There are hundreds of different cryptocurrencies out there, ranging from Bitcoin to Solana, which can make it difficult to get started when you’re new to the field. These are the top 5 trending cryptocurrencies, as measured by market capitalization – the total that represents the value of all coins currently in circulation – that may be worth investing in to help you gain a foothold.
According to last year’s measurements and crypto experts, it is believed that these cryptos can see a promising future in the coming few months.
Through this article, learn the basic knowledge and updates of these trending cryptos that can become a profitable deal for you in 2023.
BITCOIN
Market Cap: $549.72 Billion
Bitcoin is a cryptocurrency, a virtual currency designed to work as money and a form of payment independent of any single person, organization, or institution, thus removing the need for third-party involvement in financial transactions.
The Bitcoin transactions are cryptographically confirmed by network nodes and documented in a publicly distributed database known as a blockchain. Bitcoin was created in 2008 by an anonymous individual or collection of individuals using the name Satoshi Nakamoto. It was first used in 2009 when its applications were made available as open-source software.
What makes Bitcoin so special?
Bitcoin is the only digital currency from which it has taken its first step in the world of crypto, due to which a belief has been created in the people towards cryptocurrency. Also, bitcoin gives protection from payment fraud and reduces the possibility of identity theft.
ETHEREUM
Market Cap: $217 Billion
Ethereum is a decentralized blockchain platform that creates a peer-to-peer network for safely executing and verifying application code known as smart contracts. Vitalik Buterin, a coder, came up with the idea in 2013. The network went over the internet on July 30, 2015, after development work started in 2014 and was crowdfunded.
What makes Ethereum so special?
Ethereum’s best part is it allows the creation and deployment of smart contracts and decentralized apps (dApps) without the need for failures, fraud, control, or third-party intervention.
BINANCE
Market Cap: $50 Billion
Binance is a global business that runs the world’s biggest cryptocurrency exchange in terms of everyday trading activity. It was established in 2017, and founded by Changpeng Zhao, a developer who earlier developed high-frequency trading software.
It accepts hundreds of the most popular cryptos. Furthermore, Binance offers a crypto wallet for traders to hold their electronic funds where users can interest or trade with coins through the exchange’s enabled services.
What makes Binance so special?
Binance provides a flexible, largely safe method to exchange and engage in cryptocurrencies. This platform could be overwhelming for both beginners and experienced traders. And the profitable part is, compared to many other crypto exchanges, it offers lower fees.
RIPPLE
Market Cap: $26 Billion
Ripple is a US-based technology company that was established in 2012 and is also known as XRP. It has earned the trust of financial institutions and investors, making it a more reliable and stable investment than some other altcoins. Furthermore, unlike some other cryptocurrencies, where tokens are constantly created and mined, XRP has a finite number of coins.
What makes Ripple so special?
It is a blockchain-based digital currency and money transfer network that allows transactions to be completed faster than with Bitcoin or Ethereum. And the best part is you can complete a variety of transactions using only an internet connection.
CARDANO
Market Cap: $13.64 Billion
Cardano is a blockchain network that is open to the world. It is open-source and decentralized, with agreement accomplished through proof of stake. It can enable peer-to-peer transfers using its internal cryptocurrency, ADA.
Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson. The Cardano Foundation, headquartered in Zug, Switzerland, oversees and supervises the initiative. When it was introduced in 2017, it was the biggest cryptocurrency to use a proof-of-stake blockchain, which is seen as a more environmentally friendly option to proof-of-work protocols.
What makes Cardano so special?
Cardano is one of the largest blockchains to effectively use the Proof-of-Stake (PoS) consensus method. PoS is a much less energy-intensive method compared to the Proof of Work (PoW) technology used by Bitcoin.
POLYGON
Market Cap: $10.17 Billion
Polygon is a blockchain platform that allows blockchain networks to connect and expand. Its main aim is to build a multi-chain blockchain environment that is accessible with Ethereum. For on-chain transaction processing, it employs a proof of stake protocol methodology similar to Ethereum. It is also known as a MATIC token.
MATIC is a proprietary currency of Polygon. Matic is an ERC-20 coin, which means it is compatible with other Ethereum-based digital currencies. Also, Polygon is used in decentralized applications such as DAO, NFTS, and Dapps.
What makes Polygon so special?
Polygon’s transaction processing speed is impressive: It can sustain rapid transaction processing rates by using a consensus method that completes the transaction validation process in a single block. The typical block processing period for Polygon is 2.1 seconds.
Conclusion:
These hot coins have created a lot of buzz after seeing their price movement in 2022. We can see how helpful cryptocurrency can be in our everyday lives. There are more chances are that investing in these cryptos can help you live a healthier lifestyle and make smart financial decisions. These top 5 trending cryptocurrencies can improve your business outlook and serve as a portal to another world.
