The Top 10 Cryptocurrencies for 2023 You Should Focus On

1. Bitcoin (BTC)

• Market Cap: $445.5 billion

Bitcoin (BTC) was created in 2009 by Satoshi Nakamoto, and is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.

Bitcoin's price has risen dramatically as it has become a household name. In May 2016, you could buy one Bitcoin for about $500. As of January 31, 2023, a single Bitcoin's price was around $23,108. That's a growth of 4,522%.

2. Ethereum (ETH)

• Market Cap: $193.9 billion

Ethereum, both a cryptocurrency and a blockchain platform, is a favorite among software developers because of its potential applications, such as so-called smart contracts that execute automatically when conditions are met and non-fungible tokens (NFTs).

Ethereum has also experienced tremendous growth. From April 2016 to the end of January 2023, its price rose from about $11 to around $1,584, a gain of 14,301%.

3. Tether (USDT)

• Market Cap: $67.8 billion

Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the U.S. dollar and the euro, for example, and hypothetically holds a value equal to one of those denominations. In theory, this means Tether's value is supposed to be more consistent than other cryptocurrencies, and it is preferred by investors who are wary of the extreme volatility of other coins.

4. Binance Coin (BNB)

• Market Cap: $49.3 billion

Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded beyond merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing, or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.

BNB’s price in 2017 was just $0.10. By late January 2023, its price had risen to around $312, a gain of 311,857%.

5. USD Coin (USDC)

• Market Cap: $42.7 billion

Like Tether, USD Coin (USDC) is a stablecoin, meaning it is backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.

6. XRP (XRP)

• Market Cap: $20.4 billion

Created by some of the founders of Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different types of currency, including fiat currencies and other major cryptocurrencies.

At the start of 2017, XRP's price was $0.006. As of January 31, 2023, its price reached $0.40, representing a rise of 6,596%.

7. Binance USD (BUSD)

• Market Cap: $15.7 billion

Binance USD (BUSD) is a stablecoin founded by both Paxos and Binance to create a U.S. dollar-backed cryptocurrency. To maintain this value, Paxos holds an amount of U.S. dollars equal to the total supply of BUSD. Like other stablecoins, BUSD gives traders and crypto users the ability to transact with other crypto assets while reducing the risk of volatility.

8. Cardano (ADA)

• Market Cap: $13.2 billion

Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method speeds up transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification found in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which are powered by ADA, its native coin.

Cardano’s ADA token has had relatively modest growth compared to other major cryptocurrencies. In 2017, ADA's price was $0.02. As of January 31, 2023, its price was at $0.38. That represents an increase of 1,803%.

9. Dogecoin (DOGE)

• Market Cap: $12.4 billion

Dogecoin started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptocurrencies, there is no limit to the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

Dogecoin's price in 2017 was $0.0002. By January 2023, its price was $0.09, an increase of 46,777%.

10. Polygon (MATIC)

• Market Cap: $9.7 billion

Founded in 2017, Polygon – formerly known as Matic Network – is a relatively popular cryptocurrency. It has been dubbed the “Ethereum blockchain internet” as well. Perhaps that is why MATIC supports more than 7,000 decentralized applications (dApps).

Polygon has also experienced tremendous growth since its initial launch. MATIC's initial price at launch was $0.00263. MATIC is trading today at $1.11, an increase of 42,029%.