In the past year, the top 5 cryptocurrencies’ prices have been significantly declining with more than an 80% fall in their market cap. However, there are some of those that had better performances than the others despite everything dropping throughout 2018.
We can see the top 5 cryptocurrency rankings by market capitalization have not really changed since 2017. Bitcoin is still the largest, meanwhile EOS has climbed up to 5th place from 12th place.
Now, let’s find out what the 5 largest cryptocurrencies are:
1st: Bitcoin [BTC]
Bitcoin or BTC is an electronic form of cash or well-known as digital currency. Another use of Bitcoin is to be a store of value. Bitcoin is the first ever cryptocurrency which was invented by the mysterious person or persons who go by the name Satoshi Nakamoto in 2009.
Just like the aim of the internet was to bring freedom to information, Bitcoin wants the same but for money. As it is decentralized, Bitcoin doesn’t rely on third parties such as banks or governments. Bitcoin is sent via the P2P Bitcoin network between users directly. The current market cap of Bitcoin is $62.8 billion which makes Bitcoin the largest cryptocurrency.
XRP is made for facilitating payments. XRP is a digital asset with an only 4 second payment process which make it the fastest among other top 5 cryptocurrencies. Global financial institutions are most likely to use XRP as a bridge currency which allows them to make simpler and low-cost international transactions.
XRP was made by Ripple, a company that offers services, some of which use XRP. Ripple also owns 61 billion XRP of the 100 billion total supply. Because of this Ripple is sometimes mistaken as XRP. As the second largest cryptocurrency, XRP reached $13 billion in market cap.
The 3rd largest cryptocurrency is Ether which has $12 billion in market cap. Ether is Ethereum’s native token which is based on blockchain technology. This open software platform allows developers to deploy and create decentralized applications (DApps) while its blockchain runs the programming code of the DApps.
Miners work to earn Ether crypto tokens which fuels the network rather than through traditional mining. Both transaction fees and services, can be paid with Ether on the Ethereum Network. As well as kept for an investment.
4th: Bitcoin Cash
Bitcoin Cash, which is also called as BCash is another form of Bitcoin which was developed in August 2017. As Bitcoin faced scalability issues, BCash was made to answer it. BCash allows more transactions by upgrading the block size to 8 MB, compare to Bitcoin which only uses 1 MB. Bitcoin Cash currently has a market cap of $2.2 billion.
What Ether is to Ethereum could also describe EOS to EOSIO as EOS is the native token of EOSIO. EOSIO enables the hosting, execution, and development of commercial-scale DApps by providing an infrastructure for its platform. As a digital currency, EOS can be used on the EOSIO blockchain platform to pay for the fundamental resources. EOS has been around since August 2017 and now has a market cap of $2 billion.