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Analytics Insight presents the top 10 current cryptocurrency prices on 16 August 2022

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The cryptocurrency market is a highly volatile market with sudden ups and downs in cryptocurrency prices. It becomes hectic and tedious for investors to check current cryptocurrency prices before investing millions of dollars in popular cryptocurrencies. This article shows the top 10 cryptocurrency prices for making better decisions in the nearby future.

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At the time of writing, Analytics Insight lists the top 10 current cryptocurrency prices on August 16, 2022

Bitcoin (BTC)- US$24,033.79 (down by 0.37%)

Ethereum (ETH)- US$1,876.50 (down by 0.48%)

Tether (USDT)- US$1.00 (down by 0.00%)

USD Coin (USDC)- US$0.9999 (down by 0.02%)

Binance Coin (BNB)- US$316.43 (down by 0.54%)

Cardano (ADA)- US$0.5544 (down by 0.33%)

XRP (XRP)- US$0.3716 (up by 0.01%)

Binance USD (BUSD)- US$0.9998 (down by 0.02%)

Solana (SOL)- US$43.23 (down by 0.67%)

Dogecoin (DOGE)- US$0.1868 (down by 3.47%)

The global crypto market cap is US$1.15 trillion with a cryptocurrency volume of US$75.92 billion with an increase in 11.28%.

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Is Bitcoin really a hedge against inflation?

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Bitcoin is working as a hedge against inflation despite its 2022 weak price performance, says Steven Lubka, managing director of private clients at Swan Bitcoin.

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While Bitcoin (BTC) has failed in countering this year's rampant global inflation, it should still be considered as an inflation hedge, says Steven Lubka, the managing director of private consumers at Swan Bitcoin.

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According to Lubka, Bitcoin works well as a hedge against rising prices when inflation is caused by monetary expansion. It is less effective when inflation is caused by the disruption of the food supply and energy, which he sees as the leading cause of this year's rampant inflation.

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"In a world where the price of goods is going up because there's been a radical loss of abundance, Bitcoin isn't going to protect investors from that," Lubka said.

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He also points out that Bitcoin is a better hedge against inflation than stocks or real estate since it doesn't need maintenance, nor is it affected by the risk involved in stock-picking.

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"Bitcoin has none of those risks that I just identified as stocks or housing have. It's a pure store of value," he explained.

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