Top cryptocurrencies in 2023

The world of crypto can be overwhelming for beginners
A closer look at Bitcoins. — Unsplash
A closer look at Bitcoins. — Unsplash

With thousands of cryptocurrencies available, the world of crypto can be overwhelming for beginners. 

To provide some clarity, here are the top seven cryptocurrencies, according to Forbes, ranked by their market capitalisation, representing the total value of all coins in circulation:

  1. Bitcoin (BTC): The original cryptocurrency, Bitcoin has a market cap of $570.2 billion. Its price has skyrocketed over the years, growing by a staggering 5,766% since 2016.
  2. Ethereum (ETH): A favourite among developers, Ethereum's market cap is $224.0 bn. Its versatile blockchain platform allows for smart contracts and NFTs, and its price has increased by an impressive 16,810% since 2016.
  3. Tether (USDT): A stablecoin backed by fiat currencies, Tether's market cap stands at $83.8 billion, making it a more consistent choice for investors wary of volatile cryptocurrencies.
  4. XRP (XRP): Created by Ripple, XRP facilitates currency exchanges and has seen a remarkable rise of 11,607% since 2017.
  5. Binance Coin (BNB): With a market cap of $36.6 billion, Binance Coin started as a trading and fee payment method but has expanded to offer various applications and can be exchanged for other cryptocurrencies.
  6. US Dollar Coin (USDC): Like Tether, USDC is a stablecoin backed by the US dollar, aiming for a 1:1 ratio and providing a reliable option for global transactions.
  7. Dogecoin (DOGE): Originally a joke, Dogecoin has gained popularity, highlighting a market cap of $11.1 billion and growing by an astounding 39,302% since 2017.