In total, more than 5000 cryptocurrencies are being traded with a total market capitalization worth more than $200 billion. However, the top 3 cryptocurrencies that are considered most powerful include:
- Bitcoin with a market capitalisation of $1,051,179,684,596
- Ethereum with a market capitalisation of $389,488,966,162
- Binance coins with a market capitalisation of $100,665,561,023
Now that you got to know that Bitcoin is the granddaddy of all cryptocurrencies. Moreover, it was the first Cryptocurrency introduced in the market. After its emergence, several other cryptocurrencies have also gained attention, such as Ripple (XRP), Litecoin, Bitcoin Cash, EOS, Chainlink, etc. Another reason for Bitcoin’s worldwide recognition is that numerous people have earned a lot of money with Bitcoin and become filthy rich. Therefore, it kept on gaining worldwide recognition.
The History of Bitcoin
Bitcoin was the first-most Cryptocurrency introduced in 2009 by Satoshi Nakamoto. However, at the time of its emergence, no one was aware of or even heard the term ‘Cryptocurrency.’
Until 2013, Bitcoins were being traded for not more than $10 each. However, soon after 2013, its value peaked at over $200. Well, after 2015, the value of Bitcoin increased immensely. In contrast, it breached the benchmark of $1000 in 2017.
At the beginning of 2018, the price of Bitcoin raised to around $10000. However, soon a few months after, the price dropped down to almost $6000. Many speculations were conducted to make it clear what caused the crash of the peak.
While these were the prices three years back, but you would know the Bitcoin’s price is rising and growing each day if you have checked the price today. The current price of Bitcoin in 2022 is $53,500. Yes, you have heard it right!
The reasons for its appreciation may vary upon external market factors and variables. Many cryptocurrencies have emerged in the past few years, but investing in Bitcoin has proven to be one of the best money-making ways. It has boosted the wealth and has turned many people into a millionaire.