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In 2022, crypto markets faced tough times, with many cryptocurrency exchanges and funds collapsing. But as we entered 2023, things started to look up once again. While we won’t try to persuade you to invest in any particular cryptocurrency today, we’ll give you some straightforward information.
Crypto experts are feeling more positive as the market is not moving in a downtrend anymore. They also believe the market might reach new highs, especially if regulations become clearer, making it easier for big investors to join in. However, it’s not going to be a smooth sail and the crypto world will encounter new challenges along the way.
Right now, the crypto market seems stable, with no extreme fear or greed. Bitcoin and Ethereum are the big players, but the crypto market is much more than that. A lot of people want to invest in the crypto market but there are over 23,000 options and it’s hard to know where to start.
In this article, we’ll break down the top 10 cryptocurrencies making waves in October 2023. We’ll keep it simple, so you can understand what’s happening in the crypto world at present. Let’s get started.
Best Cryptocurrencies of 2023
There were several cryptocurrencies that did well in 2023 but the top ten that stood out includes:
Bitcoin
It should not come as a surprise to anyone that Bitcoin is the leading currency on our list. Even after about 14 years since its creation, Bitcoin still holds the title of the most popular and valuable cryptocurrency worldwide.
It was brought to life by an anonymous figure (or a group of people) who went by the name Satoshi Nakamoto. Bitcoin introduced a revolutionary way of thinking about digital security through its blockchain-based, decentralized transaction verification and public ledger system.
What makes Bitcoin so appealing to investors and users is its decentralization and transparency. However, it’s important to note that not everyone sings its praises. Some critics have concerns, primarily regarding Bitcoin’s energy-hungry proof-of-work consensus method and challenges with scaling the network.
Moreover, there are now several other crypto projects out there with faster transaction speeds and special blockchain designs aimed at enhancing Bitcoin’s functionality.
While Bitcoin might not boast the most cutting-edge technology among cryptocurrencies, it remains the most popular and trusted one. When it comes to the world of crypto markets, you can hardly go wrong with Bitcoin. It’s a steadfast choice that has stood the test of time.
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Ethereum
Our next pick is Ethereum which is often considered the top altcoin. An altcoin is simply a term used for cryptocurrencies other than Bitcoin. Ethereum has consistently held the top position when it comes to altcoins rankings.
Ethereum made its debut in July 2015 and has become the most valuable cryptocurrency after Bitcoin. One of Ethereum’s standout features is its introduction of smart contracts. These are lines of code that power decentralized applications, known as dApps. Ethereum’s blockchain serves as the foundation for over 1,400 applications and developer tools. The native cryptocurrency of the Ethereum network is called “Ether.”
In 2023, Ethereum underwent a significant transition from a resource-intensive proof-of-work consensus mechanism to an eco-friendlier proof-of-stake system for transaction verification. This shift makes Ethereum a greener choice compared to Bitcoin. However, what truly sets Ethereum apart is its blockchain’s versatility and functionality.
But there’s more to Ethereum than being just another altcoin. It also serves as a layer-2 solution, allowing developers to build new cryptocurrency projects on top of its network. With its real-world applications and continuous innovation, Ethereum’s position as a leading altcoin is unlikely to be challenged anytime soon.
XRP – Ripple
XRP is unique because it’s not just a digital currency; it’s part of a broader global payments network created by Ripple. This network aims to provide an alternative to the established system known as SWIFT aka Society for Worldwide Interbank Financial Telecommunications. SWIFT is the system that banks and financial institutions traditionally use for transferring money across borders.
Ripple claims that its technology offers a significant advantage over SWIFT. It boasts of being faster, more cost-effective, and offering greater transparency. At the heart of this network is XRP, the native cryptocurrency for the Ripple network.
In July, XRP received a substantial boost when a judge in the Southern District of New York ruled that XRP is “not necessarily a security” in certain situations. This ruling potentially places XRP outside the jurisdiction of the SEC (U.S. Securities and Exchange Commission).
However, it’s important to note that XRP has been embroiled in a lengthy legal battle. While there’s hope on the horizon, the battle is not yet over. Nevertheless, there’s a sense of optimism for XRP, something it hasn’t experienced in quite some time. Keep an eye on this giant altcoin in the coming months.
BNB – Binance Coin
Our next pic is BNB (Binance Coin), the cryptocurrency associated with Binance, one of the world’s largest cryptocurrency exchanges. BNB initially started as a utility token on the Ethereum network. Users could use it to get discounts on trading fees when using the Binance exchange.
