Top 10 Cryptocurrencies: After a hard-hitting digital winter in 2022 that included the demise of FTX and a host of different cryptocurrency lenders, exchanges, and hedge fund companies, the cryptocurrency market has recovered up to 2023. Crypto investors believe that the market is poised to reach new record highs and are hopeful that the regulatory framework could allow institutions to invest in digital currencies for the first.
While a variety of cryptocurrencies are available today. However, the crypto market is still dominated by Bitcoin and Ethereum. Bitcoin and Ethereum’s market capitalizations represent more than 67 per cent of the $1.17 trillion market in crypto.
Here’s a list of the 10 most popular cryptocurrencies by market size, with stablecoins not included.
1. Bitcoin (BTC)
- Cap: 569 Billion dollars
- Year-over-year return: 21%
Nearly 14 years on from its inception Bitcoin is in the top spot as the adored and valuable cryptocurrency around the world. Bitcoin was invented by a mysterious individual or group of people who used the assumed name, Satoshi Nakamoto. Its decentralized, blockchain-based transaction verification along with the public ledger platform changed the way people think about digital security.
While Bitcoin’s decentralization, transparency and openness make it attractive to customers and investors alike, critics have expressed concerns about the energy-intensive proof-of-work consensus mechanism and highlighted problems with expanding the network. There are now numerous large-scale crypto initiatives that offer faster processing speeds than Bitcoin, as well as others with blockchains with specific designs that enhance Bitcoin’s efficiency.
2. Ethereum (ETH)
- Market cap: $220 million
- Year-over-year return: -4%
Ethereum was among the first altcoins alternative to Bitcoin. Ethereum was first introduced in July 2015 and is the most sought-after cryptocurrency aside from Bitcoin. Ethereum’s blockchain was among the first to implement smart contracts, which are code that runs decentralized apps, called dApps.
The Ethereum blockchain is home to more than 1400 applications and tools for developers, while ether serves as the primary currency of the Ethereum network.
By 2023 Ethereum has completed the transition from a consensus mechanism based on proof-of-work to a less energy-intensive proof-of-stake verification system for transactions. Ethereum can be considered a more sustainable alternative to Bitcoin. However, the blockchain function is its primary feature.
3. BNB (BNB)
- Market cap of $37 billion
- Year-over-year return: -25%
BNB is the cryptocurrency that is issued by Binance one of the largest cryptocurrency exchanges. BNB was initially designed to be a utility token that was built on the Ethereum network which users could access lower trading fees for Binance. Binance exchange.
The token has since been upgraded to Binance’s own blockchain and BNB can be utilized for a variety of applications, transactions, and other applications. However, the company’s U.S. market share tumbled in 2023 following an investigation by the U.S. Securities and Exchange Commission filed a lawsuit against the exchange, accusing the company of committing violations of securities laws.
4. XRP (XRP)
- Cap: 33% of the market
- Year-over-year return: 67%
XRP is a project of Ripple it is a global payments network that is designed to function as an alternative to Society for Worldwide Interbank Financial Telecommunications (SWIFT). SWIFT.
SWIFT is the system that banks as well as other financial institutions utilize to transfer funds. However, Ripple claims that its technology is more efficient, less expensive and less opaque than the SWIFT system.
XRP is the primary cryptocurrency created to work with the Ripple network as well and the XRP Ledger is the blockchain. XRP received a major boost in July after an arbitrator in the Southern District of New York declared that the cryptocurrency is “not necessarily an asset” under certain conditions which could mean it is outside the SEC’s domain.
5. Dogecoin (DOGE)
- Cap: 10 billion dollars
- Year-over-year return: -6%
Dogecoin was first created in 2013 to be a satire of Bitcoin. However, cryptocurrency has now become an acceptable investment for numerous crypto traders due to its ease of use, its prominent supporters, and the popularity of its mascot, the Shiba Inu.
Dogecoin Investor as well as Tesla chief executive Elon Musk has repeatedly caused the price of dogecoin to fluctuate by making reference to or mentioning the cryptocurrency. Musk is currently being sued by investors in the dogecoin market who claim he manipulated the price. The billionaire businessman Mark Cuban is also a dogecoin fan who has also praised the cryptocurrency to be a viable method of exchange.
6. Cardano (ADA)
- The market cap is $10 billion.
- Year-over-year return: -49%
Cardano is an uncentralized proof-of-stake blockchain that was launched in September 2017 in order to become more efficient than Bitcoin, Ethereum, or other blockchains with proof-of-work available at the moment.
Cardano quickly gained credibility among crypto enthusiasts since Ethereum’s cofounder Charles Hoskinson founded it. Like Ethereum Cardano is focused on its functionality and hopes to become the most popular platform for dApp development as well as verifiable smart contracts.
