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News of digital currencies has been crowding the financial press for several years, but getting to grips with what exactly ‘cryptocurrency’ means and how to measure its success or failure is a real challenge. One way to measure these virtual currencies is to look at their face value – which varies with supply, demand and public sentiment. Here is a list of the most expensive digital currencies measured by their market price.
Bitcoin, the original digital currency, hit a price of $47,882.49 on March 29. Bitcoin has led the pack throughout the short history of cryptocurrency, and it is also by far the largest in terms of market capitalization. Derivatives of BTC, such as zipped bitcoin, an Ethereum-compatible token pegged to the value of the original bitcoin, have also appeared on the market.
Yearn.finance was in second place on March 29, with a token price of $22,983.23. Although the total market cap rank is way down the ladder at number 96, yearn.finance has a low maximum supply of coins, with 36,666, of which 36,637.72 are currently in circulation. In contrast, the maximum number of bitcoins in circulation is set at 21 million. The price of yearn.finance is rising against most other cryptocurrencies because the supply limit has already been reached in all respects.
Ethereum’s March 29 price of $3,435.20 makes it the third most expensive single cryptocurrency. Canadian-Russian programmer Vitalik Buterin was the first to envision a new, more practical cryptocurrency, which he presented in a white paper published in 2013. the value is up 1,108.029% since it first started trading, less than 10 years ago.
The maker coin has reached a price of $2,116.84, with a total market cap of approximately $2,069 billion. Like the other cryptocurrency, maker is available for trading on a number of exchanges including Binance, UniSwap, OKEx, and Coinbase Pro. One of the youngest digital currencies, maker was launched in 2017. An interesting feature is that it works somewhat like a company’s stock as each holder has the right to vote on the development of the coin, which is intended to be used on decentralized financial platforms.
At $504.14, gnosis is the fifth most expensive coin on March 29. Gnosis was founded in 2015 to build a prediction market platform and went on to build the infrastructure that supports the platform on the Ethereum ecosystem. The token is No. 90 in terms of market cap and only 19% of the maximum supply of 10,000,000 coins is currently in circulation, according to CoinMarketCap.
What to Consider Before Investing in Cryptocurrency?
While the price of a digital currency can sometimes vary drastically from day to day, it is important to also consider market capitalization, trading volume and accessibility on the various coin exchanges when evaluating these new digital forms of money.
Digital currencies are volatile and unpredictable, and wise investors will only bet money they can afford to lose while entering this market.
GOBankingRates Crypto Guides
Daria Uhlig contributed to the reporting for this article.
The information is correct as of March 29, 2022.
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About the author
Tom Streissguth, a writer and editor with more than 100 book credits in youth and young adult nonfiction, masters the craft of explaining complex, difficult topics clearly. His books cover history, geography, economics, media and current affairs; he has also written biographies of historical figures for Lerner, Enslow, Facts on File, Greenhaven, and other major educational publishers.