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Cryptocurrencies are digital or virtual currencies that utilize cryptography for security. Unlike traditional fiat currencies issued by central authorities, cryptocurrencies operate on decentralized networks, typically based on blockchain technology. This means that transactions are recorded on a distributed public ledger, making them transparent and, in many cases, censorship-resistant. The value of cryptocurrencies can be highly volatile and is influenced by various factors, including supply and demand, market sentiment, adoption rates, technological advancements, and regulatory developments.
Here are details about 10 well-known cryptocurrencies:
* Bitcoin (BTC): The first and most well-known cryptocurrency, launched in 2009. It operates on a decentralized peer-to-peer network and has a finite supply of 21 million coins. Bitcoin is often referred to as "digital gold" and is primarily used as a store of value and for large transactions. Its price has historically been the benchmark for the entire cryptocurrency market. As of today, May 9, 2025, Bitcoin is trading around $101,000, having recently broken past the $100,000 mark due to factors like positive regulatory developments and trade deal announcements.
* Ethereum (ETH): Launched in 2015, Ethereum is more than just a cryptocurrency; it's a platform that enables the creation and execution of decentralized applications (dApps) and smart contracts. Ether is the native cryptocurrency of the Ethereum network and is used to pay for transaction fees (gas) and computational services on the network. Ethereum is the second-largest cryptocurrency by market capitalization and has a wide range of use cases beyond just a store of value.
* Ripple (XRP): XRP is the cryptocurrency associated with Ripple Labs, a company that aims to provide global payment solutions. XRP is designed for fast, low-cost international money transfers. It differentiates itself by focusing on partnerships with financial institutions. Recently, Ripple reached a significant settlement with the U.S. Securities and Exchange Commission (SEC), which has positively impacted its price and regulator outlook. XRP is currently trading around $2.31.
* Litecoin (LTC): Often referred to as the "silver to Bitcoin's gold," Litecoin was launched in 2011 as an early altcoin. It aims to have faster transaction confirmation times and a different hashing algorithm compared to Bitcoin. Litecoin has a larger total supply of 84 million coins. While it has seen widespread adoption, it has generally followed Bitcoin's price movements but with less volatility.