Top 10 Most Popular Cryptocurrencies of 2023

A Comprehensive Guide to Navigate the Vast World of Crypto. From Bitcoin and Ethereum to Dogecoin and Tether, the crypto universe is filled with thousands of options, making it challenging for beginners. To simplify the process, this guide highlights the leading cryptocurrencies based on their current market capitalization.

An Introduction to Cryptocurrencies

Understanding the Basics

Explore the World of Cryptocurrency, A Decentralized Digital Asset. Without the need for bank or government intervention, there are over 22,394 cryptocurrencies available in the market, accounting for a staggering $1 trillion in value.

1.Bitcoin (BTC)

• Market Capitalization: $445.5 billion

• Created by Satoshi Nakamoto in 2009, Bitcoin (BTC) is the first-ever cryptocurrency that operates on a decentralized ledger called blockchain. Its transactions are verified through a cryptographic puzzle-solving process known as proof of work, making it a secure and fraud-proof investment. The price of Bitcoin has skyrocketed, with a single Bitcoin worth around $23,108 as of Jan 31, 2023, a growth of 4,522% since May 2016.

2.Ethereum (ETH)

• Market Capitalization: $193.9 billion

• Ethereum is not only a cryptocurrency but also a blockchain platform that offers a wide range of applications, such as smart contracts and non-fungible tokens. Its popularity among developers has led to a 14,301% growth, with its price rising from $11 in April 2016 to around $1,584 in January 2023.

3.Tether (USDT)

• Market Capitalization: $67.8 billion

• Unlike other cryptocurrencies, Tether (USDT) is a stablecoin that is backed by fiat currencies such as US dollars and the Euro, providing a more consistent value compared to other highly volatile coins.

4.Binance Coin (BNB)

• Market Capitalization: $49.3 billion

• Binance Coin (BNB) is a cryptocurrency associated with Binance, one of the largest crypto exchanges in the world. Initially used only for trading fees on Binance, Binance Coin has since expanded its use for payment processing, travel booking, and trading with other cryptocurrencies. Its value has skyrocketed, with a price of $312 in January 2023, a growth of 311,857% since its launch in 2017 at $0.10.

5.U.S. Dollar Coin (USDC)

• Market Capitalization: $42.7 billion

• Similar to Tether, U.S. Dollar Coin (USDC) is a stablecoin backed by US dollars, with the goal of maintaining a 1 USD to 1 USDC ratio. It operates on the Ethereum blockchain, facilitating global transactions.

6.XRP (XRP)

• Market cap: $20.4 billion

• Created by the founders of Ripple, XRP can be used to facilitate exchanges of different currency types, including fiat currencies and major cryptocurrencies.
• Price in 2017: $0.006
• Price on Jan. 31, 2023: $0.40 (6,596% increase)

7.Binance USD (BUSD)

• Market cap: $15.7 billion

• A stablecoin founded by Paxos and Binance, BUSD is backed by the US dollar and gives traders and crypto users the ability to minimize the risk of volatility.
• Price in 2017: N/A (since it was launched later)

8.Cardano (ADA)

• Market cap: $13.2 billion

• Cardano is notable for its proof-of-stake validation, which expedites transaction time and decreases energy usage and environmental impact.
• Price in 2017: $0.02
• Price on Jan. 31, 2023: $0.38 (1,803% increase)

9.Dogecoin (DOGE)

• Market cap: $12.4 billion

• Dogecoin was famously started as a joke in 2013 and has evolved into a prominent cryptocurrency with a dedicated community.
• Price in 2017: $0.0002
• Price on Jan. 31, 2023: $0.09 (46,777% increase)

10.Polygon (MATIC)

• Market cap: $9.7 billion

• Dubbed “Ethereum’s internet of blockchains”, Polygon supports more than 7,000 decentralized applications (dApps).
• Price in 2017: $0.00263
• Price on Jan. 31, 2023: $1.11 (42,029% increase)

Market capitalization and pricing information sourced from coinmarketcap.com January 31, 2023.