”. This enables it to mirror the value of US dollar.
Polkadot $15.5 billion
Polkadot is a multi-chain interchange and translation medium which enables customised side-chains to connect with public blockchains. Blockchains can exchange messages in a secure and trust-free manner with Polkadot.
XRP $13.8 billion
XRP is the currency created by Ripple Inc, a US company in 2012. Unlike other currencies, the price of each XRP token is very small. As of this writing, it’s just over 30 cents per token. This is compensated with high number of XRP in circulation. There are over 39 billion tokens in circulation now.
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