Top 10 Cryptocurrencies by Market Cap: A Comprehensive Look
As the cryptocurrency market continues to evolve, the list of top players also sees frequent reshuffling. Whether you're a seasoned investor looking to diversify your portfolio or a newcomer trying to understand where to start, a look at the leading cryptocurrencies by market capitalization can offer valuable insights.
Assembled with data fresh from the trusted vaults of CoinGecko and updated as of August 31, 2023, this comprehensive guide aims to serve as your navigator through the complex maze of digital assets. We’ll explore the features, history, and technology behind the top 10 cryptocurrencies dominating the market today.
The rankings mentioned in this article are based on data from CoinGecko as of August 31, 2023, and might change over time.
Bitcoin (BTC): The King of Crypto
Market Capitalization is US$530,079,527,201 and is ranked #1.
Tokenomics: Capped at 21 million coins
Advantage: Often viewed as 'digital gold,' it’s seen as a hedge against inflation.
All-time high (ATH) and all-time low (ATL): US$69,044 (Nov 2021) and US$67.81 (Jul 2013).
Bitcoin (BTC) is the world's first cryptocurrency. It was introduced to the world by an anonymous developer under the pseudonym 'Satoshi Nakamoto.' Bitcoin runs on a decentralized ledger system based on cryptography - a blockchain. Thus, Bitcoin is not controlled by a central bank or authority of any kind. Anyone can be a part of this blockchain and be rewarded with Bitcoin by participating in its "mining" process.
In recent years, Bitcoin has outperformed major stock indices like the S&P 500 and the Dow Jones Industrial Average. While stock markets have shown steady growth, Bitcoin's price appreciation has been far more significant. During the third month of 2023, Bitcoin outperformed 97% of all S&P500 companies.
Learn more about Bitcoin (BTC)
How to get Bitcoin
Buy/ Sell Bitcoin with Fiat currencies
Bitcoin has also become a financial asset that people can invest in or even speculate on. You can buy and sell Bitcoin with your local fiat currencies, including via third-party payment providers, the P2P market, and your credit/ debit cards on Bitget on a 24/7 basis.
Bitget currently supports 140+ currencies and 70+ payment methods, including Mastercard, Visa, SEPA, SWIFT, and other local payment methods. Please log in to your Bitget account, from the homepage, click ‘Buy Crypto’, and select payment methods available to your country/region.
Trade Bitcoin on Bitget Spot & Futures markets
Bitcoin Spot Trading: BTCUSDT
Bitcoin Spot Margin Trading: BTCUSDT
Bitcoin Spot Grid Trading: BTCUSDT
Bitcoin Spot Martingale: BTCUSDT
Bitcoin Spot Auto-invest: BTCUSDT
Bitcoin Coin-Ⓜ Futures: BTCUSD
Bitcoin USDT-Ⓜ Futures: BTCUSDT
Bitcoin USDC-Ⓜ Futures: BTCPERP
Bitcoin Futures Grid Trading: BTCUSDT
Ethereum (ETH): The Smart Contract Pioneer
Market Capitalization is US$204,844,559,374 and is ranked #2.
Tokenomics: No fixed supply cap.
Advantage: Supports decentralized applications, smart contracts, and the majority of the DeFi and NFT space.
All-time high (ATH) and all-time low (ATL): US$4,878.26 (Nov 2021) and US$0.432979 (Oct 2015)
Ethereum is a decentralized Blockchain platform introduced by Vitalik Buterin, a Russian Programmer. Ethereum is not managed by a centralized server or organization. Instead, it is run by thousands of computers distributed around the world. Beyond just a currency, Ethereum introduced the world to the power of smart contracts. It provides a platform for decentralized applications (DApps) and has catalyzed the majority of the DeFi and NFT sectors.
