Top 5 Cryptocurrencies Of 2023

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming if you are just getting started in the cryptocurrency world. To help you orient yourself, here are the top 5cryptocurrencies based on their market cap, or the total value of all coins currently in circulation.

What are cryptocurrencies?

The Cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government. To date, there are 22,174 cryptocurrency projects representing the entire 809 billion dollar of cryptocurrency market of the world.

.1. Bitcoin (BTC)

Market Cap: $322.3 billion

Bitcoin (BTC) was created by Satoshi Nakamoto in 2009 and is the original cryptocurrency. Like most cryptocurrencies, BTC operates on a blockchain, or ledger of transactions, spread across a network of thousands of computers. Since additions to distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof-of-work, bitcoin is safe and secure from scammers.Bitcoin's price has skyrocketed since it has become a household name. As of May, 2016, a bitcoin could be bought for around $500.On January 3, 2023, the price of one bitcoin was approximately $16,741. That's an increase of 3,248%.Related: Buy Bitcoin

2. Ethereum (ETH)

Equity: $149.0 billion

Both a cryptocurrency platform and a blockchain, Ethereum is a favorite among program makers for its potential use as smart contracts, which execute automatically when conditions are met, and as non-fungible tokens (NFT) .Ethereum has also seen massive growth. From April 2016 to the end of January 2023, the price went from around $11 to around $1,218, an increase of around 10,970%.Related: How to Buy Ethereum

3. Tether(USDT)

Market Cap: $66.2 billion

Unlike other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning that it is backed by, and hypothetically equal to, fiat currencies such as the US dollar and euro denominations has . In theory, this means that Tether's value should be higher than other cryptocurrencies and preferred by investors worried about the extreme volatility of other coins.

4.US Dollar Coin (USDC)

Capital: $44.8 billion

Like Tether, USD Coin (USDC) is a stablecoin huh means it is endorsed by the United Statesdollars and aim for a ratio of $1 to USDC 1. USDC is powered by Ethereum and you can use USD Coin for global transactions.

5. Binance Coin (BNB)

Capital: $39.3 billion

Binance Coin (BNB) is a form of cryptocurrency that you trade and commissions can be paid to Binance, one of the largest cryptocurrency exchanges in the world.Since its launch in 2017, Binance Coin has grown beyond simply facilitating transactions on the Binance exchange. It can now be used for commerce, payment processing and even travel booking. It can also be traded or exchanged for other forms of cryptocurrency such as Ethereum or Bitcoin.BNB was priced at just $0.10 in 2017.By the end of January 2023, the price had increased to approximately $246, an increase of approximately $245,750.

reported by coincroco.com

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