Bitcoin price soars past $100000 mark: A look at 10 largest cryptocurrencies by market cap
Bitcoin price has made headlines once again, breaking its $100,000 ( ₹84,72,852) ceiling for the first time on December 5, marking an all-time high. The world's largest cryptocurrency has more than doubled in value this year, with a remarkable 45% surge in just the past four weeks, following Donald Trump's decisive election victory. Despite over 16 years of volatility, scepticism, and controversies surrounding its rise, Bitcoin is now edging closer to mainstream acceptance. Its continued growth and resilience, amid uncertain economic climates, highlight its increasing influence in global financial markets and its potential for the future of digital currencies. As Bitcoin reaches new milestones, the broader cryptocurrency landscape is watching closely to see whether this is the beginning of a new era of widespread adoption. As BTC price trends on Google, let's have a look at 10 largest cryptocurrencies by market capitalization.
Bitcoin is the largest and most widely recognised cryptocurrency, created by Satoshi Nakamoto in 2009. It is a decentralised digital currency with transferable ownership. Bitcoin is mineable.
Ethereum, the second largest cryptocurrency, operates with its token, Ether. The Ethereum network aims to replace traditional financial services such as banks and brokerages through decentralised applications, or "DeFi", used for financial services. Ether serves as the fuel required to facilitate transactions on the Ethereum blockchain.
Tether is a stablecoin and differs from Bitcoin and Ether as it is a centralised cryptocurrency. It attempts to maintain its value at parity with the US Dollar. Known as USD₮ or USDT, Tether is owned by iFinex, the company behind the Bitfinex exchange.
USD Coin is the second largest stablecoin, abbreviated as USDC. Like Tether, USDC is centralised and is backed by cash and US Treasury bills. Its underlying assets include roughly 20% cash and 80% short-duration T-bills. You can view these assets publicly.
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