Some names you might expect to be on the list didn’t make the cut.
- The best way to determine the popularity of cryptocurrencies is their market caps.
- The world’s oldest cryptocurrency — Bitcoin — remains the most popular by far.
- Other popular cryptocurrencies include Ethereum, Binance Coin, Tether, and Solana.
You might think that Dogecoin and Shiba Inu would be sitting at the top of the cryptocurrency world will all the buzz they receive. But that’s not the case– at least not based on where investors are actually putting their money.
The most objective way to determine the top cryptocurrencies is to look at their market caps. For digital coins, market caps are calculated by multiplying the current price times the circulating supply. Here are the five most popular cryptocurrencies on the market right now, according to CoinMarketCap.
There’s absolutely no surprise whatsoever that Bitcoin still reigns as the world’s most popular cryptocurrency. Its market cap currently stands at nearly $1.1 trillion. If Bitcoin were a company, it would be bigger than Meta Platforms (formerly known as Facebook) and Tesla.
Bitcoin continues to enjoy the advantage of being the first cryptocurrency. It’s more widely accepted than any other digital coin, mainly because it’s been around longer. Bitcoin is even viewed by some investors as a good hedge against inflation since there will never be more than 21 million Bitcoin tokens in circulation.
Ethereum ranks as a somewhat distant No. 2 to Bitcoin on the list of the most popular cryptocurrencies. Its market cap is hovering around $500 billion, less than half the size of Bitcoin. But some believe that Ethereum will be the next Bitcoin.
The key edge for Ethereum is its real-world utility. Its blockchain supports smart contracts that can be used in a wide range of applications. In particular, Ethereum is well-suited for creating non-fungible tokens (NFTs). Whether or not the cryptocurrency knocks Bitcoin out of the top spot in the future, Ethereum appears to be in a good position to stand the test of time.
3. Binance Coin
Binance operates the biggest cryptocurrency exchange in the world. It makes sense, therefore, that Binance Coin is the third-most-popular digital coin on the market. It’s the native coin on the Binance exchange and currently has a market cap of over $96 billion.
Investors who pay transaction fees with Binance Coin receive discounts. Each quarter, Binance reduces the supply of the digital coins based on trading volume. Over time, these quarterly coin “burns” will remove 100 million coins, which amounts to half of the total supply. These moves are intended to increase the value of Binance Coin.
Tether ranks as the No. 4 most popular cryptocurrency in the world. Its market cap is around $73 billion. But among stablecoins, Tether takes the top spot. All stablecoins tie their value to another asset. For Tether, that asset is the U.S. dollar.
In theory, Tether is like a “crypto-dollar” that should maintain its value in a similar way as physical U.S. dollars do. However, there has been some controversy over whether or not Tether has sufficient reserves to back all of its digital coins. The U.S. Treasury Department recently called on Congress to take action to address the risks that could be posed to the economy by stablecoins such as Tether.
Solana rounds out our list of the top five most popular cryptocurrencies. Its market cap currently stands near $65 billion. Solana has been the biggest winner of these top cryptocurrencies over the last year with a gain of well over 10,000%.
Many investors have flocked to Solana as an alternative to Ethereum. Both blockchains support smart contracts. However, Solana offers much faster processing speeds and lower transaction fees than Ethereum.
Bitcoin, Ethereum, Binance, Shiba Inu Price Analysis ‒ 30 November Morning Prediction
- Global crypto market cap reaches its high of $2.63T once again.
- Bitcoin shows green charts and shows stability while maintaining $58K.
- Ethereum leaves $4.5K in the dust after a 7.05% value increase.
- Binance Coin closes the gap between itself and $680 after an 8.90% increase this week.
- SHIB is today’s top gainer after seeing a rise in value after global crypto value increase.
Once again, we’re seeing a standard of bullish runs in the crypto market as prices rise high and our Top 4 currencies display green charts that seem to have surprised investors who didn’t expect the trend to go on for longer than a day or two, the same as last week.
However, after the global crypto market cap has seen an increase of 3.05% since the last day and has raised itself to $2.63T, it raises hopes along with it that this time, the effects of the bullish trend will last longer. Bitcoin continues to dominate the crypto market by 41.34%, and the major altcoins accelerate their speeds in raising their
prices to catch up.
This trend has given hope to investors that we might be entering back up to our previous standards of cryptocurrency that were thought to have been left behind three months ago. Let’s take a look at the various influxes on our top currencies.
$60K price value within Bitcoin’s reach?
The last two days have been blissful for Bitcoin investors, but not so much for Bitcoin buyers as prices increase once more. Bitcoin has grazed the surface of $58,000 once more, and investors keep a close eye on the market to ensure that the bullish run sees through to $60k.
After all, hope had been lost last week when Bitcoin saw as low as $53,500 price decrease; investors are keenly watching as Bitcoin prices rise and drop a few hundred dollars every hour or so. Most forecasters are trying to predict whether Bitcoin can see the light of $60k shining over the horizon, but all is uncertain as Bitcoin stands at a $58,200 price.
Its market cap has seen a 1.98% increase and has raised to $1.097T, while its trading volume per twenty-four hours is at $34.32B.
Ethereum and Binance investors rejoice at new highs
After seeing a mindboggling low of $3.9k, Ethereum makes a sudden leap and has raised itself by $308. Ethereum has since surpassed $4.5k after investors had thought it would keep itself stationary around $4.3k, but instead, Ethereum has jumped to $4,615 in price.
After the highest gross price we saw at the beginning of the month, it finally seems like Ethereum has set its sights on breaking its records for the year and is reaching $4.8k once more. Our biggest query is, will ETH go above and beyond to pass its yearly high? With its trading volume of $22.39B over the last day, it certainly seems possible!
