Top cryptocurrency prices today: Bitcoin gets breather; Shiba Inu, Polkadot zoom up to 7%
The cryptocurrency market got a breather on Wednesday as major tokens got their mojo back. Federal Reserve chair Jerome Powell did not surprise traders in his testimony, which led to a relief rally in the crypto market.
Barring Bitcoin and the dollar-pegged USD Coin, all other nine out of top 10 digital tokens were trading higher at 8.30 am IST. BNB rose 7 percent and Polkadot zoomed 6 percent while XRP and Cardano added 4 percent each. Shiba Inu, meanwhile, was up 3 perc .
Bitcoin led a broad crypto recovery ahead of the US CPI release. Bitcoin and the broader crypto market have behaved strongly like a risk asset recently. Bitcoin led a broad crypto recovery ahead of the US CPI release. Bitcoin and the broader crypto market have behaved strongly like a risk asset recently. More
1. Bitcoin (BTC)
2. Ethereum (ETH)
Ethereum is a decentralized platform that runs applications called “smart contracts.” These are applications that are run exactly as programmed without any chance of fraud, censorship or third-party interference. The Ethereum blockchain is a shared global infrastructure that can be used to build almost anything: voting, domain names, financial exchanges, crowdfunding platforms, and much more.
It is a favorite of programmers because of its potential applications. Ethereum can be used to create smart contracts, which are pieces of code that store information about an agreement between two parties and automatically execute when certain conditions are met.
For example, an insurance company could create a smart contract to send out payments automatically after an accident has been verified by the other party. The Ethereum network is also used for a cryptocurrency called Ether. more
Ethereum (ETH)
Bitcoin is a decentralized digital currency that was the first to use a distributed ledger, known as a blockchain. Bitcoin is a cryptocurrency and worldwide payment system that is completely decentralized, meaning there are no banks or central entities controlling the currency.
Bitcoin operates independently of any country or government and offers users complete anonymity. Bitcoin transactions can be completed quickly and inexpensively, making it an attractive alternative to other payment methods such as credit cards.
The price of bitcoin has fluctuated significantly since it was created in 2009 by an anonymous programmer who went by the name Satoshi Nakamoto. The price has ranged from $11 to over $3,700, increasing over 33,500%.
3. Binance Coin (BNB)
The 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 past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing, or even booking travel arrangements.
It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin. Its price in 2017 was just $0.10; by Jan. 3, 2022, it had risen to around $520, a gain of approximately 520,000%. more
4. Tether (USDT)
Unlike some other forms of cryptocurrency, Tether is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
5. Solana (SOL)
Developed to help power decentralized finance (Defi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a 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 it launched in 2020, SOL’s price started at $0.77. By Jan. 3, 2022, its price was around $171, a gain of more than 22,000%.
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6. Cardano (ADA)
Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in 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 had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of Jan. 3, 2022, its price was at $1.34. This is an increase of 6,600%.
7. XRP (XRP)
- Market cap: Over $39 billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies. At the beginning of 2017, the price of XRP was $0.006. , its price reached $0.83, equal to a rise of more than 13,700%.
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8. Terra (LUNA)
Terra is a blockchain payment platform for Stablecoins that relies on keeping a balance between two types of cryptocurrencies. Terra-backed Stablecoins, such as TerraUSD, are tied to the value of physical currencies. Their counterweight, Luna, powers the Terra platform and is used to mint more Terra stable coins.
Terra Stablecoins and Luna work in concert according to supply and demand: When a Stablecoin’s price rises above its tied currency’s value, users are incentivized to burn their Luna to create more of that Terra stable coin.
Likewise, when its value falls compared to its base currency, this encourages users to burn their Terra Stablecoins to mint more Luna. As adoption of the Terra platforms grows, so too does the value of Luna. From Jan. 3, 2021, when its price was $0.64, Luna has risen over 14,300% to $92.64 a year later.
9. Polkadot (DOT)
- Market cap: Over $29 billion
Cryptocurrencies may use any number of blockchains; Polkadot (and its namesake crypto) aims to integrate them by creating a cryptocurrency network that connects the various blockchains so they can work together.
This integration may change how cryptocurrencies are managed and have spurred impressive growth since Polkadot’s launch in 2020. Between September 2020 and Jan. 3, 2022, its price grew about 925%, from $2.93 to $30.04.
It’s important to do your research and seek advice from financial experts before making any investment decisions. The cryptocurrency market can be volatile and unpredictable, so it’s crucial to understand the risks involved.