• Sun. Aug 14th, 2022

Top 10 cryptocurrencies in July 2022 – Forbes Advisor UK

ByHazel R. Lang

Jul 19, 2022

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it overwhelming when you’re just starting out in the crypto world. To help you get your bearings, here are the top 10 cryptocurrencies based on market capitalization, which is the total value of all coins currently in circulation.

1.Bitcoin (BTC)

  • Market capitalization: over £348 billion

Created in 2009 by someone using the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or ledger recording transactions spread across a network of thousands of computers. Since additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is secure and safe from fraudsters.

The price of Bitcoin has skyrocketed as it has become a household name. In May 2016, you could buy a bitcoin for around £370. As of July 19, 2022, the price of a single Bitcoin was £18,185.

Related: Buy Bitcoin (BTC) with eToro

2. Ethereum (ETH)

  • Market capitalization: over £155 billion

Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers due to its potential applications, such as so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs). ).

Ethereum has also seen phenomenal growth. From April 2016 to July 2022, its price rose from around £8 to over £1,269.

Related: Buy Ethereum (ETH) with eToro

3. Tether (USDT)

  • Market capitalization: over £54 billion

Unlike other forms of cryptocurrency, Tether is a stablecoin, which means it is backed by fiat currencies such as the British Pound, US Dollar, and Euro and hypothetically holds a value equal to the one of these denominations. In theory, this means that Tether’s value is meant to be more consistent than that of other cryptocurrencies, and it’s favored by investors who are wary of other coins’ extreme volatility.

Related: Buy Tether (USDT) with eToro

4. US Dollar Coin (USDC)

  • Market capitalization: over £45 billion

Like Tether, USD Coin (USDC) is a stablecoin, which means it is backed by US dollars and targets a ratio of 1 USD to 1 USDC. USDC is powered by Ethereum and you can use USD Coin to trade globally.

Related: Buy US Dollar (USDC) Coins with eToro

5. Binance Coin (BNB)

  • Market capitalization: over £35 billion

Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world.

Since its launch in 2017, Binance Coin has expanded beyond simply facilitating transactions on the Binance exchange. Now, it can be used for commerce, payment processing, or even travel booking. It can also be exchanged or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.

In 2017 it was priced below 10p, but by July 19 this year it had risen to around £216.

Related: Buy Binance Coin (BNB) with eToro

6.XRP (XRP)

  • Market capitalization: over £14 billion

Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on this network to facilitate trading of different types of currencies, including fiat currencies and other major cryptocurrencies. .

In early 2017, the price of XRP was £0.004. As of July 19, 2022, its price reached 29p.

Related: Buy Terra (XRP) with eToro

7. Gimbal (ADA)

  • Market capitalization: over £13 billion

A little late to the crypto scene, Cardano stands out for its early adoption of proof-of-stake validation. This method speeds up transaction time and decreases energy consumption and environmental impact by removing the competition and problem-solving aspect of transaction verification found on platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin.

Cardano’s ADA token has seen relatively modest growth compared to other major crypto coins. In 2017, the price of ADA was around 1.5p. As of July 19, 2022, its price was around 40p.

Related: Buy US Dollar (USDC) Coins with eToro

8. Solana (SOL)

  • Market capitalization: over £12 billion

Developed to help power the uses of decentralized finance (DeFi), decentralized applications (DApps) and smart contracts, Solana operates on unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely. SOL, Solana’s native token, powers the platform.

When launched in 2020, the price of SOL started at £0.57. As of July 19, 2022, its price was around £37.

Related: Buy Solana (SOL) with eToro

9. Dogecoin (DOGE)

  • Market capitalization: over £8 billion

Dogecoin was started as a joke in 2013, but quickly evolved into a top cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit to the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

The price of Dogecoin in 2017 was £0.00016. As of July 19, 2022, its price was 0.05p.

10. Peas (DOT)

  • Market capitalization: over £6 billion

Cryptocurrencies can use any number of blockchains. Polkadot (and its crypto namesake) aims to integrate them by creating a cryptocurrency network that connects different blockchains so they can work together. This integration can change the way cryptocurrencies are managed and has spurred impressive growth since Polkadot launched in 2020.

Between September 2020 and July 19, 2022, its price fell from £2.15 to £6.36.

Related: Buy Polkadot (DOT) with eToro

* Market capitalizations and prices in effect as of July 19, 2022.

REMARK: * Investing in crypto-assets is unregulated in most EU countries and the UK. No consumer protection. Your capital is in danger. **CFDs are complex instruments and come with a high risk of losing money quickly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro.

Crypto FAQ

What are cryptocurrencies?

Cryptocurrency is a form of currency that exists only in digital form. Cryptocurrency can be used to pay for online purchases without going through an intermediary, such as a bank, or it can be held as an investment.

How is trading cryptocurrency different from stocks?

Do you have to pay taxes on cryptocurrency?

Are there cryptocurrency exchange-traded funds (ETFs)?

How to buy crypto?


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