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October 31, 2022

The Top 10 Cryptocurrencies of 2022

The Top 10 Cryptocurrencies of 2022

Firstly, let’s open by saying this article is not financial advice, nor is it a list of the top 10 cryptocurrencies you should buy. Cryptocurrencies are highly volatile markets, and you should only invest money you can afford to lose. Furthermore, you should understand what you’re investing in.

Now that’s out the way, let’s discuss our top 10 cryptocurrencies of 2022. Rather than giving our personal opinion, we’ve let the numbers and facts do the talking. To remove individual bias, we’re going to discuss cryptocurrencies based on their market capitalization (or market cap).

Let’s get to it.

What Is A Market Cap In Crypto?

Market capitalization is a financial term and model used to calculate the total value of all the coins in circulation.

The price of any crypto coin is changing by the second. Therefore, the market cap value is also changing. At any point in time, if you were to multiply the total number of coins mined by the current market price, you’d calculate the market cap.

Why Is Market Cap Important In Crypto?

Often, investors use the market cap as a method for comparing the risk of investing in cryptocurrencies. By comparing the total value of multiple cryptocurrencies, investors are able to make more informed decisions rather than basing their judgments solely on price.

However, this is only one tool successful investors use. Before buying cryptocurrencies, you should consider market trends, price action, fundamental data, your financial situation, and the stability of that particular cryptocurrency.

The Top 10 Cryptocurrencies By Market Cap

1. Bitcoin (BTC)

Unsurprisingly, Bitcoin tops the cryptocurrency top 10 by market cap. Founded in 2009 and viewed as the pioneer of the cryptocurrency movement, at the time of writing, BTC has a market cap of $396,211,260,566, which is more than double that of ETH in position two.

To this day, Bitcoin is one of the most purchased cryptocurrencies, with seasoned investors and newbies seeing it as one of the most stable investment options.

2. Ethereum (ETH)

Sitting in second place, with a market cap of $191,435,367,493, is Ethereum. More than just a cryptocurrency, ETH is also a blockchain platform, allowing users to develop their own ecosystems, launch cryptocurrencies, and auction NFTs.

Having completed the much-anticipated merge, ETH 2.0 is now live with faster transaction speeds and a more sustainable, eco-friendly proof of stake consensus model.

3. Tether (USDT)

Although Tether is a cryptocurrency, it belongs to a collection of coins known as stablecoins. Essentially, it is backed by traditional fiat currency, such as the US dollar or Euro. This backing enables USDT to remain as close as possible to the live market price of the US dollar.

Currently, its market cap is measuring at $69,006,821,730.

4. Binance Coin (BNB)

BNB is the cryptocurrency used by the popular cryptocurrency exchange and ecosystem, Binance. When Binance Coin first launched, it was used to facilitate trades. Since then, its services and usability have expanded to include payment processing, booking travel, day-to-day purchasing, and much more.

At the time of writing, BNB has a market cap of $51,386,379,380, making it number 4 on our top cryptocurrencies list.

5. USD Coin (USDC)

The second stablecoin in the top 10 cryptocurrencies by market cap is USDC. Fully backed by USD assets, this tokenized dollar is designed to be 1:1 with its fiat counterpart. This parity with traditional currency makes it one of the least volatile cryptocurrencies on the market.

At present, it has a market cap of $43,642,895,050.

6. XRP (XRP)

Created by Ripple, XRP is a network used to transact and exchange currencies, including crypto and fiat. For the past two years, it’s been at the center of a famous court case with the SEC. However, it is still viewed as one of the top cryptocurrencies, but the outcome of the case will play a role in determining its future.

XRP has a market cap of $23,108,870,774.

7. Binance USD (BUSD)

Issued by Binance and Paxos, BUSD is another stablecoin making the top 10 cryptocurrencies by market cap. Binance launched this stable coin to help its platform appeal to a wider audience, especially those avoiding the volatility of cryptocurrency.

Its market cap is $21,354,211,686.

8. DogeCoin (DOGE)

Starting as a joke back in 2013, DogeCoin rose to ascendancy over the past couple of years and has a very active cult following, including Elon Musk. There is no limit to the amount of DOGE tokens that can be created, meaning, over time, it could lose its value due to the sheer volume of coins.

Its market cap is $15,881,998,858.

9. Cardano (ADA)

One of the pioneers of proof-of-stake, Cardano is a blockchain platform and cryptocurrency, much like Ethereum. Its native coin, ADA, powers smart contracts, and decentralized apps.

At the time of writing, its market cap is $14,233,556,291

10. Solana (SOL)

Operating with a unique combination of proof-of-history and proof-of-stake mechanisms, Solana powers many decentralized finance use cases, smart contracts, and decentralized apps. This blockchain ecosystem is powered by its native token, SOL.

Its market cap is $11,619,052,986.

In Summary

So, now you know the top 10 cryptocurrencies by market cap. Remember, the market cap is just one way of assessing the viability of any crypto investment. We suggest thorough analysis and assessment before deciding to buy any crypto.

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