What Will Be the Top 5 Cryptocurrencies in 2021?
July 16, 2021| MOVO Blog Contributor
Discover new ways to make your crypto spendable.
You have probably seen more and more cryptocurrencies in the mainstream media as of late. From Elon Musk using it in his jokes when he hosted SNL, to crypto memes going viral on Instagram and Reddit. There’s no denying that crypto is hot and if you’re new to this payment platform, you may not know where to begin. For example, did you know that beyond buying it and exchanging it, you can use your converted crypto for everyday living expenses? But first, let’s go over the basics:
Crypto Is Power & Knowledge of Crypto is PowerWhat is cryptocurrency? A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.
How many cryptocurrencies are there? What are they worth?More than 10,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on May 27, 2021, was more than $1.7 trillion — down from April high of $2.2 trillion, according to CoinMarketCap. The total value of all bitcoins, the most popular digital currency, was pegged at about $735 billion — down from April's high of $1.2 trillion. [1]
Why are cryptocurrencies so popular?Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
- Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable.
- Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation
- Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
- Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make it intimidating when you’re first getting started. To help you get yourself familiar with this, here are the top 5 cryptocurrencies based on their market capitalization, or the total value of all the coins currently in circulation.*
- Bitcoin (BTC)
Market cap: Over $641 billion
Created in 2009 by someone under the pseudonym 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. Five years ago, you could buy a Bitcoin for about $500. As of June 2021, a single Bitcoin’s price was over $32,000. That’s growth of about 6,300%.
- Ethereum (ETH)
Market cap: Over $307 billion
Both a cryptocurrency and a blockchain platform, Ethereumis a favorite of program developers 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. In just five years, its price went from about $11 to over $2,500, increasingly roughly more than 22,000%.
- Tether (USDT)
Market cap: Over $62 billion
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.
- Binance Coin (BNB)
Market cap: Over $56 billion
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.
- Dogecoin (DOGE)
Market cap: Over $44 billion
Dogecoin has been a hot topic thanks to celebrities and billionaires like Elon Musk. Famously started as a joke in 2013, Dogecoin rapidly became a prominent cryptocurrency option, thanks to a dedicated community and creative memes. Unlike many other cryptos, such as Bitcoin, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.Dogecoin’s price in 2017 was $0.0002
- Dogecoin (DOGE)
Market cap: Over $44 billion
Dogecoin has been a hot topic thanks to celebrities and billionaires like Elon Musk. Famously started as a joke in 2013, Dogecoin rapidly became a prominent cryptocurrency option, thanks to a dedicated community and creative memes. Unlike many other cryptos, such as Bitcoin, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.Dogecoin’s price in 2017 was $0.0002
*Market caps and pricing current as of June 7, 2021
Use Your Crypto For Everyday Living Expenses. Buy, convert, send your crypto to a debit card, and use that to pay your next rent bill. Pay your rent or mortgage, utilities, insurance, and even grocery shopping using your crypto. This is made possible through our new C2F (crypto to fiat) technology; MOVO Chain.
About MOVO Chain
Cryptocurrency owners can easily convert their crypto into USD/Fiat and send it as cash value to anyone in the United States, with an email address or mobile phone number via a debit Mastercard®. Recipients can then use the value received immediately for everyday living expenses, account transfers, bill pay or payments using a MOVO® Digital Debit Mastercard®. Find
movochain.com via the Deposit Hub in the MOVO App™. #LetsMOVO
*The purchase and sale of cryptocurrency is volatile and involves risk. The information shown above is for informational use only and is not meant in any way an endorsement of any particular cryptocurrency.
Sources:
Nerdwallet
Forbes 