Ethereum market share has taken off since the start of 2023, though it doesn't seem to be shown in the level of Google interest. If Bitcoin dominance averages 42.5% year-to-date, Ethereum has no trouble maintaining its second place with 18.1%, which is way ahead of the third-largest cryptocurrency Tether (USDT) at 6.7%. Mind you that Tether is a stablecoin, thus often considered a safe option to onboard crypto by newbies.
Learn more about Ethereum (ETH)
How to get ETH
Buy/ Sell ETH with Fiat currencies
You can buy and sell ETH with your local fiat currencies, including via third-party service providers, our P2P market, and your credit/ debit cards on Bitget on a 24/7 basis.
Trade ETH on Bitget Spot & Futures markets
ETH Spot Trading: ETHUSDT
ETH Spot Margin Trading: ETHUSDT
ETH Spot Grid Trading: ETHUSDT
ETH Spot Martingale: ETHUSDT
ETH Spot Auto-invest: ETHUSDT
ETH Coin-Ⓜ Futures: ETHUSD
ETH USDT-Ⓜ Futures: ETHUSDT
ETH USDC-Ⓜ Futures: ETHPERP
ETH Futures Grid Trading: ETHUSDT
Tether (USDT): The Stablecoin Titan
Market Capitalization is US$82,857,760,603 and is ranked #3.
Tokenomics: USDT does not have a maximum total supply because the amount of USDT issued is dependent on the total value of assets in the Tether's reserve.
Advantage: Tether offers stability within the volatile cryptocurrency market.
All-time high (ATH) and all-time low (ATL): US$1.32 (Jul 2018) and US$0.57 (Mar 2015).
Tether (USDT) is the third largest cryptocurrency (after Bitcoin and Ether) and the largest stablecoin by market capitalization. Tether is a USD-pegged stablecoin, meaning that 1 Tether can be exchanged to USD at an approximate 1:1 ratio. The coin was created in 2014 with the original name of "RealCoin", but was rebranded to Tether later that year.
On June 15, 2023, the stability of Tether's USDT, a widely used stablecoin pegged to the USD, experienced a slight deviation from its usual value of US$1.00. Even though the price dropped to as low as US$0.996 at that time, the USDT price recovered to US$0.999 later in the day. However, since USDT is the most popular stablecoin, its slight depeg led to widespread FUD and speculation among the crypto community.
Learn more about Tether (USDT)
How to get USDT
At the "Buy Crypto" main page, you will find many options to buy USDT:
- Debit/ Credit cards: we support 140+ fiat currencies and 70+ payment methods, including Mastercard, Visa, SEPA, SWIFT, etc.
- P2P Trading: you can purchase USDT with your local payment methods at your preferred prices.
- Third-Party Payment: you can also buy USDT with multiple fiats via our third-party providers like Simplex, Banxa, Mercuryo, etc.
BNB (BNB): The Exchange Trailblazer
Market Capitalization is US$34,306,930,411 and is ranked #4.
Tokenomics: Its total supply is 200,000,000.
Advantage: BNB serves as the native cryptocurrency of the Binance exchange. It offers fee discounts, and ecosystem access for traders.
All-time high (ATH) and all-time low (ATL): US$686.31 (May 2021) and US$0.0398 (Oct 2017)
Originating as the native token for Binance – the world's largest crypto exchange – BNB offers trading fee reductions on the Binance platform and has been integral to the growth of the Binance Smart Chain. The BNB token was originally released as an ERC-20 token to raise funds for the Binance exchange in 2017.
How to get BNB
Trade BNB on Bitget Spot & Futures markets
Ripple (XRP): The Cross-Border Specialist
Market Capitalization is US$27,764,349,639 and is ranked #5.
Tokenomics: The total supply of XRP is 100 billion.
Advantage: XRP aims to facilitate fast and low-cost cross-border transactions.
All-time high (ATH) and all-time low (ATL): US$3.40 (Jan 2018) and US$0.0026 (May 2014).
