The world of cryptocurrencies has expanded rapidly over the past few years. The cryptocurrency market currently has over 20,000 tokens in it. While most of these tokens are full of empty promises and provide no real value, the ones that are left are often ecosystems that aim to revolutionize the world.
With so many options available, it can be overwhelming to figure out what crypto is worth investing in. In this article, we will explore the top 10 cryptocurrencies to consider investing in 2023. We will touch upon their market capitalization, total supply, and recent developments in the crypto industry.
Top 10 Cryptocurrencies in 2023
You might’ve been thinking about what crypto to buy in 2023. Well, we will do our best to help you make an educated and informed decision. This is not financial advice and is purely educative. Before you decide to invest in crypto, please do your research. Besides that, only invest what you can afford to lose as this market is volatile.
Cryptocurrencies With High Potential
Arbitrum (ARB)
Market cap: $1.7 billion
Arbitrum is an Ethereum layer-two (L2) scaling solution. This solution leverages optimistic rollups to enhance speed and scalability while decreasing the cost of transactions. This approach benefits from Ethereum’s security and compatibility. However, it also surpasses Ethereum’s current issues with throughput and fees. This is made possible by executing the majority of computation and storage off-chain.
The native token, ARB, facilitates governance. Offchain Labs, Arbitrum’s developer, has transitioned to a decentralized autonomous organization (DAO) structure. This DAO structure is known as the Arbitrum DAO. Now, ARB holders can vote on proposals affecting the Arbitrum ecosystem. Some aspects the holders can vote on are features, protocol upgrades, funds allocation, and Security Council elections.
The roadmap of Arbitrum is ambitious and is a good example of the vision of the project. Its roadmap features:
- a layer-three solution called Orbit
- the deployment of programs written in popular languages like Rust and C++ using Stylus
- expanded validator sets
- a protocol move to layer two with Arbitrum One.
To wrap this up, Arbitrum’s unique qualities include compatibility, scalability, flexibility, and decentralization. It supports unmodified EVM contracts and can handle thousands of transactions per second. Moreover, it allows the deployment of programs in various languages using Stylus.
Arbitrum is currently trading at a price of $1.34 and has a market capitalization of $1.7 billion. With the current team and vision, this cryptocurrency project can reach new highs. So, in that sense, ARB could prove to be a very profitable investment in the mid to long term. At the time of writing, you can buy Arbitrum on Binance, KuCoin, Kraken, BitFinex, Huobi, Gate.io, Uniswap, Sushiswap, and several smaller exchanges.
Solar (SXP)
Market cap: $336 million
Solar (SXP) is the native utility and governance token of the Solar blockchain. This cryptocurrency project focuses on providing sustainable, clean energy solutions. The team is focused on remote areas, and they aim to provide these solutions using blockchain technology. Founded by Joselito Lizarondo and Nayiem Willems, the Solar Network originated from their previous venture, Swipechain. In December 2021, they established the Estonia-based Solar Blockchain Foundation following Binance’s acquisition of Swipe (SXP) shares.
SXP tokens enable users to stake and secure the network. By staking, users earn rewards, pay transaction fees, and participate in governance by proposing and voting on protocol changes. Additionally, Solar DApps and the whole Solar ecosystem use SXP as their primary cryptocurrency. Built on the Solar Core, a Layer-1 Blockchain Framework, Solar uses Delegated Proof-of-Stake Consensus (DPoS) to secure the network. Currently, 53 delegates are serving as node operators or validators.
Solar’s network security relies on a combination of its Proof-of-Stake (PoS) mechanism, multi-signature wallets, smart contracts, and decentralized architecture. The decentralized architecture protects the Solar Core from cyber attacks, a very common occurrence in the crypto industry. Validators are chosen based on their stake in the network and help keep the network operating safely. To add to the blockchain’s security, the team launched a bug bounty program. This program encourages security researchers to identify and report vulnerabilities or exploits in return for rewards.
At the time of writing, SXP is training at $0.60 per token. It has an average daily trading volume of $801 million and a market capitalization of $336 million. The token was recently listed on Binance. So, you can buy, sell, and trade this token on Binance, KuCoin, Bitstamp, Bithumb, Huobi, Bittrex, Gate.io, Poloniex, ProBit Global, WazirX, and several smaller exchanges.
Space ID (ID)
Market cap: $141 million
Space ID is a cryptocurrency project focused on developing a universal name service network. The goal of this name service network is to function as a one-stop identity platform for discovering, registering, trading, and managing web3 domains. This innovative platform offers a Web3 Name SDK & API for developers. Moreover, it supports multiple blockchains and delivers a multi-chain name service. This makes it easier for users to build and establish a Web3 identity.