As for Binance, investors think BNB is making a dashing effort to reach its ultimate high of $670 as well. After seeing a 1.63% increase, a huge step for a below-1K priced coin, Binance has risen its value to $626. Trading 4.063M BNB per day, things are looking up for 3rd ranker.
Shiba Inu, reigning superior over Dogecoin?
It seems that in the last twenty-four hours, SHIB has taken advantage of the recent global turnout and has been flourishing, sighting massive gains over the past few hours. Created anonymously and intended to be Dogecoin‘s successor as the leading memecoin, the sight of SHIB’s gains has amused investors throughout the world.
After displaying 35.03% gains within the last day, SHIB has raised itself to a higher standard after gaining popularity throughout the past month. Although its price is $0.000052, lesser than Dogecoin’s, its market dominance reigns supreme as it traded $8.95B on the last day.
We’re seeing high horizons over the coming days; the crypto market’s vastness leaves us hoping for more and keeps us on the edge of our seats as we anticipate what comes next. Some people continue to be skeptical while gaining has led others to become more hopeful for price increases and record-breakers.
What’s up with Shiba Inu, soon to be the most “popular” memecoin? Launched earlier this month, the Shiba Coffee Company sells a variety of SHIB-branded coffee at a starting price of $16.99. Customers can buy their coffee in SHIB, and 10 percent of the company’s proceeds are then directed towards SHIB burning. Meanwhile, whales added 42% more #ShibainuCoin to their wallets in the last 24 hrs. And now, this:
You asked and we listened. Our first “SHIBA SERIES COMPILATION” will hit stores over the next 48 hours! Thank you to all of the artists participating. We will burn 100% of profits from this series. 😊 #shib #shiba #ShibaArmy pic.twitter.com/8Kf9no6GJk— Steven Cooper (@iamstevencooper) November 29, 2021
Investors continue to watch out for news of bearish runs, knowing just how bipolar the crypto market is when it comes to displaying certain standards that make it all the more exciting to dabble in. Did you take advantage of the dip? Please tell us in your comments below
Bank of Indonesia exec wants CBDC to ‘battle’ Bitcoin
- Bank of Indonesia exec wants CBDC to battle Bitcoin
- The country’s Ulema Council brands crypto as haram
- Other countries prepared to eliminate crypto
Central bank digital currency is a system of payment that has been in the works for a long time among countries. Although other countries have launched their digital currency, most top countries still conduct tests before the official launch date. With that in mind, an executive of the Bank of Indonesia has mentioned that digital currencies could help countries across the globe combat digital assets. In the statement by Juda Agung, one of the top members of the bank, Indonesia is considering launching a digital version of its currency to intensify its fight against Bitcoin.
Indonesia’s Ulema Council says crypto is haram
According to the executive, digital currency could be the much-needed ingredient needed in the fight against Bitcoin. This is because the central bank backs the digital currencies, and this makes them trustworthy. In a Bloomberg report, Agung also mentioned that he hoped that people would turn to CBDCs instead of crypto in terms of financial transactions. He pointed out that despite regulators seeing the impact that the assets have on the economy, the trade ministry still allows traders to carry on with their activities. This latest update is coming off the back of a recent update that the Ulema Council in the country has branded the assets as forbidden under the laws of Islam.
Bank of Indonesia is working on its CBDC
According to a previous report, regulators are still at a loss on the approach to devise a regulatory framework for digital assets across Indonesia. Although making payments with digital assets has been banned as far back as 2017 throughout the country, crypto trading is very much present. Around April, the Commodity Futures Trading Regulatory arm of the Finance ministry in the country announced its plan to float a crypto exchange. In the report, the said crypto exchange would have the government’s support with the development to start towards the end of the year. However, it is unclear if the Bank of Indonesia will be involved in this plan.
Despite not having a clear guideline for crypto, the Bank of Indonesia and other regulators have been mulling the idea to float the country’s CBDC. In May, reports went around saying that the Governor of the Bank of Indonesia has signed off on plans to create the digital currency. China is another country that intends to use digital currency as a tool to displace crypto in the country. Russia is also another country with the same school of thought after Governor Nabiullina urged governments worldwide to use digital currency to shun crypto adoption.
Willy Woo Drops New Prediction About Bitcoin
Willy Woo just dropped a new bullish prediction about the price of Bitcoin. Check out the latest reports about the king coin and the potential trajectory that the digital asset might have in the near future.
As the online publication the Daily Hodl notes, Willy Woo says that Bitcoin should be finished with its correction, and then the king coin could start another upward price move.
Bitcoin bullish prediction
In an interview with Peter McCormack, Woo said that Bitcoin’s on-chain fundamentals are looking healthy.
According to him, BTC has been trading in an accumulation range. He also made sure to highlight the fact that the king coin does not seem ready to ignite a massive move up just yet.
“There’s nothing out of the norm happening here. It’s just very constant accumulation by long-term investors. It’s looking healthy. It’s not like this thing is going to blow out of the water, and there are not enough shorts in the system to squeeze it that fast. We’ve got longs in the system that need to cool off.”
The closely followed analyst says that for the time being, BTC is consolidating.
“I just see it as consolidation… Consolidation means it comes down and tests and then moves up without crashing. As it’s consolidating, demand is increasing, the HODLers are buying, the speculative guys… they’re holding strong for the swing trade while the HODLers are buying so there’s not a lot of selling.”
The analyst also brought up the derivatives and said that the derivatives guys that are just in it for the short futures contract “to give up on their long position and then get out of that trade.”
Woo believes that based on derivatives data, Bitcoin may be ready to resume its bull market within the next few days.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $56,875.