However, it’s important to note that BNB has since made a transition to Binance’s own blockchain. This change means that BNB can now be utilized for a wide variety of transactions, applications, and other purposes.
In 2023, Binance faced challenges in the U.S. market. The U.S. Securities and Exchange Commission (SEC) took legal action against the exchange, alleging violations of securities laws. Despite this setback, it’s worth mentioning that Binance still maintains its position as one of the world’s top cryptocurrency exchanges.
With Binance’s global prominence, BNB remains an important player in cryptocurrency markets. Its utility within the exchange ecosystem offers various opportunities. Keep an eye on BNB as Binance continues to attract more users worldwide.
ADA – Cardano
Cardano is a decentralized blockchain that emerged in September 2017 with the goal of offering a more efficient alternative to Bitcoin and Ethereum, which were the prominent proof-of-work blockchains at the time.
Notably, Cardano gained instant credibility among the crypto community because it was founded by Charles Hoskinson, one of Ethereum’s co-founders.
Similar to Ethereum, Cardano prioritizes functionality and aspires to become the preferred platform for developing decentralized applications (dApps) and executing smart contracts that can be verified. ADA, is the native currency of Cardano and plays a crucial role in facilitating transactions and powering dApps on the network. Cardano users can stake ADA to help secure the network’s transactions and earn additional tokens as rewards.
Cardano’s strong fundamentals have consistently drawn interest. However, it’s essential to note that while Cardano aims to provide superior services compared to Ethereum, it has yet to surpass Ethereum’s status as the leading altcoin. Nevertheless, Cardano continues to make waves, and many in the crypto community remain optimistic about its future.
Tether
Unlike some other cryptocurrencies, Tether is a stablecoin. This means it’s backed by traditional fiat currencies like the U.S. dollar and the Euro. In essence, Tether is designed to maintain a value equivalent to one of these fiat denominations.
The idea behind this is to offer a more consistent value compared to the unpredictable price swings of other cryptocurrencies. It’s a choice often favored by investors who are cautious about the extreme volatility seen in other digital coins.
If you’re someone who prefers stability and doesn’t want to worry about the ups and downs of the crypto market, Tether can be an appealing option. It allows you to convert your savings into cryptocurrency without the fear of losing money due to market fluctuations.
Doge Coin
Dogecoin, created back in 2013, started as a playful parody of Bitcoin. However, over time, it has gained legitimacy in the eyes of many cryptocurrency traders. This is due to its straightforward nature, support from high-profile figures, and the online popularity of its Shiba Inu dog mascot.
Elon Musk, the CEO of Tesla and Space X and a notable Dogecoin investor, has significantly influenced the price of Dogecoin through his public mentions and references to the cryptocurrency. In fact, he is currently facing a lawsuit from a group of Dogecoin investors who claim that he manipulated its price illegally.
Another well-known supporter of Dogecoin is billionaire entrepreneur Mark Cuban, who has praised the cryptocurrency for its potential as a medium of exchange.
It’s important to note that Dogecoin is one of the most volatile cryptocurrencies out there. This volatility is primarily driven by news, hype, and rumors. However, despite this volatility, Dogecoin continues to perform well and is likely to remain a prominent player in the cryptocurrency world in the coming years.
MATIC – Polygon
Polygon is a platform that came to life in 2017 with the goal of connecting and expanding Ethereum-compatible blockchains and associated projects. Its primary aim was to address the scalability issues faced by the Ethereum network.
Matic solved the scalability issue by processing transactions on a distinct blockchain that remains compatible with Ethereum. To ensure secure transactions, the Polygon network employs a modified proof-of-stake consensus mechanism.
At the heart of the Polygon project is MATIC, its native cryptocurrency. MATIC plays a crucial role in securing and governing the network. Users of the network can earn MATIC as rewards by staking their holdings to help validate transactions.
Additionally, MATIC is used to cover network transaction fees. This makes MATIC an essential component of the Polygon ecosystem, serving both as an incentive for users and a means to facilitate transactions within the network.
Tron
Tron is a cryptocurrency project that kicked off in August 2017. The goal for Tron was to use blockchain technology and decentralized applications (dApps) to bring decentralization to the internet. Currently, it boasts more than 177 million accounts and holds the largest supply of stablecoins in circulation.
The Tron network relies on a verification system called “delegated proof-of-stake,” and its native cryptocurrency is called TRX. Initially, TRX started as an Ethereum-based token but later transitioned to its own independent blockchain in 2018.
Tron specializes in decentralized entertainment, offering platforms for gaming and gambling applications. This enables content creators to sell their creations directly to consumers. It’s important to note that in March 2023, the SEC (U.S. Securities and Exchange Commission) charged Tron’s founder, Justin Sun, with fraud and other violations related to securities laws.
However, Tron still remains a big player in crypto space and TRX token is still quite valuable.
Solana
Solana made its debut in March 2020, and much like Ethereum, it’s a platform that supports decentralized applications (dApps), smart contracts, and non-fungible tokens (NFTs).
What sets Solana apart is its unique verification system. It uses a hybrid approach combining proof-of-stake and proof-of-history mechanisms. This design results in faster and more cost-effective transactions compared to Ethereum.
However, it’s important to note that since its launch, the Solana network has faced significant challenges, including frequent outages. These issues have raised concerns within the crypto community about its reliability.
On a positive note, Solana received a considerable boost in price following a court ruling related to XRP. In 2023, it achieved a triple-digit gain, making it the best-performing cryptocurrency on this list. Despite its challenges, Solana remains an exciting player in the altcoin space.
Where to Buy Top 10 Cryptocurrencies of October 2023?
These cryptocurrencies are available on or a number of decentralized and centralized exchanges. The top platforms on which you can purchases these crypto includes:
Bybit
Bybit is a crypto exchange that has been around since 2018 and is quite popular in the crypto community. The reasons behind its growing user base are quite clear. Bybit offers round-the-clock customer service, making it easy for users to get assistance when needed.
Additionally, their website is designed to be user-friendly, which is a plus for newcomers to the crypto world. One significant advantage of Bybit is that it doesn’t suffer from system overloads, a common issue other exchanges face.
What sets Bybit apart is its forward-thinking approach. On this exchange, you can not only deposit Bitcoin but also various altcoins and trade with them. This feature makes Bybit unique in the crypto space. Notably, the founders of Bybit have notable backgrounds, with experience at companies like Morgan Stanley.
Bybit offers both spot and margin trading, with the option to use leverage of up to 100x. To ensure security, Bybit requires users to complete the Know Your Customer (KYC) process. While this may add some restrictions, it ultimately enhances the safety of your funds.
If you’re looking to buy the cryptocurrencies mentioned earlier, you can find them on Bybit. You can purchase them on the spot market and engage in leverage trading for some of them.
Margin traders can trade Bitcoin and Ethereum with up to 100x leverage on Bybit. Use this link to sign up and earn a free bonus on your initial deposit.
Also Read: Bybit Review: Is It A Safe Exchange? Futures & More
MEXC
If you are looking for a no-KYC exchange to buy these cryptocurrencies, then look no further than MEXC. MEXC is a preferred choice for traders who prioritize privacy and prefer a non-KYC (Know Your Customer) platform. It’s a place where users can engage in speedy and private trading of a wide variety of cryptocurrencies.
MEXC offers a range of features to cater to both new and experienced traders. These include diverse trading pairs, margin trading, futures contracts, leveraged ETFs, and staking options. One standout aspect of MEXC is its competitive fee structure, which is based on trading volume. Traders can enjoy benefits, including discounted trading fees, through the native MX token.
Security is a top priority for MEXC. They implement robust measures like multi-layered firewalls, a multi-signature withdrawal process, and cold storage for funds. Furthermore, the platform ensures that users receive reliable 24/7 customer service, providing prompt assistance with inquiries and concerns.
In summary, MEXC offers a no-KYC trading experience, a wide range of cryptocurrencies, competitive fees, strong security measures, and responsive customer service. Traders seeking privacy and a comprehensive set of trading options will find MEXC to be a dependable and user-friendly platform.
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Also Read: MEXC Exchange Review: Is MEXC Global Crypto Safe? Fees & More
Conclusion:
Among the multitude of cryptocurrencies available, the ten mentioned above stand out as noteworthy contenders. While Bitcoin and Ethereum are clear leaders in the space, the other eight options hold significant potential. However, before diving into the world of crypto investment, it’s crucial to conduct thorough research. While these projects are promising, it’s wise to understand their fundamentals and technical aspects before committing your hard-earned funds.
When it comes to purchasing these cryptocurrencies, our top recommendations are Bybit and MEXC, trusted platforms that offer a range of options to suit your trading needs.
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