The Top 10 Cryptocurrencies in July 2022

The Top 10 Cryptocurrencies in July 2022

The Top 10 Cryptocurrencies in July 2022

There are dozens of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of cryptocurrency. To help you get started, here are the top ten cryptocurrencies ranked by market capitalization, or the total value of all coins currently in circulation.


What Exactly Are Cryptocurrencies?

A cryptocurrency is a digital asset that may circulate independently of a bank or government. There are currently over 20,000 cryptocurrency projects available, representing the full $870 billion crypto industry.

1. Bitcoin (BTC)

  • $370 billion in market capitalization

Bitcoin (BTC) is the initial cryptocurrency, created in 2009 by Satoshi Nakamoto. BTC, like most cryptocurrencies, is based on a blockchain, which is a ledger that records transactions over a network of thousands of computers. Bitcoin is maintained private and safe from fraudsters because updates to distributed ledgers must be confirmed by solving a cryptographic problem, a process known as proof of work.

As Bitcoin has grown in popularity, its value has risen. In May 2016, one Bitcoin could be purchased for around $500. A single Bitcoin was worth roughly $19,400 on July 1, 2022. That's a more than 3,780 percent increase.

2. Ethereum (ETH)

  • $128 billion in market capitalization

Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers because to the possible uses it offers, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).

Ethereum has also seen explosive development. From April 2016 to the beginning of July 2022, its price increased by over 9,509 percent, rising from around $11 to $1,057.

3. Tethering (USDT)

  • $66 billion in market capitalization

Tether (USDT) is a stablecoin, which means it is backed by fiat currencies such as US dollars and the Euro and theoretically maintains a value equal to one of those denominations. In theory, this implies Tether's value should be more consistent than other cryptocurrencies, and it's preferred by investors who are scared of other coins' excessive volatility.

4. United States Dollar Coin (USDC)

  • $55 billion in market capitalization

USD Coin (USDC), like Tether, is a stablecoin, which means it is backed by US dollars and aiming for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you may use USD Coin to make international payments.

5. Binance Coin (BNB)

  • $35 billion in market capitalization

Binance Coin (BNB) is a cryptocurrency that may be used to trade and pay fees on Binance, one of the world's largest cryptocurrency exchanges. Binance Coin has grown beyond simply conducting deals on Binance's exchange platform since its inception in 2017. It is now possible to utilize it for business, payment processing, and even organizing trip plans. It may also be swapped or traded for other cryptocurrencies such as Ethereum or Bitcoin.

In 2017, the price of BNB was only $0.10. Its price had increased to nearly $215 by early July 2022, a gain of approximately 214,900 percent.

6. Binance USD (BUSD)

  • $17 billion in market capitalization

Binance USD (BUSD) is a stablecoin created by Paxos and Binance to produce a cryptocurrency backed by the United States dollar. Paxos retains a quantity of US dollars equal to the complete supply of BUSD to sustain this value. BUSD, like other stablecoins, allows traders and crypto users to conduct transactions with other crypto assets while limiting the risk of volatility.

7. XRP (XRP)

  • $15 billion in market capitalization

XRP, which was founded by some of the same people as Ripple, a digital technology and payment processing firm, may be used on that network to allow swaps of many currency kinds, including fiat currencies and other major cryptocurrencies.

The price of XRP at the start of 2017 was $0.006. Its price hit $0.31 on July 1, 2022, representing a gain of more than 5,066 percent.

8. Cardano (ADA)

  • $15 billion in market capitalization

Cardano (ADA), which arrived on the crypto market later, is famous for its early acceptance of proof-of-stake validation. By eliminating the competitive, problem-solving part of transaction verification in systems like as Bitcoin, this solution reduces transaction time, energy use, and environmental effect. Cardano, like Ethereum, enables smart contracts and decentralized apps, which are powered by ADA, its native token.

Cardano's ADA currency has grown slowly in comparison to other major crypto currencies. In 2017, the price of ADA was $0.02. Its price was $0.44 on July 1, 2022. This is a 2,100% increase.

9. Solana (SOL)

  • $11 billion in market capitalization

Solana, which was created to support decentralized financial (DeFi) applications, decentralized apps (DApps), and smart contracts, employs a unique hybrid proof-of-stake and proof-of-history approach to execute transactions rapidly and securely. The platform is powered by SOL, Solana's native cryptocurrency.

SOL's pricing when it was appeared in 2020 was $0.77. By early July 2022, its value had risen to roughly $40.58, a gain of more than 5,100%.

10. Dogecoin (DOGE)

  • $8 billion in market capitalization

Dogecoin began as a joke in 2013, but quickly grew into a major cryptocurrency owing to a committed community and inventive memes. Unlike many other cryptocurrencies, there is no limit to the amount of Dogecoins that can be issued, making the currency vulnerable to depreciation as supply grows.

In 2017, the price of Dogecoin was $0.0002. By July 1, 2022, its price had risen over 32,400% to $0.065.

*Market capitalization and pricing obtained from coinmarketcap.com, as of July 1, 2022.

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