The Most Popular Types Of Crypto In 2023
As most cryptocurrency enthusiasts know, Bitcoin was the very first digital currency. The controversial coin started in 2009. Since then it has been sending shockwaves through the global economic order! Between December 2021 and December 2022, Bitcoin trading prices increased by 40%. Other types of cryptocurrencies are up as much as 18,000%!
With such fluctuations, this year may be the perfect time to invest.
Are you considering investing in crypto in 2023? If so, you want to learn more about the most popular cryptos and their growth potential.
Read on to learn which types of crypto are trending right now.
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Bitcoin
As mentioned above, Bitcoin was the first cryptocurrency ever created. Since it’s the oldest cryptocurrency, it’s not too much of a shock to hear that it’s also the most popular.
Because of these factors, BTC is often the most valuable cryptocurrency. It is also the most trafficked.
If you are looking for where to buy crypto, make sure you vet every potential marketplace. Do your due diligence to make sure you understand what a digital wallet is and how it works.
If you are a beginner, Bitcoin might be a good initial investment for you. The value of Bitcoin varies daily, but currently hovers around $19,143 USD per coin.
Ethereum
The second most popular type of crypto is Ethereum. However, ETH is more than just a cryptocurrency. It’s also a whole platform.
Many investors use ETH to invest in other digital currencies, but that’s not its only use. ETH also acts as a vehicle for developers running apps within the platform.
ETH lags far behind Bitcoin when it comes to value and market cap. Despite this, it is still the most popular cryptocurrency.
While values change daily, one Ethereum coin is valued at around $1,414 US dollars.
Dogecoin
Never underestimate the power of an internet joke. If you do, you will miss out on opportunities like Dogecoin.
Dogecoin started in 2013. Jackson Palmer and Billy Markus created it in honor of the popular Shiba Inu meme.
After creating the crypto, Markus explained how the community should use it. After a slow start, the idea really took off when Elon Musk got involved.
When Musk proclaimed “Dogecoin to the moon” on Twitter, crypto exploded. Now it is one of the most common and recognizable digital currencies.
One Dogecoin is worth about $0.08 dollars, but the price varies a lot.
USD coin
USD coins are a type of cryptocurrency that is trying to become a mainstream form of currency. It touts itself as the “digital dollar of the world.”
There are some factors that support this bold claim. To begin with, Circle, a respectable global financial company, created the crypto. For another, it has the following major investors:
- Goldman Sachs
- IDG Capital
- Baidu
The US dollar backs this crypto, making it a stable option for investors. One USD coin is worth $1 US dollar.
XRP
XRP is a type of cryptocurrency that allows users to make payments in real global currencies. While XRP is a well-known name, so is its original name: Ripple.
If you make cross-border payments, this crypto saves the extra costs.
Cardano
Cardano (ADA) uses a peer-reviewed blockchain protocol to maintain decentralization. By doing so, it touts itself as more secure and scalable than other cryptos.
Recent estimates suggest that the market cap for ADA is about $11 billion. That puts it in the same category as cryptos like Dogecoin.
One Cardano coin is worth about $0.3275 dollars.
Tether
When the idea of crypto was first created, decentralization was a prime tenant. Being free of the middleman banker was a huge draw.
However, this same touted advantage is holding many investors back from going digital.
Tether was the first digital currency to tie to a fiat currency (the US dollar). As the name suggests, Tether derives much of its value from the dollar.
Many people use Tether as a medium to switch from one cryptocurrency to another.
Chain link
Chainlink is a type of cryptocurrency that secures a global smart contract network. The network uses real-world data to ensure the security and reliability of transactions.
BNB
BNB, or Binance Coin, is a utility crypto used for digital payments. It is issued by Binance, one of the largest crypto exchanges.
Users use BNB for the most part for payments or buying goods and services.
Initially, this token worked on the Ethereum blockchain. Later, Binance created its own crypto exchange.
BinanceUSD
It works on the Binance Exchange.
Binance USD is mostly used as a payment method. It is preferred over other cryptos for this purpose as it is backed by the dollar. It is also regulated.
The New York State Department of Financial Services has approved this coin.
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Popular types of crypto to watch in 2023
Unless you follow the crypto market, you may not have known how many types of crypto actually exist. When buying crypto you want to look at all your options as each option can offer something new.
Some cryptos, such as Bitcoin, are well established and slightly more stable. Others are new to the scene, which means you want to expect more ups and downs.
So where will you put your money this year? Are you ready to start buying crypto to hedge against global market instability?
Whatever you decide, we’re here for the ride! Check back on our blog regularly for more of our best content, tips and advice.
