Welcome readers to the third post of Vendata's journey of the crypto world! Today, I will be explaining briefly the top five cryptocurrencies according to their market capacity (Bitcoin, Ethereum, BINANCE coin, Tetherus and Cardano) with my thoughts and opinions upon them. The explanations of each coin will be tweaked into simple English, influenced from a variety of online sources, so both you and I am able to successfully understand the basis of each cryptocurrency.
1. Bitcoin (BTC)
Bitcoin is a cryptocurrency, which like many others is a decentralised online currency, meaning that it has no physical bills or coins with no authority behind the whole process. Owners of bitcoin are anonymous and functions through encryption keys that connect different users of the bitcoin community.
Of course, this is basic information. I mostly already knew this and if not, you now know what bitcoin is! The big thing of not only bitcoin but other currencies is mining. Mining is achieved when an advanced mathematical series and record-keeping in done through numerous steps so bitcoin can be sent to others for a successful bitcoin network. When miners mine, they are given a share of the currency back to them for their service, usually achieved through a transaction fee paid by the sender.
Bitcoin's price and market cap is just out-of-this-world! It has over one trillion (1,000,000,000,000!) US dollars in market cap, which is more than half of the entire crypto world, and is over $55,000 per bitcoin at the time of this post. What is really surprising is the difference in market cap between bitcoin, the first placed coin, and Ethereum, the second placed coin, which is over 800 million US dollars, showing how much dominance bitcoin has. That is just incredible!
2. Ethereum (ETH)
In second place for the most dominant cryptocurrency in the market is Ethereum. Ethereum is an open-source decentralised cryptocurrency to promote decentralised projects, publicly sharing it to others. It powers a vast majority of the altcoins in the crypto market, including Uniswap, Chainlink, Aave and BAT (Basic Attention Token).
Apparently 3000 decentralised apps run on Ethereum on their services, which is huge! Think of how many people need to work to work together to achieve this. Hundreds, thousands, may be even millions and beyond! That is astounding. To have that many people working together on a vast variety of projects at the same goal of a decentralised world is unbelievable, but shows how strong humanity is when they work together.
3. Binance Coin (BNB)
Binance coin is a cryptocurrency created from the crypto exchange service Binance to provide rewards for its use in Binance. It originally was ran on Ethereum, but made it its own currency in February 2019.
4. Tether (USDT)
Tether is a cryptocurrency called stablecoin (coin value equal to a real world currency) which is always equal to one US dollar. It is the first stablecoin in the crypto world and the most popular as well.
5. Cardano (ADA)
Cardano is a cryptocurrency open-sourced the first in the world to be a peer-reviewed blockchain, which I am assuming that it means it relies on other users to run the cryptocurrency's processes such as buying and selling.
Price Comparison Of Top Five Market Cap Cryptocurrencies
Here are some graphs from Coingecko, an excellent online source about the crypto market, which compares the top five cryptocurrencies according to their market cap.
Conclusion
That concludes today's article of Vendata's journey of the crypto world. Through this article I have learnt a decent deal about some of the big guns in the crypto world, which were according to market cap bitcoin, Ethereum, Binance coin, Tether and Cardano respectively in their places. It was very compelling to research the information and present my findings through this article, which I hope is helpful to those that read it.
The big guns of the crypto world are now uncovered, but there is still so much more left to discover, both inside the big guns and the small cryptos surrounding them to grow.
