Top 10 Altcoins Of 2023

Top 10 Altcoins You Should Keep In Your Portfolio

The meaning of altcoin has changed since the early days of cryptocurrency when only a few digital assets existed. At that time, any cryptocurrency other than Bitcoin (BTC) was known as an altcoin.

Today, the cryptocurrency world is much more extensive. There is a wide range of coins and tokens with use cases that go beyond being a medium of exchange. This means that they are not necessarily competitors to Bitcoin.

However, the basic definition of an altcoin still refers to any cryptocurrency other than Bitcoin. Here are the top 10 altcoins ranked by market capitalization, excluding stablecoins. Stablecoins have been excluded since they are designed to maintain a stable price and are generally not considered a speculative investment.

1. Ethereum (ETH)

  • Market cap: $199 billion

The cryptocurrency market has grown significantly in recent years, with over 22,000 crypto assets available today. Among these assets, Ethereum stands out as the largest altcoin, accounting for almost $200 billion of the market capitalization.

Unlike Bitcoin, Ethereum is not just a currency, but also a distributed computing network that supports decentralized applications (dApps) and smart contracts. This makes Ethereum an attractive option for developers and builders who want to create innovative solutions using blockchain technology.

Walker Holmes, the vice president of metaverse platform MetaTope, describes Ethereum as a “decentralized playground” for builders to shape the future of blockchain technology. However, critics of Ethereum argue that the network’s high transaction fees make it less practical for some use cases.

Despite this criticism, Ethereum remains a significant player in the cryptocurrency market. With thousands of dApps and other altcoins running on its blockchain, Ethereum’s ecosystem continues to grow and evolve. As the crypto market matures, Ethereum’s potential to drive innovation in the decentralized technology space is only set to increase.

2. Binance Coin (BNB)

  • Market cap: $47 billion

Binance Coin is a type of utility token that is used to pay trading fees and avail discounted trades on the Binance exchange. Apart from that, BNB can also be utilized for payment processing outside the Binance crypto exchange, for instance, booking travel arrangements.

Some critics have raised concerns about BNB’s level of decentralization in comparison to other altcoins. Additionally, Binance faces the risk of a reported investigation by the Securities and Exchange Commission (SEC) into whether BNB should have been registered as a security during its initial coin offering.

3. XRP (XRP)

  • Market cap: $19 billion

XRP is a digital asset that is designed to facilitate cross-border payments between different currencies. Its parent company, Ripple Labs, provides payment processing services to financial institutions around the world. XRP’s primary use case is to be used as a bridge currency, allowing for the seamless exchange of different currency types through Ripple’s network.

One of the main advantages of XRP is its extremely low transaction fees. Compared to other cryptocurrencies, XRP transactions are fast, efficient, and cost-effective. This has made it a popular choice among traders and investors alike.

However, XRP has faced legal challenges due to its relationship with Ripple Labs. In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple and two of its executives, alleging that XRP should have been registered as a security. The case is ongoing, and it remains to be seen how it will be resolved.

Despite the legal challenges, many believe that XRP has a bright future. Its use case as a bridge currency makes it an attractive option for financial institutions looking to streamline cross-border payments. If Ripple can successfully navigate the legal issues, XRP could continue to be a valuable asset in the cryptocurrency ecosystem.

4. Cardano (ADA)

  • Market cap: $12 billion

Cardano (ADA) is a decentralized open-source blockchain platform that uses a proof-of-stake consensus mechanism to process transactions faster and more energy-efficiently than other cryptocurrencies. Launched in 2017, Cardano has gained a reputation as a thought leader in the crypto industry for its innovative approach to blockchain technology.

One of Cardano’s most significant selling points is its focus on security and low transaction fees. ADA’s proof-of-stake consensus mechanism allows the blockchain to operate without the energy-intensive problem-solving dimension found in Bitcoin and other cryptocurrencies, making it more energy-efficient.

While some experts, such as Walker Holmes, vice president of metaverse platform MetaTope, see Cardano as a leader in the industry, others are more skeptical. Daniel Logvin, CEO of blockchain network provider and consultancy LedgerByte, argues that Cardano has yet to deliver on its promises.

Despite criticism from some quarters, Cardano remains a popular choice among cryptocurrency investors. Its low fees and high levels of security make it an attractive option for those looking to invest in the blockchain space. As the crypto industry continues to evolve, it will be interesting to see how Cardano and other altcoins continue to develop and adapt to meet the changing needs of the market.

5. Dogecoin (DOGE)

  • Market cap: $10.6 billion

Started as a meme in 2013, Dogecoin has become a notable cryptocurrency with a strong community and a unique brand. However, Richard Gardner, CEO of Modulus Global, cautions that DOGE is still riskier than Bitcoin, despite attracting some significant supporters.

Altcoins like DOGE are susceptible to extreme fluctuations due to market volatility because they have yet to demonstrate real-world applications, according to Garry Krugljakow, founder of the decentralized lending and borrowing app 0VIX Protocol.

Nonetheless, DOGE’s popularity is on the rise, as evidenced by its numerous celebrity endorsements and high-profile partnerships. One such partnership is with the Dallas Mavericks, an NBA team that accepts DOGE as payment for merchandise and game tickets.

