“Discover the Latest Rankings: The Top 10 Cryptocurrencies by Market Cap, Excluding Stablecoins.”
Here Is the October 2023’s Leading Cryptocurrencies Top 10 Rankings
1. Bitcoin (BTC)
With a market capitalization of $667.5 billion and an impressive year-over-year return of 65%, Bitcoin stands as the preeminent and most valuable cryptocurrency globally, even after approximately 14 years since its inception. This groundbreaking digital currency, conceived by the enigmatic entity or group known as Satoshi Nakamoto, introduced a decentralized transaction verification system based on blockchain technology, revolutionizing perceptions of digital security.
The decentralized and transparent nature of Bitcoin has magnetized investors and users alike. Nevertheless, critics have voiced concerns about its energy-intensive proof-of-work consensus mechanism and scalability issues. In response, various large-scale crypto projects have emerged, featuring higher transaction speeds and innovative blockchain designs, aimed at enhancing Bitcoin’s functionality.
2. Ethereum (ETH)
Boasting a market capitalization of $215.9 billion and a steady year-over-year return of 15%, Ethereum remains one of the pioneering altcoins to challenge Bitcoin’s supremacy. Launched in July 2015, Ethereum ranks as the most valuable cryptocurrency beyond Bitcoin. Notably, Ethereum introduced smart contracts, code that powers decentralized applications (dApps), which has reshaped the landscape of blockchain technology. With over 1,400 applications and developer tools residing on its blockchain, Ethereum employs Ether as its native cryptocurrency. In 2023, Ethereum successfully transitioned from a resource-intensive proof-of-work consensus mechanism to a more eco-friendly proof-of-stake system, setting it apart from Bitcoin and highlighting its blockchain’s distinct capabilities.
3. Binance Coin (BNB)
Carrying a market capitalization of $34.6 billion, Binance Coin (BNB) experienced a year-over-year return of -21%. BNB was initially conceived as a utility token within the Ethereum network, offering users reduced trading fees on the Binance exchange. However, BNB has since migrated to Binance’s proprietary blockchain, expanding its utility to encompass a wide array of transactions, applications, and use cases. Regrettably, Binance’s U.S. market share witnessed a significant decline in 2023 following legal action by the U.S. Securities and Exchange Commission, which alleged violations of securities laws.
4. XRP (XRP)
With a market capitalization of $29.6 billion and a year-over-year return of 17%, XRP, developed by Ripple, operates as a global payments network designed as an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT). Ripple asserts that its technology surpasses SWIFT in terms of speed, cost-effectiveness, and transparency. XRP serves as the native cryptocurrency specifically tailored for the Ripple network and XRP Ledger blockchain. Notably, XRP received a significant boost in July following a legal ruling in the Southern District of New York, which determined that the cryptocurrency may not necessarily qualify as a security under certain circumstances, potentially placing it beyond the regulatory purview of the SEC.
5. Solana (SOL)
Solana, with a market capitalization of $13.8 billion and a year-over-year return of 3%, was introduced to the crypto scene in March 2020. Like Ethereum, Solana’s network supports dApps, smart contracts, and non-fungible tokens (NFTs). Its hybrid proof-of-stake and proof-of-history verification system sets it apart, enabling faster and more cost-effective transactions when compared to Ethereum. However, Solana has faced challenges, with network outages undermining its credibility within the crypto community. In February 2023, the Solana network experienced nearly 20 hours of downtime. Nevertheless, Solana received a significant price boost following the XRP court ruling, making it the best-performing cryptocurrency on this list in 2023.
These five cryptocurrencies, each with its own unique features and challenges, continue to shape the ever-evolving landscape of the crypto market, offering diverse investment opportunities for those who explore this dynamic space.
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6. Cardano (ADA)
Cardano, with a market capitalization of $10.2 billion, has seen a year-over-year return of -29%. Launched in September 2017, Cardano distinguishes itself as a decentralized proof-of-stake blockchain, striving for greater efficiency compared to Bitcoin, Ethereum, and other proof-of-work blockchains of its time. Notably, Cardano garnered credibility within the crypto community due to its founder, Charles Hoskinson, a co-founder of Ethereum. Like Ethereum, Cardano focuses on functionality and aspires to become the preferred platform for dApp development and verifiable smart contracts. ADA, Cardano’s native cryptocurrency, plays a central role, facilitating transactions and powering dApps. Cardano users can also engage in staking with ADA, aiding in the network’s transaction verification process while earning additional tokens.
7. Dogecoin (DOGE)
Boasting a market capitalization of $10.1 billion, Dogecoin has experienced a year-over-year return of -7%. Originally conceived in 2013 as a satirical take on Bitcoin, Dogecoin has evolved into a legitimate investment option for many crypto enthusiasts, owing to its simplicity, high-profile endorsements, and the charming presence of its shiba inu mascot. Notably, Tesla CEO Elon Musk, a notable Dogecoin investor, has frequently caused fluctuations in Dogecoin’s price through his mentions and references to the cryptocurrency. Musk is currently facing legal action from a group of Dogecoin investors who allege illegal price manipulation. Billionaire entrepreneur Mark Cuban also lends his support to Dogecoin, recognizing its potential as a medium of exchange.
