Top 10 Cryptocurrencies by Market Cap in Jan 2023: See the Latest Rankings and Changes
Over the past few years, cryptocurrency has gained popularity and value as an asset class. Cryptocurrency is a digital currency that uses cryptography for security. Similar to pounds or dollars, they are not physical currencies. It’s not surprising that a lot of investors are curious about the top cryptocurrencies by market cap given the recent increase in the total market capitalization of all digital currencies. In this article, we will take a closer look at the top 10 Cryptocurrencies by Market Cap and what makes them so valuable.
- Bitcoin BTC with a Market Capitalisation of £268 billion, Bitcoin (BTC) – The original and best-known cryptocurrency is bitcoin. The market capitalization of Bitcoin is the highest of any cryptocurrency, and it is regarded as the benchmark for all other virtual currencies.
- Ethereum ETH with a Market Capitalisation of £124 billion, Ethereum is the second-largest cryptocurrency in terms of market capitalization, and it is well-known for its smart contract capability. Its blockchain enables the development of decentralized applications as well as the issuing of ERC-20 tokens.
- Tether USDT with a Market Capitalisation of £55 billion, Tether (USDT) is a stablecoin that is tied to the value of the US dollar. It is intended to maintain a one-to-one ratio with the US dollar, which means that for every Tether token in circulation, an equal number of US dollars are held in reserve.
- USD Coin USDC with a Market Capitalisation of £37 billion, USD Coin (USDC) is a stablecoin, which is a form of cryptocurrency. You can always redeem 1 USD Coin for $1.00, ensuring consistent pricing. Eligible Coinbase customers can earn incentives for each USD coin they own.
- Binance Coin BNB with a Market Capitalisation of £33 billion, Binance Coin is the native token of the Binance exchange, which is one of the world’s largest cryptocurrency exchanges. It is used to pay exchange trading costs and provides other benefits to its holders.
- XRP with a Market Capitalisation of £14 billion, XRP is the native token of the Ripple payment protocol, which aims to make cross-border payments quick and cheap. It has been embraced by several financial institutions and is regarded as a prominent participant in the cryptocurrency market.
- Binance USD BUSD with a Market Capitalisation of £14 billion, is a stablecoin, so its value is pegged to a fiat currency — in this case, the US dollar. BUSD was introduced in September 2019 as part of a collaboration between Binance and the New York-based blockchain and finance firm Paxos. Paxos will retain the equivalent of fiat USD in reserve for each BUSD stablecoin in circulation as part of the cooperation.
- Dogecoin DOGE with a Market Capitalisation of £8 billion, Dogecoin (DOGE) – Dogecoin began as a joke in 2013 but has now grown to a tremendous following. It is presently one of the most valuable cryptocurrencies in terms of market capitalization, and it has been utilized for a variety of philanthropic organizations as well as online tipping.
- Cardano ADA with a Market Capitalisation of £7 billion, ADA is a digital currency. Any user, anywhere in the world, can use ADA as a secure exchange of value – without the need for a third party to broker the transaction. On the Cardano blockchain, every transaction is permanently, safely, and openly recorded.
- Polygon MATIC with a Market Capitalisation of £6 billion, The MATIC token powers the Polygon platform, which was created to link and grow Ethereum-compatible projects and blockchains. MATIC tokens are used to manage, secure, and pay transaction fees on the Polygon network.
Bitcoin and Ethereum are often regarded as the most established and safe digital currencies, while the new projects provide exciting new advances in the cryptocurrency sector. However, investors should always perform thorough research and contact financial professionals before making any investment decisions because the cryptocurrency market is very volatile and vulnerable to rapid fluctuations.