There are thousands of cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started in the world of cryptocurrency. To help you get started, these are the top 10 cryptocurrencies in terms of market capitalization, or the total value of all coins currently in circulation all around the world.
According to a report by Statista, the number of cryptocurrency users worldwide has grown from 5.8 million in 2016 to 221 million in 2020, and is expected to reach 300 million by 2024. The total market capitalization of cryptocurrencies has also surged from $17.7 billion in 2016 to $2.2 trillion in 2021, and is projected to reach $4.5 trillion by 2025
In this article, we will explore the top 10 cryptocurrencies to watch in 2023 based on their market capitalization, potential, and popularity. These are the cryptocurrencies that have shown strong growth and resilience in the past year, and have promising prospects for the future. We will also provide some insights and analysis on each of these cryptocurrencies, such as their advantages, challenges, and opportunities.
So, without further delay, let’s dive into the top 10 cryptocurrencies to watch in 2023 and cryptocurrency to buy today:
1. Bitcoin (BTC)
Bitcoin (BTC) is the first and most famous cryptocurrency, invented by a mysterious person or group called Satoshi Nakamoto in 2009. BTC uses a technology called blockchain, which is a shared record of transactions that is maintained by a network of thousands of computers. To add new transactions to the blockchain, the computers have to solve a complex mathematical problem, which is known as proof of work. This makes BTC secure and resistant to fraud.
BTC has become very popular and valuable over the years. In May 2016, one BTC was worth about $500. As of Oct. 3, 2023, one BTC was worth around $27,526. That means BTC has increased by 5,405% in value.
Bitcoin has shown remarkable growth and resilience in the past year, reaching new highs of over $60,000 in April 2021. Bitcoin has also gained more adoption and recognition from various sectors, such as governments, institutions, corporations, and celebrities. For example, El Salvador became the first country to make Bitcoin legal tender in June 2021. Tesla, MicroStrategy, Square, and other companies have invested billions of dollars in Bitcoin as a store of value. Elon Musk, Jack Dorsey, Michael Saylor, and other influential figures have expressed their support and enthusiasm for Bitcoin.
2. Ethereum (ETH)
Ethereum is both a cryptocurrency and a blockchain platform that offers many possibilities for program developers, such as smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs) that represent unique digital assets.
Ethereum has also seen tremendous growth. From April 2016 to the end of October 2023, its price rose from about $11 to around $1,661, increasing 14,998%.
Ethereum has shown impressive growth and resilience in the past year, reaching new highs of over $4,000 in May 2021. Ethereum has also gained more adoption and recognition from various sectors, such as institutions, corporations, celebrities, and regulators. For example, the European Investment Bank issued its first-ever digital bond on Ethereum in April 2021. Visa announced that it would use Ethereum to settle transactions with USDC, a stablecoin pegged to the US dollar. Mark Cuban, Ashton Kutcher, Paris Hilton, and other famous figures have expressed their support and enthusiasm for Ethereum.
3. Tether (USDT)
Tether (USDT) is a different kind of cryptocurrency, called a stablecoin, which means it is backed by real-world currencies like U.S. dollars and the Euro and tries to keep a value equal to one of those units. This means Tether’s value is supposed to be more stable than other cryptocurrencies, and it is preferred by investors who are afraid of the big price swings of other coins.
4. Binance Coin
Binance Coin (BNB) is a cryptocurrency that you can use on Binance, one of the biggest crypto exchanges in the world. Binance Coin started in 2017 as a way to trade and pay fees on Binance’s exchange platform. But now, it has more uses, such as trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other cryptocurrencies, like Ethereum or Bitcoin.
BNB’s price in 2017 was only $0.10. By late October 2023, its price had gone up to around $214, a gain of 214,293%.
Binance Coin has many advantages, such as utility, liquidity, profitability, and burn mechanism. Binance Coin can be used for various purposes, such as trading, payment processing, travel booking, entertainment, and more. Binance Coin has access to a large and diverse pool of traders and investors on Binance’s platform, which makes it liquid and in high demand. Binance Coin holders can enjoy discounts and rewards on Binance’s platform, such as lower fees, higher referral commissions, and exclusive access to new features and services. Binance Coin has a deflationary supply, which means that its value increases as its supply decreases.
Binance Coin is undoubtedly one of the most successful and versatile cryptocurrencies in the market. It has proven its value and potential over the years and has attracted millions of users and investors worldwide. Binance Coin is likely to remain one of the most dominant and influential exchange tokens and platforms in 2023 and beyond.
5. XRP (XRP)
XRP is a cryptocurrency that was created by some of the same founders as Ripple, a company that provides digital technology and payment processing services. XRP can be used on the Ripple network to enable exchanges of different kinds of currencies, such as fiat currencies and other major cryptocurrencies.
XRP’s price was very low at the start of 2017, only $0.006. As of Oct. 3, 2023, its price reached $0.51, which means it rose by 8,398%.
6. US Dollor Coin (USDC)
USD Coin (USDC) is a cryptocurrency that is backed by U.S. dollars and tries to keep a 1 USD to 1 USDC ratio. This means it is a stablecoin, like Tether. USDC runs on Ethereum, a blockchain platform that supports smart contracts and DApps. You can use USD Coin for global transactions that are fast and cheap.
Some of the technical data of USDC are as follows:
Symbol: USDC
Launch date: September 26, 2018
Total supply: 200 million coins
Circulating supply: 73.4 billion coins (as of October 3, 2023)
Market capitalization: $73.4 billion (as of October 3, 2023)
Consensus mechanism: Proof-of-Stake (PoS)
Compatible blockchains: Ethereum, Algorand, Solana, Stellar, TRON
Reserve assets: U.S. dollars or dollar-denominated assets held in segregated accounts with regulated U.S. financial institutions
Reserve auditor: Deloitte
Governance: Centre, a consortium co-founded by Coinbase and Circle
Use cases: Trading, payment processing, cross-border transactions, etc.