8. Tron (TRX)
With a market capitalization of $8.3 billion, Tron has delivered an impressive year-over-year return of 47%. Launched in August 2017, Tron’s long-term vision revolves around the use of blockchain technology and dApps to decentralize the internet. The network boasts over 177 million accounts and hosts a substantial circulating supply of stablecoins. Tron employs a delegated proof-of-stake verification system, and its native cryptocurrency is TRX. Originally an Ethereum-based token, TRX transitioned to its blockchain in 2018. Tron specializes in decentralized entertainment, including gaming and gambling applications, providing content creators with a direct avenue to reach consumers. In March 2023, the SEC charged Tron founder Justin Sun with fraud and other securities law violations.
Read Also: Tron Crypto Review 2023. Best Beginners Guide to TRX.
9. Toncoin (TON)
Toncoin, with a market capitalization of $7.2 billion, has seen a year-over-year return of 17%. Developed in 2018 by the team at encrypted messaging giant Telegram, TON is often referred to as a “layer 1” token. Renowned for its smart-contract capabilities, TON boasts a notable speed advantage over Ethereum, with blockchain transactions clocking in at a rapid five seconds. However, for a cryptocurrency to assert itself in the competitive landscape of the crypto world, attracting more developers to build on its network is essential.
10. Chainlink (LINK)
Chainlink, released in April 2021, commands a market capitalization of $6.2 billion and boasts a year-over-year return of 55%. Chainlink operates as a decentralized system of nodes, facilitating the connection between on-chain smart contracts and external data sources beyond the blockchain. Smart contracts, for those new to the crypto lingo, function akin to traditional paper contracts, but with the added advantage of executing protocols on a blockchain. Chainlink’s distinctive capability lies in performing custom computations using various data sources and accessing numerous APIs, enhancing the flexibility and utility of blockchain-based applications.
The crypto space continues to evolve, with these cryptocurrencies playing pivotal roles, each bringing its unique features and challenges, contributing to the ever-expanding realm of digital assets and blockchain technology.
What is cryptocurrency?
Cryptocurrency, in simple terms, is a form of digital or virtual currency that operates on decentralized networks and relies on cryptographic principles for security. Unlike traditional fiat currencies, such as the U.S. dollar, which are backed by governments and central banks, cryptocurrencies derive their value and security from their underlying code and the blockchain technology they utilize. The key characteristics of cryptocurrencies are:
- Decentralization: Cryptocurrencies are typically not controlled by a central authority, like a government or central bank. Instead, they operate on a decentralized network of computers.
- Blockchain Technology: Transactions in the cryptocurrency world are recorded on a transparent and immutable public ledger known as the blockchain. This technology ensures transparency, security, and trust in the system.
- Digital Nature: Cryptocurrencies exist only in digital form and have no physical counterparts like banknotes or coins. They are purely digital assets.
Cryptocurrencies serve various purposes, including but not limited to:
- Medium of Exchange: They offer an alternative means of conducting transactions, often with lower fees and quicker settlement times, particularly for international transfers.
- Store of Value: Some investors view cryptocurrencies, such as Bitcoin, as a store of value, similar to gold, especially during economic uncertainties.
- Hedge Against Inflation: Cryptocurrencies are considered by some as a hedge against inflation, as their supply is often limited, providing a safeguard against currency devaluation.
- Financial Inclusion: Cryptocurrencies can provide financial services to those who are unbanked or underbanked, extending access to the global financial system.
Read Also: “Bitcoin Achieves Highest Point in a Year and a Half Amidst Growing ETF Expectations”
How to buy cryptocurrency
To buy cryptocurrency, you can follow these steps:
- Choose a Cryptocurrency Exchange or Broker: Select a reputable exchange or brokerage platform that offers the cryptocurrency you want to buy. Common options include Coinbase, Binance, Robinhood, and SoFi.
- Create and Verify an Account: Sign up for an account on the chosen platform and complete the necessary identity verification process, which often includes providing identification documents and personal information.
- Deposit Funds: Deposit your preferred fiat currency (e.g., USD, EUR) into your exchange account. This can often be done through bank transfers, credit/debit cards, or other payment methods accepted by the platform.
- Purchase Cryptocurrency: Once your account is funded, you can place orders to buy your desired cryptocurrency using its unique ticker symbol. You can specify the amount and the price at which you want to buy.
- Secure a Digital Wallet (Optional): For added security, consider using a digital wallet to store your cryptocurrency. Hardware wallets and software wallets are available, each with its level of security and ease of use.
It’s essential to conduct thorough research, understand the risks associated with cryptocurrency investments, and only invest what you can afford to lose, as the cryptocurrency market can be highly volatile.
Conclusion
In conclusion, cryptocurrencies are digital assets that operate on decentralized networks, relying on cryptographic technology and blockchain ledgers for security and transparency. They serve various purposes, including facilitating transactions, acting as stores of value, providing a hedge against inflation, and increasing financial inclusion. To purchase cryptocurrency, individuals can choose a reputable exchange or broker, create and verify an account, deposit funds, and then make their desired cryptocurrency purchases. Using a digital wallet for added security is also an option. However, it’s crucial to be aware of the inherent risks and volatility in the cryptocurrency market and invest wisely.
