Unlike regular currency, cryptocurrency exists only in digital form. Using cryptocurrency for transactions or holding as an investment is similar to using it for payment online without going through an intermediary, such as a bank. Blockchain technology is usually the basis for digital currencies, which are based on digital money.
Cryptocurrencies can function as “trustless” transactions because of blockchain technology. A cryptocurrency’s blockchain operates without a centralized authority overseeing its transactions. Moreover, there are different crypto trading platforms like granimator.site to help you understand better trading in the market.
A person getting started in the world of crypto may feel overwhelmed by the thousands of different cryptocurrencies available. Based on the current market value of all the coins in circulation, here are the five best crypto coins.
1. Cardano (ADA)
The fact that Cardano (ADA) adopted proof-of-stake validation somewhat later on in the crypto scene makes it stand out. Through this method, transaction verification in platforms like Bitcoin is expedited, energy consumption is reduced, and environmental impact is decreased.
The ADA, Cardano’s native coin, also powers smart contracts and decentralized applications, just like Ethereum. A comparatively modest amount of growth has been experienced by Cardano’s ADA token in comparison with other major crypto coins. By the end of 2024, ADA’s price is expected to be $0.30 as opposed to $0.02 in 2017.
2. Binance Coin (BNB)
A cryptocurrency called Binance Coin (BNB) can be used for trading and paying fees on Binance, the world’s largest crypto exchange. Binance Coin was launched in 2017 primarily to facilitate trades on Binance’s exchange platform. These days, it can be used for trading, payments, and even booking travel arrangements. Moreover, there are exchanges or trades that allow users to exchange it for other cryptocurrencies, such as Ethereum and Bitcoin. The price of BNB was only $0.10 in 2017; by August 2023, it was around $245, an increase of 245,227%.
3. Bitcoin (BTC)
The original cryptocurrency, Bitcoin (BTC), was created by Satoshi Nakamoto in 2009. Blockchains, or distributed ledgers, are what make cryptocurrency possible. BitCoin runs on a network of thousands of computers, similar to most cryptocurrencies.
In order for Bitcoin to be secure, a cryptographic puzzle called proof of work must be solved to validate additions to the distributed ledgers. By taking advantage of its rise to fame, Bitcoin’s price has skyrocketed. It cost around $500 to buy one Bitcoin in May 2016. As of Aug. 1, 2023, the price of a single Bitcoin is around $28,865.
Read More: 5 Best Crypto Wallets of August 2023
4. Solana (SOL)
Solana’s hybrid proof-of-stake and proof-of-history mechanism is designed to support decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. The platform is powered by SOL, the native token of Solana. The price of SOL began at $0.77 on Aug. 1, 2020, and by Aug. 1, 2023, the price was approximately $23.37.
5. Ethereum (ETH)
Known as a cryptocurrency as well as a blockchain platform, Ethereum combines the potential of smart contracts, non-fungible tokens, and other features that attract programmers. A tremendous amount of growth has also been experienced by Ethereum. A 16,555 percent increase in price occurred from April 2016 to August 2023, from around $11 to $1,832.