Compared to ten years ago, the world of crypto assets has greatly expanded. There were very few additional cryptocurrencies in 2013. Today’s coins and tokens come in a wide range of varieties and have applications beyond Bitcoin’s role as a decentralized money substitute. More than 25,000 cryptocurrency projects are currently traded on the stock market, according to CoinMarketCap. However, despite the existence of hundreds of thousands of cryptocurrencies, the market continues to be ruled by Ethereum and Bitcoin, the first cryptocurrency. The market-capitalized words of Ethereum and Bitcoin account for over 70% of the total $1.2 trillion cryptocurrency market. Most cryptocurrencies that are currently traded have a limited market capitalization. With a capitalization of more than $5 billion, just 14 cryptocurrencies exist. The top 10 digital currencies, excluding stablecoins, as measured by market capitalization are shown below. Since stablecoins are intended to maintain their prices steady and are not investment opportunities like other cryptocurrency initiatives, we have removed them from our list.
|Crypto List||Market Cap||30-day Performance|
What are the Top 10 Cryptocurrencies of July 2023?
10. BNB (BNB) :
The largest exchange for digital currencies in the world, Binance, introduced BNB. In December 2022, the top exchange owned close to 70% of the market value among exchanges, citing research by CryptoCompare. The overall market capitalization of BNB is $38 billion and the 30-day performance is -21.3%. Binance, the largest cryptocurrency marketplace in the world, introduced BNB. Research from CryptoCompare claims that in December 2022, the top exchange controlled close to 70% of the market. The Binance ecosystem supports the use of BNB for things like paying trading commissions. Its expansion has been explosive, much like that of its progenitor. In 2022, the exchange, which was only established in 2017, was said to have handled more than $5 trillion in trade activity. Additionally, Binance has created a blockchain that may be used to launch additional cryptocurrencies. A ledger that facilitates transactions and tracks assets inside a network is what a blockchain does. BNB is the native token in this ecosystem that is utilized to cover transaction costs.
9. XRP (XRP) :
The unique cryptocurrency known as XRP was created by Ripple Labs, a for-profit organization. Similar to a modernized version of SWIFT, Ripple seeks to develop a replacement payment system that emphasizes speeding money transfers. It is a payment processing system that can handle cross-border transactions and makes it easier to exchange fiat money for cryptocurrency. Market capitalization is $25 billion, and performance over the previous 30 days was -5.8%. XRP serves as the platform’s native token. On the network, fees can be paid using the token. But given that XRP is substantially more centralized than conventional crypto due to its connections to fiat currencies, it is “less crypto” than many other coins on this list.
8. Cardano (ADA) :
Charles Hoskinson, one of the original founding participants in Ethereum, co-founded Cardano following a disagreement on Ethereum’s future trajectory. The market capital of this is $10 billion and last month’s performance is -23.0%. The solution proposed by Hoskinson was to leave the Ethereum development and launch his coin, Cardano. The fact that ADA uses a proof-of-stake validating mechanism has historically been one of its greatest contrasts from Ethereum. Blockchain verification of transactions using proof-of-stake is more energy-efficient. In contrast, the proof-of-work technique used by Bitcoin uses a lot of computer power and is extremely energy inefficient. But in September 2022, as part of a significant system upgrade, Ethereum switched to a proof-of-stake approach.
7. Dogecoin (DOGE) :
Shiba Inu dog online memes served as the basis for the initial joke, according to founder Billy Markus, who created the cryptocurrency in “about two hours.” $9 billion in market cap, with a -9.9% 30-day performance. The majority of meme currencies have no intrinsic value and are “typically constructed off the backs of existing bitcoin technology with very little creativity”, according to Alex McCurry, CEO of Solidity, a digital currency solutions provider. During the pandemic, DOGE mysteriously attracted the interest of the crypto markets, soaring to a peak market worth of approximately $90 billion in May 2021. What goes up must inevitably come down. However, even after the crypto industry’s bad market in 2022, this cryptocurrency, which even its founders concede has no intrinsic worth, still maintains an overall market cap of several billion.
6. Solana (SOL) :
Solana, who was once known as the “Ethereum killer,” wants to unseat Ethereum in the field of decentralized finance and smart contract blockchains. The capital is $7.7 billion and performance for the last 30 days is -12.5% In comparison to Ethereum, Solana boasts higher processing capacity, quicker speeds, and reduced costs. Even by cryptocurrency standards, Solana has fallen dramatically from its peak as the third-largest cryptocurrency. It was selling for around $8 just over a year after reaching a record-high price of nearly $260 in November 2021. Investors in Solana are suffering as a result of the network’s ongoing outages, the departure of some of its largest projects to other blockchains, and connections to disgraced former FTX CEO Sam Bankman-Fried.
5. Litecoin (LTC) :
A fork of the Bitcoin source code led to the creation of Litecoin in 2011. The market capital of this coin is $7.4 billion and the performance is 6.2%. It is regarded as one of the earliest alternative currencies and was created to be a more effective version of Bitcoin. Litecoin is still one of the most popular cryptocurrencies, but its reputation has declined. It used to be the second-largest cryptocurrency behind Bitcoin, but it is now hardly ever utilized.
4. Tron (TRX) :
Before moving to its network in 2018, Tron began as a token on Ethereum. The overall market capitalization of this currency is $6.9 billion and the return is -0.4%. It began in Asia but has since spread to other continents and is now among the most popular cryptocurrencies. Chinese billionaire Justin Sun, who is also the CEO of the file-sharing application BitTorrent, established it in 2017. In the DeFi market, Tron is second beneath Ethereum and currently has 12.7% of the total value secured.
