By Steve Burnett
Cryptocurrencies have seen a general increase in demand over the years as more people realize what they can do with them. This is because cryptocurrencies have varying use cases, and how many people use any of them depends on what the asset is used for.
In 2023, many dramatic events have happened in the crypto market, with different crypto projects doing different things. Some of the events made certain projects more attractive, while some made some crypto less attractive.
Based on the happenings this year, here are five of the most popular cryptocurrencies in 2023. They are not selected based on the price of the asset, but based on how many more people are getting interested in the project based on recent happenings. Without further ado, here are the five most popular cryptocurrencies in 2023.
Bitcoin is the uncontested crypto king, since it is the first cryptocurrency ever created. It is also one with several unique properties that place it in its own class. This is why the rest of the crypto assets are referred to as altcoins. It is also the most valuable cryptocurrency, making it the number one crypto asset since its creation.
Bitcoin has over the years become not just the peer-to-peer digital cash that it was designed to be, but it has also become an asset used to store value. Bitcoin is also used as a hedge against the inflation that characterizes fiat money.
As a result, its popularity continues to soar, as more investors, including institutional investors seek the asset as an investment. Even though regulators have criticized other crypto assets as securities, it has not said the same about Bitcoin, another reason why it is so attractive.
Also read:Tether’s USDT is the first stablecoin ever created. It is also the most traded digital asset in the world currently, a position it has held for some time now. As a crypto asset without the wild volatility that is typical of crypto assets, USDT has grown in popularity for payments.
It is expected that the demand for the all-important digital asset will continue to rise as buyers and merchants seek faster and cheaper payment options for transactions. Indeed, cryptocurrencies are a major part of payments in the future, and USDT is a big part of that future.
XRP is the native token used on Ripple’s payment network. It is currently the fourth largest cryptocurrency by market capitalization, having risen from the sixth position. Perhaps XRP is the most interesting cryptocurrency on this list, because of what it has been through and survived.
After surviving the securities and exchange commission (SEC)’s lawsuit for three years, it emerged with a partial victory that says it is not a security. As a result, interest in this token skyrocketed, taking its price along.
So far, the number of new XRP addresses has gone up by over 31% this year alone, indicating that new investors are developing interest in the token. With a case pending in court, XRP could become even more popular after winning against the SEC finally.
Binance Coin (BNB)
BNB is the native token for the BNB Chain ecosystem, an ecosystem that competes with Ethereum. BNB Chain has grown dramatically in the few years that it has existed, leading to increased use cases for BNB.
BNB is the token used to pay for transaction and other fees on BNB Chain, and because BNB Chain is much cheaper and faster than Ethereum, it has become a major competition as many developers now flock to it.
The Network reportedly surpassed Ethereum by number of verified smart contracts in Q2 2023, which clearly explains why BNB is a popular token.
Conclusion
These are some of the most popular cryptocurrencies in 2023 because of what they’re bringing to the table. Because they provide so much value, investors are likely to put them on their watchlists for investment for the year as well, so you can check them out if you’re looking for crypto assets to invest in.
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