Since the rise of Bitcoin in 2009, thousands of other cryptocurrencies have emerged in a bit to become just as or even more valuable. Of course, hundreds have failed, and thousands never even survived beyond the first week of launch. However, they remain in the market, leaving users with a wide variety of choices when it comes to trading crypto.
To kick-start your crypto journey, we have compiled a list of the top 10 cryptocurrencies of 2023 based on their market capitalization or the total value of all coins in circulation globally. Read our post on top 5 forex trading strategies in 2023.
Understanding cryptocurrencies
Cryptocurrencies are digital assets or currencies which act as an alternative form of payment where transactions are verified and records maintained on a decentralized system. This system operates using cryptography and runs on the blockchain.
Today, there are over 20,000 cryptocurrency projects globally shooting up the value to a total worth of $1.03 Trillion. There are several easy ways to make money with cryptocurrency.
What are the top 10 cryptocurrencies to look out for in 2023
Here’s a rundown of the top 10 cryptocurrencies to look out for in 2023:
1. Bitcoin (BTC)
Essentially, it’s no surprise for anyone with little or no cryptocurrency experience that that bitcoin tops this list of top 10 cryptocurrencies. With a market cap of $409.96B, bitcoin is the “original” cryptocurrency. Satoshi Nakamoto created this coin in 2009 and blew up the blockchain system we know today.
BTC runs on blockchain infrastructure which acts as a ledge for logging transactions and is distributed globally across thousands of networked computers. This cryptocurrency is kept secure from fraudsters through a cryptographic puzzle that must be solved before you can make additions to the distributed network of ledgers. Since becoming a household cryptocurrency name, Bitcoin prices have soared by over 3000%.
2. Ethereum (ETH)
Closely following Bitcoin with a market cap of $191.53B is Ethereum (ETH). This cryptocurrency is one of the most known and widely adopted in the market today due to both being a crypto and a blockchain platform. Ethereum is a developer favourite due to its potential applications like non-fungible tokens (NFTs) and smart contracts which automatically execute a preset action when you meet certain conditions.
Exciting Read – Best cryptocurrency wallet for Nigerians in 2022
3. Tether (USDT)
Arguably the most popular stablecoin in the market and list of top 10 cryptocurrencies, Tether has a market cap of $ 66.50B USD and is backed by fiat currencies like the U.S. dollar and Euro. Hypothetically, this keeps the value of USDT equal to the corresponding denomination. Tether is less volatile and more consistent in value than other cryptocurrencies, therefore, is a favourite for crypto enthusiasts who are risk-averse.
4. Binance Coin (BNB)
Easy coming in at 4th place with a market cap of $49.20B, BNB is a form of cryptocurrency that you can use to trade or make payments on Binance. Basically, Binance needs no introduction as it is one of the largest crypto exchanges in the world.
Initially limited to facilitating trades on Binance’s exchange platform, BNB has grown to become accepted in other platforms and for online payment. You can exchange the cryptocurrency for other cryptos like Bitcoin or Ethereum.
5. US Dollar Coin (USDC)
Similar to Tether, USDC is a stablecoin backed by the U.S. dollar and makes it to the list of the top 10 cryptocurrencies. Hypothetically, it basically aims for 1USDC to 1 USD ratio and Ethereum powers it. Also, you can use USDC to pay for online purchases globally and has a market cap of $43.5 B.
6. XRP (XRP)
Essentially, XRP is Ripple’s attempt to jump on the crypto coin bandwagon. Essentially, the digital technology and payment processing company designed the coin to facilitate exchanges of different currencies on their network. XRP has a market cap of $19.71B.
7. Binance USD (BUSD)
Another stablecoin that makes the list is Binance USD (BUSD). This coin was founded by Paxos and Binance and is backed by the U.S. dollar. Furthermore, to ensure its stable value, Paxos holds the exact amount of U.S. dollars equal to the total number of BUSD globally. Many traders prefer Binance USD due to its low volatility and ability to engage in transactions with other crypto assets. It has a market cap of $16 B.
8. Cardano (ADA)
Relative to others on our list so far, Cardano is newer to the market. However, ADA makes it to the list of the top 10 cryptocurrencies and is widely applauded for its early adoption of proof of stake validation. Cardano operates similarly to Ethereum to facilitate smart contracts and decentralized applications powered by its native coin.
Basically, this method has become widely adopted in today’s market as it expedites the transaction time and reduces energy usage for a more environmentally friendly impact. ADA has a market cap of $12.19B.
9. Dogecoin (DOGE)
Famously started as a joke about a decade ago in 2013, Dogecoin has basically grown into one of the market-leading crypto coins today. DOGE is well popular for its creative memes and unrelenting community push. Essentially, there is no limit on how many of its coins can be created. However, this leaves the cryptocurrency highly volatile as supply increases. Dogecoin has a market cap of $12.14B.
10. Polygon (MATIC)
Polygon is another new cryptocurrency in the market as it was founded by the Matic Network in 2017. The platform supports more than 7000 decentralized applications (dApps) which have contributed to its constant growth of over 32,000% since its launch. MATIC has a market cap of $7.4 B.
As the best trading crypto app in Nigeria, Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto trading, crypto staking, and creating virtual dollar or crypto cards for online payment. Get started today by downloading the Bitmama app on Android or iOS. You can read about our post on what FUD in crypto is all about.
Also, subscribe to our newsletter below for more actionable insights into the crypto industry:
