Largest Cryptocurrencies in the World
The largest digital currencies, often referred to as cryptocurrencies, are typically ranked by their market capitalization, which is calculated by multiplying the current market price of the cryptocurrency by its circulating supply. As of March 31, 2023, the global crypto market cap is approximately $1.18 trillion USD. Here are some of the largest cryptocurrencies in the world.
- Bitcoin (BTC): Launched in 2009, Bitcoin is the first and most well-known cryptocurrency. It is a decentralized cryptocurrency that functions as a digital store of value for peer-to-peer online currency transactions. Bitcoin has the largest market capitalization of all cryptocurrencies, representing almost half of the global crypto market cap. BTC has a circulating supply of 19,336,062 BTC coins with a maximum supply of 21,000,000 BTC coins.
- Ethereum (ETH): Launched in 2015, Ethereum is the second largest cryptocurrency by market capitalization. It is a decentralized open-source blockchain system that enables developers to build and deploy smart contracts and decentralized applications (dApps).
- Tether (USDT): Launched in 2014, Tether is an asset-backed stable-value cryptocurrency (stablecoin) that is pegged 1:1 against the US dollar. It issues several other fiat stablecoins, one of which is pegged to gold, but their most widely used token is the USDT.
- Binance Coin (BNB): Launched in 2017, Binance Coin is the native cryptocurrency of the Binance exchange, one of the largest cryptocurrency exchanges in the world. It can be used to pay for trading fees on the platform and participate in token sales on the Binance Launchpad.
- USD Coin (USDC): Launched in 2018, USD Coin is an asset-backed stable-value cryptocurrency (stablecoin) that is pegged 1:1 against the US dollar. It is managed by the Centre Consortium, which includes a peer-to-peer payment service company, Circle, and cryptocurrency exchange, Coinbase, as founding members.
- XRP (XRP): XRP is an open-source, permissionless and decentralized technology that is the native digital currency of the Ripple payment protocol. It is designed to facilitate fast, low-cost cross-border transactions between financial institutions and payment providers.
- Cardano (ADA): Cardano is a decentralized proof-of-stake blockchain platform that provides a more secure and scalable infrastructure for the development of smart contracts and dApps. Its native token is used for transactions and staking within the Cardano ecosystem.
- Dogecoin (DOGE): Launched in 2013, Dogecoin is an open-source digital currency that was initially created as a joke to make fun of the wild speculation in digital currencies at the time. It is viewed as the first meme token and the first token to incorporate a dog as part of its image.
- Polygon (MATIC): Polygon is a layer-2 scaling solution for the Ethereum network that provides faster and cheaper transactions. It effectively transforms Ethereum into a full-fledged multi-chain system or “Internet of Blockchains” and its native token is used for transaction fees and staking within the Polygon ecosystem.
- Solana (SOL): Solana is a high-performance open-source blockchain platform that provides fast and scalable infrastructure for decentralized applications and cryptocurrencies. Its native token is used for transactions, staking and governance within the Solana ecosystem.
- Polkadot (DOT): Polkadot is a decentralized open-source sharded multichain protocol that enables the transfer of data and assets between different blockchains. Its native token is used for governance, staking and bonding on the Polkadot network.
- Litecoin (LTC): Launched in 2011, Litecoin is a peer-to-peer cryptocurrency that was created as an alternative to Bitcoin. It was designed to provide fast, secure and low-cost payments, featuring faster transaction confirmation times as well as a different hashing algorithm.
- Shiba Inu (SHIB): Shibu Inu is an Ethereum-based ERC-20 token that is named after a Japanese breed of dog. It is widely considered to be an alternative to Dogecoin and it is promoted as the “Dogecoin killer" by its supporters, a community known as the SHIBArmy.
- TRON (TRX): Launched in 2017, TRON is a decentralized blockchain-based operating system that was initially deployed as ERC-20 tokens but transitioned to their own network a year later. It was created to provide full ownership rights to makers of digital content.
- Avalanche (AVAX): Avalanche is a high-performance, scalable layer-1 blockchain platform that supports the development of decentralized applications and custom blockchain networks. Its native token is used for transaction fees, staking and governance on the platform.
- DAI (DAI): Launched in 2019, DAI is an asset-backed stable-value cryptocurrency (stablecoin) that is soft-pegged to the US dollar. It is collateralized by a mix of other cryptocurrencies that are deposited into smart-contract vaults every time new DAI is minted.
- Wrapped Bitcoin (WBTC): Launched in 2019, Wrapped Bitcoin is an Ethereum-based ERC-20 token that is pegged 1:1 with Bitcoin. It allows Bitcoin holders to interact with Ethereum-based decentralized applications and smart contracts.
- Chainlink (LINK): Chainlink is a blockchain abstraction layer through a decentralized oracle network that connects smart contracts with real-world data, APIs and other off-chain resources. Its native token is used to pay for services within the Chainlink ecosystem.
- Uniswap (UNI): Launched in 2018, Uniswap is a decentralized trading protocol that facilitates automated trading of decentralized finance (DeFi) tokens. It creates more efficiency with liquidity issues through automated solutions and it can be used for governance.
- UNUS SED LEO (LEO): Launched in 2019, UNUS SED LEO is a utility token that is used within the iFinex ecosystem. It allows Bitfinex users the ability to save money on trading fees and unlike most cryptocurrencies, it is not designed to exist forever.
- Cosmos (ATOM): Cosmos is a decentralized network of independent blockchains that utilizes three layers, which are the application layer (processes transactions and updates the state of the network), the networking layer (allows communication between transactions and blockchains) and the consensus layer (helps nodes to agree on the system’s current state). Its native token is used for staking and governance within the Cosmos ecosystem.
- Monero (XMR): Launched in 2014, Monero is a protocol that was built to allow transactions to occur privately and with anonymity. It was created when a privacy-focused decentralized cryptocurrency, Bytecoin (BCN) had its code forked by an anonymous member of the forum, Bitcointalk.
- Stellar (XLM): Launched in 2015, Stellar is a decentralized, open-source peer-to-peer network designed to enable fast and low-cost cross-border transactions. Its native currency, Lumens, is used to facilitate transactions and prevent spam on the network.
- Ethereum Classic (ETC): Launched in 2016, Ethereum Classic is a hard fork of Ethereum (ETH). Its main function is as a smart-contract network, with the ability to host and support decentralized applications (DApps).
- Toncoin (TON): Toncoin is a decentralized layer-1 blockchain that utilizes a proof-of-stake consensus model for network scalability and reliability. It allows users to pay transaction fees, to settle payments or to validate transactions.
Digital currency or cryptocurrency (crypto) is a form of digital or virtual money that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds. The rankings and market capitalizations of cryptocurrencies are subject to frequent changes due to market fluctuations and the introduction of new digital currencies. Always conduct thorough research and consider the inherent risks before investing in cryptocurrencies.