Layer 1 cryptocurrencies are foundational blockchains that provide the base infrastructure for decentralized applications (dApps), smart contracts, and other protocols. Bitcoin (BTC), launched in 2009, is the first and most well-known cryptocurrency, often referred to as digital gold. It has the largest market cap, consistently dominating the crypto market.
Ethereum (ETH), launched in 2015, is renowned for its smart contract functionality and is the second-largest cryptocurrency by market cap. Ripple (XRP), launched in 2012, focuses on facilitating real-time cross-border payments and has a significant market cap, though it has faced regulatory challenges. Litecoin (LTC), introduced in 2011, is a peer-to-peer cryptocurrency known for its faster block generation time and has maintained a solid market cap over the years.
Cardano (ADA), which started in 2017, emphasizes a research-driven approach to blockchain technology and has a notable market cap due to its innovative proof-of-stake consensus mechanism. Polkadot (DOT), launched in 2020, aims to enable different blockchains to interoperate and has quickly risen in market cap rankings. Solana (SOL), also launched in 2020, is recognized for its high throughput and low transaction costs, contributing to its rapidly growing market cap.
Avalanche (AVAX), another 2020 project, focuses on scalability and decentralization, boasting a competitive market cap. Binance Smart Chain (BSC), introduced in 2020 by Binance, provides a robust platform for dApps with low fees and high performance, reflecting its strong market cap. Tezos (XTZ), launched in 2018, offers a self-amending blockchain and has attracted a considerable market cap through its innovative governance model.
Algorand (ALGO), which began in 2019, aims to solve the blockchain trilemma with a focus on scalability, security, and decentralization, achieving a respectable market cap. Lastly, Cosmos (ATOM), also from 2019, seeks to create an internet of blockchains, allowing seamless communication between different blockchains and has a significant market cap.
