Top 10 Cryptocurrencies in March 2023 – Forbes Advisor UK

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which makes it overwhelming when you’re first starting out in the crypto world.

To help you find out, here are the top 10 cryptocurrencies based on their market cap – the total value of all coins in circulation.

What are cryptocurrencies?

A cryptocurrency is a digital asset that can circulate without the centralized authority of a bank or government.

To date, there are 21,910 cryptocurrency projects out there representing the entire £697 billion crypto market.

1. Bitcoin (BTC)

• Market value: £360.2 billion

Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or ledger that logs transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept safe and secure from fraudsters.

Bitcoin’s price has skyrocketed as it has become a household name. In May 2016, you could buy one Bitcoin for about £370. As of March 7, 2023, the price of a single Bitcoin was around £18,655. That is a growth of 4.942%.

2. Ethereum (ETH)

• Market value: £159.4 billion

Both a cryptocurrency and a blockchain platform, Ethereum is a favorite among software developers because of its potential applications, such as so-called smart contracts that automatically run when conditions are met and non-fungible tokens (NFTs).

Ethereum has also experienced tremendous growth. From April 2016 to March 2023, the price went from about £8 to around £1,303, increasing about 16,184%.

3. Tether (USDT)

• Market value: £59.5 billion

Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the US dollar and euro and hypothetically holds a value equal to one of these denominations. In theory, this means that Tether’s value is supposed to be more consistent than other cryptocurrencies, and it is favored by investors who are wary of the extreme volatility of other coins.

4. Binance Coin (BNB)

• Market value: £37.4 billion

Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded to only facilitate trades on Binance’s exchange platform. Now it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.

In 2017 it was priced below 10p. By March 2023, the price had risen to around £237.

5. US Dollar Coin (USDC)

• Market value: £36.6 billion

Like Tether, USD Coin (USDC) is a stablecoin, meaning it is backed by the US dollar and aims for a ratio of 1 USD to 1 USDC. USDC is powered by Ethereum and you can use USD Coin to complete global transactions.

6. XRP (XRP)

• Market value: £15.41 billion

Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate the exchange of different types of currency, including fiat currencies and other major cryptocurrencies.

At the beginning of 2017, the price of XRP was £0.004. As of March 6, 2023, the price reached around £0.30, representing an increase of approximately 7,464%.

7. Cardano (ADA)

• Market value: £9.6 billion

Somewhat later on the crypto scene, Cardano (ADA) is known for its early embrace of proof-of-stake validation. This method speeds up transaction times and reduces energy use and environmental impact by removing the competitive, problem-solving aspect of transaction verification on platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.

Cardano’s ADA token has seen relatively modest growth compared to other major cryptocurrencies. In 2017, the ADA’s rate was approximately 1.5p. From 7 March 2023 the price was £0.28. This is an increase of around 84%.

8. Dogecoin (DOGE)

• Market value: £8.16 billion

Dogecoin became known as a joke in 2013, but quickly developed into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit to the number of Dogecoins that can be created, making the currency vulnerable to devaluation as the supply increases.

Dogecoin price in 2017 was £0.00016. In March 2023, the price was at £0.06, up about 38,340%.

9. Polygon (MATIC)

• Market value: £8.2 billion

Founded in 2017, Polygon – formerly known as Matic Network – is a relatively popular crypto. It’s called “Ethereum’s Internet of Blockchains.” Perhaps that is why MATIC supports more than 7,000 decentralized applications (dApps).

Polygon has also experienced tremendous growth since its initial launch. Today MATIC is trading at £0.93.

10. Binance USD (BUSD)

• Market value: £7.2 billion

Binance USD (BUSD) is a stablecoin that Paxos and Binance founded to create a cryptocurrency backed by the US dollar. To maintain this value, Paxos has an amount of US dollars equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility.

*Market caps and prices taken from coinmarketcap.com, current as of March 6, 2023.