Imitation is the sincerest form of flattery. Since the success of bitcoin, other cryptocurrencies have emerged. Here in December, 2021 we’ve seen some different names near the top than we have in years past.
At the end of 2021, these are the top five contenders, according to Forbes.
- Ethereum (ETH) Market cap: Over $557 billion
- Binance (BNB) Market cap: Over $104 billion
- Tether (USDT) Market cap: Over $73 billion
- Solana (SOL) Market cap: Over $64 billion
- Cardano (ADA) Market cap: Over $52 billion
Here’s the current prices of these cryptocurrencies as of 10:04amEST December, 6 2021, in US dollars:
- Ethereum – $4,024.44
- Binance – $0.999
- Tether – $0.997
- Solana – $180.10
- Cardano – $1.294
The information above is not an all inclusive list either. In fact, the more you look into cryptocurrencies the more altcoins you’ll find. It’s also in your best interest to learn eveything you can about cryptowallets.
Cryptsy: A Cryptocurrencies Story
There is something important that you need to understand about cryptocurrency. Honestly, no one really knows where they are headed and everyone has an opinion. Once upon a time, back in 2014, Cryptsy was considered a good guide to cryptocurrency. Moreover, it was an exchange that seemed to be on the way to the top.
The currency itself can be foolproof. But, the fate of Cryptsy is a good lesson on how cryptocurrency works. Wikipedia describes Cryptsy as an internet startup that focused on being a bitcoin exchange, that also serviced at least 90 other cryptocurrencies. It opened up on May 20, 2013 and, it intended to provide a safe environment for trading cryptocurrencies.
It was very popular. But there were problems with the exchange itself. Before the end of 2013, a security hole was discovered and Crypto Coins News reported that a user had been able to withdraw currency that was not his. He reported it and Crypto Coins News had a big headline advising Cryptsy users to withdraw their coins immediately.
Unfortunately, some did and some didn’t. There were some rocky times during its first year but people who believed in Cryptsy kept their cryptocurrency there. In 2016, it was revealed that in July 2014, Cryptsy had been hacked. And millions of dollars worth of Bitcoin and Litecoin had been removed from the system.
The owner, Paul “Big Vern” Vernon, didn’t tell clients about this and in early in 2016, Cryptsy was shut down. And, if you had a wallet on Cryptsy, you were unable to access your currencies. Moreover, there is a class action lawsuit against Cryptsy and its CEO, Big Vern.
Our Closing Cryptocurrency Advice
When you see an altcoin, it is a good idea to research its history. Because you will find some of them have strange histories. Believe it or not, Dogecoin was created by Jackson Palmer in 2013 as a joke. It is named for Doge, a popular meme from that year.
Doge is a Shiba Inu that was featured in memes with colored text but, people invested anyway. Even though it started as a joke, its market value reached $400 million. Most importantly, as of the end of 2021, Doge is sitting on a Market Cap just over $22 billion. Moreover, that’s not too shabby for a joke, ey?