Which Are The Top 5 Cryptocurrencies By Market Cap?
Cryptocurrencies of all manners are being mined. Here is a list of the top 5 currencies. Next, we look into the scalability of Bitcoin vs. Bitcoin Cash.
Get The List Of Top Crypto Currencies.
The leading digital currency by market capitalization Bitcoin has grown in value as much as more than 10 times at certain points over the past year where it has seen significant plunges in value, and even so, several cryptocurrencies have managed to come out on top.
Stating that it has been a good year for digital currencies would not begin to do industry justice. Digital currencies skyrocketed in value, interest, and number thereby seeing the values plummet once again even before leveling off. Being launched to the investor every week there are new digital currencies and a hoard of blockchain-related startups following tin their footsteps often bolstered by major fundraising efforts through ICOs.
As fortunes tend to move up and down quickly, the world of virtual currencies witnesses the space being dominated by volatility above many other factors. The following are the largest digital currencies by market cap.
Remaining as the go-to leader of the space, Bitcoin is the original cryptocurrency with a market capitalization of the world’s top digital currency is at more than $125 billion with a price per coin of more than $7,305.
In circulation is roughly 17.1million according to coinmarketcap.com and despite earlier speculation about Flippening the digital currencies permanently take over the no.1 spot and are yet to transpire.
Prompting the rise of ICO, the digital token, Ethereum comes in second on the list of cryptocurrencies by market cap. Significantly smaller than Bitcoin is the current market cap just shy of $ 50 billion at a trading price of about $3500 per token and just over 100.7 million ETH tokens in circulation.
With a total market capitalization of more than $19.8 billion, the much-hyped Ripple goes to the no.3 slot and unlike the top two, the price of each XRP token is very small just over 50cents per token. The total number of XRP in circulation is quite high which over 39 billion tokens as now.
- Bitcoin Cash
Coming as the spin-off of Bitcoin, Bitcoin cash launched as a result of a hard fork coming fourth in the ranking with a total market cap at about $14.5 billion and a market price of$843 per coin and total circulation just over 17.2 million BCH.
EOS comes fifth in the final rounding with a market cap of $ 7.83billion with total circulation more than 896 million tokens.
Bitcoin vs. Bitcoin Cash: An Overview
There have been questions surrounding bitcoin’s ability to scale effectively since its inception where transactions involve digital currency Bitcoin processed, verified and stored with a blockchain which is a digital ledger. This makes ledgers far more difficult to manipulate as the reality of what has transpired is verified by majority rule and not by an individual actor. The decentralized network additionally exists on computers all over the world.
In comparison to banks that deal with credit card transactions, the blockchain technology in the Bitcoin network is slow. For example, the credit card company Visa Inc, for instance, processes nearly 150 million transactions per day averaging roughly 1700 transactions per second. The company’s capability on the other hand far surpasses at 65,000 transaction messages per second.
What are the number of transactions that the Bitcoin network processes per second?
As the transactions can take several minutes or more, the network of Bitcoin users has grown where waiting times have become longer as there are more transactions to process without changing the underlying technology processing them.
There are many ongoing debates around bitcoin’s technology where it has been concerned with the central problem of scaling as well as increasing the speed of the transaction verification process. Ultimately developers and crypto miners come up with the two major solutions to this problem.
The first solution comprises making the amount of data needed to be verified in each block smaller whereas creating transactions is faster and cheaper. The second one requires making the blocks of data bigger as more information is processed at one time. Bitcoin Cash was developed as a result of these solutions.
When compared to its rival Bitcoin still holds the first place amongst all crypto. This helps the developers and miners alike who would subsequently require an alternative for the Bitcoin, which is easier to mine. Bitcoin Cash is a worthy rival to Bitcoin and helps increase the credibility of blockchain technology. The scene is ripe with cryptocurrencies of all sorts being mined out easily and successfully by developers.