Nairametrics
Cryptocurrencies have had an exciting year in 2021, with the extremely volatile assets reaching new highs before plummeting.
The sheer number of cryptocurrencies available, ranging from Bitcoin and Ethereum to BNB and Shiba Inu, might be daunting. However, certain businesses stood out because they had a significant market by the end of the year.
Nairametrics has highlighted the top 10 cryptocurrencies based on their market capitalization, or the total worth of all coins currently in circulation, using a cryptocurrency analysis application.
10. Avalanche; market cap – over $24 billion
Avalanche is a layer one blockchain that serves as a foundation for decentralized apps and custom blockchain networks. It is a competitor to Ethereum, intending to dethrone Ethereum as the most popular blockchain for smart contracts.
It intends to achieve this by providing a larger transaction output of up to 6,500 transactions per second while maintaining scalability. The unique architecture of Avalanche allows for this. The X-Chain, C-Chain, and P-Chain are the three blockchains that make up the Avalanche network.
Each chain serves a specific purpose, which is in stark contrast to Bitcoin and Ethereum’s strategy of having all nodes validate all transactions.
Avalanche blockchains employ a variety of consensus techniques, depending on their intended usage. AVAX was trading at $103.26 at the time of writing, down 4.34 per cent in the previous 24 hours.
9. Terra (LUNA); market cap – over $28 billion
Terra is a blockchain protocol that powers price-stable global payment networks with fiat-pegged stable coins. Terra, according to its white paper, combines the price stability and widespread use of fiat currencies with the censorship resistance of Bitcoin (BTC) to provide quick and economical transactions.
Terra’s development began in January 2018, and the mainnet launched in April 2019. It now offers stablecoins tied to the US dollar, South Korean won, Mongolian tugrik, and the International Monetary Fund’s Special Drawing Rights basket of currencies, with more alternatives on the way. Luna’s price was $77.26 at the time of writing, up 4.18 per cent in 24 hours.
8. XRP (XRP); market cap – over $40 billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of the time of writing, its price reached $0.85.
7. Cardano (ADA); market cap – Over $41 billion
Cardano is renowned for being one of the first crypto projects that use proof-of-stake validation. By removing the competitive, problem-solving part of transaction verification found in…
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