Cryptocurrency is a kind of money that may be sent around the world without the requirement for a central financial institution such as a government or a bank. Cryptocurrencies can be used to buy and sell goods and services, but they are most commonly employed as asset classes. Cryptocurrency is also a crucial component of the operation of several blockchain-based networks, where digital tokens are a common means of transacting. According to CoinMarketCap.com, a market research service, roughly 16,000 distinct cryptocurrencies are publicly traded. There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the crypto realm at Meta Profit App. To aid your research, this article seeks to let you know the most traded cryptocurrency worldwide.
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3 Most Traded Cryptocurrencies in the World
- Tether
- Bitcoin
- Ethereum
Tether, Bitcoin and Ethereum are the most traded digital coins in the crypto world, according to Statista data, with Tether leading the charge. Tether is a stablecoin, which means fiat currencies back it, like the US dollar and the Euro and theoretically maintains a value equal to one of those denominations.
Tether
Tether’s value is intended to be more consistent than other cryptocurrencies, which is why it’s preferred by investors who are frightened of other coins’ excessive volatility. Tether was created to cover the gap between fiat currencies and cryptocurrencies by providing consumers with safety, accessibility and low transaction fees. It’s popular among crypto enthusiasts who are wary of investing in risky cryptocurrencies but still want to trade in the market. It has a market capitalization of more than $68 billion. Tether outperformed Bitcoin in terms of daily and monthly trading volume in 2019, having the largest daily and monthly trading volume of any cryptocurrency on the market. In addition, according to Statista, Tether was traded for $86.29 billion in 24 hours, compared to $51.85 billion for Bitcoin. The cost of one bitcoin and the growing popularity of stablecoins are to blame for the disparity. At the moment, one bitcoin costs $47,478.90, whereas Tether costs $1. According to recent data released by Paris-based digital assets data firm Kaiko, tether accounts for over two-thirds of all bitcoin trading activity.
Bitcoin
The most well-known cryptocurrency is Bitcoin. Satoshi Nakamoto, a mysterious individual or group, founded the cryptocurrency in 2009. Bitcoin, like the majority of cryptocurrencies, is based on a blockchain, which is a digital ledger that records transactions across thousands of computers. Bitcoin is kept secure and safe from fraudsters by requiring changes to the distributed ledgers to be confirmed by solving a computational problem, a process known as proof of work. Although Bitcoin’s prominence grew in 2020 and 2021 as a result of rising prices, it was not the most widely traded cryptocurrency on online exchanges. The rise of stablecoins is threatening the popularity of Bitcoin, which is the world’s most capitalized cryptocurrency asset. Tether, a stablecoin, has surpassed Bitcoin as the most widely traded virtual currency on exchanges worldwide.
Ethereum
Ethereum is another widely traded cryptocurrency, in addition to Tether and Bitcoin. Ethereum is a blockchain platform as well as a cryptocurrency. Ethereum is a blockchain-based platform best known for its native cryptocurrency, Ether (ETH), which is also known as Ethereum. The Ethereum network is secure due to the versatility of blockchain technology and this reliability is what allows ETH to gain value. Because of its potential applications, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible coins, Ethereum is a favorite among programmers (NFTs). Ethereum’s popularity has soared as well. Its price increased by more than 27,000 percent in less than five years, from around US$11 to approximately US$3,000. As of December 2021, Ethereum is only second to Bitcoin in terms of market capitalization.
At The End
Finally, tokens like Solana, Ripple, Binance Coin, USDC and others fall into the “most traded category.” For example, Binance Coin is a cryptocurrency that can be used to trade and pay fees on Binance, one of the world’s largest cryptocurrency exchanges. Binance Coin has grown beyond just conducting trades on the Binance exchange platform since its inception in 2017. It can now be used for trading and processing payments. It can also be traded for other cryptocurrencies like Ethereum or Bitcoin. It was only US$0.10 in 2017, but by September 30, 2021, it had climbed to over US$382, a gain of more than 382,000 percent.
