The crypto market across the world has been seeing a major downturn. Crypto trading volumes have taken a hit in every exchange in the world. But the market is seemingly bottoming out thus making this time ideal to look at some of the still actively traded cryptos out there. It is a good metric to look at since those with good trading volumes today can be expected to gain more activity as and when the overall market sentiment improves and we see price recoveries happening. With that in mind, let us take a look at some of the most actively traded cryptos in the market right now, except stablecoins.
TOP 10 CRYPTOS BY VOLUME
|COIN||PRICE ($)||WEEKLY VOLUMES||MONTHLY VOLUMES|
|BITCOIN (BTC)||$19,330||$267 BILLION||$730 BILLION|
|ETHEREUM (ETH)||$1,320||$56 BILLION||$241 BILLION|
|RIPPLE (XRP)||$0.4684||$14 BILLION||$77 BILLION|
|BINANCE COIN (BNB)||$272||$4 BILLION||$35 BILLION|
|CARDANO (ADA)||$0.3692||$2 BILLION||$31 BILLION|
|SOLANA (SOL)||$30.3||$4 BILLION||$17 BILLION|
|TRON (TRX)||$0.06253||$2.8 BILLION||$15 BILLION|
|LITECOIN (LTC)||$51.5||$2.5 BILLION||$13 BILLION|
|POLYGON (MATIC)||$0.8153||$1.3 BILLION||$10 BILLION|
|ETHEREUM CLASSIC (ETC)||$23.2||$1.8 BILLION||$8.8 BILLION|
Prices as of 18th October, 2022.
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Anybody who is even remotely associated with the global financial markets or even vaguely aware of the word crypto will be aware about the grandfather of all cryptos out there – Bitcoin. Built by the pseudonymous developer Satoshi Nakamoto – Bitcoin has come to define what it means to have a decentralised financial system that runs without the need for a trusted intermediary. Bitcoin was built with the vision of removing the need for banks and easy global interconnectivity of transfer of value.
While Bitcoin has its flaws, it is, still, by far the largest crypto by market cap, still holding on to nearly 40% of the market. It is also the most actively traded crypto that has the highest liquidity and thanks to that, Bitcoin has almost become synonymous with the word crypto as a whole.
Bitcoin Fear and Greed Index is 22 ~ Extreme Fear
Current price: $19,581 pic.twitter.com/zGoXELtBmN
— Bitcoin Fear and Greed Index (@BitcoinFear) October 18, 2022
Bitcoin Price is currently trading in the fear zone which typically signals a bottoming out for the crypto. But the caveat is nobody can tell how long the bottom can exist before seeing any recovery again.
Additional read: Bitcoin Price Prediction
Well, practically everybody knows about this coin – widely heralded as the altcoin king. Anybody who is even faintly aware of what crypto is in today’s day and age, knows about Ethereum and its contribution in the crypto space.
According to official definition, Ethereum is a decentralized blockchain platform that works on a peer-to-peer network that securely executes and verifies application code, called smart contracts. In fact, Ethereum was the first smart contract platform in the crypto world, and is also referred to as the ‘second generation’ of crypto.
And just about a month ago, Ethereum transitioned from a proof of work consensus mechanism to a proof of stake mechanism in what is known as the Ethereum Merge. This is the first in many steps to improve upon Ethereum scalability and transaction speeds.
Additional read: Ethereum Shanghai now has a testnet!
Ripple is probably one of the most unique cryptos on this list. It is a blockchain based digital payments netowrk and protocol with its own native crypto, XRP. Its primary function is to act as a payment settlement system via a process that utilizes asset exchange to enable near-instant remittance, similar to SWIFT for international money & security transfers.
Its native token, XRP is also unlike other cryptos, for example it is already premined, unlike Bitcoin or Ethereum where to receive tokens, one has to be a miner or a validator node on the blockchain. So rather than blockchain mining, Ripple uses a consensus mechanism, via a group of bank-owned servers, to confirm transactions. Thanks to these features, XRP transactions occur using less energy than Bitcoin, confirmed in mere seconds and are extremely cheap. XRP is being used by many people residing in developing economies to remit their funds earned in more prosperous nations back to their families at a cheaper cost and instantaneously.
Read more: XRP Price Primed for Recovery?
BINANCE COIN (BNB)
Binance coin is a crypto issued by the Binance exchange, created by Changing Zhao, more commonly known as CZ. Initially it was built on the Ethereum network, it has now shifted to its own blockchain known as Binance Smart Chain where it provides a host of features and functionalities.
It was built with the objective of being an utility token for discounted trading feed back in 2017, but over time its use-cases have expanded greatly incline payments for transaction fees on BSC and also real world payments for travel, entertainment, online services and the likes. It also uses a fifth of its profits to repurchase and permanently destroy BNB tokens, also known as the burn protocol. These coins are burnt from its own treasury to reduce the tokens from circulation and in effect increase its demand and, thus, its value.
Additional Read: BNB Price slashed following $100 Million Hack
Cardano is a publicly accessible, open-source and decentralised blockchain platform with a proof-of-stake consensus mechanism under the hood. It can facilitate peer-to-peer transactions with its internal crypto token – ADA. Founded back in 2015 by Ethereum co-founder Charles Hoskinson – it boasts of a network that was built on a scientific peer-reviewed system. The development of the project is overseen and supervised by the Cardano Foundation based in Zug, Switzerland.
