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

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.