- Cryptocurrencies, including the three mentioned below, were subdued at the time of writing
- Many crypto tokens can be priced very low, which may be a lure for a section of enthusiasts
- Expensive cryptos, with respect to price, can manifest the same price volatility as other assets
The cryptoverse is notorious for fluctuation in the prices of assets. This year so far, popular cryptoassets like BTC, SHIB, DOGE and AXS have lost value. Risks aside, many enthusiasts are considering cryptos as an alternative investment asset. Here, caution can be the best friend.
CoinMarketCap, which tracks prices and other data like market cap and trading volume, has more than 19,000 assets listed. Among these are many tokens priced under one dollar or even one cent. No matter how high the market cap of an asset is, per token value may be very low. For example, Shiba Inu (SHIB) has a multi-billion dollar market cap, but the price of one SHIB token is under even one cent.
That said, hereunder are the top three most expensive tokens in the cryptoverse.
1. Bitcoin (BTC)
Bitcoin arguably rules the cryptoverse in multiple aspects. The asset, which is now a legal tender in two countries, has over 40 per cent share in the aggregate market cap of cryptoverse. This is also viewed as Bitcoin dominance in comparison to altcoins.
Bitcoin is popular, thanks to it being considered as the first cryptocurrency. Besides, a number of indices track its price movement, and Bitcoin ETFs are now a reality in places like Canada and the US. Despite all the fame, however, some critics view it as an over-hyped asset. Warren Buffett once termed it “rat poison”.
Bitcoin’s per token price is also the highest, nearly US$36,500 at the time of writing. This price is down as compared to the start of 2022. BTC’s year-to-date (YTD) decline was over 20 per cent as of writing. While some anticipate Bitcoin breaching US$100,000 soon, others are not so optimistic.
Also read: 3 reasons why cryptos could be crashing
2. Yearn.finance (YFI)
YFI crypto ranks second in terms of per token price. This decentralized finance (DeFi) focused platform is said to be an aggregator for DeFi protocols like Aave. It claims to enable yield farming and the fee it charges on withdrawal of funds by the depositor acts as the revenue stream.
YFI is essentially native to Yearn.finance. This separates it from Bitcoin, in that the latter is considered by its backers a digital currency that can compete with fiat currencies.
YFI token price was nearly US$17,000 as of writing. The market cap of over US$620 million placed it in the top 100 crypto list of CoinMarketCap. It has lost over 50 per cent so far this year.
Also read: PLA, CEEK and UOS: 3 metaverse cryptos under US$1
3. Ethereum (ETH)
While Ethereum’s market cap of over US$330 billion ranked it second to Bitcoin, in terms of price, it ranked third. A section of Ethereum backers believe it might become the first cryptoasset to topple BTC with respect to market cap.
Ethereum provides blockchain services for a slew of products including NFTs, ERC-20 coins, DApps, and DeFi protocols. New networks like Solana and Fantom are competing with Ethereum. Ethereum is said to be energy inefficient besides having lower transaction speed. But its blockchain’s wide adoption in the cryptoverse makes for a close watch.
ETH price as of writing was nearly US$2,700, which was down over 25 per cent on a YTD basis.
Data provided by CoinMarketCap.com
Also read: Top 3 NFTs by market cap other than BAYC and CryptoPunks
BTC, YFI, and ETH make the most expensive assets by per token price in the cryptoverse. The list does not include another asset named Wrapped Bitcoin or WBTC since it tracks the price of BTC at all times. Cryptos, regardless of high or low per token price or large or small market cap, are volatile.
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