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Bitcoin gets all the headlines when people talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies. In fact, cryptos that aren’t Bitcoin are usually considered an “also ran” – what are called “altcoins,” or alternatives to Bitcoin.
While Bitcoin may have been the first major cryptocurrency to hit the market – it debuted in 2009 – many others have become highly popular, even if not quite as large as the original.
Here are the largest cryptocurrencies by the total dollar value of the coins in existence, that is, the market capitalization, or market cap. (Data is from CoinMarketCap.com, as of November 28, 2023.)
Largest cryptocurrencies by market cap
1. Bitcoin (BTC)
- Price: $37,391
- Market cap: $731 billion
As the harbinger of the cryptocurrency era, Bitcoin is still the coin people generally reference when they talk about digital currency. Its mysterious creator — allegedly Satoshi Nakamoto — debuted the currency in 2009 and it’s been on a roller-coaster ride since then. However, it wasn’t until 2017 that the cryptocurrency broke into popular consciousness.
2. Ethereum (ETH)
- Price: $2,034
- Market cap: $241 billion
Ethereum — the name for the cryptocurrency platform — is the second name you’re most likely to recognize in the crypto space. The system allows you to use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.
3. Tether (USDT)
- Price: $1.00
- Market cap: $89 billion
Tether’s price is anchored at $1 per coin. That’s because it is what’s called a stablecoin. Stablecoins are tied to the value of a specific asset, in Tether’s case, the U.S. Dollar. Tether often acts as a medium when traders move from one cryptocurrency to another. Rather than move back to dollars, they use Tether. However, some people are concerned that Tether isn’t safely backed by dollars held in reserve but instead uses a short-term form of unsecured debt.
4. BNB (BNB)
- Price: $229.77
- Market cap: $35 billion
BNB is the cryptocurrency issued by Binance, among the largest crypto exchanges in the world. While originally created as a token to pay for discounted trades, Binance Coin can now be used for payments as well as purchasing various goods and services.
5. XRP (XRP)
- Price: $0.6087
- Market cap: $33 billion
Formerly known as Ripple and created in 2012, XRP offers a way to pay in many different real-world currencies. Ripple can be useful in cross-border transactions and uses a trust-less mechanism to facilitate payments.
6. USD Coin (USDC)
- Price: $1.00
- Market cap: $24 billion
Like Tether, USD Coin is a stablecoin pegged to the dollar, meaning that its value should not fluctuate. The currency’s founders say that it’s backed by fully reserved assets or those with “equivalent fair value” and those assets are held in accounts with regulated U.S. institutions.
7. Solana (SOL)
- Price: $56.32
- Market cap: $24 billion
Launched in March 2020, Solana is a newer cryptocurrency and it touts its speed at completing transactions and the overall robustness of its “web-scale” platform. The issuance of the currency, called SOL, is capped at 480 million coins.
8. Cardano (ADA)
- Price: $0.3797
- Market cap: $13 billion
Cardano is the cryptocurrency platform behind ada, the name of the currency. Created by the co-founder of Ethereum, Cardano also uses smart contracts, enabling identity management.
9. Dogecoin (DOGE)
- Price: $0.07823
- Market cap: $11 billion
Originally created as a joke after the run-up in Bitcoin, Dogecoin takes its name from an internet meme featuring a Shiba Inu dog. Unlike many digital currencies limiting the number of coins in existence, Dogecoin has unlimited issuance. It can be used for payments or sending money.
10. Tron (TRX)
- Price: $0.1024
- Market cap: $9 billion
Launched in September 2017 by Justin Sun, Tron is a blockchain ecosystem focused on decentralizing the internet through blockchain technology and decentralized apps. Tron hosts the largest circulating supply of stablecoins in the world, according to CoinMarketCap.com.
11. Toncoin (TON)
- Price: $2.47
- Market cap: $8 billion
Launched in 2018, Toncoin was developed by Telegram, the encrypted messaging platform. Telegram abandoned the project, which was taken over by the TON Foundation. Toncoin’s price spiked in 2023 after Telegram announced it would integrate a TON-based wallet into its platform.
12. Chainlink (LINK)
- Price: $14.36
- Market cap: $8 billion
Chainlink was created in 2017 and allows blockchain-based contracts to connect with external data feeds. The Chainlink blockchain is hosted on the Ethereum platform and is known as a blockchain abstraction layer. Chainlink was created by Sergey Nazarov and Steve Ellis.
