The crypto space is enormous and diverse. The bitcoin network has only a few obstacles, and if anyone overcomes these barriers, they can easily understand bitcoin and blockchain technology. The list of cryptocurrencies keeps increasing rapidly, and these get listed on memorable crypto exchanges. Of all the digital currencies, it is easy to say that only a few are ruling the crypto industry. People prefer to invest and trade digital currencies that act as a suitable medium of exchange, store value, and provide high returns and a stable market. You can get started with global drivers of bitcoin adoption if you wish to trade cryptocurrencies.
Since the crypto phenomenon started, only two cryptocurrencies have become extremely popular, named Ethereum and Bitcoin. In the past few years, Ripple, Dogecoin, Binance, Litecoin, and Polkadot have gained a good position in the market and counted in the top cryptocurrencies list. The popularity of these cryptocurrencies is based on their market capitalization. Let’s check out the list of well-known cryptocurrencies that get traded most by traders across the world.
Most Traded Cryptocurrencies
One of the best ways to know about the most traded cryptocurrencies is to consider the CFDs on mainstream trading platforms. Let’s explore the cryptocurrencies that traders get interested in:
Bitcoin is the first and original cryptocurrency that was launched in 2009. It is the cryptocurrency that started the movement of the crypto market. Bitcoin has its base as blockchain technology, and it operates on blockchain technology. Both the bitcoin network and blockchain technology were invented by an anonymous programmer named Satoshi Nakamoto. The real identity of a programmer is unknown, but still, people trust the bitcoin network. Bitcoin got introduced as a medium of exchange and is an excellent alternative to traditional currencies.
The whitepaper of bitcoin got introduced. Satoshi argued that conventional currencies get controlled by banks and financial institutions, making it difficult for people to control their finances. In addition, the savings of people get eroded by inflation. Bitcoin solved all these issues as it is a hedge against inflation, and no one controls the bitcoin network.
Ripple is a utility coin whose blockchain platforms allow users to make borderless transfers efficiently. Ripple XRP gets support from many banks from the start, so it gets categorized as an establishment cryptocurrency. As a result, it gets listed in top cryptocurrencies, and the number of people and services using Ripple tends to increase over time.
The market capitalization of Ethereum comes in second place after Bitcoin. Ethereum followed the footprints of Bitcoin, but this platform introduced some different and unique features that are smart contracts and decentralized applications. The feature of smart contracts of Ethereum gets used widely in organizations and companies. The primary purpose of Ethereum is to pay for its platform’s utility. Hence, this cryptocurrency gets commonly referred to as utility cryptocurrency.
Litecoin is an excellent rival for bitcoin and a potential alternate of fiat currencies. The creators of Litecoin created it to get widely used in the market to sell and purchase goods and services. As a result, Litecoin has attained a good position in the market, and some people even consider Litecoin the technologically superior crypto coin compared to bitcoin. It is because the transactions of Litecoin get confirmed by a peer-to-peer network, and the most important thing is that it processes transactions faster than the bitcoin network. In the past few years, it has attracted many merchants but is still not established like bitcoin.
IOTA is a Directed Acyclic Graph (DAG) based cryptocurrency developer developed to work with IoT devices. Internet of Things (IoT) allows microtransactions without fees involving the connected devices and maintains data integrity. In recent times, IOTA has jumped the list of cryptocurrencies that users trade the most, which clearly shows that crypto experts expect it to grow big in the future.
NEO is a decentralized application and innovative contract platform. It was released in 2014 to enhance Ethereum by providing the same utility to consumers via more sophisticated technology. Many people today argue that NEO is known to be a superior platform when compared to Ethereum. Still, the other cryptocurrencies have a significant market share, and NEO is yet to establish itself in the market.