Ripple can be both considered as a cryptocurrency and a digital payment transaction network. It was launched in 2012 and was co-founded by Chris Larsen and Jed McCaleb. For both banks and financial institutions, Ripple is a transaction system for international money and security transfers. Ripple is the name of the company and the financial network, and XRP is the platform token. XRP is the exchange mechanism between two currencies or networks. It plays the role of a temporary settlement between two currencies.
How to get XRP
Buy/ Sell XRP with Fiat currencies
Bitget supports a variety of cryptocurrencies that can be purchased through debit/ credit cards and third-party platforms like AlchemyPay, Simplex, and Banxa. Joining the ranks of Tether (USDT), Bitcoin (BTC), and others, Ripple (XRP) is the latest addition to Bitget's diverse offerings. This means you now can buy XRP with 140+ currencies like US Dollar (USD), Euro (EUR), British Pound (GBP), and Australian Dollar (AUD) on Bitget!
Trade XRP on Bitget Spot & Futures markets
USD Coin (USDC): A Stablecoin Contender
Market Capitalization is US$26,105,544,669 and is ranked #6.
Tokenomics: USDC is a stablecoin, pegged 1:1 to the US dollar, with regular attestations of its reserves.
Advantage: Similar to USDT, USDC offers stability and crypto-fiat conversion.
All-time high (ATH) and all-time low (ATL): US$1.17 (May 2019) and US$0.877 (Mar 2023)
USD Coin (USDC) is a USD stablecoin issued by CENTRE, a consortium created by Coinbase exchange and a fintech company called Circle. Its value is pegged to the US dollar by fiat currencies and commodities at a 1:1 ratio, which means that 1 USDC is equal to 1 USD.
USDC was first launched as an ERC-20 token in 2018 and has since expanded to other major platforms. 2021 was a big year for the stablecoin as Visa started to accept payments made with USDC.
How to get USDC
On Bitget’s homepage, select “Buy Crypto” and quickly proceed to buy and sell USDC with your local fiat currencies, including via third-party payment providers, P2P market, and your credit/ debit cards on a 24/7 basis.
Related: How to purchase USDC with Fiat
Lido Staked Ether (STETH): Ethereum's Staking Solution
Market Capitalization is US$14,532,706,519 and is ranked #7.
Tokenomics: STETH does not have a total supply.
Advantage: STETH allows holders to participate in staking without the need to manage the technical aspects themselves.
All-time high (ATH) and all-time low (ATL): US$4,829.57 (Nov 2021) and US$482.90 (Dec 2020).
Lido is a platform that enables users to earn interest on their digital assets by staking them while keeping them liquid for use in other DeFi applications. It was initially launched on Ethereum in 2020, allowing users to stake ETH to receive STETH, a token that represents staked ETH in Lido. STETH is not only where the value of the initial deposit and staking rewards are combined, but also can be used to maximize yield through collateralization, lending, yield farming, and other DeFi protocols.
Dogecoin (DOGE): The Meme that Became a Mainstay
Market Capitalization is US$9,291,669,070 and is ranked #8.
Tokenomics: no maximum supply limit.
Advantage: Active community, low fees, tipping & charitable donations usages.
All-time high (ATH) and all-time low (ATL): US$0.731 (May 2021) and US$0.0000869 (May 2015).
Dogecoin (DOGE) is a public cryptocurrency that was created as a lighthearted joke poking fun at the crypto speculation by software engineers Billy Marcus and Jackson Palmer. Launched in 2013, it is considered the first "meme coin" in the world. Despite the fun-loving origin, Dogecoin, ironically, has a lot more use cases than the majority of crypto. Besides being accepted as a method of payment in places around the world, it is predominantly used as tips for online content creators and as donations for charities.
Dogecoin gained notable increases in popularity and value after Elon Musk repeatedly tweeted about the coin on his personal account and had plans to use DOGE to pay for a mission of SpaceX.
Learn more about Dogecoin (DOGE)
How to get Dogecoin (DOGE)
Consider investing in Dogecoin (DOGE)? One of the first steps you can take is to purchase crypto. There are various ways to do so, such as instantly buying crypto with credit/debit cards, via bank transfer, via peer-to-peer transactions, or even in-person purchases. Once you have cryptos, you can start trading DOGE on Bitget!
