There are many ways to measure the popularity of cryptocurrencies, but the most common way is to look at their market capitalization. The total number of coins in circulation is multiplied by their price to calculate the market capitalization. The list shows that only two of the top 10 cryptocurrencies in 2017 were still in the top 10 in 2022. Here’s a YouTube video illustrating these changes in market capitalization over time. While the list may not be complete, it offers an interesting glimpse into how the market cap has changed over time.
The world of cryptocurrencies is vast and growing. Anyone with blockchain knowledge can create their own cryptocurrency. There are more than 1600 cryptocurrencies on major, middle-sized, and specialty exchanges. But only a handful are significant enough to have real liquidity and be used regularly to pay for blockchain platforms through utility tokens. That leaves about twenty or thirty different cryptocurrencies that are not as widely-known. While the number of cryptocurrencies keeps growing, there are a handful of underlying technologies that make some cryptocurrencies more valuable than others.
The popularity of cryptocurrencies varies from country to country. According to a survey by Statista, Bitcoin was the most popular currency in the UK, followed by Ethereum, with a market share of 37.3%. Second place went to Litecoin, while third place went to Dogecoin, while fourth place went to Bitcoin Cash. Cryptocurrencies are rapidly increasing in value and the more society accepts them, the more value they create. According to the website CyberCrew, there are already 500 businesses that accept crypto.
The number of Bitcoin ATMs in the US is rapidly increasing, and the state of Texas may be on the verge of becoming the most popular cryptocurrency state in the country. However, its market cap remains small compared to Bitcoin, and it’s still considered the next-generation Bitcoin, thanks to its blockchain’s ability to support smart contracts and create non-fungible tokens. The low energy costs and the pro-crypto legislation make Texas an ideal place for Bitcoin mining.
USD Coin: The largest cryptocurrency by market cap, USD Coin is a stable coin backed by the U.S. dollar. The company that runs the currency, a consortium that includes the Coinbase exchange, says that it keeps a dollar in reserve for every coin. The currency’s stability is another advantage, as it is accepted by Visa as payment. In addition to its stability, USD Coin avoids the scandals of Tether and has a stable reputation.
Ethereum: Ethereum is another cryptocurrency with similar characteristics. It’s based on a blockchain platform and provides a programmable environment for developers. Developers can develop “dapps” on the Ethereum platform. Ethereum uses a decentralized network to power smart contracts. These apps will allow companies and individuals to transact without the use of a central bank. Aside from Bitcoin, Ethereum is also becoming increasingly popular. With a growing number of people using this technology, many companies are looking for ways to use it.