Profitable Picks: 10 Cryptocurrencies to Watch in August 2023
There are thousands of different cryptocurrencies in the world, but you have no idea where to invest. Here, we have suggested the best cryptocurrencies that could be worth investing in based on market capitalization.
1. Bitcoin (BTC)
Market Cap: Over $550 billion
Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks. Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.
In May 2016, you could buy Bitcoin for about $500, but in May 2023, Bitcoin is trading in the range of $28,000 to $29,000.
Bitcoin demonstrates some attributes for a currency; its main source of value lies in its restricted supply and increasing demand.
Different ways to earn Bitcoin
1: Mining Bitcoin
2: Lending Bitcoin
3: Holding Bitcoin
4: Claiming airdrops
5: Help to find bugs
6: Incentivized Learning
2. Ethereum (ETH)
Market Cap: Over $220 billion
Ethereum is a technology that’s home to digital money, global payments, and applications. The community has built a booming economy.
Ethereum is one of the most reliable long-term investments in the cryptocurrency market, offering substantial growth potential.
From April 2016 to March 2022, its price went from $11 to $3,000, increasing more than 27,000%. It went to a low of $1,091 on November 9, 2022, and rebounded to $1,800 as of May 3, 2023.
3. Tether (USDT)
Market Cap: Over $550 billion
Tether helps investors move funds between cryptocurrency markets and the traditional financial system.
It is a derivative of the US dollar that can fluctuate very slightly in value based on supply-demand principles and counterparty risk.
The company may not have enough liquid assets to pay redemptions in a crisis.
4. Binance coin (BNB)
Market Cap: Over $50 billion
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance’s own blockchain, the Binance chain.
The current value of Binance BUSD is 83.17 INR. To buy 5 Binance USD, it costs you 415.86 INR. It can also be tested for other forms of cryptocurrency, such as Ethereum or Bitcoin, and is now trading near the level of $320 as of May 3, 2023.
Also Read: Advantages of Crypto Coins: A Closer Look at Digital Currency
5. XRP (XRP)
Market Cap: Over $550 billion
XRP is a cryptocurrency and token that Ripple Lab uses to facilitate transactions on its network. XRP primarily enhances global financial transfers and the exchange of several currencies, which investors also use to store value and profit from price fluctuations.
In the beginning, the XRP price was $0.006. As of May 3, 2023, its price reached the level of $0.46
6. Cardona (ADA)
Market Cap: Over $550 billion
Cardona is a blockchain platform for changemakers, innovators, and visionaries with the tools and technology required to create possibility. It is open source and decentralized, with consensus achieved using proof of stake.
At the beginning of 2017, the ADA was $0.02; as of May 3, 2023, it was $0.38.
7. Solana
Market Cap: Over $550 billion
Solana is a blockchain platform that uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL. Solana is a fast, decentralized, scalable, and energy-efficient system that can power thousands of transactions per second.
SOL’s price at the beginning starts at $0.77. As of May, it was trading at around $21.
8. Polkadot (DOT)
Market Cap: Over $550 billion
Polkadot is a blockchain platform and cryptocurrency, and the native cryptocurrency for the Polkadot blockchain is the DOT. It is designed to allow blockchains to exchange messages and perform transactions with each other without a trusted third party.
Polkadot was at $6.30 in the beginning; as of May 3, 2023, it was in the $0.97 range.
9. Avalanche (AVAX)
Market Cap: Over $550 billion
Avalanche is a decentralized open-source proof-of-stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform.
AVAX was priced at $4.00 at the time of launch, and as of May 3, 2023, it was priced at $16.7.
10. Litecoin (LTC)
Market Cap: Over $550 billion
LiteCoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. It was inspired by Bitcoin. LiteCoin’s main chain shares a slightly modified Bitcoin codebase.
It recorded a lifetime high of $413.47, making it the 11th largest cryptocurrency in the world.
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