Cardano (ADA): The Peer-Reviewed Blockchain
Market Capitalization is US$9,212,030,431 and is ranked #9.
Tokenomics: Fixed supply of 45 billion ADA.
Advantage: Cardano aims to provide a more sustainable and scalable platform for smart contracts and DApps.
All-time high (ATH) and all-time low (ATL): US$3.09 (Sep 2021) and US$0.01925 (Mar 2020)
Cardano is a third-generation blockchain that utilizes the Proof-of-Stake (PoS) consensus mechanism. It was conceived in 2015 by Charles Hoskinson, co-founder of Ethereum, who departed his former project with the intention to improve upon Ethereum’s shortcomings and create a more complete decentralized network. Two years after a highly successful ICO in 2015, Cardano mainnet was released. As of now, Cardano supports multiple use cases and applications such as smart contracts, DeFi, Internet of Things, NFT, etc.
How to get ADA
Consider investing in Cardano (ADA)? It only takes 2 minutes to create an account on Bitget and start trading ADA.
Solana (SOL): The Speedster of the Pack
Market Capitalization is US$8,314,995,031 and is ranked #10.
Tokenomics: Solana has a circulating supply with no hard cap mentioned in its whitepaper.
Advantage: High throughput, fast transactions for DeFi and DApps.
All-time high (ATH) and all-time low (ATL): US$259.96 (Nov 2021) and US$0.5008 (May 2020).
Solana is a rising blockchain that debuted in 2017 and had its mainnet launched in 2020 with the aim to rival Ethereum. It boasts scalability with open source, fast speed, and low cost. Phantom, the most popular Solana wallet, experienced a six-fold increase in the number of active users from 200,000 in August 2021 to 1.2 million in October 2021. Even more impressive is the rise in TVL: from USD 135.61 million in April 2021 to USD 10.14 billion in October 2021. After only 1 year, Solana climbed to the top 6 biggest blockchains in the world in terms of total value lock (TVL).
It could gain such incredible milestones because the unique Proof of History (PoH) mechanism invented by its founder Anatoly Yakovenko allows for efficient throughput without the need for additional scaling solutions.
How to get Solana (SOL)
Consider investing in Solana (SOL)? It only takes 2 minutes to create an account on Bitget and start trading SOL.
In conclusion, while these cryptocurrencies have solidified their standing by market cap, the dynamic nature of the digital asset space means positions can change rapidly. Bitget always encourages our users to research thoroughly before investing and to stay updated with the latest market trends.
What are cryptocurrencies?
A cryptocurrency, sometimes crypto for short, is a digital currency based on cryptography. Most cryptocurrencies are decentralized, that is, without any central authority for issuance or transaction verification. Thus, they offer a huge improvement in privacy and save on transaction costs.
Crypto Tokens vs. Coins - What's the Difference?
Like everything else, cryptocurrencies can be divided into different types and groups by a wide array of standards. The two most prevalent categories are coins and tokens.
A crypto coin is the native currency to its own blockchain. For instance, BTC is native to the Bitcoin blockchain, just like ETH is native to the Ethereum blockchain. These coins can be transferred and used like traditional currencies, but the most important function they have is paying gas fees. These coins are generated by miners or validators during their mining or validation process and are not controlled by any central authority.
Crypto tokens are similar to coins but are built on top of blockchains and are functionally more versatile. They can be:
- Stablecoins, like USDT/USDC, that are pegged to real-world assets;
- Utility tokens, like ARB, that provide access or powers to their holders;
- or even non-fungible tokens (NFTs), like BAYCs, that spread your prominence over the entire social network.
Simply create an account, and start exploring the incredible Bitget-Verse today!
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
The rankings mentioned in this article are based on data from CoinGecko as of August 31, 2023, and might change over time.