Top 10 Best cryptos to invest in 2023 for Indians
There are thousands of different cryptocurrencies ranging from Bitcoin and Ethereum to Dogecoin and Tether which can make it overwhelming for you to get started with cryptocurrency investment. To help you out in this, we are listing the top 10 cryptocurrencies based on market capitalization.
The cryptocurrency coin Bitcoin has a market cap value of over 846 billion dollars at present. Bitcoin was created in the year 2009 by some unknown person name Satoshi Nakamoto. Like the other cryptocurrencies, Bitcoin also runs on a blockchain and is distributed across a network of thousands of computers. The additions to the distributed ledgers should be verified through complex puzzles and this makes Bitcoin usually safe from fraud.
Bitcoin has gained immense popularity in recent times and the price of it has skyrocketed. In May 2016, you can buy bitcoin for just $500. But now a single Bitcoin price is over 44,000 dollars.
Ethereum is a cryptocurrency and blockchain platform that is a favorite of program developers. It is because of its potential applications like a smart contract that automatically execute when conditions are met. Ethereum has experienced tremendous growth from just 11 dollars in April 2016 to over $3000 in March 2022.
Unlike other forms of cryptocurrency which are highly volatile, Tether is a stable coin that is backed by US dollars and euros. This makes Tether’s value more consistent than other cryptocurrencies and is favored by investors who do not like extreme volatility like other coins.
4. Binance Coin
The Binance coin is a form of cryptocurrency that is used to trade and pay fees on Binance, the largest cryptocurrency exchange in the world. Binance was launched in the year 2017 and it has expanded largely since then. Now, Binance coins can be used for trading payment processing and even for booking traveling tickets. Binance coins can also be traded or exchanged or other forms of cryptocurrencies like Ethereum or Bitcoin.
When it was first released in 2017, Binance price value was only 0.10 dollars. It has raised exponentially to $413 by the end of March 2022.
XRP was created by the founders of Ripple. Ripple is a digital technology and payment processing company. This cryptocurrency coin can be used to facilitate exchanges of different currency types including fiat currencies.
Terra is a blockchain payment platform for stable coins which keeps a balance between two types of cryptocurrencies. Terra-backed stablecoins such as TerraUSD are tied to the value of the physical currency. When the stablecoin price rises above the tied currencies value, then the users are incentivized to burn their lunar to create more of the Terra stablecoin.
Similarly, when the value falls below the base currency value the users are again encouraged to burn their Terra to mint more Luna.
Cardano is one such type of cryptocurrency that decreases the transaction time, energy usage, and environmental impact by removing the competitive problem-solving aspect of transaction verification present in other cryptocurrencies like Bitcoin. This cryptocurrency coin also works similarly to Ethereum enabling smart contracts and decentralized applications.
The cryptocurrency coin Solana was developed to help power decentralized finance using decentralized apps with unique hybrid proof-of-stake and proof-of-history mechanisms. These processes make the transaction quick and secure. When it was launched in 2020, the price of Solana was 0.77 dollars and by 2022 the price of it was around $101.
The cryptocurrency coin Polkadot was initially founded in the year 2016. Polka Dot is a unique blockchain interoperability protocol designed to connect different chains. This coin allows exchanging data and processing transactions for parallel blockchains without compromising on security. Another smart feature of this coin is that the developers can create their blockchain using Polka Dot security.
This cryptocurrency coin was created by none other than the co-founder of Ethereum, Gavin Wood. The best part of this coin is that there is no limit on its total supply. A new token is constantly generated in circulation.
Litecoin is an open-source blockchain project launched in 2011. This project was created by the former Crypto exchange Coinbase software engineer Charlie Lee. It is one of the cryptocurrencies whose code was initially imitated from Bitcoin code.
Despite the similarities with Bitcoin, Litecoin proved to have a faster transaction confirmation time. This cryptocurrency coin can be used as a location for paying people around the world without a mediator. Litecoin is recorded to show around 84 million tokens around the world. In May 2021 it recorded a high price of $413.47. But it soon dropped to over 50 percent. With the fastest growing number of merchants undertaking Litecoin, it is the 21st largest cryptocurrency in the world.