5 Best Cryptocurrencies Of August 2022

From Bitcoin and Ethereum to Dogecoin and Tether, thousands of different cryptocurrencies are overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the currently circulating coins
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1. Bitcoin (BTC)
   Market cap: $441 billion
   Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
   Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Aug. 1, 2022, a single Bitcoin’s price was around $23,046. That’s a growth of more than 4,500%.

2. Ethereum (ETH)
   Market cap: $201 billion
   Ethereum is a favorite of program developers both a cryptocurrency and a blockchain platform because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
   Ethereum has also experienced tremendous growth. From April 2016 to the beginning of August 2022, its price went from about $11 to around $1,640, increasing around 14,800%.

3. Tether (USDT)

Market cap: $66 billion
Unlike some other forms of cryptocurrency, Tether (USDT) 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.

1. U.S. Dollar Coin (USDC)
   Market cap: $54 billion
   Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.

2. Binance Coin (BNB)
   Market cap: $45 billion
   Binance Coin (BNB) 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.

BNB’s price in 2017 was just $0.10. By early August 2022, its price had risen to around $284, a gain of approximately 283,900%.
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