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It might be intimidating when you first enter the world of cryptocurrencies because there are dozens of different cryptocurrencies, ranging from  Ethereum to Dogecoin and Tether.

The top cryptocurrencies, as measured by market capitalization, or the sum of the value of all coins in circulation, are listed below to help you gain your bearings.

The Definition of Cryptocurrencies

A cryptocurrency is a form of digital currency that may be used for transactions without being controlled by a bank or centralised body.

The total cryptocurrency market, worth £697 billion, is represented by the 21,910 projects that are active as of today.

Ethereum -  ETH

Market value of Ethereum (ETH) is £127.9 billion.

Because of its potential applications, including so-called "smart contracts" that automatically execute when certain conditions are met and non-fungible tokens, Ethereum—which is both a cryptocurrency and a blockchain platform—is a darling among programmers (NFTs).  

Ethereum has also grown incredibly fast. Its price increased by roughly 12,963% from about £8 to nearly £1,045 between April 2016 and the end of December 2022.

Tether - USDT

Market capitalization of Tether (USDT) is £53.3 billion.

Tether (USDT) is a stablecoin, which means it's backed by fiat currencies like U.S. dollars and euros and theoretically maintains a value equal to one of those denominations, in contrast to some other types of cryptocurrencies. As a result, investors who are leery of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.

US Dollar Coin - USDC

Market capitalization of US Dollar Coin (USDC): £35.2 billion.

Stablecoins are backed by U.S. dollars, and USD Coin (USDC), like Tether, seeks to have a 1:1 USDC to USD backing ratio. You can use USD Coin to carry out cross-border transactions because USDC is powered by Ethereum.

Coinbase USD - BUSD

Value of the market: £18.06 billion

Paxos and Binance established Binance USD (BUSD) as a stablecoin to produce a cryptocurrency backed by the dollar. Paxos keeps a quantity of dollars on hand equal to the total supply of BUSD in order to sustain this value. BUSD, like other stablecoins, allows consumers and traders to transact with other crypto assets while reducing the risk of volatility.  

Dogecoin - DOGE

Market capitalization of Dogecoin (DOGE): £10.69 billion

A devoted community and innovative memes helped Dogecoin, which was infamously launched as a joke in 2013, grow into a well-known cryptocurrency. The currency is vulnerable to devaluation as supply rises because, unlike many other cryptocurrencies, Dogecoin has no cap on how many may be issued.

In 2017, Dogecoin cost £0.00016. Its price increased by over 50,000% by December 2022 to £0.08.

Cardano - ADA

Symbol: £8.9 billion

Cardano (ADA), which entered the crypto world a little later, is renowned for using proof-of-stake validation early on. By eliminating the competitive, problem-solving element of transaction verification in systems like Bitcoin, this technique reduces energy consumption, speeds up transaction times, and has a smaller negative impact on the environment. Cardano functions similarly to Ethereum in enabling smart contracts and decentralised applications that are powered by ADA, the native token of the platform.

The Cardano ADA token's growth has lagged behind that of other important crypto currencies. 

Polygon - MATIC

Capitalization: £6.5 billion

The cryptocurrency Polygon, formerly known as Matic Network, was established in 2017. "Ethereum's internet of blockchains" is the name given to it. Perhaps as a result, MATIC offers compatibility for over 7,000 decentralised apps (dApps).

Since its initial release, Polygon has also grown significantly. Currently, MATIC costs £0.75.

Market capitalization figures and pricing were obtained from coinmarketcap.com as of 2 December 2022.