5 Most Expensive Cryptocurrencies
Bonjour! We welcome you to Online Geeks with our all-new and fresh article. Cryptocurrencies are getting bigger in trend day by day. More people are getting interested in stepping their first foot in this world of trading and exchanges. However, there are so many interesting things to know about this sector of investments and trading.
Therefore, to explore one of those interesting topics, we are here present in front of you. Today we are going to discuss some of the most expensive currencies with which you can deal. But before that, you need to understand that having knowledge and skills in trading is not enough. You also need to make choosing a safe and sound platform like immediate-fortune.com on which you fulfill your goals.
But prior to starting with the list, we will tell you how the prices and rates of these digital currencies are decided.
How are the Prices Set?
Prior to launching these currencies into the market, the higher authority and the upper management gather around a single table to discuss their price during initial coin offerings (ICO) or initial exchange offerings (IEO). There are various factors that determine the ultimate price.
- The technology behind the coin
- Utility of the coin, and
- Overall market conditions
More to this, since they are launched in an open market, their supply and demand also play a significant role in creating an average price of the coin.
Now that you have learned what it takes to set the price of a digital currency let us jump to the first exhibit from our list:
You might not have heard of this currency in your life, but it is actually one of the most expensive ones currently available on the market. MKR is the governance token of the MakerDAO (DAI) protocol. The current price of this coin is valued at $689 at the current point in time. (as of 27 June 2023).
The CDP holders are offered a paid plan called a “stability fee,” under which they can earn returns on their investments to redeem their collateral and DAI. The amount of fee is defined collectively by MKR holders, which is collected and later used in the maintenance of MKR tokens which helps in determining the price of the currency.
Next on this list, Ethereum is the second most valuable cryptocurrency in the market after Bitcoin. Still, it does not make it the most expensive digital currency in the world, but it surely is part of the list. The coin is currently holding a value of $1,874 per coin (as of 27 June 2023).
Ethereum already plays a major role in the world of cryptocurrencies as it offers blockchain technology on which various other currencies like Bitcoin itself work. Smart contracts are those conditions and instructions on which the programs and events are executed strictly by the plan without any risk of delay, censorship, or outside influence.
PAX Gold (PAXG)
PAX Gold made it to the list of the top 3 most expensive cryptocurrencies in the world, with a sky-high price of $1,911 (as on 27 June 2023). The price of this coin is backed by the real gold reserves held by the developers of the coin. Charles Cascarilla and Rich Teo are founders of this amazing concept and are also experts in building infrastructure for cryptocurrency exchanges.
The main goal and idea behind the currency is to make gold more tradable. But since transportation and other factors matter when it comes to physical gold, they try to make this digitalized that is completely backed by gold. What do you think about this idea? Is it worth it?
Yearn Finance (YFI)
Things are getting hot now. We have crossed the limit of $2k, and now it has lifted up to a great extent. The currency is currently valued at a glorious price of $6,382 (as on 27 June 2023). While May 2021 was the golden period for this cryptocurrency when it touched the peak price of $73,000. However, since then, the prices have been highly volatile and tense.
Yearn provides service to aggregate for DeFi investors around the globe. The profits and returns are based on yield farming. The service was formerly used to known as iEarn and was launched in 2020.
It is finally here. For what you must have been waiting for, Bitcoin currently sits at the top of the list of both the most valued and most expensive cryptocurrencies around the world. It is currently valued at $30,631 (as of 27 June 2023). We all are witness to its rise and popularity.
The best time for this coin was October 2020, when it experienced a massive jump to $66,953.