The cryptocurrency market is the hottest topic of 2023 and it is expected to become a major one in 2023. This section will talk about the cryptocurrency market and its current state. The cryptocurrency market is free from monopoly. Its supply is limited and demand cannot be regulated by any government, entity, or third party. In this article, we will discuss the top 10 Cryptocurrencies in 2023.
Top 10 Cryptocurrencies in 2023
The top 10 cryptocurrencies on the market today are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and more. These are the top 10 cryptocurrencies in 2023. We will update this list of top 10 coins every day with new coins that have recently hit the market as well as all things cryptocurrency news, trends, and analysis from CoinDesk. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
1. Bitcoin (BTC)
- Market cap: Over $451 billion
Created in 2009 by someone under the pseudonym Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain or ledger that records transactions spread across a network of thousands of computers. Since additions to the distributed ledger must be verified by solving a cryptographic puzzle, a process known as proof of work, Bitcoin is secure and safe from fraudsters.
Bitcoin price has skyrocketed as it has become a household name. In May 2016 you could buy bitcoin for around $500. As of March 1, 2023, the price of one Bitcoin has exceeded $23,446.
2. Ethereum (ETH)
- Market cap: Over $196 billion
Both a cryptocurrency and blockchain platform, Ethereum is a favorite among program developers due to its potential applications, such as so-called smart contracts that automatically execute when conditions are met. responsive and non-fungible tokens (NFTs).
Ethereum has also seen phenomenal growth. From April 2016 to early March 2023, its price increased from about $11 to over $1,652, an increase of more than 13,000%.
3. Tether (USDT)
- Market cap: Over $71 billion
Unlike other forms of cryptocurrencies, Tether is a stablecoin, which means it is backed by fiat currencies like the US dollar and euro and hypothetically holds value in either of those denominations. In theory, this means that the value of Tether is meant to be more consistent than that of other cryptocurrencies and it is favored by investors who are wary of the extreme volatility of coins. other.
4. Binance Coin (BNB)
- Market cap: Over $48 billion
Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest cryptocurrency exchanges in the world.
Since its launch in 2017, Binance Coin has expanded beyond simply facilitating transactions on the Binance exchange. It can now be used for commerce, payment processing, or travel booking. It can also be exchanged or exchanged for other forms of cryptocurrencies, such as Ethereum or Bitcoin.
The price of BNB in 2017 was only $0.10. At the beginning of March 2023, its price increased to about $304.
5. XRP (XRP)
- Market cap: Over $19.52 billion
Created by some of the same founders as Ripple, a payment processing and digital technology company, XRP can be used on this network to facilitate the trading of various currencies, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. In March 2023, its price reached $0.382.
6. Terra (LUNA)
- Market cap: Over $382 million
Terra is a blockchain payment platform for stablecoins based on maintaining a balance between two cryptocurrencies. Terra-backed stablecoins, such as TerraUSD, are pegged to the value of the physical currency. Their countermeasure, Luna, powers the Terra platform and is used to generate more Terra stablecoins.
The Terra and Luna stablecoins work together based on supply and demand: when the price of the stablecoin exceeds the value of its associated coin, users are incentivized to burn their Luna to generate more of those Terra stablecoins. Likewise, when its value falls against its base currency, it incentivizes users to burn their Terra stablecoins to earn more Luna. As the adoption of Terra platforms increases, so does the value of Luna.
7. Cardano (ADA)
- Market cap: Over $12 billion
A little later in the crypto scene, Cardano stood out for its early adoption of proof-of-stake validation. This method speeds up transaction times and reduces energy consumption and environmental impact by eliminating the competitive and problematic aspect of transaction verification found on platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, powered by ADA, its native coin.
Cardano’s ADA token has enjoyed relatively modest growth compared to other major cryptocurrencies. In 2017, the price of ADA was $0.02. As of March 1, 2023, its price is $0.360.
8. Solana (SOL)
- Market cap: Over $8.6 billion
Solana operates on proof-of-stake and proof-of-stake mechanisms, developed to support decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. Unique combination for fast and secure transaction processing. SOL, Solana’s native token, powers the platform.
At launch in 2020, the price of SOL starts at $0.77. As of March 1, 2023, its price is around $22.69.
9. Polkadot (DOT)
- Market Cap: Over $7.9 billion
Polkadot (DOT), founded in 2016, is a unique blockchain interoperability protocol designed to connect different chains together. It also allows data exchange and transaction processing for forked chains or parallel blockchains without compromising their security. Developers can create their own blockchains while using Polkadot security.
The main founder of Ethereum, Gavin Wood created Polkadot. The interesting feature of DOT is that it has no hard limit on its total supply. In contrast, a new token is continuously in circulation.
10. Litecoin (LTC)
- Market Cap: Over $6.97 billion
Charlie Lee, a former software engineer at Crypto Exchange Coinbase, created Litecoin (LTC), an open-source blockchain project launched in 2011. It models its code on Bitcoin and was one of the first cryptocurrencies to do so. However, it was developed to offer faster transaction confirmation times than Bitcoin. People can use it as a way to pay others around the world without needing a middleman. LTC is often known as “Bitcoin’s money to gold.”
Litecoin has a total supply of 84 million tokens. In May 2021, it recorded an all-time high of $413.47, but it fell more than 50%. More and more merchants are using Litecoin. It is worth around $106 per token, making it the 21st largest cryptocurrency in the world.