Top 10 Altcoins Of 2023

The definition of altcoin has evolved from the first handful of cryptocurrencies. At the time, everything except Bitcoin (BTC) was considered an altcoin.

Today, the cryptocurrency world is huge. There are many types of coins and tokens whose uses extend beyond exchanges, meaning they are not a competitor to Bitcoin.

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However, for lack of a better name, the basic definition of an altcoin is any cryptocurrency other than Bitcoin.

Check out the top 10 altcoins by market cap excluding stable metals. We exclude stablecoins because they are designed to have a stable value and are not generally considered a speculative investment.

1. Ethereum (ETH)

Market value: $205 billion

More than 17% of the total market capitalization of over 20,000 crypto assets, totaling $837 billion, is stored in the market's largest altcoin, Ethereum (ETH).

Unlike Bitcoin, which is known as a "decentralized currency", think of Ethereum as a distributed computing network where users can use the blockchain to run decentralized applications (dApps) and accept smart contracts.

Critics of Ethereum cite high transaction fees. But along with thousands of other apps and altcoins backed by blockchain, Ethereum is here to stay.

2. Binance Coin (BNB)

Market value: $49 billion

Binance Coin is a utility token used to pay trading fees and receive discount offers on Binance Exchange. You can use BNB outside of the Binance cryptocurrency exchange to process payments such as travel bookings.

Critics say that BNB is not as decentralized as other altcoins. Another risk is the investigation by the Securities and Exchange Commission (SEC) that Binance should have listed BNB as a security during its initial coin offering.

3. XRP (XRP)

Market value : $19 billion

XRP can be used by digital technology and payment processing company Ripple Labs to facilitate a variety of financial transactions. Although transaction fees for this altcoin are very low, critics say it faces legal challenges.

Ripple and two of its executives are embroiled in an SEC lawsuit demanding that XRP be registered as a security, with the company arguing that XRP is currency.

4. Dogecoin (DOGE)

Market value: $11 billion

Dogecoin is the original meme coin that was introduced as a joke in 2013 However, thanks to a dedicated community and creative memes, it quickly became the leading cryptocurrency.

Dogecoin has a different network than Bitcoin's proof-of-work protocol. This altcoin has a block time of one minute with an unlimited total supply. This means, unlike BTC, there is no limit to the amount of Dogecoin you can hold.

5. Cardano (ADA)

Market value: $13.7 billion

Cardano was an early proponent of a proof-of-summons mechanism that speeds up transaction times by removing the dimension of competitive, labor-intensive problem-solving platforms like Bitcoin.

Cardano's "Alonzo" hard fork was officially launched on September 12, 2012, ushering in smart contract functionality in the blockchain space. Not to mention that over 100 smart contracts were signed the day after the live broadcast.

6. Polygon (MAT)

Market cap: $12 billion

Polygon is an Ethereum-based scalable platform that enables developers to build dApps with low transaction fees. Polygon enables faster transaction processing using the Ethereum network.

Polygon makes Ethereum a multi-chain system like Polkadot, Cosmos, Avalanche and many others. With the benefits of Ethereum's security, active ecosystem and openness. It also includes the Plasma Framework and Stock Confirmation Solution, enabling smart contracts to be executed easily.

7. Litecoin (LTC)

Market value: $6.7 billion

Litecoin was one of the first altcoins designed to fix Bitcoin's perceived flaws such as slow transaction processing speeds and a mining monopoly. LTC was created to be used in everyday transactions, whereas Bitcoin was developed as a "store of value".

Litecoin also has some notable differences from Bitcoin. Apart from processing speed, there are delivery issues. While Bitcoin is limited to a maximum supply of 21 million coins, Litecoin is limited to 84 million coins.

8. Polka Dot (Dot)

Market value: $8.4 billion

The altcoin uses the Polkadot ecosystem, where developers can create blockchains for specific purposes, such as those connected to Polkadot's main blockchain node, said Max Tuck, founder of the blockchain network that builds Polkadot, a spokesman. DOT is Polkadot's original ticker symbol.

9. Tron (TRX)

Market value: $6.4 billion

Tron is a blockchain that developers can use to share multimedia content and build decentralized applications. TRX also has Total Locked Value (TVL), or the amount of money invested in decentralized finance. TVL is the total value of crypto assets stored in a decentralized finance (DeFi) protocol, such as loan securities or liquidity pools.

A high TVL indicates the popularity of the protocol and the adoption rate of a particular cryptocurrency. TRX currently has a TVL of $5.43 billion according to Daffy Lama

10. Solana (C)

Market value: $9.5 billion

Built to finance and support decentralized applications and smart contracts, Solana uses unique proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. Solana is one of the fastest blockchains.