Every day, cryptocurrency makes headlines, and it was recently all over the news due to a large market collapse following China's ban on cryptocurrency usage. All cryptos turned red when the news spread, but they have since slowly recovered. Bitcoin, the most valuable cryptocurrency, fell more than 23% to $30,415, its lowest level this year. Other cryptocurrencies have followed the unfortunate trend, with Ethereum down 22%, Binance Coin down 24%, Cardano down 19%, and Dogecoin down 24%.
When news of China's crypto crackdown rocked the cryptocurrency industry, JP Morgan released a report claiming that investors were selling their Bitcoins for gold. This gave the market even more justification to fall. Despite this, the anti-Elon Musk cryptocurrency StopElon has increased in value by over 1,800%.
This list aims to introduce you to the top ten cryptocurrencies for this year, which have seen significant growth in the past and will remain popular, especially for their pricing graphs or R&D. Here are the top cryptocurrencies by market capitalization in 2021 that you should consider investing in.
1. Bitcoin (BTC)
Market Cap: $732 billion
Bitcoin's price has risen from under $1,000 to over $60,000 since its first appearance in 2017. Last week, the value of Bitcoin dropped due to a tweet by Elon Musk stating that Tesla would no longer accept Bitcoin. But that's no excuse to overlook the stock's massive market capitalization. Today's Bitcoin price is $39,328.
2. Ethereum (ETH)
Market Cap: $304 billion
In the years 2020 and 2021, the price of Etherum rose from $200 to about $3,000. It smashed its own record in May, reaching a high of $4,350 before plummeting this week. The current price of ethereum is $2,647.
3. Binance Coin (BNB)
Market Cap: $59.2 billion
Binance Coin, created by the cryptocurrency exchange Binance, was launched in 2017 and has gradually risen to $60 per coin. The value increased to about $600 in February 2021. Binance Coin's price is now $364, after suffering the same fate as any other crypto in the market during the crash.
4. Tether (USDT)
Market Cap: $58.4 billion
Tether is widely regarded as the industry leader in “stable coins.” The value of stable coins is related to a currency, which in the case of Tether is the US dollar. As a result, the value of one Tether will still be $1, with no fluctuations.
5. Cardano (ADA)
Market Cap: $52.3 billion
Cardano is one of the market's most accessible and exciting cryptocurrencies. Cardano's price rose to about $2 in early 2021 after beginning at $0.10. It fared better than many other coins in the face of market volatility, but it eventually fell by around 20%. Cardano is currently trading at $1.63.
6. Dogecoin (DOGE)
Market Cap: $46.7 billion
In April 2021, the meme-cryptocurrency hit an all-time high of $0.70. Following Elon Musk's Saturday Night Live appearance, it fell briefly but quickly recovered to join its peers with rising prices. The current price of Dogecoin is $0.38.
7. Ripple (XRP)
Market Cap: $41.3 billion
Although Ripple was a no-show for the majority of 2017 and 2018, it only grew to a value of $0.60 in 2020. Ripple's current price is $1.17, after the market's collapse.
8. Polkadot (DOT)
Market Cap: $26.6 billion
Polkadot, which was launched in 2020, is a relatively new cryptocurrency that was selling for a nickel before it recently soared to about $41. However, the market collapse did not help the price. Polkadot is currently $27.
9. Internet Computer (ICP)
Market Cap: 15.6 billion
It is understandable if you haven't heard of ICP since it will be available in the market in May 2021. However, since its inception, it has risen to the top ten list of largest market capitalizations. Within a single day, the value rose from zero to $488. The current price of an Internet Computer is $125.
10. Bitcoin Cash (BCH)
Market Cap: $14.5 billion
Bitcoin Cash is not the same as Bitcoin. When opposed to Bitcoin, Bitcoin Cash had a lofty target to achieve in terms of valuation. It peaked at $4,000 in 2018 before settling at $400 in subsequent years. The value recently rose to $1,500, but has since gradually declined to $770 today.