The Most Expensive Cryptocurrencies (By Price per Unit), except for Bitcoin. Why Are They Needed, and Is It Worth Buying Them?
Cryptocurrencies are decentralized payment systems. As a result, the price of a cryptocurrency is not determined by a government or central bank but by supply and demand on crypto exchanges. Of course, other factors influence a cryptocurrency's price, such as its technology, perceived utility, etc.
So, when a new cryptocurrency is launched, the team behind the cryptocurrency sets the starting price based on the initial supply. Interestingly, not all cryptocurrencies have the same price per unit. While Bitcoin (BTC) trades at more than $29.4K per unit as of writing, other crypto assets are worth fractions of a cent.
Currently, Bitcoin is the most expensive cryptocurrency by price per unit as well as per market capitalization. Its status as the first cryptocurrency ever to exist has turned Bitcoin into the most popular cryptocurrency, which has boosted its price. This article reviews the five most expensive cryptocurrencies by price per unit (excluding Bitcoin, stablecoins, and wrapped coins).
1. Yearn.Finance (YFI)
Yearn.Finance is an aggregator service for decentralized finance (DeFi) investors. Launched in 2020, this platform aims to simplify yield farming and maximize profits from this activity for the broader investor sector. Yearn.Finance uses automation to help investors access the most profitable yields without dealing with the technicalities of the complex DeFi space. Yearn.Finance in-house token YFI is one of the most valuable crypto assets on the market. At some point, each YFI token was more valuable than 1 BTC.
Current Trading Price (August 12, 2023): $6,310.5
All-Time High Price (May 11, 2021): $93,435.5
2. PAX Gold (PAXG)
PAX Gold (PAXG) is an ERC-20 token entirely backed by gold. Launched in 2019, this crypto asset aims to make gold more tradable. As a commodity, gold cannot be easily divided for trading or transportation purposes. With the help of PAXG, investors can buy small amounts of gold with the security and liquidity offered by a blockchain-based cryptocurrency. The PAXG token has inspired the creation of other gold-backed tokens in the market.
Current Trading Price (August 12, 2023): $1,904.6
All-Time High Price (April 21, 2020): $3,487.7
3. Ethereum (ETH)
Ethereum is a decentralized open-source blockchain launched in 2015. It serves as the development platform for other cryptocurrencies and the execution of smart contracts. Ethereum features its own cryptocurrency, Ether (ETH), the second most popular cryptocurrency after Bitcoin.
Current Trading Price (August 12, 2023): $1,850.4
All-Time High Price (November 16, 2021): $4,891.7
4. Maker (MKR)
Maker (MKR) is the governance token of the Maker Protocol and the MakerDAO, a software platform and a decentralized autonomous organization (DAO) managing the DAI stablecoin. The Maker project was launched in 2017 to operate DAI, one of the most popular stablecoins with a value soft-pegged to the US dollar. MKR holders can vote on the protocol’s upgrades. To incentivize holders to act in the best interest of the DAI stablecoin, the MKR token’s value is closely tied to the DAI’s performance.
Current Trading Price (August 12, 2023): $1,227.9
All-Time High Price (May 3, 2021): $6,339
5. Binance Coin (BNB)
Binance is a cryptocurrency exchange launched in 2017. Currently, Binance is the largest exchange worldwide by daily trading volume. Binance aims to make cryptocurrency exchanges an essential part of global financial activity. For this reason, it has launched an entire ecosystem of functionalities for its users, including its own cryptocurrency, BNB.
Current Trading Price (August 12, 2023): $239.9
All-Time High Price (May 10, 2021): $690.9
Conclusion: Is It Worth Buying the Most Expensive Cryptocurrencies?
Investing in cryptocurrencies is risky. Hence, before investing, potential investors must research every asset they plan to add to their portfolio. The price per unit alone does not determine the worth of a cryptocurrency as an investment. Investors must also consider market capitalization, trading volume, and liquidity. If you want to invest in one of the cryptocurrencies in the list above, you can buy it on LetsExchange.io. Our exchange platform offers competitive rates and does not require mandatory registration.