New platforms and technologies are constantly being developed in the quickly changing world of cryptocurrencies with…
This blog post will enumerate the most popular cryptocurrencies for 2023.
Hello CryptoCoin Believers! Today’s topic will surely be interesting for you. We all know that investing in cryptocurrencies is volatile at best and only a few crypto coins are able to withstand the unexpected changes in the market.
New crypto coins appear periodically but experts warn investors against buying too quickly. A new cryptocurrency’s performance over time is one measure of its reliability as an asset.
We listed down for you the top cryptocurrencies that are worth buying this year and, in the years, to come.
Bitcoin – The Most Popular Cryptocurrency
Everyone knows the OG cryptocurrency that kickstarted the cryptocurrency era way back 2009. Bitcoin’s inherent scarcity still makes it an attractive investment because clients know that its value will most likely increase in the future because there is no fear of oversupply. As of April 2023, bitcoin (BTC)’s price is $ 29,222 with a market cap of $567.23 billion.
As the first-ever cryptocurrency to exist, it serves as the symbol of decentralization. The early usage of blockchain technology came along with it and the peer-to-peer crypto system commenced. There are numerous benefits to owning bitcoin. It is the first open-source digital currency that cannot be confiscated and acts as real money.
Though Bitcoin is fraught with issues, it is still a primary cryptocurrency choice for trading and investments.
Ethereum – Second-Most Popular Cryptocurrency
ETH made a name for itself by expanding on the original purpose of cryptocurrency. It started in 2015. Ethereum is not just another form of digital currency for trading or payment. It enables smart contracts and decentralized apps.
Developers don’t need to create a new blockchain instead, they can build on Ethereum’s blockchain. Also, Ethereum’s recent pivot to Proof-of-Stake has won the approval of environment-conscious investors.
Programmability is at the core Ethereum’s blockchain power. Smart contracts are automatically executed because it is already imbedded in the code.
It has more potential as a long-term resource because it supports innovation in various aspects.
Charles Hoskinson created Cardano in 2015 and launched it in 2017. Hoskinson is also the co-founder of Ethereum. Cardano’s network has a wide-range of applications – from running smart contracts, generating Dapps, and creating new crypto coins. Cardano made its mark by being the first cryptocurrency to use the Proof-of-Stake schema.
It belongs to the top 10 cryptocurrencies in terms of market capitalization. Cardano’s blockchain platform is flexible and scalable. Its coin in circulation is ADA that is widely available at many crypto exchanges. The scientific and mathematic principles that built Cardano’s foundation makes it entirely a class of its own.
Cardano’s changes happen in phases and now, they also enable smart contracts. Investors look forward to two upcoming phases. Basho, for maximized scalability in the cryptocurrency market and financial products. The other one is Voltaire and it is governance-related.
The innovation of Changpeng Zhao, who is one of the Bitcoin millionaires. Binance, with its cryptocurrency Binance Coin, is an outstanding platform for buying and selling cryptocurrency on a global scale. It charges lower fees compared to other exchanges.
The Binance system is also novice-friendly while still being sophisticated enough for their more experienced users. It started as an ICO but now it is a crypto asset used to avail of several products and services.
Similar to Bitcoin, BNB is capped at 200 million tokens. Investors can buy BNB through different channels such as credit cards. Binance’s progress is remarkable and it now has a decentralized exchange, peer-to-peer crypto trading option and two blockchains.
The first layer of its blockchain gives security to the whole network. While, layer 2 enables fast processing of transactions.
Binance registers around 10 million users every month and it ranks 5th based on market cap. Binance still has many projects to unfold. Furthermore, according to investors, it remains a promising asset for the future.
Ripple has quite an interesting history. Ryan Fugger founded it in 2004 as RipplePay. So, in a certain way, it is ahead of Bitcoin but it wasn’t a cryptocurrency yet.
Launched in 2012, XRP is used to facilitate cross-border transactions and decentralized system for payments. Similar to Bitcoin, it has a limited number of coins for mining capped at only 100 billion XRPs. XRP’s blockchain named RippleNet provides banks with a cheaper yet speedy cross-border transaction.
It is also important to understand that Ripple and XRP are different from each other. XRP is the cryptocurrency while Ripple is a for-profit company advocating for the development and widespread use of XRP.
Around 300 financial over 45 countries uses Ripple’s payment platform. One transaction in the RippleNet takes only 5 seconds to be processed and it costs 0.00001 XRP – a fraction of a cent.
Many investors believe that 2023 is a good year to invest in Ripple. It is cheaper and highly scalable making it intrinsically more valuable than other crypto coins.
Former Qualcomm executive, Anatoly Yakovenko established Solana in 2017. Solana started in April 2019 at less than $1 per coin. Solana’s growth is remarkable. It achieved more than $200 value before the crypto market crash of 2022 adversely affected its price.
Sol is its native currency and is said to have the fastest blockchain in the world that can authenticate 65,000 transactions every second costing less than a penny each. However, this figure is still theoretical and highly controversial.
Solana uses a combination POS and Proof of History mechanism. It runs smart contracts, making it eligible to for DeFi, dApps, and NFT transactions. Its DeFi platform value is $8.6 billion putting it at 6th place as the most used DeFi platform.
Another cryptocurrency was invented by Ethereum co-founder, Gavin Wood and deemed an exceedingly innovative cryptocurrency project. The native coin is DOT and Coinbase included it in the list last June 2021.
The Polkadot blockchain goes beyond the transfer of coins and tokens across their blockchain. It allows actual communication and data exchange to occur.
Polkadot earned the nickname ‘Ethereum Killer’ in a February 2021 Forbes article (read here) because its blockchain capabilities and technology used aim to exceed that of Ethereum.
USDT is the coin of Tether. Fiat currency, specifically, the US Dollar, backs up its value. Tether designed its coin such that 1 USDT would have a $1 value. Although there are other more popular stablecoins, Tether is one-of-a-kind because it has a larger market cap compared to others and holds the highest 24-hour trading volume for all cryptocurrencies.
Tether’s edge also comes from its feature as a stablecoin which means that it can maintain a predictable value despite experiencing price fluctuations. For many, this makes Tether an ideal choice for processing financial services ( for more information, read this article).
Other Popular Cryptocurrencies
Remember the meme of a Shiba Inu? It was meant to poke fun at the wild speculations surrounding cryptocurrencies. Eventually, it became the face of DogeCoin. Some people call it the “accidental crypto or people’s cryptocurrency”.
DogeCoin has its own blockchain and uses Proof of Work. It is an acceptable form of payment but not the best choice for a store of value.
Wrap-up on the Most Popular Cryptocurrencies
There you have it, CryptoCoin Believers! The 8 most popular cryptocurrencies used by investors worldwide. Each of them is unique and functions in a specific way that will fit the people using them.
If crypto succeeds, it’s not because it empowers better people. It’s because it empowers better institutions. — Vitalik Buterin, Ethereum founder
Satoshi Nakamoto and other inventors of newer cryptocurrencies have a noble vision for their invention. They hope to free people from the financial constraints that are preventing them from living their best life. They want digital currency to act as a globally unifying force. It has the capacity to be more than a form of money or investment. Cryptocurrency can help people reach out more to each other.
Before deciding to invest in any of these cryptocurrencies, please make sure to read up first on each of them because there are more well-detailed explanations on their websites as to how they operate and who can benefit from them the most.