Cryptocurrencies, such as Bitcoin and Ethereum, are digital currencies that use cryptography for security. They operate independently of a central bank or government. The price of a cryptocurrency is determined by supply and demand on various online exchanges. Additionally, their starting price is set by the creators based on the initial supply of the cryptocurrency. While Bitcoin is currently priced at around $20,000, other cryptos are priced at pennies. In this article, we go over the top 5 most expensive cryptos (excluding wrapped and staked tokens). Think you can afford to buy one of these?
How are Cryptos Priced?
The initial price of cryptos is usually set by the team behind the cryptocurrency during its initial coin offering (ICO) or initial exchange offering (IEO). The price may also be influenced by factors such as the total supply of the cryptocurrency, the technology behind the cryptocurrency, the perceived utility of the coin, and the overall market conditions.
Ultimately, however, the price of a cryptocurrency is determined by the actions of buyers and sellers on the open market based on supply and demand.
Top 5 Most Expensive Cryptos
#5 Maker (MKR)
MKR is the governance token of the MakerDAO (DAI) protocol. All holders have the right to vote on the protocol’s parameters and upgrades, and are incentivized to act in the best interest of the ecosystem as the value of MKR is closely tied to the performance of DAI.
MKR holders can also earn a return on their investment by participating in a process called “stability fee” which is a fee paid by CDP holders to redeem their DAI and collateral. The stability fee is determined by a vote of MKR holders, and the funds collected from the stability fee are used to buy and burn MKR tokens, which in turn helps maintain the value of the MKR token.
Current Price: $708
#4 Ethereum (ETH)
Smart contracts are programs that execute exactly as they are planned without the risk of delay, censorship,…
