Bitcoin, Ethereum, Dogecoin and Co.: These are the ten largest cryptocurrencies by market capitalization in 2022

Dogecoin

Dogecoin Bitcoin, Ethereum, Dogecoin and Co. These are the ten largest cryptocurrencies by market capitalization in 2022

What cryptocurrency is currently the biggest? A look at the market capitalization can help – these are the ten largest cryptocurrencies in the current ranking.

Of all cryptocurrencies, Bitcoin accounts for by far the largest share of market capitalization. Ethereum, Cardano and Solana also made it into the top ten largest cryptocurrencies in 2022. An overview of which cryptocurrencies are also among the largest according to their current market capitalization in 2022.



These are the ten largest cryptocurrencies by market capitalization in 2022

10th place: Dogecoin (DOGE)

Dogecoin manages to do it with a market cap of around $17.1 billion to rank tenth among the largest cryptocurrencies in 2022. The digital currency is based on the well-known “Doge meme ’, which is why the image of a Shiba Inu dog can also be seen on the currency’s logo.

The Dogecoin was created as a fun counterpart to Bitcoin in order to offer a crypto currency outside of Bitcoin that is relevant for other target groups. Another difference to other cryptocurrencies is that Dogecoin uses the so-called Scrypt technology. Thus, the digital currency also has the property that transactions can be completed faster.

However, the number of Dogecoins is unlimited. Unlike Bitcoin, which is limited to 21 million digital coins, Dogecoin has no limit on mining, which is why the value of a coin remains low.

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Terra is a blockchain protocol for stable cryptocurrencies, so-called stablecoins. These are cryptocurrencies that are tied one-to-one to an underlying asset. This can be a currency like the dollar, for example. For example, the stablecoin “TerraUSD” replicates the US dollar.

By being tied to the price development of a specific currency, the price of such a stablecoin does not fluctuate nearly as much as the prices of other cryptocurrencies. Terra network bundles cryptocurrencies that replicate the euro or yuan, among other things.

Meanwhile, the Terra-Coin Luna has a market capitalization of $25 billion, slipped into the top ten ranking of the largest cryptocurrencies for the first time and ended up in ninth place. The South Korean company Terraform Labs is behind the project, which was founded in 2018 by Do Kwon and Daniel Shin. Solana has only been in the top ten since last year Coins with the highest market cap. The cryptocurrency was founded in 2017 by Anatoly Yakovenko and experienced a price explosion in the summer of 2021.

Solana relies on a new timestamp algorithm called Proof-of-History. It allows sequencing automated transactions that take place in fractions of a second.

Solana relies on Proof-of-Stake. This also makes staking possible. Proof-of-stake is a process by which a blockchain network reaches consensus on which participant may generate the next block. Staking, in turn, means that cryptocurrencies are kept in a proof-of-stake blockchain for a certain period of time. Individual transactions can be viewed by everyone.

The current sell-off on the crypto market can also be observed at Solana. This market capitalization of SOL is currently around 26.4 billion dollars – Solana is currently ranked eighth of the largest cryptocurrencies.

At the beginning of January 2021, the market capitalization was still 85.5 million dollars. At that time the Solana price was $1.84, but then rose to the current all-time high of $259.40

on November 6th . One place ahead of Solana is the cryptocurrency XRP. The market capitalization is currently around 27.1 billion US dollars . The digital currency XRP was created by the founders of the payment platform Ripple and should be one of the great alternatives to other cryptocurrencies.

Ethereum and Bitcoin were primarily created to create a money and payment system independent of banks and states. Ripple, on the other hand, works with various banks, including Unicredit and Santander.

The cryptocurrency Cardano takes sixth place in the ranking. Among others, the Ethereum founder Charles Hoskinson, who as CEO of IOHK also helped to develop the Cardano blockchain, was involved in the foundation.

The market capitalization of the digital currency is currently around 33 billion US dollars . At the beginning of 2021, the market cap was still $5.45 billion, on September 3, Cardano’s market cap peaked at more than $95.02 billion.

The goal of cryptocurrency is to research and solve problems in blockchain currencies. In 2020, for example, an update was carried out that was intended to make the blockchain “50 to 100 times more decentralized” than it already was. The Alonzo update was last on September 12th. This means that so-called smart contracts can now also be exchanged via the blockchain, i.e. virtual contracts.

More about cryptocurrencies:

The USD Coin makes it to fifth place among the largest cryptocurrencies a market capitalization of $47.8 billion. Similar to other stablecoins, the cryptocurrency USD Coin is tied to the US dollar exchange rate, which keeps the price of the digital currency largely stable and therefore less volatile.

Platz 4: Binance Coin (BNB)

With a current market capitalization of around 56.9 billion US dollars Binance Coin, also known as BNB, makes it to fourth place in the ranking of the largest cryptocurrencies in 2022 The Binance Coin was created to support its own cryptocurrency platform and thus help create a sustainable ecosystem.

However, there have also been negative headlines about cryptocurrency in the past. The associated crypto platform Binance was accused by British authorities of having offered financial transactions without the necessary licenses. This brought Binance into the focus of several regulatory authorities.

In third place among the largest cryptocurrencies by market capitalization is Tether. Just like USD Coin, Tether is a stablecoin that is always pegged to the US dollar exchange rate. The low volatility should give crypto investors more security when investing in the digital currency.

However, there is always criticism, especially in the basic construction. Because Tether is only issued by a company that itself has an opaque background. In addition, Tether is connected to the exchange exchange Bitfinex, which, among other things, causes skepticism in the crypto scene due to addresses in the Caribbean.

Despite the negative headlines, the market capitalization of the cryptocurrency Tether is currently around 78.4 billion US dollars.

Second place of the largest cryptocurrencies with a large gap to third place Ethereum. At approximately $266.1 billion, Ethereum’s market cap is currently three times larger than the market cap of the third place tether.

Basically, Ethereum is a decentralized blockchain system that has its own cryptocurrency, Ether. The goal of the crypto platform is to become a decentralized application for users from all over the world. On the blockchain platform, it is therefore also possible not only to trade with the cryptocurrency ether, but also to conclude so-called smart contracts. These automatically execute programmed agreements or contracts. In future, transactions should be made more cost-effective and reliable.

In first place of the largest cryptocurrencies by market capitalization in 2022 is still Bitcoin. The market capitalization of the oldest cryptocurrency is currently around 633.4 billion US dollars. Bitcoin reached its current all-time market capitalization high on November 8, 2021. At that time, the market capitalization of the oldest and most important cryptocurrency was $1,274.8 billion.

If you calculate the sum of the market capitalization of Bitcoin and Ethereum together, first and second place in the current ranking account for more than 65 percent of the market capitalization of the entire crypto market.

The largest cryptocurrencies by market capitalization in 2022 in the table

Cryptocurrency (Blockchain)AbbreviationMarket Cap

1.

BTC

Place
Bitcoin
$633.4 billion

2. Ethereum ET H $266.1 billion

3.

Tether USDT

78.4 billion .dollars

4. Binance Coin

BNB

$56.9 billion

5.USD Coin USDC 47.8 Mrd. Dollar 6. Cardano ADA 33 Mrd. Dollar 7. Ripple

XRP

27,1 Mrd. Dollar 8.

Solana

SUN

26,4 Mrd. Dollar 9.

Terra LUNA 25 Mrd. Dollar 10.

Dogecoin DOGE 17,1 Mrd. Dollar Overall

211.2 billion Dollar

Source: Coinmarketcap.com, as of 24 January 2022; 12:25 p.m.

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