When you’re just starting out in the world of cryptocurrencies, it can be overwhelming because there are dozens of different cryptocurrencies, from Dogecoin and Tether to Bitcoin and Ethereum. These are the top 10 cryptocurrencies according to market capitalization, which is the sum of all the coins in existence at the moment, to help you gain your bearings.The Top 10 Cryptocurrencies for Investment (1-11-2023)
1. Solana, or SOL
$15.2 billion is the market cap.
Solana is one of the top 10 cryptocurrencies and a platform designed to support decentralized apps, smart contracts, and decentralized finance (DeFi). It utilizes a special hybrid proof-of-stake and proof-of-history approach to handle transactions rapidly and securely. The native token of Solana, SOL, drives the platform.
SOL’s initial price at debut in 2020 was $0.77. Its price increased by 4,593% to approximately $36.14 at the end of October 2023.
2. Cardano or ADA
$10.5 billion is the market cap
Cardano (ADA), which entered the top 10 cryptocurrencies somewhat later, is renowned for being the first to adopt proof-of-stake validation. This approach eliminates the competitive, problem-solving element of transaction verification in systems like Bitcoin, thereby speeding up transaction times and reducing energy consumption and environmental effects. Similar to Ethereum, Cardano uses its native coin, ADA, to power decentralized apps and smart contracts.
Comparing Cardano’s ADA token to other prominent top 10 cryptocurrencies coins, its rise has been somewhat slow. The cost of ADA was $0.02 in 2017. It was worth $0.30 as of October 31, 2023. This represents a 1,387% rise.
3. Bitcoin or BTC
$670.6 billion is the market cap
Bitcoin is one of the top 10 cryptocurrencies. Satoshi Nakamoto created Bitcoin (BTC), the original cryptocurrency, in 2009.. BTC operates on a blockchain, which is a ledger that records transactions dispersed over a network of thousands of computers, just like the majority of other cryptocurrencies. Bitcoin is protected from scammers because updates to the distributed ledgers need to be validated through the solution of a cryptographic puzzle known as proof of work.
As Bitcoin gains widespread recognition, its value soars. One Bitcoin cost roughly $500 in May of 2016. On October 31, 2023, the price of one Bitcoin was around $34,338. That is a 6,768% gain.
4. DOGECOIN or DOGE
$9.8 billion is the market cap
Famously launched as a joke in 2013, Dogecoin quickly gained popularity as one of the top 10 cryptocurrencies because of its committed community and inventive memes. Dogecoins can be manufactured indefinitely, unlike many other cryptocurrencies, which makes the currency vulnerable to depreciation as supply grows.
In 2017, the price of Dogecoin was $0.0002. By October 2023, the price had increased 34,611% to $0.07.
5.TRON or TRX
$8.6 billion is the market cap
TRON is one of the top 10 cryptocurrencies. TRON is a blockchain that can execute smart contracts and other DeFi applications, much like Solana. TRX, the network’s native coin, powers the proof-of-stake consensus mechanism on the platform..
When TRON was first established in 2017, one TRX token was worth $0.0019. In just a few months, TRX gained 11,715%, reaching a peak of $0.2245 in 2018. At the moment, TRX is worth roughly $0.10.
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6. ETHEREUM or ETH
$216.8 billion is the market cap
Ethereum is among the top 10 cryptocurrencies. Ethereum is a blockchain platform and cryptocurrency that is popular among developers due to its potential uses, including non-fungible tokens (NFTs) and so-called smart contracts, which run automatically when certain conditions are satisfied.
Ethereum has grown astronomically as well. Between April 2016 and October 2023, the price increased by 16,286%, from approximately $11 to approximately $1,802.
7. TETHER or USDT
$84.6 billion is the market cap
Tether is one of the top 10 cryptocurrencies. Unlike some other cryptocurrency variants, Tether (USDT) is a stablecoin, meaning that it is supported by fiat currencies like the US dollar and the euro and keeps a theoretical value equal to one of those denominations. Because Tether’s value is supposed to be more stable than other cryptocurrencies, investors who are concerned about the extreme volatility of other coins tend to choose it.
8. BINANCE COIN or BNB
$34.5 billion is the market cap
Binance is also listed in the Top 10 cryptocurrencies list. One of the biggest cryptocurrency exchanges in the world, Binance, accepts Binance Coin (BNB) as payment for fees associated with trading. Binance Coin has grown beyond just enabling trades on Binance’s exchange platform since its introduction in 2017. These days, it can be utilized for travel booking, payment processing, and trading. Additionally, it can be exchanged or sold for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB was only worth $0.10. Its price increased to over $227 by late October 2023, a gain of 227,211%.
9. XRP or XRP
$32.3 billion is the market cap
XRP is one of the top 10 cryptocurrencies that may be used on the Ripple network to enable the exchange of various currencies, including fiat currencies and other prominent cryptocurrencies. Ripple is a digital technology and payment processing firm founded by some of the same individuals.
The price of XRP was $0.006 at the start of 2017. By October 31, 2023, its price had increased by 9,945% to $0.60.
10. US DOLLAR COIN or USDC
$24.9 billion is the market cap
The US dollar coin is among the top 10 cryptocurrencies. USDC is a stablecoin that can be redeemed 1:1 for US dollars and is supported by dollar-denominated assets kept in separate accounts with financial institutions under US regulation. Through their joint formation of the CENTRE Consortium, Coinbase and Circle worked together to power the launch of USDC. In regions where USDC support is available, Coinbase clients with US dollar accounts can exchange 1 USDC for US$1.00 (and vice versa). The redemption value of USDC, which is $1.00 USD, is shown in the graph above. This value may differ from what is offered for USDC on other exchanges. It should be noted that Coinbase only supports USDC on Ethereum (ERC-20).
Similar to Tether, USD Coin (USDC) strives for a 1 USD to 1 USDC ratio and is a stablecoin backed by US dollars. Ethereum powers USDC, and USD Coin allows you to conduct international transactions.