In the past few years, cryptocurrencies have gained much popularity and traction worldwide. Today it has emerged as one of the top alternative investment options, particularly among tech-savvy millennials. As of now, there are over 20,000 cryptos in circulation! Yes, that’s right!
So, if you are new to the world of cryptocurrency you might feel a bit overwhelmed by the sheer number of options that you get. However, not all coins are worth your money. If you want to make the best of your crypto investment, then these are some of the top cryptocurrencies of 2023.
Top Cryptocurrencies to Invest in 2023
You can invest in these 10 best crypto coins in 2023 to receive substantial returns:
Launched in 2009, Bitcoin is the first as well as the oldest crypto in circulation. With a market cap of over $350 billion, it is also the largest cryptocurrency. The blockchain of BTC is kept safe with the impenetrable proof-of-work mechanism.
Since the past few years, the price of Bitcoin has gone through the roof, except for some occasional downfalls. As of now, Bitcoin price is ranging at around $18,00
Ethereum is a popular altcoin and is the second-largest crypto in terms of market capitalisation of around $170 billion. It is both a crypto and a decentralised platform that is based on smart contracts. Developers can build decentralised applications using Ethereum. In 2022, Ethereum carried out The Merge, an upgrade from of Proof-of-Work to Proof-of-Stake mechanism that has enabled it to provide better scalability and faster transactions.
Ethereum’s price clocked $3,000 in March 2022. However, right now it is trading at around $1,000.
3. Binance Coin
Binance Coin is the native token of the largest crypto exchange of the world- Binance. This crypto has been witnessing a massive surge in its price since 2021 and since then it has been performing better. Many believe the reason behind its success is that Binance destroys coins every quarter which reduces the total coin in circulation and maintains scarcity.
As of today, Binance Coin has a decent market cap of around $45 billion.
The fourth crypto coin on the list is Tether with a market cap of around $66 billion. It is a popular stablecoin. A stablecoin is any cryptocurrency that is backed by any of the real-life traditional currency. It could be the US Dollar or Euro. The value of a stablecoin stays same as that of the real-life currency it is pegged to and these are comparatively less volatile than other cryptos.
Tether is pegged to the US Dollar and is, therefore, less volatile than other crypto coins in circulation.
Based and developed on the Ethereum blockchain, Cardano is the next entry on the list of top cryptos that you can invest in 2023. It is built with the Ouroboros algorithm that helps it prevent cyber-attacks. Cardano offers faster transactions as compared to other top cryptos like Bitcoin.
With a market cap of around $111 billion, Cardano is one of the ten largest cryptos right now.
Polygon has been developed as ‘layer two’ solution for Ethereum scaling and overall development of the Ethereum blockchain. Polygon’s native token is MATIC. This token is used for transaction fees or for payment services.
Today, Polygon hosts more than 37,000 decentralised apps. It has helped to reduce the overall transaction cost as well as network congestion on various projects and that has helped to drive up its demand over the years.
Since the last few years, it has grown manifold and as of now, Polygon has a market cap of over $8 billion.
XRP is another popular crypto coin that is among the list of top 10 crypto coins in terms of market capitalisation. This coin has been founded by those who launched Ripple. Ripple is a payment processing platform. You can use XRP on the platform for exchanging various currencies, both cryptos and traditional fiat currencies.
This is a fairly new crypto coin but it has shown a significant jump in its price movement since 2017. Today it has a market cap of more than $18 billion.
Powered by a unique Proof-of-History and Proof-of-Work mechanism, Solana offers transactions at a much faster rate as compared to other top cryptos like Ethereum or Bitcoin. Moreover, the transaction fee is also quite low compared to its rivals. Solana is popularly becoming a major substitute for Ethereum.
This has made Solana one of the most preferred crypto coins worldwide. It has also witnessed exponential growth in the last couple of years.
Thanks to Elon Musk’s direct endorsement, Dogecoin, which began simply as a joke, skyrocketed in 2021. This unusual jump helped to generate massive gains for the investors.
Elon Musk had been constantly promoting this meme coin on Twitter and this led to the jump in the coin’s value and price. Later, he went on to announce that Tesla would accept the meme coin as payment. This further increased Dogecoin’s usability and expanded its community.
Within one year, from 2021 to 2022, this coin saw an over 2,900% jump in its value. As of now, it has a staggering market cap of around $14 billion.
Built with three individual blockchains, Avalanche is capable of carrying out transactions at a much faster rate. It is highly scalable and can perform 6,500 transactions every second and is one of the fastest smart contract platforms. This has contributed to its popularity.
Avalanche is a relatively new cryptocurrency launched in 2020. But right now, it has a market cap of over $4 billion. Starting at the $4 level in 2020, this coin is now trading at the $18 range.
Although cryptocurrencies are risky assets, they can help churn out better profit when compared to traditional investment options. A new wave of cryptocurrencies is being launched in the realm of digital currencies, and overall, the market might be challenging and bearish at the moment, there are some projects that are worth a try. Make sure to conduct thorough research before you start investing.