The top crypto-currencies in the world
Can crypto-currencies become the future currency of the world? There is some uncertainty. First, they are very volatile. Second, they still lack regulation and government support in most countries. Despite these issues, the crypto market is thriving and more and more coins are being added to the vault. According to market research firm CoinMarketCap, there are now over 1,000 types of crypto coins in circulation.
Bitcoin is the oldest and most popular digital coin in the world. It was launched in 2009 by an anonymous person (or group of people) under the pseudonym “Satoshi Nakamoto”. On June 1, Bitcoin was trading at Rs. 26,40,420; on July 30, the price closed at Rs. 29,13,645. The current market capitalization of Bitcoin is Rs. 58.3 trillion.
The largest digital coin by market value, Tether is what is known as a stable coin. Unlike most crypto-currencies, these coins are linked to real-world assets to maintain a stable value. Tether was designed to be pegged to the U.S. dollar to ensure stability, but the company revealed that it did not have enough dollar reserves to maintain stability. In the last 15 days, the price of Tether has fallen from Rs. 74.61 to Rs. 74.41. Its market capitalization is Rs. 4.6 trillion.
Founded in 2017 by Ethereum co-founder Charles Hoskinson, Cardano is a proof-of-interest (PoS) blockchain platform. In the PoS model, owners pledge their tokens as collateral to gain authority over the token in proportion to the amount they wager. Cardano traded at Rs. 90.24 on July 16. And by July 30, it had reached a value of Rs. 94.62. The current market capitalization is Rs. 3.1 trillion.
Ripple, a U.S.-based technology company, created the digital coin XRP in 2012 to be a fast, cost-effective and more scalable alternative to digital assets and existing monetary payment platforms like SWIFT. You can buy XRP on any digital currency exchange and store it in a hot or cold wallet. Its price rose from Rs. 44.81 on July 16 to Rs. 54.61 on July 30. Its market capitalization is Rs. 2.600 billion.
Launched as a meme-based currency to mock Bitcoin, Dogecoin has become so popular with people recently that it has taken on a life of its own. Based on the popular “doge” meme, it features the face of Shiba Inu on its logo. Software engineers Billy Markus and Jackson Palmer launched the digital piece in 2013. After sitting in obscurity for nearly seven years, billionaire entrepreneur Elon Musk approved it and began pushing it on his social media handle. On July 16, it traded for Rs. 13.35 but had gained in value to Rs. 15.71 by July 30. Its price has seen ups and downs throughout its journey. The market capitalization is Rs. 2 trillion.