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A cryptocurrency represents a digital currency that can be used to purchase products and services. It is based on the use of an online ledger with powerful cryptography to ensure the security of transactions. The major attraction to these unregulated virtual currencies is to trade for profit. In many cases, speculators drive prices up. The high volatility of the digital coins and increased recognition also contribute to their unstable (sometimes unexpected) price tendencies. In this article, you will discover the cryptocurrency price list and the main factors that affect price formation.
Factors That Influence Price Level
If you wish to invest in crypto, there are several factors you should be aware of. Some of these are introduced below.
Supply/Demand
This is the main factor that pushes crypto prices up or down. If the supply doesn’t keep up with the growing demand, the price will increase. And vice versa.
Regulation
The decentralized nature of cryptocurrencies is the reason why the governments of several countries view them as a threat to their national fiat money. As a result, when the government places a ban on cryptocurrencies, the price drops.
A High Level of Decentralization
The decision-making authority is shared among investors; that’s why they have a significant impact on the price of virtual currency.
Whales
In the crypto industry, whales are called people or organizations who hold huge amounts of coins in their accounts, thus lowering liquidity. This, in turn, can increase price volatility and cause unexpected fluctuations (either up or down), depending on their actions (selling or buying crypto in bulk).
Top 10 Profitable Cryptocurrencies
The number of new crypto coins keeps growing daily. As a result, you should make the right decision whenever you wish to trade cryptocurrency. In recent times, there are 10 coins that are widely known in the market. They have a high level of stability and offer their owners good profits.
Bitcoin (BTC) Price
Bitcoin has established itself as the biggest and most popular crypto since its inception in 2009. Its initial rate was $0.00077; then, it crossed the $10,000 threshold in 8 years. Now it boasts an incredible price of almost $70,000. This growth has attracted the interest of professional investors.
Ethereum (ETH) Price
Ethereum is the second-largest digital coin. Its initial price was $1.25; after 6 years, it reached the $4,500 barrier. It's only natural for an investor to be drawn to a high-volatility investment.
Binance Coin (BNB) Price
Binance Coin is the cryptocurrency issued by Binance exchange. Back then, its price was about $0.1. Just like other cryptocurrencies, it has come a long way to a present rate of over $600. Binance exchange has an impressive number of users — more than 25 million. Since BNB is a native token of the platform, it’s no wonder that this coin enjoys great popularity.
Tether (USDT) Price
It is a stablecoin pegged to the US dollar. Being backed up by a cash equivalent, USDT is a safe place for those who want to protect themselves from price fluctuations — they can convert their digital funds to USDT without cashing out to fiat. The price stays at about $1 at all times.
Cardano (ADA) Price
This is a blockchain platform for decentralized applications. Its native coin, ADA, is used for verifying internal transactions and voting. In 2017, the price was $0.022. Now it’s one of the biggest cryptocurrencies by market cap that offers an environmentally-friendly PoS mechanism.
Solana (SOL) Price
Solana is renowned for being able to handle more transactions in a second than most cryptocurrencies — and at a low cost. This has made people consider this coin as an addition to their portfolios. The price has grown from $0.68 to $250 in one year.
XRP (XRP) Price
This cryptocurrency is designed for products by Ripple Labs. XRP was launched in 2012 to serve as an intermediary between other currencies. XRP can handle many transactions within seconds at low costs. It started with the price of $0.006 in 2016, having crossed the $1 mark in 2021.
Polkadot (DOT) Price
This is a multi-chain architecture that allows cross-blockchain transfers. It involves all types of assets, not only tokens. It is currently valued at about $50 up from its initial price of approximately $4 in 2020. Its high level of decentralization has ensured that investors can make significant contributions to the network. As a result, traders keep increasing daily.
Shiba Inu (SHIB) Price
This is an Ethereum-based meme coin, which has started with a trifling price. Now it ranks 11 on the global crypto list. Its first price surge was as a result of the billionaire Elon Musk posting a picture of his new Shiba Inu puppy. Endorsement from a famous figure has drawn a constant influx of investors to the network.
Dogecoin
Launched in 2013, this cryptocurrency is a sarcastic meme coin created as a joke. Since then, it has burst into popularity. Several celebrities have endorsed it, including Elon Musk, Lil Yachty, and Joey Knoll. This has gained recognition among investors across the globe.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.