In a previous article, I wrote about the benefits of focusing on the market cap instead of prices of particular cryptocurrencies. In the following paragraphs, you will discover top 10 cryptocurrencies with the largest market share.
The crypto space is expanding by the day, as many altcoins join the ring. This can complicate your chances of making the right decision when it comes to investing in digital currencies. Before you join in the excitement, you should glean adequate information to help you explore the market successfully. Read on to find out what you need to know:
Of the more than 1500 cryptocurrencies currently available in the market, Bitcoin is the leading with a market cap of more than $171 billion. As of this writing, the price of one bitcoin is $10,175.40 according to CoinMarketCap. Its position as the first among the top 10 cryptocurrencies makes it quite competitive as every investor and trader strives to own a piece. With a market dominance of 38.3% as of this writing, Bitcoin enables you to exchange money and buy stuff electronically.
If you are about to explore Bitcoin, you should consider the following:
- A secure wallet: Once earned, you need a secure wallet for your bitcoins.
- Volatility: the price of bitcoin can increase or decrease sharply in a short time based on market forces and other factors.
- Irreversibility: once you make a payment in bitcoin, you cannot reverse it. Only the recipient can refund the amount received.
Importantly, you should know that bitcoin is still a growing economy and so changes are expected.
In its simplest definition, Ethereum is a decentralized platform that runs smart contracts using the blockchain technology. But what are smart contracts? According to the definition on their official website, smart contracts are “applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.”
Currently, Ethereum (ETH) ranks second among the top 10 cryptocurrencies with the largest market share. The current price of Ethereum is $846.46, with a market cap of more than $82 billion according to CMC figures. On the ethereum platform, you can design and issue your own cryptocurrency. It enables you to create a tradable token with a fixed supply, build an ICO to sell digital shares in a blockchain arrangement, or to build an auction of a limited number of items. To get started on ethereum, you need an ethereum wallet, which is the permit to decentralized applications on the ethereum blockchain.
With a market cap of over $37 billion, Ripple coin becomes number three among the top 10 cryptocurrencies that command the market. One thing you should know about Ripple is that it is not mineable. Currently, the price of one Ripple is 0.946 against the U.S. dollar. The main challenge it has is adoption by the mass market, given the presence of major players such as PayPal, Visa, and others.
All the same, Ripple offers great connectivity across different payments networks, instant on-demand payments, and timely traceability of funds. Above all, it offers low operational and liquidity costs. The Ripple currency aims to transform the world’s payment infrastructure by frictionlessly connecting banks, payment providers, exchanges, and corporate bodies through the RippleNet platform.
Ripple already has a good number of financial institutions in its circuit including RBC, BBVA, and Santander. With a strong team, superb features, and solid technology in place, it is safe to conclude that will eventually achieve its goals in the crypto space.
#4. BITCOIN CASH
On the fourth slot is Bitcoin Cash (BCH) among the top 10 cryptocurrencies that command the largest market share. A hard fork of the original Bitcoin, the cryptocurrency has a market cap of more than $20 billion with the current market supply moving toward $17 billion. On CoinMarketCap, Bitcoin Cash trades at $1,188.43 against the dollar as of this writing.
On the face, BCH is peer-to-peer electronic cash, just like the original Bitcoin. However, it brings the following upsides to the crypto space:
- Speed: It processes transactions in seconds and confirms them in minutes
- Reliability: the network runs without congestion
- Low fees: users can send money globally in pennies
- Simplicity: the platform is easy to use, without hassles
- Stability: it offers a payment system with a proven store of value
- Security: offers the most robust platform on the blockchain
In addition, the platform has initiated new features that include on-chain scalability, transaction signatures, and difficulty adjustment algorithm (DAA).
Litecoin is a secure cryptocurrency that you can store in a wallet on your laptop, tablet or smartphone. It comes at number five on the list of Top 10 cryptocurrencies with the largest market share. Once you download a wallet, you can easily send and receive Litecoins with a click.
