Cryptocurrencies have been around for over a decade, but it was Bitcoin that really propelled them into the mainstream. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies available today, which can be overwhelming for those new to the world of digital assets. To help you get your bearings, here is a comprehensive overview of the top 10 cryptocurrencies based on their market capitalization. At the time of writing, Bitcoin's dominance is 42.60%, down 0.68% on the day.
Bitcoin is the most popular cryptocurrency and has been around since 2009. It is a decentralized digital currency that is not controlled by any government or central bank. It is powered by a distributed ledger technology called blockchain, which records and verifies all transactions. Ethereum is the second-largest cryptocurrency by market capitalization and was launched in 2015. It is an open-source platform that enables developers to build and deploy decentralized applications (dApps). Ethereum also has its own cryptocurrency, Ether, which is used to pay for transaction fees and services on the Ethereum network. Dogecoin is a cryptocurrency that was created as a joke in 2013 but has since become one of the most popular cryptocurrencies. It is used mainly for tipping content creators on social media platforms such as Reddit and Twitter. Tether is a stablecoin that is pegged to the US dollar.
It was created to provide users with a way to store their money without having to worry about volatility in the crypto markets. Tether can be used to buy and sell other cryptocurrencies or to transfer funds between exchanges. Polkadot (and its namesake cryptocurrency) aims to integrate different blockchains so they can work together. This will enable developers to create applications that span multiple blockchains, allowing for greater scalability and interoperability.