We all know the amazing evolution of cryptocurrencies and their impact on the financial market. In the initial days, many market experts and top industrialists termed the crypto phenomenon as a bubble that might burst at any time. They also suggested investors across the world to not invest in this space at all. Fast forward to a decade, and the picture is entirely different now.
As of today, there are close to 5,200 cryptos in the market, and the total market capitalization of the crypto industry is about $150 Billion. The list of all the existing cryptos, along with the corresponding details, can be found here. So by now, it is clear that the cryptocurrencies are here to stay. Also, most of the industry experts believe that this is the right time to invest in cryptos, as most of them are undervalued.
But with many options to choose from, it is hard to pick the best ones to start your investment journey in cryptocurrencies. Hence, we have put together a list of top 10 cryptocurrencies in the market as of March 2020. We have also mentioned the reasons why you must invest in these cryptos and why they are better than the rest. So let’s get into the topic.
#1 – Bitcoin (Market Cap – $96 Billion | 24h Trading Volume – $39 Billion)
The entire cryptocurrency phenomenon started with Bitcoin, and hence it can be considered as an undisputed leader in the world of cryptos. There were many efforts made to design an alternative currency system even before Bitcoin. But all of them failed because of many reasons like scalability and adaptability. But Bitcoin is the first in the market to solve these problems successfully.
Currently, the BTC dominance in the crypto market is 63.6%. That is, 63.6% of the entire crypto market cap belongs to Bitcoin alone. This explains the importance of this crypto. So for beginners, it is always recommended to hold the majority of their crypto portfolio in BTC and only then go for the other top altcoins.
#2 – Ethereum (Market Cap – $12.5 Billion | 24h Trading Volume – $12.2 Billion)
Ethereum is the most heard word in the world of cryptos after Bitcoin. It was founded in 2015 by a Russian-Canadian programmer Vitalik Buterin. Ethereum is more than just a cryptocurrency. It is a blockchain platform where other interested startups can build their cryptos. Ether is the native crypto of the Ethereum network.
This platform has its own programming language known as Solidity, using which users can create Smart Contracts. This is a revolution in the crypto space and is currently being used in different industries. Ether is presently at ~$115 and is expected to grow much more in the near future. Ethereum must definitely be a part of your portfolio because of its strong fundamentals and fantastic community.
#3 – Ripple (Market Cap – $6.3 Billion | 24h Trading Volume – $2.1 Billion)
Ripple has been found in 2012, which is way before Ethereum. The USP of this crypto is its transaction speed and the cost per transaction. This crypto has made international money transfer safer, faster, and easier than any other existing crypto out there. One important reason to include this crypto in your portfolio is because of its credibility.
Ripple is so credible that the Federal Reserve backs it. Yes, the US government, which is typically against most of the cryptos, has partnered with Ripple to speed up the cross-border payments. Hence, because of its reliability, Ripple is considered as one of the top cryptos in the market.
#4 – Tether (Market Cap – $4.5 Billion | 24h Trading Volume – $4.6 Billion)
Tether is one of the most unique and useful concepts in cryptocurrencies. One main problem with cryptos is the enormous volatility they possess. Because of this reason alone, most of the cryptos cannot be used in day to day transactions. But what if there is a currency that has volatility of a mere Fiat?
Tether is born from this ideology alone. Tether is pegged with the US dollar, and the value of one Tether is always equal to the value of one US dollar. Hence Tether is referred to as USDT. Because of this, Tether retains the stability of a Fiat currency while having all the properties of crypto.
#5 – Bitcoin Cash (Market Cap – $3.3 Billion | 24h Trading Volume – $3.3 Billion)
Bitcoin Cash or Bcash is the result of a hard fork that happened in the Bitcoin blockchain. This crypto has cheaper transaction fees compared to that of the original Bitcoin.
Even though it is formed in late 2017, it has the credibility of the original Bitcoin, which makes it a viable option for investors to hold.
#6 – Litecoin (Market Cap – $2.1 Billion | 24h Trading Volume – $3.3 Billion)
Litecoin is also the result of a hard fork in the original Bitcoin blockchain. This crypto is known as the ‘Bitcoin of Altcoins’ because of its popularity in the crypto market.
One main difference between the Bitcoin and Litecoin is in their block sizes and the rewards they provide. Currently, the block reward for Bitcoin is 12.5 BTC, whereas, in the Litecoin network, the reward is 25 LTC.
#7 – Bitcoin SV (Market Cap – $2.1 Billion | 24h Trading Volume – $1.8 Billion)’
We know that the Bitcoin Cash is a result of the hard fork in the original Bitcoin blockchain. Likewise, Bitcoin SV (Satoshi Vision) is a result of a hard fork in the Bcash blockchain. The developers of the BSV wanted to follow the original Bitcoin protocol and not the Bcash ones.
The main difference between the Bcash and BSV cryptos is the size of the block. The former’s block size is at 32 MB, whereas the latter’s got updated to the 128 MB.
#8 – EOS (Market Cap – $1.8 Billion | 24h Trading Volume – $2.7 Billion)
Most of the cryptos in the market are designed to enable peer-to-peer transactions, but this crypto is not designed for that purpose. EOS is an advanced cryptocurrency that is created to use within the EOS network.
This crypto is considered as a strong competitor for Ethereum as both works on the same ideology – Smart Contracts. Just like Ethereum, interested companies can start building their cryptos and launch ICOs on the EOS platform.
#9 – Binance Coin (Market Cap – $1.6 Billion | 24h Trading Volume – $2.8 Billion)
Unless you are absolutely new to the crypto space, you would have heard about Binance. It is one of the world’s renounced cryptocurrency exchanges where hundreds of cryptos are bought and sold. This exchange has launched its own crypto with the name Binance coin.
Using this crypto, traders and investors can pay the transaction fee or any fee that is charged on the Binance exchange. It is highly recommended to hold this crypto in your portfolio because of its huge growth potential.
#10 – Tezos (Market Cap – $0.96 Billion | 24h Trading Volume – $0.70 Billion)
Tezos is the newest crypto to enter the top 10 cryptocurrencies list. The fundamentals of this crypto are strong enough to trust this currency. This crypto is developed by Breitman who is an ex-Morgan Stanley analyst.
This multi-purpose platform supports smart contracts and decentralized applications. Considering all these factors, we are anticipating a huge surge in this cryptocurrency’s price in the near future. So make sure to keep an eye on Tezos.
That’s about the top 10 cryptocurrencies currently existing in the market. These ten cryptos comprise about 80% of the entire crypto market. We hope this list helped you in picking the right cryptos for your portfolio. Happy Investing. Cheers!