3. Polkadot (DOT) :
Gavin Wood created the Polkadot protocol, which links blockchains. It is frequently described as the “blockchain of blockchains.” The market capital of the Polkadot is $6.5 billion and the performance is -6.9%. tries to integrate these many protocols in an international environment where blockchains occasionally function as walled gardens. Detailing the technicals would require a complete article. In essence, if Polygon is a Layer 2 and Ethereum is a Layer 1, then Polkadot is a Layer 0 and serves as the foundation layer for Layer 1 blockchains. DOT, the native coin of Polkadot, is primarily employed for management and staking. Staking helps the cryptocurrency’s transaction validation method.
2. Ethereum (ETH) :
The term “flipping” refers to ardent Ethereum supporters’ predictions that their currency will “flip” Bitcoin to claim the title of cryptocurrency with the largest market cap. The market capital is $229 billion and the 30-day performance is 1.9%. It didn’t work out as planned. But for a long time, Ethereum was ranked second in terms of market capitalisation. With numerous additional cryptocurrencies and decentralized applications, or dApps, constructed on top of the platform, it may be thought of as a developer’s sandbox. The use of DeFi and non-fungible tokens, or NFTs, is among Ethereum’s most well-liked functions. In-game features, films, music, and art are just a few examples of real-world goods that are represented by NFTs. Under the direction of Russian-Canadian hacker Vitalik Buterin, the network called Ethereum went online in July 2015, six years after the introduction of Bitcoin.
1. Bitcoin (BTC) :
The market capital of Bitcoin is $601 billion. The top slot is firmly held by Bitcoin, the phenomenon that started it all. A Peer-to-Peer Electronic Cash System, a white paper written by an unidentified person dubbed Satoshi Nakamoto, laid the foundation for Bitcoin on Halloween night in 2008 when the majority of people were donning Joker costumes from “The Dark Knight” starring Heath Ledger. Bitcoin was the first digital currency of its sort when it was introduced in January 2009 as a form of electronic currency that did not use financial institutions. The fundamental idea behind Bitcoin is its independence from centralized authorities like banks and governments. Decentralized finances, often known as DeFi, enter the picture at this point. Few people could have anticipated what happened next. Bitcoin is currently kept on the balance sheets of publicly traded firms like Square and MicroStrategy and is recognized as legal cash in El Salvador. With a staggering market valuation of $601 billion, it has given birth to a whole sector.
What is Cryptocurrency?
Cryptocurrencies are electronic money that is frequently decentralized and safeguarded by vast computer networks. The distributed structure of cryptocurrencies allows them to operate independently based only on their source code, as opposed to the U.S. dollar and other conventional currencies that have been guaranteed by the federal government and central banks. Blockchain technology is used to verify and record cryptocurrency trades on open, public ledgers. In essence, cryptocurrencies are anonymous digital currencies. Cryptocurrency is viewed by investors and enthusiasts as a different way to carry out transactions, a prospective inflation hedge, an accumulation of value during times of macroeconomic turmoil, and a way to get around the established financial system. Any internet user in the globe may conduct monetary transactions swiftly and easily without the assistance of a bank or any economic middleman thanks to Bitcoin and other popular cryptocurrencies.
How To Purchase Cryptocurrencies?
Similar to equities and mutual funds, exchange-traded cryptocurrencies also trade on exchanges. However, not all brokers provide trading in cryptocurrencies, especially those besides Bitcoin and Ethereum. Finding a broker or exchange that facilitates cryptocurrency trading is the first step in purchasing a cryptocurrency. Two well-known cryptocurrency brokers are Robinhood and SoFi. Top digital currency trading platforms like Coinbase and Binance are available. Create and validate a trading account once you’ve located a cryptocurrency broker or marketplace. To verify your identification, you might be asked to produce a copy of your photo ID, a bank statement, or other paperwork. Following the creation of your account, you can fund it with cash and purchase your preferred cryptocurrency using a three- or four-letter ticker representation, exactly like a stock. To further boost security, certain investors decide to store their cryptocurrency utilizing a digital wallet.
Frequently Asked Questions
1. Cardano (ADA): A blockchain platform known for its focus on security and scalability, aiming to provide a platform for building decentralized applications (dApps).
2. Polkadot (DOT): A multi-chain platform that allows different blockchains to interoperate, facilitating communication and data sharing between them.
3. Solana (SOL): A high-performance blockchain platform designed for decentralized applications and crypto projects, known for its fast transaction processing and low fees.
4. Binance Coin (BNB): The native cryptocurrency of the Binance exchange, which has gained popularity for its utility in trading, fees, and participation in token sales on the Binance Launchpad.
5. Chainlink (LINK): A decentralized oracle network that connects smart contracts with real-world data, enabling smart contracts to interact with external information.
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Binance Coin (BNB)
4. Cardano (ADA)
5. XRP (XRP)
6. Dogecoin (DOGE)
7. Polkadot (DOT)
8. Litecoin (LTC)
9. Bitcoin Cash (BCH)
10. Chainlink (LINK)
Reddit is a popular social media platform where users can discuss a wide range of topics, including cryptocurrencies. The subreddit r/cryptocurrency is one of the largest communities for discussing cryptocurrencies on Reddit. It covers a broad spectrum of cryptocurrencies and related topics, making it a good place to stay updated on the latest news, trends, and discussions in the crypto space.
To identify the next big cryptocurrency, it’s essential to conduct thorough research, follow industry news, analyze market trends, and evaluate the fundamentals and potential of different cryptocurrencies. Keeping an eye on platforms like Reddit can provide insights and community discussions, but it’s important to critically evaluate the information and exercise caution when making investment decisions.
In addition to established tokens and well-known names, there are several promising crypto projects that offer great potential for the future. LHINU, DLANCE, MET, ECOTERRA, and TARO are among the cryptocurrencies expected to experience significant growth, with projected gains of 30 times their current value by 2024.
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