Cryptocurrencies have become increasingly popular in recent years, with more and more people investing in them. The crypto market has undergone significant changes since the inception of Bitcoin in 2009. In this article, we will discuss how the top 10 cryptocurrencies have changed since 2013. Bitcoin (BTC)Bitcoin was created in 2009 by an unknown person or group of people under the pseudonym Satoshi Nakamoto. It is the first and most popular cryptocurrency, with a market cap of over $1 trillion as of May 2023. Since 2013, Bitcoin has gone through many ups and downs. In 2013, the price of Bitcoin surged to over $1,000, only to crash to around $200 by early 2015.
However, since then, Bitcoin has seen significant growth, reaching its all-time high of nearly $65,000 in April 2021. Despite some regulatory challenges and price volatility, Bitcoin remains the most dominant and valuable cryptocurrency. Ethereum (ETH)Ethereum was launched in 2015 by Vitalik Buterin. It is the second-largest cryptocurrency by market capitalization, with a market cap of over $500 billion as of May 2023. Ethereum is known for its smart contract capabilities, which enable developers to build decentralized applications (dApps) on top of its blockchain. Since its launch, Ethereum has seen significant growth, with its price surging to over $4,000 in May 2021. Ethereum has also undergone several upgrades to improve its scalability, security, and functionality. Binance Coin (BNB)Binance Coin was launched in 2017 by the cryptocurrency exchange Binance.
It is the third-largest cryptocurrency by market capitalization, with a market cap of over $100 billion as of May 2023. Binance Coin is primarily used to pay for transaction fees on the Binance exchange, as well as for other Binance services. Since its launch, Binance Coin has seen significant growth, with its price surging to over $600 in May 2021. Binance has also launched its own blockchain, the Binance Smart Chain, which enables developers to build dApps using the Binance Coin. Cardano (ADA)Cardano was launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. It is a third-generation blockchain platform that aims to provide a more secure, sustainable, and scalable infrastructure for decentralized applications. Cardano uses a proof-of-stake consensus mechanism and has its own cryptocurrency, ADA. Since its launch, Cardano has seen significant growth, with its price surging to over $3 in May 2021. Cardano is also planning to launch several upgrades, including the Alonzo hard fork, which will enable smart contract capabilities on its blockchain. Dogecoin (DOGE)Dogecoin was created in 2013 by Billy Markus and Jackson Palmer as a joke cryptocurrency based on the “Doge” internet meme. However, it gained significant popularity in 2021, driven by tweets from Elon Musk and other celebrities. Dogecoin is a decentralized, peer-to-peer cryptocurrency that uses a proof-of-work consensus mechanism. Since its launch, Dogecoin has seen significant growth, with its price surging to over $0. 70 in May 2021.
However, its price has since dropped significantly, with many critics arguing that it lacks a clear use case and value proposition. XRP (XRP)XRP was launched in 2012 by Ripple Labs, a fintech company that aims to enable fast and low-cost cross-border payments. XRP is used as a bridge currency on the Ripple network, enabling users to transfer value between different currencies and payment systemswith low fees and fast transaction times. Since its launch, XRP has seen significant growth, reaching an all-time high of over $3 in early 2018. However, it has faced regulatory challenges in the US, with the Securities and Exchange Commission (SEC) alleging that XRP is an unregistered security.
This has resulted in a significant drop in its price, although it has since recovered somewhat. Polkadot (DOT)Polkadot was launched in 2020 by Gavin Wood, one of the co-founders of Ethereum. It is a multi-chain platform that aims to provide interoperability between different blockchains. Polkadot uses a unique consensus mechanism called “proof-of-stake with parachains,” which enables multiple blockchains to run in parallel. Since its launch, Polkadot has seen significant growth, with its price surging to over $50 in May 2021. Polkadot is also planning several upgrades, including the launch of parachains, which will enable more efficient and scalable dApps.
USD Coin (USDC)USD Coin was launched in 2018 by Circle and Coinbase, two prominent cryptocurrency companies. It is a stablecoin, meaning that its value is pegged to the US dollar. Stablecoins are popular among cryptocurrency traders and investors who want to hedge against price volatility. Since its launch, USD Coin has seen significant growth, with its market cap reaching over $30 billion as of May 2023. It is also used as a means of payment and settlement in many decentralized finance (DeFi) applications. Solana (SOL)Solana was launched in 2017 by Anatoly Yakovenko, a former engineer at Qualcomm. It is a fast and scalable blockchain platform that aims to provide a more efficient infrastructure for decentralized applications. Solana uses a unique consensus mechanism called “proof-of-history,” which enables fast and low-cost transaction processing.
Since its launch, Solana has seen significant growth, with its price surging to over $200 in May 2021. Solana is also planning several upgrades, including the launch of its own decentralized exchange (DEX) and the integration of the Wormhole bridge, which will enable interoperability with other blockchains. Bitcoin Cash (BCH)Bitcoin Cash was created in 2017 as a fork of Bitcoin, with the aim of providing a more scalable and efficient version of the original cryptocurrency. Bitcoin Cash uses a larger block size than Bitcoin, which enables faster transaction processing and lower fees. Since its launch, Bitcoin Cash has seen significant growth, reaching an all-time high of over $4,000 in late 2017. However, its price has since dropped significantly, with many critics arguing that it lacks a clear use case and value proposition. In conclusion, the top 10 cryptocurrencies have undergone significant changes since 2013, with some experiencing rapid growth and others facing regulatory challenges and price volatility. However, the overall trend has been one of growth and increasing adoption, as more people and institutions recognize the potential of cryptocurrencies and blockchain technology. As the crypto market continues to evolve, it will be interesting to see how these cryptocurrencies and others fare in the years to come.