Top 10 Cryptocurrencies in India for May 2023
10 Best Cryptocurrencies To Invest In May 2023
There are thousands of different cryptocurrencies, ranging from Bitcoin and Ethereum to Dogecoin and Tether, making it difficult to get started when you’re new to the field. These are the top 10 cryptocurrencies, measured by market capitalization the sum of the value of all the coins currently in circulation that might be worth investing in, to help you get your bearings. In this article we will know top 10 cryptocurrencies to invest in May 2023 –
1- Bitcoin (BTC)
–Market Cap: Over $350 Billion
Bitcoin (BTC) is the first cryptocurrency developed in 2009 by a person using the alias Satoshi Nakamoto. BTC operates on a blockchain, a ledger that records transactions and is shared across a network of thousands of computers, like the majority of other cryptocurrencies. Bitcoin is maintained secure and protected from fraudsters because updates to the distributed ledgers have to be validated by cracking a cryptographic puzzle, a procedure known as proof of work.
As Bitcoin has gained popularity, its price has risen. You could purchase Bitcoin for roughly $500 in May 2016. Since then, Bitcoin has experienced numerous ups and downs, but it has exhibited exceptional resistance. Bitcoin dropped 65% of its market value last year, and as of the beginning of 2023, it was trading between $17,500 and $18,000. As of March 19, 2023, Bitcoin’s price has increased following a rebound and is currently trading in the $25,000–27,000 level.
Related – What is a cryptocurrency & how does it work?
2- Ethereum (ETH)
–Market Cap: Over $170 Billion
Ethereum, which is both a cryptocurrency and a blockchain platform, is a favorite among programmers due to the possible applications it offers, such as smart contracts that run automatically when certain conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has also grown incredibly fast. Its price increased by more than 27,000% from roughly $11 to over $3,000 between April 2016 and the beginning of March 2022. Ethereum, however, fell to a yearly low of $1,091 on November 9, 2022, as a result of the general market meltdown, and it quickly recovered to values of about $1,800 by March 19, 2023.
Related – The best way to sell Cryptocurrency
3- Tether (USDT)
–Market Cap: Over $66 Billion
Tether is a stablecoin, which means it is backed by fiat currencies like U.S. dollars and the Euro and theoretically maintains a value equal to one of those denominations, in contrast to some other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.
4- Binance Coin (BNB)
–Market Cap: Over $45 Billion
You can trade and pay fees on Binance, one of the biggest cryptocurrency exchanges in the world, using the Binance Coin cryptocurrency.
Binance Coin has grown since it was introduced in 2017, and it now does more than just enable transactions on Binance’s exchange platform. Now, it can be utilized for trading, processing payments, or even making trip plans. Additionally, it can be traded or converted into other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB cost only $0.10. Its price increased to nearly $413 by the start of March 2022, a gain of roughly 410,000%. BNB didn’t tremble much even after such a severe market drop and is currently trading at $335 as of March 19, 2023.
Related – How to buy Cryptocurrency in India
5- XRP (XRP)
–Market Cap: Over $18 Billion
XRP is a cryptocurrency that may be used on that network to facilitate trades of many currency types, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing company.
At the beginning of 2017, the price of XRP was $0.006. Its price increased by more than 6,000% to $0.38 by March 19, 2023.
6- Cardano (ADA)
–Market Cap: Over $11 Billion
Cardano is famous for its early adoption of proof-of-stake validation despite entering the crypto market a little later. This approach eliminates the competitive, problem-solving element of transaction verification found in platforms like Bitcoin, which reduces energy consumption and has a positive impact on the environment. Cardano functions similarly to Ethereum in that it uses its own coin, ADA, to power smart contracts and decentralized apps.
7- Ruby Asset (RBC)
–Market Cap: Over $4 Billion
The Ruby Asset is a form of cryptocurrency that you can use to trade and pay fees on CTSKOLA, one of the largest crypto exchanges in India.
Ruby Asset token has had relatively modest growth compared to other major crypto coins. In 2021, RBC’s price was $0.01. As of April 22, 2023, its price was $9.32. This is an increase of above 1500%.
8- Solana (SOL)
–Market Cap: Over $33 Billion
Solana was created to support the use of decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. It operates on a special hybrid proof-of-stake and proof-of-history system that aids in the speedy and secure processing of transactions. The platform is run by the native token of Solana, SOL.
SOL’s pricing started at $0.77 when it debuted in 2020. Its cost was roughly $101 on March 1, 2022, an increase of almost 13,000%.
9 – Polkadot (DOT)
–Market Cap: Over $5 Billion
The 2016-founded Polkadot (DOT) blockchain interoperability protocol was created to link various chains together. Additionally, it enables secure data exchange and transaction processing for para chains, or parallel blockchains. Developers can use Polkadot security to build their own blockchains.
Gavin Wood, the principal architect of Ethereum, developed Polkadot. The intriguing aspect of DOT is that there is no strict cap on the total supply. Instead, a fresh token is always being distributed.
The price of Polkadot peaked in May 2020 at $6.30, afterward reached an all-time high of $55.11 in May 2021, and then fell to around $4 in December 2022. It had a price of $6.40 as of March 19, 2023.
10- Litecoin (LTC)
–Market Cap: Over $6 Billion
Charlie Lee, a former software developer for cryptocurrency exchange Coinbase, invented the open-source blockchain project Litecoin (LTC), which was introduced in 2011. It was among the first digital currencies whose code was a copy of Bitcoin’s. Despite similarities to Bitcoin, it is designed to have a quicker confirmation time for transactions. It can be used as a method of direct payment to anyone anywhere in the world. LTC is frequently referred to as the “silver to Bitcoin’s gold.”
The overall round-off supply of Litecoin is 84 million coins. It reached an all-time high of $413.47 in May 2021 but then fell by more than 50%. The number of businesses accepting Litecoin is rising. It ranks as the 11th-largest cryptocurrency in the world with a token value of about $84.
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