ADA is the main cryptocurrency used by the network to facilitate transactions and to run dApps. Cardano users also have the option of using ADA for staking, which can help verify the transactions of the network and also earn tokens.
7. Solana (SOL)
- Market cap 10 billion
- Year-over-year return: -49%
Solana was founded in March of 2020. Similar to Ethereum, its network also supports dApps smart contracts, and NFTs, also known as non-fungible tokens. However, the unique hybrid proof-of-stake and proof-of-history verification system makes it more efficient and less expensive than the Ethereum network.
The Solana Price Prediction network has experienced frequent delays since its beginning which has undermined its credibility in the crypto community. Solana’s network was offline for over two hours on February 20, 2023.
For investors, it was a blessing that Solana’s price received a massive increase following the XRP ruling of the court. its triple-digit increase by 2023 make it one of the top-performing cryptocurrency listed on the list.
8. Tron (TRX)
- Cap of the market: $6.9 billion
- Year-over-year return: 12%
Tron is a project in cryptocurrency that was established in August 2017 with the long-term aim of making use of Blockchain technology as well as dApps in order to decentralize the internet. The Tron network is home to more than 177 million users and hosts the world’s largest stablecoins in circulation.
The Tron network is based on a delegated proof-of-stake system for verification and its primary cryptocurrency is called TRX. TRX was initially an Ethereum-based token, but it was redirected into its own cryptocurrency in the year 2018.
Tron specialises in entertainment that is decentralized, like gambling and gaming applications, which allows creators of content to directly sell to the public. In March 2023 the SEC charged Tron the founder Justin Sun with fraud and other violations of securities laws.
9. Polkadot (DOT)
- The market cap is $6.2 billion
- Year-over-year return: -45%
The Polkadot blockchain was created in the year 2020 with the help of Ethereum founder Gavin Wood. The protocol was designed to link different blockchains previously not connected which allowed value and information to be transferred between and quickly between blockchains like Ethereum or Bitcoin.
The Polkadot network has unique parachains created by users that can be customized while receiving the same security precautions that are used on that of the primary Polkadot chain.
Parachains can also relieve a lot of the processing burden away from the Polkadot chain. Polkadot’s nominated consensus model has nominators backing validators with money as a sign of confidence in the validity of validators.
10. Shiba Inu (SHIB)
- Capacity of the market: $6.1 billion
- Year-over-year return: -33%
“meme” altcoin “meme” altcoin was introduced in August 2020 on the Ethereum blockchain. It was created by an unidentified founder who was referred to as Ryoshi. The coin was initially dubbed”the “Dogecoin Killer” because it was a meme coin that rivalled Dogecoin. Since its initial launch, it has rapidly risen into the ranks of the top 20 cryptocurrency market cap.
Although SHIB is like DOGE in a number of ways, however, there are some major distinctions. For example, SHIB is built on the Ethereum network which allows it to manage smart contracts and DApps.
There’s a large community of SHIB followers SHIB that are known by the name of SHIBArmy. They are the ones who oversee the development of the project’s crypto.
See Also: Zcash Price Prediction
Is cryptocurrency a thing?
Cryptocurrencies are digital currencies which are generally secure and decentralized through massive computer networks. In contrast to those of the U.S. dollar and other fiat currencies supported by central and federal government banks.
The decentralization of cryptocurrency permits them to operate independently based on their own programming code. The transactions of cryptocurrencies are vetted by registering them on a sane public ledger using blockchain technology.
Cryptocurrencies are basically digital currencies that are private. Many investors and people who are interested in crypto see it as a possible alternative to processing transactions, a security against inflation, a way to store value in times of instability in the macroeconomic system and a way to bypass the traditional financial market.
Bitcoin and other cryptocurrencies enable anyone with an internet connection to finish financial transactions fast and effortlessly without the need for banks or any other financial intermediary.
How Do I Purchase Cryptocurrency?
They trade on exchanges as do stocks and exchange-traded funds. However, there are some brokers that do not allow trading in cryptos, specifically the cryptos that are not Bitcoin or Ethereum.
The first step when purchasing cryptocurrency is to identify the broker or exchange that provides cryptocurrency trading. Some of the most well-known crypto brokers include Robinhood as well as SoFi. Top cryptocurrency exchanges include Coinbase as well as Binance.
Once you’ve discovered a cryptocurrency broker or exchange, set up and verify your trading account. You might be required to provide a copy of your ID photo and bank statement, as well as other documentation to prove your identity.
If your account is opened it is possible to deposit money and purchase your preferred cryptocurrency by using the unique three and four-letter ticker symbol as you would with stocks. Some traders save their crypto in an online wallet to improve security.
