Based on market capitalization there are five cryptocurrencies in the premium list. They are Bitcoin, Ethereum, XRP, Tether, and Bitcoin Cash.
Notable others include Litecoin, EOS, Binance Coin, Bitcoin SV, and Tezos as part of the top 10 leagues. Market capitalization is the main benchmark in estimating the sizes of various cryptocurrencies.
The M cap is determined by multiplying the digital currency’s price with the Circulating supply. The latter is an approximation of coins in circulation in the market and among the public. For other data, variables such as Total Supply and Max Supply are also used.
The top 5 club
• Bitcoin: With a market cap of $163.8 billion as of 13 May, Bitcoin’s price zoomed to $9600 on Wednesday, per Brave New Coin.
• Ethereum. This cryptocurrency has a market cap of $21.41 billion. The current price is $202.32. Ethereum has a decentralized mining network and is not regulated by servers or clouds.
• XRP: At a market cap of $8.97 billion, XRP is a Real-Time Gross Settlement System in which transfer times are immediate. It is quite popular with banks and institutions.
• Tether: Tether has a market cap of $8.7 billion. Tether converts cash into digital currency by aligning the value of the coin to the price of national currencies like the US dollar, the yen, the Euro, etc.
• Bitcoin Cash; It has a market cap of $4.47 billion and Bitcoin Cash took birth as a hard fork or community-activated update to the code of Bitcoin in August 2017.
Impact of Bitcoin halving
Now the market is watching the consequences of Bitcoin halving on May 11. It was the third such development in Bitcoin’s history and cut the miners reward by half–from 12.5 bitcoin to 6.25 bitcoin per block.
The halving of Bitcoin reduces supply and forces bitcoin miners to chase other profitable cryptocurrencies. The spot price of Bitcoin has come down 56 percent from the high of December 2017.
The technology governing Bitcoin is blockchain. Put simply it is a way of transmitting information from A to B in an automated manner with a party initiating a transaction creating a block that will be verified by millions of distributed computers. It will be added to a chain across the net with a unique record and its history cannot be tampered with.
Meanwhile, many fund managers are bullish that cryptocurrencies’ market cap will go high. The founder and CEO of Blockchain investment fund Pantera Capital Management is one of them. Dan Morehead claimed the cryptocurrency market could jump to $40 trillion.
Morehead told Bloomberg Television that bitcoin ‘is a screaming buy right now.’ Despite the price retreat of cryptocurrencies since 2017 Morehead is upbeat that Bitcoin price will scale new heights.