Bitcoin is holding the crown, Ethereum & Ripple are fighting fiercely for the second place and the rest of the coins are far behind the competition. Check out the list of Top 10 cryptocurrencies in 2018 in accordance with the market cap and how the listed coin revised its position from the Top 10 Cryptocurrency 2017.
2 October 2018- The year 2017 was a great one for the Cryptocurrency Industry, as the market capitalization grew about $18 Billion in January 2017 to $800 Billion in January 2018. Unfortunately, after that, we saw a massive correction as the prices of almost all the Cryptocurrencies crashed and their market cap reached a low of $195 Billion at the beginning of September 2018.
Top 10 Cryptocurrencies in 2018 – According to the Market Capitalization
The market cap for a cryptocurrency is a key indicator of its attractiveness. The higher the market cap, the more money-spinning it is to invest in. In contrast, if the market capitalisation is low for a certain cryptocurrency, it is less likely to draw traders’ attention.
In simple words, the market cap refers to the total value of an asset – here it is cryptocurrency. It is calculated by multiplying the total number of coins in the market by its price. And by observing the formula, you can see that the market cap is variable. It may change vividly over a certain period depending on how much one single unit of a cryptocurrency is valued at.
However, it is not the sole indicator to determine the value of a coin. As the price of one single unit of a cryptocurrency increases, the market capitalisation will increase as well. Similarly, if the price remains constant for a cryptocurrency, with more and more units are mined, the market capitalisation will increase.
Currently, we have more than 1,500 cryptocurrencies in the crypto-market. But considering the market cap of the cryptocurrencies, here is the list of top 10 cryptocurrencies in 2018 which are leading the market and gains investment opportunities for the long-term as well as short-term profits.
#1 Bitcoin (BTC)
The “King of the cryptocurrencies” holds the first place on our list of cryptocurrencies in according to market cap. Bitcoin currently has a market cap of $114 Billion according to data taken from coinmarketcap.com. Bitcoin has reached the highest price of $19.87k which was on Sunday, 17 December 2017.
The cryptocurrency uses P2P technology to operate with no central authority managing the transactions and issuing of Bitcoins is carried out collectively by the network. Although other cryptocurrencies have come before, but Bitcoin is the first decentralised cryptocurrency – its reputation has reproduced copies and evolution in the space. In addition to that, Bitcoin is an SHA-256 POW coin with almost 21,000,000 total mine-able coins.
#2 Ethereum (ETH)
Ethereum was founded by Vitalik Buterin on July 30, 2015, using the Go, C++, Rust programming language. Presently the coin has a market capitalisation of 23 Billion, competing with Ripple since the last few months. Ethereum is a decentralised platform that runs on ERC-20 smart contracts. The applications that run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference. In the Ethereum protocol and blockchain, there is a price for each operation.
The general idea is, to have things executed by the network, you must consume or burn gas. The cryptocurrency is also known as Ether and is used to pay for computation time and transaction fees.
Also, Ethereum is commonly used for buying tokens during the ICO sale as it use ERC20 smart contracts for transactions.
#3 Ripple (XRP)
Ripple positions itself as a complement to, rather than a competitor with, Bitcoin – the site includes a page dedicated to Ripple. Ripple is a distributed network which means transactions occur rapidly across the network and as it is P2P- the network is resilient to risks. Ripple can’t be mined like the Bitcoin, Ethereum and other coins in the crypto-market. There were 100 billion XRP tokens upon the launching, currently, there are near to 99,991,857,757 in circulation due to the decreasing tokens policy from Ripple.
Ripple has a total market of around $22 Billion and valued at $0.56 per coin. Currently, Ripple developers are working on XRapid project which will enhance the speed of transactions.
Ripple has been in doubt about its centralised nature as it is owned by the institutions and majorly used for B2B transactions between the banks and financial institutions.
#4 Bitcoin Cash (BCH)
Bitcoin Cash is a hard-forked version of the Bitcoin (BTC). The coin holds at number four in the list with a market cap of $9 Billion. It is similar to bitcoin with regards to its protocol; Proof-of-Work (SHA-256) hashing, 21,000,000 total supply, same block times and reward system. Moreover, the key difference is limit, Bitcoin has a 1MB limit whereas Bitcoin Cash proposes 8MB blocks.
#5 EOS (EOS)
EOS.IO is software that introduces a blockchain architecture designed to enable the vertical and horizontal scaling of decentralised applications. EOS.IO software provides accounts, authentication, databases, asynchronous communication and the scheduling of applications across multiple CPU cores. The technology behind the coin is a blockchain architecture based that has the potential to scale to millions of transactions per second. Moreover, the significance is that it eliminates user fees and allows for quick and easy deployment of decentralised applications.
EOS has a market cap of $5 Billion according to data taken from coinmarket.com.