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Summary
- Cryptocurrencies are digital currencies, the latest development in the currency domain.
- Cryptocurrencies are not yet accepted as legal tender in the US by the federal government and are only available for buying, selling, and trading.
- There are nearly 11,200 cryptocurrencies in the world.
Cryptocurrencies have seen a boom in 2014. Although these are not legal tenders, buying, selling, and trading cryptocurrencies are legal in the US. In addition, some US government agencies like the SEC, IRS, and CFTC identify cryptocurrencies as digital currencies.
The federal government has not laid down any rules for the cryptocurrency market, but states are empowered to deal with issues regarding digital currencies.
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Source: Pixabay
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The role of crypto exchanges
Like stock exchanges, there are cryptocurrency exchanges where one can buy, sell, and trade cryptocurrencies. Some popular cryptocurrency exchanges are Coinbase, Gemini, Kraken, Binance, and Coinmama.
One can choose any of these exchanges to buy cryptos. However, once the exchange is finalized, one needs to understand the buying and selling process, fee, and the overall transaction settlement procedure.
The next step is to complete the Know Your Customer (KYC) process. KYC is an identity verification process. The verification process is the same as in any other financial process KYC.
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In the US, one can trade in cryptocurrencies by using a credit card too. Once the KYC is complete, and money is deposited in the wallet, one can start trading in cryptocurrencies.
The global cryptocurrency market is currently worth around US$1.85 trillion. According to Coinmarketcap.com, there are nearly 11,200 cryptocurrencies currently exist.
Here we explore the top 10 cryptocurrencies in terms of market capitalization.
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Source - pixabay
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Bitcoin (BTC) is the oldest of all cryptocurrencies and was almost a synonym of cryptocurrency for some. Its market capitalization is US$ 850.57 billion. Its trading volume for the past twenty-four hours was 777,759, with a total value of US$35.22 billion. Its circulating supply is 18,782,187 BTC. The current trading price is US$45,533.84.
Ethereum (ETH) – is the second-largest cryptocurrency in market capitalization. Its trading volume in the past twenty-four hours was 9,315,422, with a total value of US$ 29.131 billion. It has a circulating supply of 117,051,173 ETH. Currently, it is trading at US$ 3,137.70.
Tether (USDT) – Its market capitalization is US$ 62.59 billion. In the past 24 hours, its trading volume was 76,155,404,053. Its circulating supply is 62,556,234,131 USDT. A Tether can be traded at Binance, Tokocrypto, FTX, CoinTiger and OKEx. Its current price is US$1.
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Binance Coin (BNB) – has a market capitalization of US$ 62.071 billion, and the circulating supply is 168,137,036 BNB. The trade volume in the past twenty-four hours was 5,710,129 BNB, and the total value was US$2.108 billion. Binance Coin can be traded at Binance, Tokocrypto, FTX, CoinTiger and Bidwell. It is trading at US$370.98.
Cardano (ADA) – has a market capitalization of US$ 50.87 billion, and the circulating supply is US 32,096,728,901 ADA. The twenty-four hours trading volume is 1,763,693,431 ADA for value of US$ 2,795,479,786. Cardano can be traded at Binance, Tokocrypto, FTX, CoinTiger and OKEx. It is trading at US$ 1.59.
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XRP (XRP) – has a market capitalization of US$ 38.42 billion. The circulating supply is 46,417,606,117 XRP and trading volume of 4,598,595,329 XRP with a valuation of US$ 3.806 billion. The XRP can be traded at Binance, Tokocrypto, OKEx, FTX and By bit. Its current price is US$ 0.8366.
Dogecoin (DOGE) - is a US$ 32.74 billion market capitalized cryptocurrency with a current circulating supply of 130,799,611,236 DOGE. The trade value is US$ 3.39 billion with a volume of 13,537,008,524 DOGE. Dogecoin can be traded at Binance, Tokocrypto, OKEx, FTX and CoinTiger. Its current market price is US$ 0.2566.
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USD Coin (USDC) – has a US$ 27.94 billion market capitalization. Its current circulating supply is 27,926,643,959 USDC, trading volume is 3,354,434,702 USDC with a value of US$ 3,355,720,313. The exchanges to trade this currency are Binance, OKEx, CoinTiger, Huobi Global, and Coinbase Exchange. The current trading price is US$ 1.00.
Polkadot (DOT) – is a US$ 20.45 billion market capitalized cryptocurrency. Its trading value in the past twenty-four hours is US$ 1.44 billion, with a volume of 69,487,576 DOT. The circulating supply is 985,154,505 DOT. DOT can be traded at Binance, OKEx, FTX, Tokocrypto, and CoinTiger. Currently, it is trading at US$20.72.
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Uniswap (UNI) – has a market capitalization of US$ 17.19 billion and a circulating supply of 587,408,704 UNI. Its trading volume in the past twenty-four hours is 24,843,685 UNI, and the value for these transactions are US$ 727.101 million. UNI can be traded at Binance, Tokocrypto, FTX, OKEx and CoinTiger. Its current market price is US$ 29.33.
