It can be challenging to get started when you’re new to the area because there are dozens of different cryptocurrencies, from Bitcoin and Ethereum to Dogecoin and Tether. To help you get started, here are the top 10 cryptocurrencies by market capitalization—the total value of all coins that are currently in circulation—that might be worth investing in.
10 Best Cryptocurrencies
Here are some of the best cryptocurrencies.
1. Bitcoin (BTC)
The first cryptocurrency, Bitcoin (BTC), was created in 2009 by a person going by the identity Satoshi Nakamoto. Like the majority of other cryptocurrencies, BTC runs on a blockchain, which is a shared ledger that keeps track of transactions and is shared among a network of thousands of computers. Because modifications to the distributed ledgers must be verified by solving a cryptographic problem, a process known as proof of work, Bitcoin is kept secure and shielded from fraudsters.
The cost of Bitcoin has increased as it has grown in popularity. You could purchase Bitcoin for roughly $500 in May 2016. Since then, Bitcoin has gone through many ups and downs, but it has remained remarkably resilient. Bitcoin dropped 65% of its market value last year, and as of May 3, 2023, it is currently trading between $28,000 and $29,000.
2. Ethereum (ETH)
Because of its possible applications, including so-called smart contracts that automatically execute when certain conditions are met and non-fungible tokens (NFTs), Ethereum is both a cryptocurrency and a blockchain platform.
Ethereum has also grown incredibly fast. Between April 2016 and the start of March 2022, its price climbed by more than 27,000%, from about $11 to over $3,000. Ethereum, however, fell to a yearly low of $1,091 on November 9, 2022, as a result of the general market meltdown, and it quickly recovered to values of about $1,800 by May 3, 2023.
3. Tether (USDT)
Because Tether is a stablecoin, it is backed by fiat money like the US dollar. dollars and the Euro and theoretically maintain a value equal to one of those denominations, in contrast to some other types of cryptocurrencies. Because Tether’s value is predicted to be more stable than that of other cryptocurrencies, investors who are wary of the extreme volatility of other coins pick it as a result.
4. Binance Coin (BNB)
Using the cryptocurrency Binance Coin, you may trade and settle fees on Binance, one of the biggest cryptocurrency exchanges in the world.
Binance Coin has grown since it was introduced in 2017, and it now does more than just enable transactions on Binance’s exchange platform. It is being used for trade, processing payments, and even making travel arrangements. Additionally, it can be traded or converted into other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB cost only $0.10. By the beginning of March 2022, it cost nearly $413, an increase of about 410,000%. BNB didn’t tremble much even after such a severe market drop and is still trading around $320 as of May 3, 2023.
5. XRP (XRP)
XRP is a cryptocurrency that may be used on that network to facilitate trades of many currency types, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing company.
At the start of 2017, XRP was worth $0.006. Its price increased by more than 6,000% as of May 3, 2023, reaching a high of $0.46.
6. Cardano (ADA)
Despite entering the cryptocurrency business relatively later, Cardano stands out for implementing proof-of-stake validation early. This strategy minimizes energy usage, boosts transaction speed, and has less of an adverse environmental impact by doing away with the competitive, problem-solving aspect of transaction verification seen in systems like Bitcoin. Similar to Ethereum, Cardano powers smart contracts and decentralized applications with ADA, its native coin.
The Cardano ADA token’s growth has lagged behind that of other notable cryptocurrency coins. The cost of ADA was $0.02 in 2017. Its price was $0.38 as of May 3rd, 2023. This represents a rise of almost 1500%.
7. Solana (SOL)
Solana was created to support the use of decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. Its unique hybrid proof-of-stake and proof-of-history processing mechanism enables quick and secure transaction processing. The platform is controlled by SOL, Solana’s native coin.
SOL’s price point when it was launched in 2020 was $0.77. Its cost was roughly $101 on March 1, 2022, an increase of almost 13,000%.On May 3, 2023, it was currently trading at about $21.
8. Polkadot (DOT)
To connect different chains together, the Polkadot (DOT) blockchain interoperability protocol was developed in 2016. It also makes it possible for parallel blockchains or parachains to perform transactions and exchange data securely. Polkadot security allows developers to create their own blockchains.
Gavin Wood, the principal architect of Ethereum, developed Polkadot. The intriguing aspect of DOT is that there is no strict cap on the total supply. Instead, a new token is consistently given forth.
Polkadot’s price hit its highest point in May 2020 at $6.30, then rose to an all-time high of $55.11 in May 2021, before plunging to about $4 in December 2022. Priced at $0.97 as of May 3rd, 2023. 9. LTC, or Litecoin
9. Litecoin (LTC)
Litecoin (LTC), an open-source blockchain project created by Charlie Lee, a former software developer for cryptocurrency exchange Coinbase, was released in 2011. It was among the first digital currencies whose code was a copy of Bitcoin’s. Despite similarities to Bitcoin, it is designed to have a quicker confirmation time for transactions. Anyone anywhere in the world can use it as a direct payment option. It’s often said that LTC is the “silver to Bitcoin’s gold.”
There are 84 million Litecoins in the entire round-off supply. In May 2021, it hit an all-time high of $413.47 before declining by more than 50%. There are ever more companies accepting Litecoin. It ranks as the 11th-largest cryptocurrency in the world with a token value of about $87.
10. Avalanche (AVAX)
The Avalanche blockchain’s native coin, AVAX, supports smart contract capabilities. It uses the Proof of Stake (PoS) algorithm and is one of the fastest and most dependable smart contract systems in the DeFi sector. Similar to Ethereum, it uses the same Solidity programming language and allows smart contracts to enable the running of decentralized apps on its network.
720 million AVAX tokens, the total supply of Avalanche, are available. Of which, fifty percent, were produced and distributed at the time of its 2020 launch. The remaining tokens will eventually be produced through the minting process as staking incentives. The fact that Avalanche does not pay validators any fees, in contrast to Bitcoin and Ethereum, makes AVAX increasingly rarer.
AVAX was originally offered in September of 2020 for about $4.00. The token reached its peak on November 23, 2021, at $134.87. AVAX has a price of almost $16.7 as of May 3, 2023.
Summary of the 10 Best Cryptocurrencies
Selecting the best cryptocurrency might be difficult. But you can make an informed choice if you have the correct knowledge and direction. The top 10 cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), U.S. Dollar Coin (USDC), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), Solana (SOL) and Litecoin (LTC). Each of these cryptocurrencies has its own unique features and benefits that make them stand out from the rest. Whether you’re looking for a store of value or a decentralized application, there’s a cryptocurrency that’s right for you.
