The cryptocurrency market is constantly evolving, with new coins and tokens being launched all the time. But which ones are the most popular and valuable? Here are the top 10 best cryptos by market capitalization as of August 16, 2023, according to CoinMarketCap.
1. Bitcoin (BTC)
Market Capitalization: $543.4 billion
Current Price: $45,000
Bitcoin is the original cryptocurrency and is still the most popular and valuable. It is a decentralized digital currency that is not subject to government or financial institution control. Bitcoin is used for a variety of purposes, including peer-to-peer payments, investment, and speculation.
2. Ethereum (ETH)
Market capitalization: $220.4 billion
Current price: $1,843
Ethereum is the second-largest cryptocurrency by market capitalization. It is a decentralized platform that runs smart contracts, which are applications that run exactly as programmed without any possibility of fraud or third party interference. Ethereum is used for a variety of applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (DApps).
3. Tether (USDT)
Market Capitalization: $81.8 billion
Current Price: $1.00
Tether is a stablecoin, which means that it is pegged to a fiat currency, such as the US dollar. This makes it a more stable investment than other cryptocurrencies, which are often volatile. Tether is used by traders to avoid the volatility of other cryptocurrencies and by businesses to facilitate payments.
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4. Binance Coin (BNB)
Market Capitalization: $50.6 billion
Current Price: $295
Binance Coin is the native cryptocurrency of the Binance exchange, the largest cryptocurrency exchange in the world. BNB can be used to pay for trading fees on Binance and to participate in Initial Coin Offerings (ICOs) that are launched on the Binance Launchpad.
5. U.S. Dollar Coin (USDC)
Market Capitalization: $30.4 billion
Current Price: $1.00
USDC is another stablecoin that is pegged to the US dollar. It is issued by Circle, a financial technology company, and is backed by US dollar reserves. USDC is used by traders and businesses for the same reasons as Tether.
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6. XRP (XRP)
Market capitalization: $23.9 billion
Current price: $0.34
XRP is a cryptocurrency that was created by Ripple, a company that provides blockchain-based solutions for financial institutions. XRP is designed to be a fast and efficient way to send payments across borders.
7. Cardano (ADA)
Market Capitalization: $13.4 billion
Current Price: $0.74
Cardano is a newer cryptocurrency that is based on a proof-of-stake consensus mechanism. This makes it more energy-efficient than cryptocurrencies that use a proof-of-work consensus mechanism, such as Bitcoin. Cardano is designed to be a more scalable and secure platform than Ethereum.
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8. Dogecoin (DOGE)
Market Capitalization: $10.9 billion
Current Price: $0.07
Dogecoin is a meme cryptocurrency that was created as a joke. However, it has gained a large following and is now one of the most popular cryptocurrencies. Dogecoin is not as widely used as Bitcoin or Ethereum, but it is still a popular investment.
9. Polygon (MATIC)
Market Capitalization: $8.9 billion
Current Price: $0.54
Polygon is a layer-2 scaling solution for Ethereum. It allows developers to build and deploy decentralized applications (DApps) on Ethereum without having to pay the high gas fees associated with the Ethereum mainnet.
10. Solana (SOL)
Market Capitalization: $8.7 billion
Current Price: $40.26
Solana is a newer cryptocurrency that is designed to be a more scalable and secure platform than Ethereum. It uses a proof-of-history consensus mechanism that allows it to process transactions much faster than Ethereum.
These are the top 10 cryptos by market capitalization as of August 16, 2023, according to the data released by CoinMarketCap. The cryptocurrency market is volatile and the rankings can change quickly. It is always advised to conduct prior research before entering the highly volatile cryptocurrency market.
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