The ID token, Space ID’s native governance token, plays a crucial role in the project’s decision-making process. It empowers users to influence the direction and future of Space ID. This element is crucial for Web3 projects as it helps keep the decentralized nature of the project. Voting means contributing to the ecosystem’s growth and sustainability. The ID token incentivizes user engagement with the project, positioning Space ID as a leader in the Web3 industry.
ID token’s functions within the Space ID ecosystem include:
- staking
- payments
- and governance.
Users can stake ID tokens to receive trading fee discounts in the Space ID Domain NFT Marketplace. Additionally, users who stake ID receive Web3 domain registration discounts on Space ID. Additionally, the ID token serves as a payment method within the ecosystem. Lastly, ID token holders can actively participate in and vote on Space ID DAO proposals.
Currently, you can purchase ID for only $0.49 per piece. The token made its debut just a week ago and has been performing well since then. It has a daily trading volume of $155 million and a market capitalization of $141 million. At the time of writing, you can purchase ID on Binance, KuCoin, Uniswap, PancakeSwap, Bybit, Gate.io, MEXC, Phemex, CoinEx, etc…
Kaspa (KAS)
Market cap: $637 million
Moving on, we have Kaspa. Kaspa (KAS) is a proof-of-work (PoW) crypto project that utilizes the GHOSTDAG protocol. This protocol differs from traditional blockchains by allowing parallel blocks to coexist. Additionally, these parallel, coexisting blocks can be ordered in consensus instead of being orphaned. Kaspa’s blockDAG structure enables secure operation with high block rates and while keeping confirmation times at a minimum. According to CoinMarketCap, Kaspa’s blockchain operates at one block per second. The goal of Kaspa, however, is to reach 10 or even 100 blocks per second.
Kaspa was developed by DAGLabs and initiated through investment by PolyChain. This blockchain is an open-source community project without central governance or a business model. Its founder, Yonatan Sompolinsky, is a Postdoc CS at Harvard University. Moreover, the core development team comprises several contributors, with each contributor being overqualified. Some notable names are Shai Wyborski, Michael Sutton, Mike Zak, Elichai Turkel, and Ori Newman.
Kaspa’s unique features include the ability to support high block rates while maintaining PoW security. Until today, the PoW consensus mechanism proved to be safer than the PoS one. Its monetary policy, known as the chromatic phase, reduces block rewards geometrically over time. This policy could be compared to Bitcoin’s halving mechanism.
Right now, Kaspa is trading at a price of $0.035 per token. This cryptocurrency has a market capitalization of $628 million and a daily trading volume of $34 million. Its circulating supply is around 17.6 billion. According to data from CoinMarketCap, you can buy Kaspa in Gate.io, MEXC, CoinEx, BingX, XT.COM, Hotbit, and several other exchanges.
Top Cryptocurrencies Right Now
Bitcoin (BTC)
Market cap: $549.3 billion
Bitcoin, created in 2009 by Satoshi Nakamoto, is the first mainstream cryptocurrency. This cryptocurrency operates on its blockchain and uses a decentralized ledger to log transactions across a network of computers. The Distributed Ledger Technology (DLT) that Bitcoin uses is one of the most efficient ways of logging and processing transactions in a decentralized manner. Bitcoin has gained widespread adoption and experienced a massive increase in value over the years. As of March 31, 2023, a single Bitcoin was priced at around $28,000, representing a growth of 5,277% since May 2016. Bitcoin’s all-time high is ~$69,000, a price it hit back in November 2021.
Bitcoin is currently rallying, with its price skyrocketing in the first three months of the year. However, some experts believe that this is a bull trap and that Bitcoin must go down to experience a healthy bull/bear cycle. Most analysts believe that Bitcoin will likely crash to a certain degree before it shoots up again in 2024.
When investing in cryptocurrencies, you should consider the “King of Crypto.” Bitcoin is the first cryptocurrency from which governments were scared. This cryptocurrency is known as the biggest and strongest crypto in the market. So, stack up your Bitcoin before its price shoots up once again. We believe that Bitcoin will always remain the top-performing cryptocurrency. Bitcoin can be found in every exchange out there as it is the biggest cryptocurrency in the world.
Ethereum (ETH)
Market cap: $220 billion
Ethereum is one of the biggest cryptocurrency networks in existence. This cryptocurrency fosters the biggest ecosystem in the cryptocurrency industry. Thus, Ethereum is the go-to choice among developers for its potential applications. These potential applications are based on smart contracts that automatically execute when certain conditions are met. Through smart contracts, we get non-fungible tokens (NFTs) and fungible tokens built on Ethereum such as Shiba Inu, etc. Similar to Bitcoin, Ethereum is likely to keep increasing in value as time passes by.
