Market Capitalisation: $US432 Billion

Ether is the cryptocurrency native to Ethereum, the global blockchain platform that runs applications including smart contracts, games and financial transactions through blockchain technology, as well as minting and storing non-fungible tokens or NFTs.

It was launched in 2015 and, as of June 19, 2024, each Ether token is worth around  $US3,538, below the all-time high of $US4,878 it registered in November 2021.

Market Capitalisation: $US112 Billion

Launched in 2017, Tether is the largest of around thousands stablecoins.

A stablecoin is tied to fiat currency, in Tether’s case, the US dollar. For every Tether coin issued, its creators keep $1 in reserve so that Tether can always be redeemed 1:1 for the underlying fiat currency.

In theory, Tether retains a value of around $US1 at all times. This intended stability could make Tether an option worth considering when it comes to transferring value between exchanges, since Tether holdings are perceived as more likely to retain a stable value than other cryptocurrencies which are typically more volatile.

However, stablecoins are not infallible. In early May 2022 another stablecoin, Terra USD crashed –  dropping from $1 to almost $0. While Terra USD used a different mechanism to remain stable, and was not backed by USD reserves like Tether, investors cashed out billions of dollars in other stablecoins, momentarily causing Tether to lose its peg.

While Tether has since returned to the $US1 peg, this event does serve as a reminder that it is not infallible and the crypto markets are prone to volatility.

Market Capitalisation: $US91 Billion

BNB launched in 2017 under the umbrella of the Binance ecosystem and exists as the native token for BNB Chain, as well as to unlock perks on the Binance exchange itself.

During its initial coin offering (ICO), Binance issued 200 million BNB coins, but the platform periodically buys back and destroys –  ‘burns’ – some of these coins. In theory, this increases the value of those left in circulation.

The coin was valued at $US598 as of June 19, 2024, with around 153 million coins in circulation.

Market Capitalisation: $US63 Billion

Much like Ethereum, the Solana blockchain platform was built with the goal of hosting decentralised applications. Both the platform and its cryptocurrency launched in 2020.

One key advantage of Solana is the platform’s relatively low transactions fees and the speed at which transactions are executed, often being finalised in less than a second. The platform can process as many as 65,000 transactions a second due to its unique architecture and ‘proof-of-history’ consensus mechanism.

This processing method adds a ‘time-stamp’ to each block, creating a permanent record of what transactions happened in what order.

As of June 19, 2024, Solana is worth about $US138 with just over 461 million tokens in circulation.

Market Capitalisation: $US32 Billion

USD Coin (USDC) is a stablecoin pegged to the value of one US dollar.

Just like Tether, for each USDC in circulation, USDC’s issuer, Circle,holds one dollar in reserve. Whenever a coin is exchanged for fiat currency, it should be destroyed – ensuring the number of coins issued and dollars held in reserve remains the same. USDC was first issued by Circle in 2018, which has previously come under fire for having the ability to blacklist wallet addresses holding USDC, undermining the ethos of decentralisation in the crypto industry.

Market Capitalisation: $27 Billion

XRP is a cryptocurrency best-known for its use on the global money transfer network, Ripple.

The cryptocurrency was first launched in 2012 on its own ledger. Unlike bitcoin, XRP transactions are not verified through proof-of-work. Instead, transfers are processed by network participants known as validators.

Making a transaction through Ripple incurs a small fee – a tiny fraction of one XRP token, which is destroyed.

The coin’s creator, Ripple Labs, has been engaged in a court case with the US Securities and Exchange Commission (SEC) for several years which has created volatility for the token. The final ruling for the case is expected to be handed down over in Q3 2024.

On June 19, 2024, XRP was trading at $US $US0.49, down from its all time high of $US3.40 achieved in 2018.

Market Capitalisation: $US18 Billion

Started as a tongue-in-cheek meme currency, Dogecoin now stands in the the top 10 cryptocurrencies by market cap and has done so for several years.

Dogecoin was created in late 2013, forked from the code of another cryptocurrency “Luckycoin”, which itself was derived from Litecoin, and accompanied by a Shiba Inu dog logo. The coin is known for its humorous origins and unlimited supply, which has made it an attractive entry point for many new crypto investors.

Dogecoin saw its value rocket to an all-time high of $US0.73 in 2021, partly driven by celebrity endorsements from the likes of Elon Musk..

As of June 19, 2024, Dogecoin’s value has fallen to about $US0.12.

Market Capitalisation: $US16.8 Billion

Launched in June 2020, Toncoin derives its name from The Open Network (TON) – the blockchain on which it runs.

This network was created by the encrypted instant messaging service, Telegram Messenger, allowing users to send and receive payments via the Telegram app.

Like many of the newer cryptocurrencies, transactions on the TON blockchain are validated via a proof-of-stake mechanism, which requires less energy than the proof-of-work system used by currencies such as bitcoin.

As of June 19, 2024, each TON coin is valued at $US6.92.

Market Capitalisation: $US13.6

Cardano was created by Ethereum’s co-founder, Charles Hoskinson, in 2017. It’s the native cryptocurrency of the Cardano blockchain platform, and uses proof-of-stake, rather than proof-of-work, to verify and process transactions.

Proof-of-stake blockchains require considerably less energy than their proof-of-work counterparts, since this process uses an algorithm to select just one device in the decentralised network to verify each block of transactions, rather than having every device compete every time.

As of June 19, 2024, one Cardano is worth $US0.38. Its all-time high was $US3.09, which it reached in September 2021.

Market Capitalisation: $10.7 Billion

Shiba Inu (SHIB) was launched in 2020 as an alternative to Dogecoin (DOGE).

The coin exists on Ethereum, however has recently launched its own blockchain “Shibarium”. The token price is extremely low to the deliberately high number of tokens available, with a supply cap of one quadrillion coins.

As of June 19, 2024, each Shiba Inu coin is worth fractions of a cent: $US0.00001832 to be exact.

This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency or CFDs as an investment class.  Cryptocurrency is unregulated in Australia and your capital is at risk. Trading in contracts for difference (CFDs) is riskier than conventional share trading, not suitable for the majority of investors, and includes the potential for partial or total loss of capital. You should always consider whether you can afford to lose your money before deciding to trade in CFDs or cryptocurrency, and seek advice from an authorised financial advisor.

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