- Several cryptocurrencies have emerged to join the most prominent, Bitcoin.
- The top ranking includes a variety of stablecoins.
- Crypto assets were allegedly under pressure to the downside in the recent past.
Although Bitcoin was the first significant cryptocurrency released in 2009, several others have emerged and grown popular, albeit not as massive.
We have compiled a list of the most popular crypto assets, detailing their use and the factors that may contribute to their meteoric growth in value this year.
1. Bitcoin (BTC)
There is a widespread belief that Bitcoin may be used as a haven investment and has been dubbed “digital gold.” It has a lengthy record of consistent growth, making it a promising investment option.
Bitcoin may be used for many online transactions and is accepted at many brick-and-mortar establishments. So far, it has proven to be the most popular cryptocurrency for purchasing physical and virtual products and services.
2. Ethereum (ETH)
Ethereum is a distributed network where users may execute smart contracts. These are examples of programs that can run atop the Ethereum network.
Ethereum is intended for a different function from Bitcoin and is used in many exciting decentralized applications (DApps) and decentralized finance (DeFi) projects. Ether is used to acquire virtual goods like clothes and equipment that may be used in-game.
3. Tether (USDT)
Tether is not just a stablecoin but also the largest stablecoin by market capitalization. Stablecoins do not fluctuate wildly. In the case of Tether, the value of the token is pegged to the dollar. Tether is often used as a bridge between different cryptocurrencies while making trades.
4. USD Coin (USDC)
US Dollar Coin, like Tether, is a stablecoin whose value is tethered to the US dollar and should remain relatively constant. The currency’s creators claim the assets behind it are entirely reserved or “equal, fair value,” and they are stored in accounts at federally supervised U.S. financial institutions.
5. BNB (BNB)
Binance, one of the most popular marketplaces for buying, trading, and transferring cryptocurrencies, has BNB as its native token.
BNB is not only used for paying fees on Binance but also by various DeFi projects and other decentralized applications. These costs are often less than what a user would pay in another currency.
6. XRP (XRP)
The XRP Ledger, developed by Ripple in 2012 as a payment system, uses XRP as its native coin. Additionally, XRP is also used as a digital asset for investment purposes and as a bridge currency in cross-border transactions.
The XRP Ledger Consensus Protocol is the consensus process used by the XRP Ledger, and it does not rely on proof of work or proof of stake for consensus or validation.
7. Cardano (ADA)
Despite its late arrival to the cryptocurrency industry, Cardano stands out for being one of the first to use proof-of-stake verification.
By eliminating the competitive, problem-solving part of transaction verification seen in systems like Bitcoin, Cardano`s solution speeds up the transaction time and reduces energy use and environmental effect.
8. Solana (SOL)
Thousands of transactions may be processed in a single second on the Solana blockchain, making it a very fast blockchain technology. Anatoly Yakovenko, formerly Qualcomm’s position of Chief Technical Officer, developed Solana in 2017.
The first offering price of SOL was $0.77 in 2020. Its price increased by about 13,000% to roughly $101 on March 1, 2022.
9. Dogecoin (DOGE)
Dogecoin has gained a large following, becoming a popular payment method for small transactions.
First formed as a joke when the Bitcoin price surged; its name comes from a Shiba Inu internet meme. In contrast to many other digital currencies, Dogecoin has no cap on its supply. Users utilize it to make purchases or transfer money to friends and family.
10. Binance Coin USD (BUSD)
Binance USD is yet another instance of a stable cryptocurrency. It was developed by Binance and is pegged 1:1 with the US dollar.
It may be used to purchase other cryptocurrencies on the Binance exchange and to pay for Binance-related expenses.
Bottom line
For the better part of 2022, crypto assets were under pressure to the downside, and trading has remained turbulent in 2023. Individual investors typically trade against highly skilled players, which may be intimidating for those with less expertise.
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