Furthermore, the Dogecoin community has made charitable donations, such as raising funds to provide clean water to people in need in developing countries. The coin’s continued success and unique brand demonstrate the power of community-driven movements in the cryptocurrency space.

6. Polygon (MATIC)

  • Market cap: $10.5 billion

Polygon is a scaling platform built on top of Ethereum that offers developers the ability to create dApps with lower transaction fees. The technology behind Polygon enables users to conduct transactions on the Ethereum network in a more efficient and cost-effective way.

Daniel Logvin, CEO of blockchain network provider and consultancy LedgerByte, explains that using Polygon to process transactions on the Ethereum network can save a considerable amount of money on gas fees. Gas fees are typically more affordable on Polygon than on Ethereum, making it an attractive solution for developers and users alike.

According to its website, Polygon offers “fast and cheap” transactions while maintaining the security and decentralization of the Ethereum network. It achieves this through a combination of technologies, including its Proof-of-Stake (PoS) consensus mechanism, which eliminates the need for energy-intensive problem-solving, and Plasma, a scaling solution that allows for faster processing of transactions.

Polygon has gained popularity among developers due to its ease of use and compatibility with existing Ethereum infrastructure. It has attracted numerous projects and partnerships in the decentralized finance (DeFi) space, including Aave and SushiSwap. As the adoption of dApps and blockchain technology continues to grow, Polygon is likely to play an increasingly important role in the ecosystem.

7. Solana (SOL)

  • Market cap: $8.3 billion

Solana was created to support decentralized finance, apps, smart contracts, and it operates on a distinct hybrid proof-of-stake and proof-of-history mechanisms to process transactions securely and quickly.

According to Whitney Setiawan, a research analyst with digital assets exchange Bitrue, Solana is one of the fastest blockchains available. However, it has also received criticisms for being too centralized, with very few validating nodes when compared to Ethereum.

Holmes adds that Solana is an excellent blockchain solution for scalability with very low fees. Despite this, it has experienced downtime and outages.

The blockchain solution’s unique mechanisms enable high-speed transactions and enable Solana to support over 50,000 transactions per second. Solana’s efficiency comes from its proof-of-history mechanism, which uses timestamps to verify the order of events in the blockchain.

Solana has become popular with developers due to its low fees and its speed of execution, making it an attractive alternative to Ethereum, which has high transaction fees and network congestion.

8. Polkadot (DOT)

  • Market cap: $7.3 billion

According to Max Thake, co-founder of peaq, Polkadot’s native token DOT powers the ecosystem that enables developers to build blockchains for specific purposes, which connect to the main Polkadot blockchain hub. Thake highlights that there is a sustained demand for DOT from projects that aim to build on Polkadot.

Furthermore, James Wo, CEO of Digital Finance Group, notes that DOT is a leader in developer activity and has better-shared security. However, the progress of projects on Polkadot has been slow, and the ecosystem lacks star applications to help boost its growth.

Polkadot aims to provide interoperability between different blockchains, which is critical to building a decentralized internet. The Polkadot ecosystem’s multi-chain approach can enable projects to be developed with their own security and governance while still connecting to a larger network of blockchains. DOT’s value proposition lies in its ability to facilitate the transactions between the different blockchains that make up the Polkadot ecosystem.

While Polkadot is still relatively new and has some challenges to overcome, its innovative approach to building a scalable and interoperable network of blockchains shows promise for the future of decentralized applications.

9. Litecoin (LTC)

  • Market cap: $6.9 billion

Litecoin, an original altcoin, was created to address several of Bitcoin’s perceived shortcomings, such as slow transaction processing speeds and mining monopolies. Unlike Bitcoin, which has evolved into more of a “store of value,” LTC is designed to be used in everyday transactions.

Litecoin also has some distinct differences from Bitcoin. In addition to processing speed, there’s the matter of supply. While Bitcoin has a maximum supply of 21 million coins, Litecoin’s cap is set at 84 million coins.

According to Tom Bustamante, CEO of cryptocurrency exchange Rex, Litecoin is a popular choice for users who want to trade or use cryptocurrencies for everyday transactions. “Litecoin is seen as a more efficient and faster option than Bitcoin, particularly when it comes to smaller transactions,” he said.

However, critics of Litecoin argue that it has yet to prove its value as a viable alternative to Bitcoin. Others point out that Litecoin’s limited supply could cause issues with liquidity and market volatility in the future. Despite these concerns, Litecoin remains a popular altcoin in the cryptocurrency space, with a dedicated community and a solid track record of performance.

10. Shiba Inu (SHIB)

  • Market cap: $ 6.5 billion

Similar to DOGE, Shiba Inu is a meme coin that has gained popularity among crypto enthusiasts. Known as the “Dogecoin killer,” this altcoin is based on the Ethereum blockchain but lacks a strong use case. Despite this, there are SHIB-based non-fungible tokens (NFTs) available.

While SHIB may not be a viable investment option due to its lack of real-world use cases, it still attracts speculative investors. However, its highly volatile nature can lead to substantial profits or losses.

It’s worth noting that all market caps and pricing information have been obtained from, as of March 16, 2023.

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