Even though they are worth less than $1, some penny cryptocurrencies are so popular among the people that they are holding at least 10 spots in the top 30 cryptocurrencies in the world. Given the small value of these coins, which seems like a far cry from Bitcoin’s $3,500 valuation, these tokens have done exceptionally well in the market due to their definitive use cases, a good development team, great community support and good levels of adoption. Let’s find out the top 10 penny cryptocurrencies in the market by market capitalization that are making it big in the world of giants.
XRP began as an anomaly in the world of digital currencies. While Bitcoin, the poster boy of digital assets was known for its antagonistic stance on the world’s banking system and proposed a decentralized system. Ripple, established in 2012, uses blockchain to facilitate the global payments network, working with banks and other financial institutions.
Ripple has been a source of controversy in the crypto world, owing to allegations of centralization of coins to the status of the coin as security. Earlier, the currency XRP was traded and labeled as Ripple, but recently, the two have been labelled separately. Ripple is currently priced at $0.3 and with $12.9 billion in market capitalization, it is the second largest digital asset in the world. It processes transactions worth $365.30 million daily.
Stellar is an open-sourced, decentralized protocol for transfer of digital currencies to fiat currencies. The platform enables people and financial institutions to come together and make the cross-border payment systems easier, faster and more reliable. The native asset of this platform is called Lumens, Stellar Lumens or simply XLM. It is the 7th largest digital asset in the world with $1.9 billion market capitalization. It is currently trading for $0.1.
The total supply of Lumens is capped at 104,662,581,680 XLM, but only 19,129,822,882 XLM are currently in circulation. It was launched in 2014 former founder of Mt. Gox and co-founder of Ripple Jed McCaleb along with lawyer Joyce Kim and received $3 million seed fund from payments service provider Stripe. Between November 2018 and January 2019, the daily transaction volume of the coin has improved from $379.3k to $1.197 million.
The 9th largest cryptocurrency in the world, Tron trades for $0.027 with a market capitalization of over $1.8 billion. Starting as an ERC20 token, TRX quickly launched its mainnet and migrated there. Its founder Justin Sun grabbed headlines when he acquired BitTorrent, a P2P file sharing service last year. Tron will launch the BitTorrent token (BTT) in February 2019.
It has often been called an Ethereum clone, owing to its staggering similarities with the blockchain it originated on. However, Tron is more scalable than Ethereum and is currently the home of several popular decentralized applications as well. However, Tron’s daily transaction volume has dropped from $94 million January 1, 2019, to $37.9 million on January 23, 2019.
The 11th largest cryptocurrency in the world, Cardano is currently valued at $0.04 with $1.1 billion in market capitalization. The blockchain was conceptualized by Charles Hoskinson, one of the co-founders of Ethereum. Cardano is developed by three different organizations- IOHK, Emugro, and the Cardano Foundation. Hoskinson is heading IOHK (Input Output Hong Kong). Cardano works on three principles– scalability, sustainability and interoperability. It bases development on a “scientific” criterion. Cardano has a unique blockchain system divided into slots and epochs. However, despite its popularity, the daily transaction volume of the ADA coin has fallen in January 2019. Between January 1, 2019, and January 23, 2019, the volume dropped from $1.73 billion to $761.5 million.
MIOTA sells for $0.29 with a market capitalization of over $818 million. It is the 13th largest digital asset in the world. IOTA blockchain is dedicated to the Internet of Things (IoT), working towards the creation of a permissionless decentralized network where devices can connect. It is managed by the IOTA Foundation and works on a unique protocol called the IOTA Tangle which enables the feeless microtransactions between devices in the network, removing the need for trusted third-parties.
MIOTA too has been a victim of the crypto winter with prices dropping significantly. The currency is still unable to move beyond its bear markets.
With over $500 million in market capitalization, NEM sells for $0.05 and is the 16th largest digital currency in the world. Launched in 2015, NEM introduced the Proof-of-Importance (PoI) algorithm in blockchains. The unique thing about NEM is that it allows one blockchain to host multiple ledgers and comes with NEM Smart Assets, which allow users to create mosaics representing any asset. Though NEM was inspired by Nxt and was initially designed to be a fork of the blockchain, it eventually decided to create a separate codebase.
XEM transactions have witnessed a steady decline in the past year. In December 2018, it was processing daily transactions worth $3.58 million. By January 23, 2019, the number dropped to $3.06 million. In comparison, the asset facilitated daily transactions worth $14+ million in April 2018.
Tezos sells for $0.41 and is the 23rd largest cryptocurrency in the world with over $253 million market capitalization. At the height of December 2017’s crypto mania, Tezos was selling for $11.21 and has since marked a staggering depreciation in price. The platform is dedicated to smart contracts and decentralized applications (dApps) much like Ethereum and EOS. The blockchain uses Proof-of-Stake consensus mechanism and allows all stakeholders to participate in verification of transactions. It is one of the most infamous ICOs in the world which raised over $232 million in 2017 only to lead to internal conflicts and some class action lawsuits.
VeChain’s current market price is $0.004 with a market capitalization of $241.8 million. It is an enterprise level public blockchain with use cases in several industries like automobile, logistics, healthcare, and even luxury fashion. It also connects with state-of-the-art IoT solutions as well. The blockchain is managed by the VeChain Foundation.
It comes with built-in governance tools and works on the Proof-of-Authority algorithm. The blockchain system also boasts of higher scalability suitable for enterprise solutions as well as sidechain capability. It works on a two-coin economic model that helps in managing the costs of VeChainThor protocol. The project is currently dedicated to the expansion of VeChainThor ecosystem.
Dogecoin started as a joke currency but quickly rose to fame, much like the viral meme it is based on. Dogecoin sells for $0.002, making it one of the lowest priced coins on this list. However, the low price doesn’t fully represent the potential of this coin. It has over $240 million in market cap, making it the 25th largest crypto in the world. DOGE’s mission is simple- a peer-to-peer digital currency payments system that aims to become the “internet currency.”
It is one of the few popular coins with consistently increasing daily transaction volume despite the crypto winter. On December 1, 2018, it processed transactions worth $310.2 million which increased to $407.8 million on January 23, 2019.
Ontology is priced at $0.59 and with a market cap of $193.9 million, it is the 28th largest cryptocurrency in the world. It is a high-performance public blockchain that comes with a distributed trust collaboration platform. It comes with smart contract systems and allows the customization of different public blockchains for use in different applications. It comes with several protocol groups which can be used to support collaboration among different chain networks.
Ontology’s use cases differ widely- going from distributed digital identity networks to distributed data exchange protocols. The project recently released its sharding design which provides better performance and scalability.
The value of these coins may be low but most of them come with unique protocols, algorithms and use cases which will be developed further in the future.
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