dollars and aims for a 1 USD to 1 USDC ratio. Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. By 5 July 2023, its price had risen to around £191.56. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin. Now, it can be used for trading, payment processing or even booking travel arrangements. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.īinance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. From April 2016 to the end of 5 July 2023, its price went from about £8 to around £1,523. As of 5 July 2023, a single Bitcoin’s price was around £24,207.īoth a cryptocurrency and a blockchain platform, Ethereum is a favourite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens ( NFTs).Įthereum has also experienced tremendous growth. In May 2016, you could buy one Bitcoin for about £370. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.īitcoin’s price has skyrocketed as it’s become a household name. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Tax on profits may apply.Ĭreated in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency.
To date, there are roughly 23,000 cryptocurrency projects out there that represent the entire £954 billion crypto market.Ĭryptoassets are highly volatile and unregulated in the UK. What Are Cryptocurrencies?Ī cryptocurrency is a digital asset that can circulate without the centralised authority of a bank or government. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalisation – the total value of all the coins currently in circulation. Should you decide to invest in cryptocurrency or in any other investment, you should always obtain appropriate financial advice and only invest what you can afford to lose.įrom Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, potentially making it overwhelming when you’re first getting started in the world of crypto. You are unlikely to be protected if something goes wrong.įorbes Advisor has provided this content for educational reasons only and not to help you decide whether or not to invest in cryptocurrency. Don’t invest unless you’re prepared to lose all the money you invest.
Top 10 Cryptocurrencies Of July 2023Ĭryptocurrency is an extremely high-risk and complex investment. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. These “affiliate links” may generate income for our site when you click on them. Second, we also include links to advertisers’ offers in some of our articles. This site does not include all companies or products available within the market.
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