As mentioned above, one can launch fungible and non-fungible tokens using Ethereum’s blockchain. NFTs have been popular in recent years, and they keep evolving. After Ethereum’s debut, new cryptocurrencies and blockchains were created. Today, we have a list of “Ethereum-killer” blockchains that aim to outperform Ethereum. Some of the most well-known blockchains are Cardano and Solana. Until today, that has yet to happen, with Ethereum having only one cryptocurrency above it in terms of market capitalization – Bitcoin.
Ethereum’s price has increased steadily throughout the years. Its price went from $11 in April 2016 to ~$1,700, the price it’s trading for today. This translates to an impressive 15,659% increase. At its all-time high in October 2021, Ethereum was trading at a price of $4,800. Similar to Bitcoin, Ethereum can be found in every cryptocurrency exchange in the world.
BNB (BNB)
Market cap: $48.9 billion
Before we get into BNB, let us briefly touch upon the Binance exchange. Binance, founded by Changpeng Zhao back in July 2017, is the world’s largest cryptocurrency exchange by daily trading volume. This company has expanded its services to create an ecosystem that includes Binance Chain, Binance Smart Chain, Binance Academy, and Trust Wallet. The native cryptocurrency of Binance Smart Chain is BNB. This cryptocurrency plays a crucial role in the functioning of every product and service of Binance.
BNB is unique due to its role within the Binance ecosystem of decentralized blockchain networks. Binance’s drive and initiatives for development have allowed the company to expand its services. Today, the company is broader in terms of products and services, and spans across numerous areas. Binance aims to become the infrastructure services provider for the entire blockchain ecosystem. BNB has experienced significant price growth, attracting increased investor interest. Of course, being the native token of the biggest cryptocurrency exchange in the world has its benefits.
BNB’s deflationary tokenomics are further enhanced by measures like BEP-95, which lowers gas fees and burns a part of the fees to promote decentralization. Binance has weathered several protocol exploits but remains popular due to its low fees and variety of meme coins. Binance aims to burn up to 100 million BNB tokens. This percentage of tokens accounts for 50% of its circulating supply.
BNB is currently trading at a price of $314 per token. The cryptocurrency is ranked as the 4th biggest one in the market regarding market capitalization and it has a daily trading volume of $393 million. Similar to Bitcoin and Ethereum, you can buy, sell, and trade BNB in many major crypto exchanges. Nevertheless, the majority of BNB’s market share is located on the Binance exchange.
XRP (XRP)
Market cap: $25.6 billion
XRP Ledger (XRPL), launched in 2021, is an open-source, permissionless, and decentralized technology that offers various benefits, including low-cost transactions, fast settlement times, scalability, and environmentally friendly attributes. It also features the first decentralized exchange (DEX) and custom tokenization capabilities built into the protocol. Since 2012, the XRP Ledger has been operating reliably, closing over 70 million ledgers.
David Schwartz, Jed McCaleb, and Arthur Britto launched the XRP Ledger with its native currency, XRP, in 2012. They aimed to create a faster and more energy-efficient alternative to the Bitcoin blockchain. Later that year, they co-founded Ripple with Chris Larsen.
The XRP Ledger is unique due to its wide range of applications and use cases related to payments, micropayments, DeFi, and soon, NFTs. It supports enterprises and developers by providing powerful utility and flexibility. Developers can access various tutorials on the XRP website to learn how to build apps, manage accounts, and more.
The XRP Ledger is used by developers to create solutions for remittance and asset tokenization. Its primary applications include payments, tokenization, DeFi, CBDCs, and stablecoins. Ripple was gifted 80 billion XRP to build use cases around the digital asset, including its global payments network, RippleNet.
Honorable Mentions
Polkadot (DOT)
Market cap: $10.5 billion
Polkadot is a blockchain platform that aims to connect multiple blockchains and facilitate cross-chain interoperability. It allows different blockchains to communicate and transfer data securely and efficiently, making it an attractive choice for developers looking to build dApps that can interact with various networks. DOT, Polkadot’s native token, has seen significant growth since its inception in 2020, with its price surging from $2.87 to around $23.60 by March 2023, marking a 721% increase.
Chainlink (LINK)
Market cap: $8.4 billion
Chainlink is a decentralized Oracle network that connects smart contracts to off-chain data and services. It allows smart contracts to access external data feeds, APIs, and payment systems, providing a bridge between blockchain networks and the real world. LINK, the native token of Chainlink, has witnessed considerable growth since its initial offering in 2017, with its price rising from $0.15 to about $19.80 by March 2023, a 13,100% increase.