There are distinct sorts of cryptocurrencies, from Bitcoin and Ethereum to Dogecoin and Tether, which might be confusing if you’re just getting started in the crypto world and looking for the best cryptocurrency to buy. If you’re new to the cryptocurrency world, these are the ten largest digital currencies by market capitalization (the total value of all coins in circulation).
1. Bitcoin (BTC)
Bitcoin and other cryptocurrencies are run by a blockchain, which is a database of transaction records that is kept on thousands of computers around the world. Bitcoin is protected against fraud because of a feature called “proof of work,” which requires users to prove the legitimacy of transactions by solving a cryptographic problem. Over £270 billion in market capitalization
Because of Bitcoin’s increased visibility, its value has exploded. One bitcoin cost around $370 in May of 2016. It’s estimated that the value of a single bitcoin was close to £14,000 on December 1st, 2022.
2. Ethereum (ETH)
Ethereum is a blockchain platform in addition to being a cryptocurrency, and it is widely favoured among programmers due to its useful features such as smart contracts, which are predetermined protocols that are automatically triggered when certain circumstances are fulfilled, and non-fungible tokens (NFTs).
There has been an enormous expansion in the Ethereum community as well. The cost of one rose from under £8 in April 2016 to more than £1,055 in December 2022. Currently, the market is worth more than £129 billion, which you can get from the-britishbitcoinprofit.com.
3. Binance Coin (BNB)
Over £39 billion in market value
One of the major cryptocurrency exchanges around the world accepts the Binance Coin as payment for trading and other services. Binance Coin has grown into a more general-purpose cryptocurrency. It is tradeable for other cryptocurrencies like Ethereum and Bitcoin. This item’s price was less than 10p on December 1, 2017, but by December 1 of this year, it had climbed to almost £245.
4. U.S. Dollar Coin (USDC)
Greater than £35 billion in market capitalization
The coin is pegged to the US dollar and aspires to a 1 USD to 1 USDC exchange rate. As an Ethereum-based cryptocurrency, USD Coin enables instant international payments and is the best cryptocurrency to buy.
5. Cardano (ADA)
Among the earliest cryptocurrencies to implement “proof of stake” validation is Cardano. Even though it came late to the cryptocurrency market and has a market value above £8.9 billion, this technique speeds up transaction times, saves energy usage, and has a reduced environmental impact by doing away with the competitive, problem-solving aspect of transaction verification observed in systems like Bitcoin. Cardano’s native coin, ADA, allows for intelligent transactions and decentralised applications in the same way that Ethereum’s ETH does.
When compared to some of the other major cryptocurrencies, ADA’s growth has been moderate. The price of one ADA in 2017 was close to 1.5p. The price was around 26 pence as of December 1st, 2022.
6. Solana (SOL)
Developed to enable decentralised financial (DeFi) usage, decentralised apps (DApps) and blockchain-based transactions, Solana relies on distinctive hybrid proof-of-stake and proof-of-history processes that allow it to execute transactions rapidly and safely. SOL, Solana’s native cryptocurrency, drives the platform. Capitalization: £4.1 bn. in 2020 When it first went on sale, a share of SOL cost just $0.67 (or £0.57). On December 1, 2022, the price dropped to around £11.25.
7. Polkadot (DOT)
Many different blockchains can be used by cryptocurrencies. Polkadot (and the eponymous coin it represents) is working to bring these disparate blockchains together by building a network of cryptocurrency nodes that facilitates communication between them. Since Polkadot’s inception in 2020, thanks in large part to this integration, the market for digital currencies has expanded rapidly.
Its cost jumped from $2.15 in September 2020 to $4.39 on December 1, 2022. Polkadot (DOT) on the stock market: $5 billion
8. The Dogecoin (DOGE)
Dogecoin is a cryptocurrency that was made as a joke in 2013. Since then, it has become more popular thanks to a strong community and funny memes. Dogecoin is the best cryptocurrency to buy because, unlike most cryptocurrencies, it has no hard cap on production, making it vulnerable to depreciation as supply grows. Doge’s price in 2017 was £0.00016. The price had risen to 8 pence on 1 December 2022.
The Bottom Line
To learn more about cryptocurrency, the best cryptocurrency to buy is explained above and can be obtained from a trading bot like the-britishbitcoinprofit.com. Cryptocurrency is a digital asset that has two main uses: as a medium of exchange for online purchases that bypass traditional monetary institutions like banks, and as a store of value for those who want to invest in it. Buying bitcoin is similar to trading one kind of currency for another; you do not acquire any underlying assets. If the value of the cryptocurrency drops, you won’t get anything in return.