7. Solana (SOL)
Solana is a platform that supports decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, using a unique hybrid of proof-of-stake and proof-of-history mechanisms to process transactions fast and securely. The platform’s native token, SOL, powers its operations.
SOL’s price was low when it started in 2020, only $0.77. By late October 2023, its price had gone up to around $24.64, a gain of 3,100%.
Solana (SOL) is a high-performance blockchain that uses a delegated Proof-of-Stake (dPoS) consensus algorithm and a unique method of ordering transactions to improve speed and throughput. It can process over 50,000 transactions per second and has 400ms block times, allowing it to scale without relying on Layer-2 systems or sharding.
Some of the updated technical data of Solana are as follows:
Symbol: SOL
Launch date: March 10, 2020
Total supply: 489 million coins
Circulating supply: 297.5 million coins (as of October 4, 2023)
Market capitalization: $7.3 billion (as of October 4, 2023)
Trading volume 24h: $1.1 billion (as of October 4, 2023)
Volume / Market Cap: 0.15 (as of October 4, 2023)
All time high: $214.96 USD (May 18, 2021)
Compatible blockchains: Ethereum, Binance Smart Chain, Terra, etc.
Use cases: Decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, web3, etc.
8. Cardano (ADA)
Cardano (ADA) is a cryptocurrency that was created later than most others, but it stands out for its early adoption of proof-of-stake validation. This method makes transactions faster and more energy-efficient by removing the need for competitive, problem-solving verification that platforms like Bitcoin use. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin.
Cardano’s ADA token has not grown as much as other major crypto coins. In 2017, ADA’s price was $0.02. As of Oct. 3, 2023, its price was at $0.26. This is an increase of 1,217%.
Cardano (ADA) is a third-generation blockchain platform that aims to provide a more scalable, secure, and sustainable platform for smart contracts and decentralized applications (DApps). Cardano is based on a scientific and peer-reviewed approach, and uses a layered architecture that separates the settlement layer from the computation layer. Cardano also uses a proof-of-stake consensus mechanism called Ouroboros, which reduces the energy consumption and environmental impact of the network.
Some of the updated technical data of Cardano are as follows:
Symbol: ADA
Launch date: September 29, 2017
Total supply: 45 billion coins
Circulating supply: 32.6 billion coins (as of October 4, 2023)
Market capitalization: $8.4 billion (as of October 4, 2023)
Trading volume 24h: $1.2 billion (as of October 4, 2023)
Volume / Market Cap: 0.14 (as of October 4, 2023)
All time high: $1.33 USD (January 4, 2018)
Compatible blockchains: Ethereum, Binance Smart Chain, etc.
Use cases: Decentralized finance (DeFi), non-fungible tokens (NFTs), identity management, governance, etc.
9. Dogecoin (DOGE)
Dogecoin started as a joke in 2013, but it became a popular cryptocurrency thanks to its loyal community and funny memes. Unlike many other cryptos, Dogecoin has no limit on how many coins can be made, which means the currency can lose value as supply grows.
Dogecoin’s price in 2017 was very low, only $0.0002. By October 2023, its price had gone up to $0.06, up 30,834%.
Dogecoin (DOGE) is a cryptocurrency that was created as a joke in 2013, but it became a popular and viral sensation thanks to its fun and friendly image, its loyal and enthusiastic community, and its endorsement by celebrities, such as Elon Musk. Dogecoin is based on the Litecoin codebase, which uses a proof-of-work consensus mechanism that requires miners to solve complex mathematical problems to validate transactions and create new dogecoins. Dogecoin has no limit on the number of coins that can be created, which makes it inflationary and susceptible to devaluation.
Some of the updated technical data of Dogecoin are as follows:
Symbol: DOGE
Launch date: December 6, 2013
Total supply: Unlimited
Circulating supply: 132.5 billion coins (as of October 4, 2023)
Market capitalization: $8 billion (as of October 4, 2023)
Trading volume 24h: $177 million (as of October 4, 2023)
Volume / Market Cap: 0.02 (as of October 4, 2023)
All time high: $0.7376 USD (May 8, 2021)
Compatible blockchains: Ethereum, Binance Smart Chain, etc.
Use cases: Tipping, donations, social media, entertainment, etc.
10. Tron (TRX)
TRON is a blockchain platform that supports smart contracts and other DeFi applications, similar to Solana. TRX is the cryptocurrency that runs on TRON, which uses a proof-of-stake consensus algorithm to secure and validate transactions.
TRON was founded in 2017, and TRX started with a very low price of $0.0019 per token. In 2018, TRX reached its highest price of $0.2245, which means it increased by 11,715% in a few months. TRX is currently worth around $0.09.
Tron (TRX) is a blockchain-based decentralized platform that supports smart contracts and decentralized applications (DApps) in the entertainment industry. TRX is the native cryptocurrency of Tron, which powers its proof-of-stake consensus algorithm and its delegated proof-of-stake governance system.
Some of the updated technical data of Tron are as follows:
Symbol: TRX
Launch date: September 9, 2017
Total supply: 100.85 billion coins
Circulating supply: 71.66 billion coins (as of October 4, 2023)
Market capitalization: $6.5 billion (as of October 4, 2023)
Trading volume 24h: $1.9 billion (as of October 4, 2023)
Volume / Market Cap: 0.29 (as of October 4, 2023)
All time high: $0.3004 USD (January 5, 2018)
Compatible blockchains: Ethereum, Binance Smart Chain, etc.
