New Delhi: People tend to make investments on the auspicious occasions of Diwali and Dhanteras every year. While gold has been the preferred choice of ordinary people, there are other options that can be considered by investors. Cryptocurrency is one of those options. Bitcoin is the most coveted of all cryptocurrencies in the world, but some cryptocurrencies have the potential to join the big leagues in the near future, according to the IANS report.Also Read – Budget 2022: Center Consider Big Change in Laws to Tax Cryptocurrency Gains
1. Bitcoin (BTC)
Bitcoin has a market capitalization of $ 1,000 billion. Five years ago, you could buy Bitcoin for around $ 500. Today, it hovers around 60,000 USD (around Rs 45 lakh), according to the IANS report. Read also – Latest news on crypto-currencies: first parliamentary meeting of deputies on crypto, deputies sounded the alarm | To watch
Bitcoin which is a decentralized digital currency was created by someone called Satoshi Nakamoto (perhaps a pseudonym) in 2009. Like most cryptocurrencies, Bitcoin does not have a central bank or a single administrator who can be sent from user to user over the peer-to-peer Bitcoin network without the need for intermediaries, IANS reported. Also Read – Is It A Good Choice To Buy Cryptocurrency, Bitcoin Now?
Transactions are verified by network nodes via cryptography and recorded in a distributed public ledger called the Blockchain.
2. Ethereum (ETH)
Ethereum has a market capitalization of over $ 472 billion. Among cryptocurrencies, Ethereum is right behind Bitcoin in terms of market capitalization.
Available for around $ 4,000 (Rs 3 lakh) per coin, Ethereum is a favorite among crypto developers due to its applications such as smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs). ). It is both a cryptocurrency and a Blockchain platform, according to the IANS report.
Ethereum was designed in 2013 by programmer Vitalik Buterin. In 2014, development work began and was funded by crowdfunding, and the network was commissioned on July 30, 2015.
In just five years, its price has dropped from around $ 11 to nearly $ 3,000, growing by 27,000%, according to the IANS report.
3. Binance Coin (BNB)
Binance Coin has a market capitalization of around $ 80 billion. Binance Coin is the cryptocurrency issued by Binance crypto exchange which is the world’s largest cryptocurrency exchange, supporting over 1.4 million transactions per second.
At the time of its launch in 2017, Binance Coin was only $ 0.10 per coin and now it is trading around $ 400. BNB was originally based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance Chain.
Binance was founded by Changpeng Zhao, a developer who previously created high-frequency trading software. Binance was initially based in China, but later moved its headquarters out of China following increasing regulation of the cryptocurrency by the Chinese government, according to the IANS report.
4. Cardano (ADA)
Cardano has a market capitalization of over $ 71 billion. Cardano also works like Ethereum to enable smart contracts and decentralized applications. In 2017, Cardano’s price was $ 0.02 and now its price hovers around $ 2, according to the IANS report.
Cardano is recognized for its early adoption of proof-of-stake validation, which means that a person can mine or validate transactions in bulk based on the number of coins they hold.
5. Tie (USDT)
Tether has a market cap of $ 70 billion. Available for just $ 1 (around Rs 75), Tether is a stablecoin, meaning it’s backed by fiat currencies like the US dollar and the euro, according to the IANS report.
“Tether represents to users that any holder of tethers can redeem them from the Tether Company at the rate of one tether to the US dollar,” according to its 2021 settlement between Tether developers and New York Attorney General Letitia James .
In May 2021, Tether released a report showing that only 2.9% of Tether was backed by cash, with over 65% backed by commercial paper. Tether is popular with investors who are wary of the extreme volatility of other coins.
Apart from these, there are more popular cryptocurrencies such as XRP, Solana (SOL), USD Coin (USDC), Polkadot (DOT), and Dogecoin (which was popularized by Elon Musk).