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10 Best Cryptocurrencies Of August 2022 – Forbes Advisor

From bitcoin and ethereum to dogecoin and tether, there are thousands of different cryptocurrencies, which makes it overwhelming when you first start out in the world of cryptocurrencies. To help you get your bearings, here are the top 10 cryptocurrencies based on their market capitalization, or the total value of all coins currently in circulation.

what are cryptocurrencies?

A cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government. To date, there are more than 20,000 cryptocurrency projects representing the $1.07 trillion cryptocurrency market.

Reading: Rise coin versus bitcoin

1. bitcoins (btc)

  • market cap: $441 billion

Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain or ledger that records transactions distributed over a network of thousands of computers. Because additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof-of-work, bitcoin is kept safe and secure from fraudsters.

the price of bitcoin has skyrocketed and it has become a household name. In May 2016, you could buy a bitcoin for around $500. from Aug. On January 1, 2022, the price of a single bitcoin was around $23,046. that’s a growth of more than 4500%.

related: how to buy bitcoin

2. ethereal (eth)

  • market cap: $201 billion

Ethereum is both a cryptocurrency and blockchain platform and is a favorite of software developers due to its possible applications, such as so-called smart contracts that are automatically executed when conditions are met and tokens are not. consumables (nfts).

ethereum has also seen tremendous growth. from April 2016 to early August 2022, its price went from around $11 to around $1,640, increasing around 14,800%.

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related: how to buy ethereum

3. tie (usdt)

  • market cap: $66 billion

Unlike other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the US. dollars and the euro and hypothetically maintains a value equal to one of those denominations. In theory, this means that the value of Tether is supposed to be more constant than that of other cryptocurrencies, and is favored by investors who are wary of the extreme volatility of other currencies.

4. U.S. dollar currency (usdc)

  • market cap: $54 billion

Like Tether, the USD Coin (USDC) is a stablecoin, meaning it is backed by the US. uu. dollars and points to a ratio of 1 usd to 1 usdc. usdc works with ethereum, and you can use usd coins to complete global transactions.

5. binance coin (bnb)

  • market cap: $45 billion

binance coin (bnb) is a form of cryptocurrency that you can use to trade and pay fees on binance, one of the largest cryptocurrency exchanges in the world. Since its launch in 2017, Binance Coin has expanded beyond simply facilitating trades on the Binance Exchange platform. now, it can be used to negotiate, process payments, or even book travel. it can also be traded or exchanged for other forms of cryptocurrency, such as ethereum or bitcoin.

the price of bnb in 2017 was only 0.10 usd. by early August 2022, its price had risen to around $284, a gain of approximately 283,900%.

related: how to buy cryptocurrencies

6. xrp (xrp)

  • market cap: $18 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 the exchange of different types of currency, including fiat currencies and other major cryptocurrencies.

At the beginning of 2017, the price of xrp was $0.006. from Aug. on January 1, 2022, its price reached $0.37, which is equivalent to an increase of 6066%.

7. binanceusd (busd)

  • market capitalization: $17 billion

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Binance USD (BUSD) is a stablecoin that Paxos and Binance founded to create a US-backed cryptocurrency. uu. dollar. To maintain this value, paxos maintains an amount of u.s. dollars equal to the total supply of busd. As with other stablecoins, busd gives crypto traders and users the ability to transact other crypto assets while minimizing the risk of volatility.

8. cardan (ada)

  • market capitalization: $17 billion

Somewhat later on the crypto scene, cardano (ada) is notable for its early adoption of proof-of-stake validation. This method speeds up transaction time and decreases energy use and environmental impact by removing the competitive and troubleshooting aspect of transaction verification on platforms like bitcoin. cardano also works like ethereum to enable smart contracts and decentralized applications, powered by ada, its native currency.

cardano’s ada token has seen relatively modest growth compared to other major cryptocurrencies. in 2017, the price of ada was $0.02. from Aug. on January 1, 2022, its price was $0.50. this is an increase of 2400%.

9. solana (sun)

  • market cap: $14 billion

Developed to help drive the uses of decentralized finance (defi), decentralized applications (dapps), and smart contracts, solana runs on a unique hybrid proof-of-stake and proof-of-history mechanism to process transactions quickly and securely. . sol, solana’s native token, powers the platform.

When it launched in 2020, the sol price started at $0.77. as of early August 2022, it was priced at around $41.55, a gain of nearly 5,300%.

10. dogecoin (doge)

  • market capitalization: $9 billion

dogecoin started as a joke in 2013, but quickly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptocurrencies, there is no limit to the number of Dogecoins that can be created, leaving the coin susceptible to devaluation as supply increases.

the price of dogecoin in 2017 was $0.0002. by Aug. on January 1, 2022, its price was $0.067, which is 33,400% more.

*market caps and prices taken from coinmarketcap.com, updated as of August. January 1, 2022.

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