Cryptocurrencies are a highly volatile asset class, are still unregulated in Australia and, too often, are an arena for hackers and scammers. Nevertheless, Australians are crypto-curious. According to consumer group CHOICE, almost one in five Aussies are either involved in some form of cryptocurrency trading or are interested in getting involved. Those who steer clear from crypto often do so because of the risk of crypto scams.
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started.
To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalisation or the total value of all the coins currently in circulation. This is not a recommendation of what you should or should not buy, merely a list of the most valuable so you can get a sense of the playing field before you decide whether to roll the dice and invest in crypto.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government. To date, there are more than 20,000 cryptocurrency projects out there that represent the entire $952 billion crypto market.
1. Bitcoin (BTC)
- Market cap: $US367 billion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the…