A decentralized currency on the blockchain technology, Litecoin has a market cap of more than $11 billion. Its current market supply is about $55 billion. As of this writing, the cryptocurrency trades at $203.20 on CMC.
How do you get started?
The first step is to download a Litecoin wallet. Various mobile devices support Litecoin wallet including Windows, Mac, Linux, Android, Apple, Blackberry, and more. Next, you can buy Litecoin from an exchange platform. Fortunately, various exchanges such as Binance, GDAX, BTC-CHINA, and Litecoinlocal.net support Litecoin. Simply identify an exchange and purchase Litecoin using any fiat currency. Litecoin is identified by the symbol LTC or XLT.
Cardano (ADA) is the sixth among the top 10 cryptocurrencies with the largest market share. It is a fully open-source decentralized cryptocurrency with a market cap of more than $8.5 billion. Like Ripple, Cardano (ADA) is not mineable. The current market supply hovers around $25.9 billion. As of this writing, it trades at 0.324 against the U.S. dollar.
To get started with ADA, you need to download the Daedalus wallet, which is a secure HD wallet for the ADA cryptocurrency. Once you own a wallet, you can send and receive ADA and even view the history of all your transactions. Currently, ADA is listed on a number of exchanges:
Cardano stands out as the world’s first blockchain platform to develop out of a scientific philosophy and a research-first driven approach.
NEO is at the seventh spot among the top 10 cryptocurrencies that dominate the crypto market. The cryptocurrency has a market cap of $7.7 billion and a circulating supply of 65 million NEO. Like ADA and Ripple, NEO cannot be mined. The coin currently trades at $117.97 on CoinMarketCap.
Popularly known as China’s Ethereum, NEO experienced a spurted growth of more than 20,000% between 2016 and 2017. But what is the similarity between NEO and Ethereum? Well, both platforms support smart contracts development in order bring the blockchain technology to as many people as possible.
The slogan of NEO is ‘Smart Economy,’ which confirms their intention to shift from the traditional way of doing things to a new era where businesses can utilize the blockchain technology to manage smart contracts effectively, safely, and legally. NEO’s vision is to instill asset digitization, digital identity, and smart contracts using the blockchain technology.
#8. STELLAR (XLM)
A non-mineable coin, Stellar is currently in the eighth spot among the top 10 cryptocurrencies by market cap. As of this writing, Stellar’s market cap stands at $6.7 billion with a circulating supply of more than 18 billion XLM coins. The price of Stellar against the U.S. dollar is currently at $0.353.
What does Stellar seek to achieve? Through its coin XLM, the Stellar network seeks to help users move money across borders quickly, reliably, and at a lower cost. A new financial system built on the blockchain technology, Stellar with streamline remittances, micropayments, mobile money, and more. You can purchase XLM on various exchanges including Bittrex, Kraken, Coinbase, and CoinMama among others.
EOS takes the ninth spot among the top 10 cryptocurrencies by market share. The digital currency has a market cap of $5.6 billion. The current price as of this writing is $8.2 and a circulating supply of 689 million coins. EOS like Stellar, NEO, CARDANO, and Ripple, is not mineable.
Some unique concept about EOS is that American and Chinese citizens cannot purchase it. EOS tokens are currently available for purchase up to June 18, 2018. You can buy EOS using an ethereum-based wallet. Simply visit Eos.io and proceed to ‘GET TOKENS’.
#10. IOTA (MIOTA)
Currently at the tenth slot is IOTA, with a market cap of $5.4 billion. The coin price is $1.97. IOTA has a circulating supply of 2.7 billion coins. The IOTA network is unique for one reason—it offers zero-fees transactions.
MIOTA coins are currently available on various exchanges including Bitfinex, Binance, IOTA exchange, and others. MIOTA refers to one million IOTA. To store the cryptocurrency, you need a digital wallet specifically generated by the IOTA team. Like others in the same category, IOTA is non-mineable.
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Tony is a writer for the crypto space. He presents cryptocurrency and blockchain topics to the public in a way that he only can. While carefully researched, this article should not be taken as an express investment guide. Do your own research and consult a financial advisor before you invest in cryptocurrency.
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