The crypto market is a fast-growing industry, and you can find many cryptocurrencies here like Bitcoin, Ethereum, Tether, Litecoin, Salona, monero, Binance coin, etc. Today’s cryptocurrency market holds a market cap of more than $1 Trillion and this fact alone attracts many people in investing their money here. Check the link to learn everything about cryptocurrencies.
At present, there are around 21,910 cryptocurrencies in total. But the recognized and active cryptos among them are found to be about 9000 as of 2023. Many cryptocurrencies are being created every year but unfortunately, many of them just vanish with time or remain inactive even though they achieved success initially. Studies have shown that more than 2000 cryptocurrencies failed in the year 2022.
That is why it is necessary to choose the top cryptocurrencies if you are planning an investment. Investing in Bitcoin is good, it is the first choice for almost everyone but since it is highly volatile, there is an increased chance of risk. To consider Bitcoin investment, you must have a high-risk tolerance, a strong financial condition, and be mentally and economically ready to lose the money you invested. However, it is a good choice to invest in other top cryptocurrencies leaving Bitcoin if you aren’t meeting the requirements for Bitcoin investments. Also, you can invest in these cryptocurrencies including bitcoin by making a well-diversified portfolio.
The top cryptocurrencies other than Bitcoin
Are you looking to invest in top cryptos in 2023? The crypto market is expected to continue its growth throughout the year. Few crypto coins are expected to grow much higher. So, make sure that you research which cryptocurrency has the most potential and invest in advance to take advantage of this upward trend. Besides, you should consider choosing the right trading platform, like Yuan Pay Group, which suits your requirements.
- Ethereum or ether (ETH):
The current value of Ether: 1633 USD
Ethereum is a decentralized blockchain platform that allows for the execution and verification of application code without relying on a third party. Thus, it provides users with greater security as the transactions in it will not be intercepted by an outside force. Therefore, it is a popular choice for developers who want to use its blockchain platform for numerous applications. Ether (ETH) is the native digital token of the Ethereum network that is used to carry out operations on the platform. Even though its market cap has decreased recently, it has seen tremendous growth compared to the initial growth in past years. Currently, the Ethereum market cap is around 200B, frequently changing from time to time. Ethereum is the second name you would hear most and likely to recognize in the cryptocurrency platform after Bitcoin asper value, market cap, and popularity.
- BNB – Binance Coin:
The current value of BNB: 322 USD
The Binance Coin or BNB is another top cryptocurrency mainly used to conduct transactions and pay fees on the Binance exchange which is one of the top trading platforms. Binance exchange is one of the largest digital platforms for trading cryptos. Binance Coin is more than just an asset or token on this leading exchange platform, but is used for a variety of activities. It is considered to be the third-largest cryptocurrency in the worldwide crypto market. You can use this token to pay bills or purchase goods like any other cryptocurrency. Additionally, with Binance exchange and BNB, you can pay for products and services to merchants. The current market cap of BNB is around $51.33B and is estimated to achieve higher growth this year.
- Ripple (XRP):
The current value of XRP: 0.39 USD
XRP is another popular digital token the Ripple network uses for facilitating various currency exchanges including fiat currencies and other prominent cryptos and mainly for fast fund transfer between banks internationally. XRP operates using a decentralized open-source platform, XRP ledger. Initially, in 2017 XRP cryptocurrency was valued at around $0.006. But its value grew significantly to around $0.37 within two months. XRP’s unique properties make it a valuable tool for helping customers adhere to compliance regulations. Specifically, its fast-processing time and delivery speed are more beneficial in many situations than other cryptocurrencies.
Apart from the cryptocurrencies mentioned above, many others, like the USD coin, Polkadot, etc. are on the top list. USD coins and Tether among this list of cryptos are stablecoins that you can exchange for USD. The benefit is they don’t change their values frequently and are therefore safe for new investors.