It also happens to be a very unique crypto. Cardano is referred to as the ‘third generation’ of cryptos after Bitcoin and Ethereum – and it also doesn’t have a whitepaper. Cardano also claims that it attempts to overcomes problems that the first and second generations of cryptos face – Bitcoin is too slow and inflexible, and that Ethereum is not safe or scalable.
Related: Cardano Price Prediction 2022
Hail Hydra! So glad to see this demo. Hydra is coming to cardano one DApp at a time https://t.co/k9i1wG3OKO
— Charles Hoskinson (@IOHK_Charles) October 15, 2022
Recently on 15 August, Cardano based decentralised exchange (DEX) SundaeSwap successfully demonstrated the layer-2 solution called Hydra on the ADA network. This was a step towards further improving the network’s scalability.
Solana, which was launched in March 2020 – had become incredibly popular in the bull run of 2021. It was probably one of the blockchain platforms on the market that was able to deliver the highest transaction speeds with zero loss of decentralisation. Thanks to a bunch of new technologies including a fresh new kind of consensus mechanism called as proof-of-history. Solana can process around 50,000 transactions per second at its peak.
Thanks to its efficient systems, it is also able to ensure that network transaction fees remains low. Developers hope high speeds and low fees will eventually enable Solana to scale to compete with centralized payment processors like Visa.
Related: Solana Price Prediction
Tron is a crypto that is quite similar to Ethereum – as in it is an open-source blockchain platform that can run smart contracts and even be used for building decentralized applications (dApps). In fact, Tron started out as a token built on the Ethereum network until it switched to its own blockchain
However, one needs to be a bit careful about this particular coin since the project has been mired in a lot of controversies but despite that it has successfully built a reasonably large ecosystem of dApps and other projects on its own blockchain network. Its objectives are somewhat aligned to that of most crypto projects – to decentralize the web. However, it has had a specific focus on revolutionizing the entertainment industry and has worked in the direction to make its blockchain the go-to platform for content sharing platforms and remove middlemen from the process.
Additional Read: Tron Price Prediction
Often known as the silver to Bitcoin’s gold, Litecoin was built by Charlie Lee and was launched just 2 years after the launch of Bitcoin, back in 2011. It was created via a hard fork from the mainnet Bitcoin blockchain network. Initially, it was designed to address developer’s concerns that Bitcoin was becoming too centrally controlled by large holders on the network.
It has since been unsuccessful in preventing large scale miners from taking over a majority of the Litecoin’s network hashrate. So the crypto has primarily rebranded itself into a minable coin that has a peer-to-peer payment system. So it shares a vast majority of Bitcoin’s characteristics but works on an entirely different algorithm. It was built with the goal of becoming a medium for daily transactions.
Related: Litecoin Price Prediction 2022
Founded by Sandeep Nailwal back in 2017 – Polygon, which was earlier known as the MATIC Network – is an Ethereum (ERC-20) token that powers the Polygon network – a scaling solution for Ethereum. Polygon network was built with the objective of providing a means for faster and cheaper transactions on the Ethereum blockchain by using layer-2 sidechains.
Users can deposit Ethereum tokens to a Polygon smart contract, interact with them within Polygon, and then later withdraw them back to the Ethereum main chain. The MATIC token is used to pay transaction fees and participate in proof-of-stake consensus. Of late, it has gained widespread recognition in the crypto space. It even became the only blockchain company to be selected for the Disney Accelerator Program 2022. It is also quickly becoming the home to some very popular the NFT collections and projects.
It's the world's 1st open source zkEVM network and we couldn't be more proud ✨
— Polygon – MATIC 💜 (@0xPolygon) October 12, 2022
Polygon recently released its zkEVM testnet for developers to work in a sandbox environment to develop their dApps for the network. It is currently the world’s first open-source zkEVM network too!
Related: MATIC price prediction
ETHEREUM CLASSIC (ETC)
Ethereum Classic (ETC) is an open-source, decentralised and a distributed crypto platform that has the ability to run smart contracts. It created out of a hard fork from Ethereum back in 2016, as a result of a hack on The DAO that was running the Ethereum blockchain. The hard forked new chain was named as Ethereum while the older, original one was renamed to Ethereum Classic. Thanks to this, it is now responsible to maintain the original, unaltered history of the Ethereum network, including the hack on the DAO.
The basic functioning of this coin is largely not to different from the altcoin king, Ethereum. It typically serves as a cheaper investment alternative to Ethereum as it costs hardly a fraction of the actual ETH crypto. Due to that, its price action more or less tends to mimic that of Ethereum’s, with the volatility magnified. And now, after the Ethereum Merge, it serves as a place for Ethereum miners to head to keep their ASICs running and generating revenue since Ethereum Classic still runs on the PoW consensus mechanism.
Additional Read: Ethereum Classic Price Prediction
This is a collection of cryptos that has the potential of becoming strong recovery candidates going forward and also having a diversified utility based crypto portfolio can reduce downside risks. So you can also consider investing via the Crypto SIP feature CoinDCX provides, to ensure a systematic investment into a portfolio of cryptos for proper wealth creation.
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