Many people are keen to know more about cryptocurrencies and their mode of operation. Some of you might have already invested in some cryptocurrencies. Some of you might be planning to start an investment plan this year.
So, you would be naturally interested in knowing which cryptocurrencies you should buy this year. According to the latest estimates, there are more than 18,000 cryptocurrencies globally. It would be difficult for an individual investor to choose some of the top currencies prevailing in the market.
If you like to know more about cryptocurrencies and their price movements, analysis, and expert opinion on the subject, you can start reading reputed financial publications and websites. You can follow Fazzaco to know more about Crypto news and analysis of the industry and its various features.
Before you start investing in cryptocurrencies, you also have to understand the nature of trading. One of the significant features of cryptocurrencies is their volatility. Let’s take the price performance of Bitcoin, the most popular cryptocurrency in the world, as an example.
On April 4, 2023, the price of Bitcoin was hovering around the $46,000 mark. It fluctuated for most of this year for various reasons, including the conflict between Russia and Ukraine.
Towards the end of March 2023, its price was in the range of $47,765. It shows that Bitcoin can go up or down by more than $1500 in a few days. At the same time, the price of Bitcoin was at $69,000 in November 2023, suggesting that its price can crash to any extent, and an investor should be aware of it.
This article discusses some of the top cryptocurrencies you can buy in 2023 based on several factors, including the present market capitalization or ‘market cap’ of the currencies. You also have to understand that the market cap of currencies will change every day and affect the rankings. So, this is a guide on some of the top cryptocurrencies in the world right now.
The cryptocurrency Bitcoin is a decentralized digital currency. It is regarded as the king of cryptocurrencies and was formed in 2008 by an unknown person or group of people using Satoshi Nakamoto.
It was on the market in 2009 and is one of the most popular cryptocurrencies in use now. There are apprehensions about the use of Bitcoin in some countries. But many nations acknowledged the importance of cryptocurrencies like Bitcoin.
El Salvador, for example, has accepted Bitcoin, which runs on a blockchain, as a legal tender. Despite the fluctuation in its prices, many people who like to invest in cryptocurrencies choose Bitcoin as their first option.
If you don’t have the money to go for a costly option like Bitcoin, you can try Ethereum, an open-source, public blockchain. Ether’s price is around $3500 as of April 4. If Bitcoin is the first choice of cryptocurrency for most investors, Ethereum, conceived by programmer Vitalik Buterin in 2013, is the next best choice for them. Ether went live on July 30, 2015.
Another popular cryptocurrency, similar to Bitcoin, is Litecoin. Investors who prefer to enter the market with an affordable pricing option can opt for Litecoin as its price is hovering around 126 as of April 4. Many merchants and regulators worldwide consider Litecoin as a potential
cryptocurrency to make a significant impact in the future. According to a recent report from The Guardian, it was among the top cryptocurrencies used for betting in sports. The other popular coins used for betting in sports include Dogecoin and XRP.
4. Binance Coin
When you consider the trading volume, Binance is one of the biggest cryptocurrency exchanges in the world. Binance Coin is its native coin, and its price is around $448 as of April 4, gaining substantially last year. It was co-founded by Chanpeng Zhao five years ago.
Tether (USDT), the largest stablecoin, is also the most popular currency for trading bitcoin. According to the latest reports, about $82 billion in Tether, a cryptocurrency hosted on the Ethereum and Bitcoin blockchains, is in circulation.
On March 26, 2002, the amount of Tether issued on the Avalanche network reportedly reached a new milestone of $351 million. According to the latest estimates, Tether has a total market capitalization of $81.346 Billion.
SOL is the native cryptocurrency of Solana, a public blockchain platform with smart contract functionality. The cryptocurrency claims that it provides faster transaction times than its main competitor, Ethereum.
According to recent reports, the total transaction volume for Solana-based non-fungible tokens (NFTs) topped $1.5 billion. More than two million transactions are based on NFTs issued on Solana, with 314,910 buyers and 260,844 sellers. Its NFT sales surged more than 50 percent in the last week of March. Crypto experts predicted Solana as an inexpensive alternative to Ethereum in 2023.
Cardano (ADA), a public blockchain platform, was founded by Ethereum co-founder Charles Hoskinson in 2015. Its price as of April 4 is $1.19. The open-source and decentralized currency is regarded as environmentally friendly.
In March, ADA has improved price movements, suggesting a bullish trend for this cryptocurrency. From an all-time high of $3, ADA’s price slumped to under $1 this year, but the March recovery suggests this crypto is on the right track.
There are many other promising names in the cryptocurrency market, such as Polkadot, Bitcoin Cash, Terra, Bitgert, Tezos, Avalanche, SeeSwap Protocol, LuckyBlock, Polygon, FileCoin, etc. With numerous cryptocurrencies in the market, it is difficult for new traders to identify the good ones and invest accordingly.
The new investors need to gain thorough knowledge about the operation of crypto markets. If you are a new investor in the market, you should first look to understand crypto trading basics.
You can start by reading cryptocurrency-related articles and analyzes by financial experts. You can also talk to experienced crypto investors in the field and understand their experiences in trading.