Friday, September 29, 2023

10 of the finest cryptocurrency of 2023

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Getting started in the world of crypto investing could be overwhelming because of several reasons, one of them being the sheer diversity that nowadays exists among cryptocurrencies. Through the current times, there are several cryptocurrencies that one could choose from to invest in. They include Tether, Dogecoin, Ethereum, and Bitcoin. 

This article is intended to help you make sound crypto investment decisions. While the article will benefit seasoned investors as well, it has primarily been written keeping crypto investment beginners in mind.

In this article, we discuss the top 10 cryptocurrencies worth investing in. This could be due to several reasons, such as the total value of all coins that are presently in circulation, or the market capitalization of the cryptocurrencies.

  1. Bitcoin (BTC)

Bitcoin is the original cryptocurrency and was created in 2009 by an individual who used the alias Satoshi Nakamoto. Just as in the case of most cryptocurrencies, Bitcoin also operates over the blockchain. Blockchain is nothing but a ledger that logs the transactions that are distributed throughout a network that consists of thousands of computers. 

Across the years, the prices of Bitcoin have shot up. In May 2016, Bitcoin could be bought for $500. Through its journey, the pricing of Bitcoin has experienced many ups and downs.

  1. Ethereum (ETH)

While being a cryptocurrency, Ethereum is also a blockchain platform. From the developers’ viewpoint, blockchain is the preferred program because applications created over Ethereum withhold vast potential. A top example of the same is Non Fungible tokens (NFTs) and smart contracts, as they are called. Smart contracts execute automatically when the pre-defined conditions are met.

Amid April 2016 and March 2022, Ethereum experienced an increase of over 27,000%. The prices shot up from $11 to $3,000. As of March 19th, 2023, the value of Ethereum stands at $1,800.

  1. Tether

Tether is a stablecoin, which is unlike most forms of cryptocurrencies. Being a stablecoin implies that fiat currency such as Euro and the US dollar back Tether. Hypothetically, the value of Tether stays the same as one of the two denominations mentioned.

So technically, the value of Tether stays more consistent as compared to the other cryptocurrencies. When investors are wary of the dynamic price changes in cryptocurrencies, they invest in Tether.

  1. Binance Coin (BNB)

Binance Coin is also one of the type of cryptocurrency. One uses Binance Coin to pay fees or trade on Binance. It is noteworthy that from across the world, Binance is one of the largest crypto exchanges.

Binance was launched in 2017. But following its point of inception, over time, Binance began to explore its boundaries over the facilitation of trades over the Binance platform. 

As of current, Binance can be used for booking travel arrangements, payment processing, and trading.

  1. XRP (XRP)

A few of the founders of XRP were also the founders of Ripple. Ripple is a renowned payment processing and digital technology company. XRP keeps usable on Ripple and aids with the exchange of different types of currencies. This includes all major cryptocurrencies and fiat currencies.

Towards the beginning of 2017, XRP was priced at $0.006. But on 19th March 2023, XRPs prices stood at around $0.38, demonstrating an increase of over 6,000%.

  1. Cardano (ADA)

Cardano showed up late on the crypto scene but was still an early adopter of proof-of-stake validation. The unique factor regarding this method is that it mitigates energy usage and transaction time alike, so the environmental impact reduces. This way, Cardano overcomes the problem-solving and competitive aspects of transaction verification, that make an essential section of different platforms such as Bitcoin.

The operation of Cardano bears similarities with the operation of Ethereum, in the sense that it enables decentralized applications and smart contracts. These activities are powered by ADA, which is the native coin of Cardano.

  1. Solana (SOL)

Solana was developed for powering up smart contracts, decentralized apps (DApps), and decentralized finance (DeFi) users. Unique and hybrid proof-of-history and proof-of-stake mechanisms is what Solana runs on. This way, the transactions are processed securely and quickly. The platform is powered by SOL, which is Solana’s native token.

Upon its launch in 2020, SOL pricing started at $0.77. However, within a window of two years, the token demonstrated a 13,000% increase in prices which stood at $101 in March 1, 2022.

  1. Polkadot (DOT)

It was in 2016 that Polkadot (DOT) was founded. This one’s a one-of-a-kind blockchain interoperability protocol that has been designed for connecting together the different chains. Further, for parallel blockchains and parachains, processing transactions and exchange of data have been facilitated with no compromises on security.

When using Polkadot security, developers can come up with their own blockchains.

Creator of Polkadot is Gavin Wood, who is also the core founder of Etherium. To DOT’s supply, there is no hard limit as such. Instead, the token constantly keeps in circulation.

  1. Litecoin (LTC)

Launched in 2011, Litecoin is an opens source blockchain project. Charlie Lee created Litecoin, who was also a software engineer at Coinbase. Coinbase is a former crypto exchange.

Litecoin was one of the very first cryptocurrencies whose codes were an imitation of Bitcoin. However, transaction confirmation time of Litecoin tops that of Bitcoin. So people from anywhere in the world can be paid without mediators.

The total round off supply of Litecoin is 84 million tokens. Litecoin’s lifetime high was recorded at $413.47 in May 2021. But, the coin then dropped by 50%.

As of current, the token value of Litecoin stands at $84, and it is the 11th largest cryptocurrency in the world.

  1. Avalanche (AVAX)

As the native token of the Avalanche blockchain, AVAX also supports the smart contract functionality. The operation takes place over Proof of Stake (PoS) mechanism. Across the DeFi space, Avalanche is known to be one of the quickest and most trustworthy smart contract platforms. Just as in the case of Etherium, over its network, Avalanche supports smart contracts to run decentralized applications. Avalanche also uses Solidity application, which Etherium uses.

Overall, supply of Avalanche is limited to 720 million AVAX tokens.

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