Cryptocurrencies are here to stay. These virtual currencies have impacted our savings, purchases and investment ecosystem in diverse ways. It has a distinct trading arena, called the crypto market. This crypto market is far more volatile than traditional stocks, with some coins growing in value swiftly, then dropping just as rapidly.
If you decide to buy cryptocurrency, a good piece of advice is never to spend more than you can afford to lose.
While we all know about Bitcoin, there are hundreds, if not thousands, of other cryptocurrencies. Many are alternative — supposedly improved — versions of Bitcoin, but others, like Ethereum, Cardano and Chainlink, are much more than just a currency. And then there’s Dogecoin, which started off as a joke but is now one of the most valuable cryptocurrencies, plus other “memecoins” such as Shiba Inu coin.
In our guide to the top cryptocurrency performers, we outline the stories behind some of the key cryptos to be aware of, plus their current value, latest news and more.
1. Bitcoin (BTC)
Bitcoin market cap: $684 billion
Bitcoin value: $36,590
The Bitcoin story: Bitcoin has been around since 2008 and is the blue-chip cryptocurrency. It has, by far, the largest market cap, the highest coin value, and the largest network of users.
Bitcoin was created by an unknown person or group who goes by the name of Satoshi Nakamoto. It was supposed to be the cash of the future, and although you can use it today to purchase many goods and services, you wouldn’t use it to buy a cup of coffee because the cost of the transaction would be too high.
Think of Bitcoin instead like the gold of the future: not really useful for daily transactions, but you want to have some for its stored value. It’s also like gold in that it has a limited supply, which is one of the things that makes Bitcoin so attractive to investors: a total of 21 million Bitcoins will ever be released, which makes Bitcoin inflation-proof.
Bitcoin performance history: Like all cryptos, Bitcoin started out worth virtually nothing. In 2017 it took off from under $1,000 to over $20,000, but within a year was down around $4,000. In late 2020 it began skyrocketing again, this time from around $10,000 to a high of more than $60,000, before dropping steeply last week, mostly due to various Elon Musk tweets. Further falls this week culminated in a major drop on Wednesday (May 19); it’s currently worth around $36,500.
How to buy Bitcoin: Bitcoin can be purchased on crypto exchanges such as Coinbase, Binance, and Kraken; at Bitcoin ATMs; on PayPal; and on Robinhood. Don’t be put off by the high price of a coin: you can invest as little as $25 in Bitcoin on Coinbase.
2. Ethereum (ETH)
Ethereum market cap: $264 billion
Ether value: $2,286
The Ethereum story: If there is another contender for the top cryptocurrency title, it’s Ethereum. But it doesn’t compete with Bitcoin. It’s important to note that many so-called cryptocurrencies aren’t straight-up currencies like Bitcoin. Some, like Ethereum, are instead unique technologies that also have a coin component. In Ethereum’s case, its currency is called Ether, and it can be used in applications run on the Ethereum platform.
Ethereum is the leader in what’s known as these “smart contract” platforms. While Bitcoin was created for one use case — as a currency — Ethereum was founded by Vitalik Buterin in 2015 with bigger and broader ambitions. The blockchain it runs on is programmable, meaning it can run programs, or apps, in a decentralized way, i.e., on millions of computers at once. This opens up many possible use cases, from technology and finance to gaming and collectibles, making Ethereum an attractive investment.
It’s also worth noting that a new version of Ethereum is coming soon. Among other things, Ethereum 2.0 will reportedly by 99.95% more environmentally friendly than the current model.
Ethereum performance history: In the past year, Ethereum’s price has shot up from around $200 to well over $3,000. In fact, it recently passed $4,000 for the first time in early May and reached an all-time high of more than $4,350 recently, but has fallen sharply this week and currently stands at around $2,280.
How to buy Ethereum: You can buy ETH on the major crypto exchanges, Robinhood, and PayPal.
