Top 10 cryptocurrencies in 2023 by market capitalisation
Whether you like it or not, crypto is only getting bigger. Data from Mordor Intelligence predicts the crypto market is expected to reach US$5.03 trillion by 2028, growing at a compound annual growth rate (CAGR) of 30.4% during a forecast period of 2023-2028.
One cryptocurrency is already worth in excess of half a trillion dollars and the value of other cryptocurrencies continues to grow at a rapid rate.
Find out the most valuable cryptocurrency on the market today in our list of the top 10 cryptocurrencies ranked by market capitalisation.
10. TRON (TRX)
Market cap: US$7bn
Valued at US$7bn, Tron is a blockchain that runs DeFi applications and smart contracts. The platform runs a proof-of-stake algorithm, which is powered by TRON’s native cryptocurrency, TRX. Founded in 2017, TRON is managed and supervised by the TRON Foundation, a non-profit organisation based in Singapore. Established by Justin Sun, TRON has over 165.5 million user accounts and more than 5.81 billion total transactions. In 2022, TRON was registered as the national blockchain for the Commonwealth of Dominica, representing the first partnership between a public blockchain and a sovereign state.
9. Solana (SOL)
Market cap: US$9.5bn
Leveraging a proof-of-stake mechanism, Solana is a blockchain platform providing smart contract functionality through its native cryptocurrency, SOL. First opening in March 2020, Solana’s blockchain was designed for supporting decentralised apps and smart contracts. In 2021, the company sold US$314m of its native SOL to funding groups led by Polychain Capital and Andreessen Horowitz. While crypto markets have fluctuated following FTX’s bankruptcy, Solana’s last reported market valuation stood at US$7bn. Today, its market cap stands at US$9.5bn having dropped from its 2022 high when it was valued at US$$55bn.
8. Cardano (ADA)
Market cap: US$10.7bn
Public blockchain platform Cardano operates an open-source, decentralised blockchain platform that facilitates peer-to-peer transactions with its internal cryptocurrency, ADA. The platform’s development was led by Ethereum Co-founder Charles Hoskinson and is overseen by the Cardano Foundation in Switzerland. Much like Solan and TRON, Cardano employs the use of a proof-of-stake model, a more sustainable and environmentally-friendly option than proof-of-work models. Launched in 2017, Cardano reached a record-high market capitalisation of US$77bn in 2021, the fourth highest of any blockchain platform at the time. It is now valued at US$10.7bn.
7. Dogecoin (DOGE)
Market cap: US$10.8bn
Dogecoin, which was created by software engineers Jackson Palmer and Billy Markus, is an altcoin traded against fiat and other cryptocurrencies. Initially founded as a joke, or the world’s first “meme coin”, Dogecoin has developed into a legitimate investment prospect. The altcoin’s value boomed in 2021 by more than 800% in the space of 24 hours – and has been subject to turbulent market conditions surrounding crypto ever since. This even includes a price increase when X owner Elon Musk temporarily changed the X app’s logo to a Doge logo.
6. U.S. Dollar Coin (USDC)
Market cap: US$26.4bn
Founded by Circle, USD Coin (USDC) is a stablecoin attached to the US dollar. The cryptocurrency is managed by a consortium called Centre and includes Coinbase members as well as members from Bitmain, a Bitcoin mining company with investment in Circle. USDC is a private crypto stablecoin – unlike central digital banking currencies (CBDCs) – despite its affiliation with centralised US currency (USD). Available as an Ethereum ERC-20 token, USDC can be bought, traded and held on blockchains including Solana, Stellar, Polygon and Avalanche.
5. XRP (XRP)
Market cap: US$36.3bn
Employing its native cryptocurrency, XRP, Ripple operates a cryptocurrency exchange, remittance network and real-time gross settlement system. Ripple provides its customers with solutions to source crypto and facilitates instant payments, including for XRP, as it looks to fulfil its mission of building crypto solutions for an economically borderless world. Ripple remains robust in many global markets, despite facing scrutiny after the US Securities and Exchange Commission (SEC) launched a class action against the crypto platform provider for falling foul of US Howey requirements.
4. Binance Coin (BNB)
Market cap: US$37.7bn
BNB is the proprietary cryptocurrency of the trading platform Binance and one of the most frequently-traded crypto assets in the world today. At the time of its founding, Binance launched two of its own cryptocurrencies, Binance Coin (BNB) and BinanceUSD (BUSD). Initially starting as an Ethereum token, BNB later moved to Binance’s proprietary blockchain, Binance Smart Chain (BSC). This later merged with the older Binance Chain, creating the BNB chain. BNB Chain operates a unique ‘Proof of Staked Authority’ model, a combination of proof of stake and proof of authority.
3. Tether (USDT)
Market cap: US$83.8bn
Launched in 2014, Tether is an asset-backed stablecoin with a market value of US$83.8bn. Based in Hong Kong, Tether is owned by technology company iFinex and its cryptocurrency is minted on ten protocols and blockchains. Today, it is the largest stablecoin in terms of trading volume and market capitalisation, with 64% of the market share, surpassing Bitcoin in 2019 as the most traded cryptocurrency in the world. As a stablecoin, Tether’s coin valuation was initially designed to match US$1 and holds US$1 of asset reserves for each stablecoin issued.
2. Ethereum (ETH)
Market cap: US$220.2bn
In second place on our list of the top 10 cryptocurrencies by market capitalisation is Ethereum, valued at a lofty US$220.2bn. A blockchain and smart functionality platform, Ethereum’s native cryptocurrency is Ether. With fully open-source software, Ethereum was first conceived in 2013 by Vitalik Buterin. The crypto platform allows users to deploy permanent decentralised applications onto it, with which other users can interact. In addition, Ethereum users can create and exchange NFTs on the platform. Many crypto platforms utilise the Ethereum blockchain on top of the ERC-20 token standard. In recent times, Ethereum transitioned to a proof-of-work mechanism from proof of stake in a bid to stay sustainable. Ethereum called this process ‘The Merge’ which, following completed, allegedly cut its energy usage by as much as 99%.
1. Bitcoin (BTC)
Market cap: US$561.3bn
Topping our list of the top 10 cryptocurrencies by market capitalisation is, unsurprisingly, Bitcoin, with a gargantuan valuation of US$561.3 billion. Invented in 2008 by an unknown individual or group using the pseudonym Satoshi Nakamoto, Bitcoin has been described as its own economic bubble by recipients of the Nobel Memorial Prize in Economic Sciences, and has also become synonymous with ‘crypto’. Built on open-source code, Bitcoin is a public-domain platform as well as a digital asset within its own class. Today, Bitcoin’s platform is the largest computer network on earth and offers tools, products and services to the public in order to manage, buy and trade their crypto assets. In 2021, El Salvador adopted Bitcoin as a legal tender and, more recently, Ukraine has been accepting Bitcoin donations to fund its resistance against the Russian invasion.
