Top 10 cryptocurrencies of October 2023
Key points
Bitcoin was the original cryptocurrency, launched in January 2009.
There are thousands of cryptocurrencies trading on the market.
Most cryptocurrencies hold small market capitalizations.
While cryptocurrency investors await further developments on the regulatory front, most major cryptos have enjoyed positive momentum recently.
Crypto bulls believe the volatile market is on track for new all-time highs and are optimistic regulatory clarity could open the door for more institutional investors to embrace cryptocurrency for the first time.
Even though thousands of other cryptocurrencies are now available, the crypto world is still dominated by bitcoin and ethereum. Ethereum’s and bitcoin’s market capitalizations comprise more than two-thirds of the crypto market.
Here are the 10 largest cryptocurrencies by market cap, excluding stablecoins.
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Top 10 cryptocurrencies of October 2023
Wayne Duggan
Verified By
Farran Powell
BLUEPRINT
Updated 6:09 a.m. ET Oct. 19, 2023
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Key points
Bitcoin was the original cryptocurrency, launched in January 2009.
There are thousands of cryptocurrencies trading on the market.
Most cryptocurrencies hold small market capitalizations.
While cryptocurrency investors await further developments on the regulatory front, most major cryptos have enjoyed positive momentum recently.
Crypto bulls believe the volatile market is on track for new all-time highs and are optimistic regulatory clarity could open the door for more institutional investors to embrace cryptocurrency for the first time.
Even though thousands of other cryptocurrencies are now available, the crypto world is still dominated by bitcoin and ethereum. Ethereum’s and bitcoin’s market capitalizations comprise more than two-thirds of the crypto market.
Here are the 10 largest cryptocurrencies by market cap, excluding stablecoins.
1. Bitcoin (BTC)
Market cap: $555.6 billion
Year-over-year return: 48%
Roughly 14 years after its creation, bitcoin is still by far the most popular and valuable cryptocurrency in the world. Bitcoin was created by a mysterious person or group of people using the pseudonym Satoshi Nakamoto, and its blockchain-based, decentralized transaction verification and public ledger system revolutionized how people think about digital security.
While bitcoin’s decentralization and transparency make it appealing to investors and users, critics have raised concerns about its energy-intensive proof-of-work consensus mechanism and pointed out difficulties in scaling the network. In addition, there are now several large-scale crypto projects that have higher transaction speeds than bitcoin and others that have blockchains with special designs to improve bitcoin’s functionality
2.Ethereum (ETH)
Market cap: $186.8 billion
Year-over-year return: 20%
Ethereum was one of the first altcoins, or alternatives to bitcoin. Ethereum was launched in July 2015 and is the most valuable crypto other than bitcoin. Ethereum’s blockchain was the first to introduce smart contracts, code that runs decentralized applications, or dApps. The ethereum blockchain is home to more than 1,400 applications and developer tools, and ether is the native cryptocurrency of the ethereum network. In 2023, ethereum completed its transition from a proof-of-work consensus mechanism to a much less energy-intensive proof-of-stake transaction verification system. Ethereum is now a greener investment than bitcoin, but its blockchain functionality is its key differentiator.
3. BNB (BNB)
Market cap: $32.0 billion
Year-over-year return: -22%
BNB is the cryptocurrency issued by Binance, one of the world’s largest cryptocurrency exchanges. BNB was originally created as a utility token built on the ethereum network that users could use to access discounted trading fees on the Binance exchange. But the token has since transitioned to Binance’s own blockchain. BNB can now be used for a wide range of transactions, applications and other use cases. Unfortunately, Binance’s U.S. market share tumbled in 2023 after the U.S. Securities and Exchange Commission sued the exchange and accused the company of violating securities laws.
4. XRP (XRP)
Market cap: $25.8 billion
Year-over-year return: 6%
XRP, created by Ripple, is a global payments network designed to be an alternative to the Society for Worldwide Interbank Financial Telecommunications. SWIFT is the global system banks and other financial institutions use to transfer money. But Ripple claims its technology is faster, cheaper and more transparent than the SWIFT system. XRP is the native cryptocurrency designed for the Ripple network and XRP Ledger blockchain. XRP got a huge boost in July when a judge in the Southern District of New York ruled that the crypto is “not necessarily a security” in certain circumstances, potentially putting it outside the SEC’s jurisdiction.