3. Tether (USDT)
Tether market cap: $59.8 billion
Tether value: $1
The Tether story: Tether is unique among the options in our top cryptocurrency list: it’s the leader in the category of cryptocurrency known as “stable coins.” Why stable? Because they are pegged to a traditional currency, in this case the US dollar.
For investors, these tokens offer the joint benefits of open blockchain technology and traditional currency. Tether was launched in 2015 and operates on the Ethereum platform. USD Coin is another stable coin, and many crypto folks think it’s a safer bet than Tether, citing a greater transparency.
Tether performance history: One Tether token = one USD. Always has, always will.
How to buy Tether: Buy, sell, and use Tether tokens at Coinbase, Binance, Kraken, and other major crypto exchanges.
4. Cardano (ADA)
Cardano market cap: $46.8 billion
Cardano value: $1.46
The Cardano story: Cardano, founded in 2017, is another Ethereum-like contender for the top cryptocurrency crown: a blockchain platform that supports applications, systems, and real-life business use cases. It’s a promising technology but, like all the others, has a lot of catching up to do with Ethereum in terms of its network size.
What makes Cardano unique is that it is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers, and the platform was built through peer-reviewed research.
Cardano performance history: Cardano was cruising along at about $0.10 from its founding in 2017 until early 2021, when it jumped to well over a dollar and was recently trading at around $2. Cardano had weathered the recent crypto market problems better than most, due to being one of the more environmentally friendly cryptocurrency options, but has suffered a big fall on Wednesday (May 19) and is now back to around $1.46.
How to buy Cardano: Cardano can be purchased on Coinbase, Binance, Kraken, and many other crypto exchanges.
5. Binance Coin (BNB)
Binance Coin market cap: $44.9 billion
Binance Coin value: $293
The Binance Coin story: Binance Coin was launched in 2017 by the Binance cryptocurrency exchange, the world’s largest crytpo exchange by volume. During its initial coin offering (ICO), it sold 100 million coins to the public at $0.15 per coin. Binance Coin can be used to pay transaction fees on the Binance exchange, to trade for other cryptocurrencies, and to pay for some goods and services. Every quarter, Binance uses 20% of its profits to buy back and destroy Binance Coins. This will continue until Binance buys back and destroys 50% of the total supply, making its coin scarcer and therefore more valuable.
Binance Coin performance history: Since launching in 2017, Binance Coin has made a long, slow climb to about $60 a coin, before shooting upwards in February 2021 and reaching more than $600 at one point. As with virtually all of the top cryptocurrencies, it suffered a major fall on Wednesday (May 19) and is currently trading in the $290 range.
How to buy Binance Coin: The best place to buy, sell, trade, and hold Binance Coin is… Binance!
6. Dogecoin (DOGE)
Dogecoin market cap: $42.4 billion
Dogecoin value: $0.32
The Dogecoin story: Dogecoin bills itself as “the fun and friendly internet currency.” Launched in 2013 by software developers Billy Markus and Jackson Palmer as a satire of Bitcoin and the exploding popularity of crypto, it’s basically a Bitcoin clone with a cute dog meme for a mascot.
Dogecoin has no real use (though some people use it to give small tips on social media), but it’s developed a growing fanbase that’s boosted the price of a Dogecoin from less than a penny a few months ago to about $0.40 today, making it one of the top cryptocurrency performers by market cap if nothing else. Dogecoin also started what is now known as the “memecoin” space. If you’re looking for the next big memecoin, it could be SafeMoon, which launched in March 2021 and already has over a million users. SafeMoon encourages investors to buy and hold by imposing a 10% fee on anyone who sells their tokens.
Dogecoin performance history: In early 2021, Dogecoin crossed the $0.05 threshold for the first time, then went to the moon in April, recently trading at an all-time high of $0.70. It dropped to below $0.45 following Elon Musk’s appearance on Saturday Night Live, then rallied slightly, then plunged again, then jumped back. It’s been quite the ride. It currently stands at around $0.32, but who knows where it will be tomorrow.