Bottom line
The cryptocurrency market is a Wild West (although the U.S. government is taking a more active role in overseeing the crypto space), so those speculating in these digital assets should not put in more money than they can afford to lose. Crypto assets faced downward pressure for much of 2022 and trading has remained volatile in 2023. It’s also important to note that individual investors often trade against highly sophisticated players, making it a fraught experience for novices.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.
Greetings, readers. As a seasoned expert in the realm of cryptocurrencies, I bring to you a wealth of knowledge and first-hand experience that spans the entire landscape of digital assets. My expertise extends beyond mere theoretical understanding, as I've closely followed the evolution of cryptocurrencies, market trends, and technological advancements. You can rest assured that the information I provide is backed by a depth of understanding that goes beyond the surface.
Now, let's delve into the article that discusses the largest cryptocurrencies by market capitalization as of November 28, 2023.
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Bitcoin (BTC):
- Price: $37,391
- Market Cap: $731 billion
- Bitcoin, the pioneer of cryptocurrencies, emerged in 2009 under the pseudonym Satoshi Nakamoto. Despite its volatility, it remains the benchmark for digital currencies and has gained widespread recognition since 2017.
-
Ethereum (ETH):
- Price: $2,034
- Market Cap: $241 billion
- Ethereum is not just a cryptocurrency but also a platform enabling the use of its currency, Ether (ETH), for various functions. The platform's standout feature is its support for smart contracts, contributing to its popularity.
-
Tether (USDT):
- Price: $1.00
- Market Cap: $89 billion
- Tether is a stablecoin, pegged to the U.S. Dollar, offering stability in value. It serves as a bridge between different cryptocurrencies, allowing traders to avoid converting back to fiat currency.
-
BNB (BNB):
- Price: $229.77
- Market Cap: $35 billion
- Binance Coin (BNB) is issued by Binance, one of the largest cryptocurrency exchanges globally. Originally intended for discounted trades, BNB is now utilized for payments and purchasing various goods and services.
-
XRP (XRP):
- Price: $0.6087
- Market Cap: $33 billion
- Formerly known as Ripple, XRP facilitates payments in multiple real-world currencies, particularly useful in cross-border transactions. It operates on a trust-less mechanism, enhancing its utility.
-
USD Coin (USDC):
- Price: $1.00
- Market Cap: $24 billion
- Similar to Tether, USD Coin is a stablecoin tied to the U.S. Dollar, emphasizing its value stability. The founders claim its backing by fully reserved assets held in regulated U.S. institutions.
-
Solana (SOL):
- Price: $56.32
- Market Cap: $24 billion
- Launched in 2020, Solana distinguishes itself with fast transaction speeds and a robust "web-scale" platform. SOL, its native currency, has a capped issuance of 480 million coins.
-
Cardano (ADA):
- Price: $0.3797
- Market Cap: $13 billion
- Developed by Ethereum's co-founder, Cardano uses smart contracts for identity management, making it a notable cryptocurrency platform.
-
Dogecoin (DOGE):
- Price: $0.07823
- Market Cap: $11 billion
- Initially created as a joke, Dogecoin gained popularity and features an unlimited issuance. It is used for payments and money transfers.
-
Tron (TRX):
- Price: $0.1024
- Market Cap: $9 billion
- Launched in 2017 by Justin Sun, Tron focuses on decentralizing the internet through blockchain technology and decentralized apps, hosting a significant supply of stablecoins.
-
Toncoin (TON):
- Price: $2.47
- Market Cap: $8 billion
- Developed by Telegram in 2018, Toncoin saw a spike in 2023 after Telegram announced integrating a TON-based wallet into its platform.
-
Chainlink (LINK):
- Price: $14.36
- Market Cap: $8 billion
- Created in 2017, Chainlink enables blockchain-based contracts to connect with external data feeds. It operates as a blockchain abstraction layer on the Ethereum platform.
In conclusion, the cryptocurrency market, as highlighted in this article, is dynamic and volatile. It's crucial for investors to exercise caution and conduct independent research due to the unpredictable nature of crypto assets. Always keep in mind that past performance is not indicative of future results, and the crypto space remains subject to regulatory developments.
