Cryptocurrency is a hot topic in 2023, just like in previous years. Start with Bitcoin and Ethereum to Dogecoin and Tether; There is a long list of cryptocurrencies available today. It may be overwhelming if you’re not much familiar with cryptocurrencies.
So in this article, we’ll discuss the top five cryptocurrencies in 2023 based on their market capitalization or the total value of all coins currently in circulation.
What are cryptocurrencies?
Cryptocurrencies are digital assets that can circulate without a central bank or government authority. To date, there are 22,394 cryptocurrency projects representing the entire $1 trillion crypto market.
These cryptocurrencies are stored digitally in crypto wallets, unlike fiat currencies like USD ($) or Pounds sterling (£), which can be used as cash or digitally in your bank account.
A crypto wallet is a device or software program that allows you to store bitcoins and other crypto assets. Crypto Wallets are easy to use, secure, and fast.
Below is the list of the Top 10 cryptocurrencies in 2023.
1- Bitcoins (BTC)
Market Cap: $445.5 billion
Satoshi Nakamoto created Bitcoin in 2009, So bitcoin (BTC) is the first and original cryptocurrency. Like most cryptocurrencies, BTC also runs on a blockchain or ledger and records transactions distributed across a network of computers. Bitcoin is safely protected from fraudsters and hackers because distributed ledger additions must be verified by solving cryptographic puzzles, a process called proof-of-work.
Bitcoin price has skyrocketed as it is the most popular cryptocurrency. As of May 2016, you can buy bitcoins for around $500. As of January 31, 2023, the price of one bitcoin is around $23,108. That’s a growth of 4.522%.
2- Ethereum (ETH)
Market Cap: $193.9 billion
Ethereum (ETH) is a cryptocurrency and blockchain platform. ETH is very popular among program developers due to its potential applications, such as smart contracts, which execute automatically; when conditions match, and non-fungible tokens (NFT).
Ethereum has also seen tremendous growth. From April 2016 to the end of January 2023, the price increased from about $11 to about $1,584, an increase of 14,301%.
3- Tether (USDT)
Market Cap: $67.8 billion
The third most renowned cryptocurrency is Tether (USDT); unlike a few other popular cryptocurrencies, it is a stablecoin meaning it’s backed by fiat currencies like the US dollar and euro and hypothetically equivalent in value to one of those denominations. Theoretically, this means that the value of Tether should be more stable than other cryptocurrencies and favored by investors concerned about the extreme volatility of other coins.
4- Binance Coin (BNB)
Market Cap: $49.3 billion
Binance Coin (BNB) is a type of cryptocurrency that allows you to pay fees and trade on Binance, one of the world’s largest crypto exchange platforms. Since launching in 2017, Binance Coin has gone beyond facilitating transactions on the Binance exchange platform. You can use it for trading, processing payments, or even booking travel. Furthermore, you can also trade or exchange Binance coins with other cryptocurrencies such as Bitcoin or Ethereum.
BNB’s price in 2017 was only $0.10. At the end of January 2023, the price had risen to around $312, an increase of 311.857%.
5- US Dollar Coin (USDC)
Market Cap: $42.7 billion
US Dollar Coin (USDC) is also a stablecoin like Tether, which means USDC’ is backed by the US dollar and targets a USD 1 to USD 1 ratio USDC is backed by Ethereum, and you can use USD Coin to make global transactions.
Summary
These are the top five cryptocurrencies in 2023, according to their market cap, transparency, and usability. If you’re planning to step into the cryptocurrency world, then you start any of the mentioned above.