How to buy Dogecoin: You can buy Dogecoin on Robinhood and many of the major crypto exchange like Binance and Kraken, but it’s not available on Coinbase.
7. XRP/Ripple (XRP)
XRP/Ripple market cap: $39.4 billion
XRP value: $0.84
The XRP/Ripple story: XRP’s claim to fame is that it’s the fastest digital asset, enabling near real-time global payments anywhere in the world. As such, some payment providers use XRP to expand their reach, lower foreign exchange costs, and settle payments more quickly.
XRP was launched in 2012 by a trio of developers, who then created a private company called OpenCoin, now called Ripple Labs, and gifted it 80 billion XRP. This is what makes XRP unique — it is, essentially, a for-profit platform, unlike almost every other crypto project in the world.
Buyer beware: in late 2020, the US Securities and Exchange Commission filed suit against Ripple and its two cofounders, claiming they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering (aka XRP). The lawsuit is still unsettled.
XRP performance history: Aside from a blip of a spike in December 2017-January 2018, XRP didn’t crack the $0.60 threshold until 2020. However, it’s grown throughout April and May and as of today (May 24) it was trading at $0.84.
How to buy XRP: The easiest way to purchase XRP is on one of the big crypto exchanges such as Coinbase, Binance, or Kraken.
8. Internet Computer (ICP)
Internet Computer market cap: $19.1 billion
Internet Computer value: $154
The Internet Computer story: Internet Computer only officially launched on May 10, 2021, but it immediately jumped into the Top 10 list of the biggest cryptocurrencies by market cap. And that’s no surprise, because Internet Computer, or ICP, is a big deal. According to CoinMarketCap, it’s “the world’s first blockchain that runs at web speed with unbounded capacity” and also “the third major blockchain innovation, alongside Bitcoin and Ethereum.”
Bold claims, indeed, but ICP — which was created by tech startup Dfinity — is an ambitious project that seeks nothing less than the reinvention of the internet. Around 469 million ICP tokens were issued on its launch, of which approximately 26% are expected to be in circulation.
Internet Computer performance history: ICP enjoyed a stellar launch on the open market, jumping from $0 to $488 in a day. It then fell back sharply, and is currently at around $154.
How to buy Internet Computer: ICP is already available on Coinbase and is expected to come to Binance and other crypto exchanges soon.
9. Polkadot (DOT)
Polkadot market cap: $18.9 billion
Polkadot value: $20
The Polkadot story: Lots of the top cryptocurrency projects have lofty goals, but Polkadot’s is one of the loftiest: to “enable a completely decentralized web where users are in control.” Launched in 2020, Polkadot is the flagship project of the Swiss Web3 foundation. If Web 1.0 was commerce, and Web 2.0 was social, think of Web3 as decentralization. Polkadot’s technology stitches together different blockchains, enabling them to exchange information and transactions and operate together seamlessly.
Polkadot performance history: This crypto was trading at about a nickel until late 2020, when it took off (stop us if you’ve heard this one before) and was recently trading at around $41. However, a big fall this week has seen it drop back to around $20.
How to buy Polkadot: Buy Polkadot on major crypto exchanges such as Coinbase, Binance and Kraken.
10. USD Coin (USDC)
USD Coin market cap: $14.3 billion
USD Coin value: $1
The USD Coin story: Like Tether, USD Coin is a so-called stable coin that’s linked to the U.S. dollar. That makes it far less subject to price fluctuations than many other cryptocurrencies — and indeed, USD Coin has been relatively unaffected by the recent turmoil in the market. USD is also big on transparency, assuring investors that they will be able to withdraw 1 USDC and receive $1 in return.
USD Coin performance history: USDC is worth $1
How to buy USD Coin: Buy USD Coin on major crypto exchanges such as Coinbase and Binance.
