Top 10 Cryptocurrencies to Buy in August 2023

The top 10 cryptocurrencies by market cap, excluding stablecoins, are shown below

As of now in 2023, the cryptocurrency market has recovered. Bulls in the cryptocurrency market think the erratic market is headed for new records and are hopeful that regulatory clarity would encourage more institutional investors to start investing in cryptocurrencies.

1. Bitcoin (BTC): The world's most well-known and valued cryptocurrency is still Bitcoin. The blockchain-based, decentralized transaction verification, and public ledger system of Bitcoin, which was developed by an unknown individual or group using the pseudonym Satoshi Nakamoto, completely changed the way that people think about digital security.

2. Ethereum (ETH): The first blockchain to use smart contracts code that powers decentralized applications or dApps was Ethereum. More than 1,400 applications and developer tools are available on the Ethereum blockchain, and Ether is the network's native coin. Ethereum successfully made the switch from a proof-of-work consensus method to a proof-of-stake transaction verification system in 2023, which requires much less energy.

3. BNB (BNB): One of the biggest cryptocurrency exchanges in the world, Binance, has its own coin called BNB. BNB was initially developed as an Ethereum-based utility token that allowed customers to get lower trading costs on the Binance exchange.

4. XRP (XRP): A rival of SWIFT, is the worldwide payments network called XRP, which was developed by Ripple. Banks and other financial institutions around the world use SWIFT as their preferred method of money transfer. In contrast, Ripple asserts that their technology is more transparent, less expensive, and faster than the SWIFT system.

5. Dogecoin (DOGE): Elon Musk, a dogecoin investor and the CEO of Tesla, has referred to or mentioned the cryptocurrency frequently, causing volatility in dogecoin's share price. Investors in dogecoin are suing Musk on the grounds that he improperly manipulated the currency's price.

6. Cardano (ADA): Charles Hoskinson, a co-founder of Ethereum, gave Cardano instant recognition among cryptocurrency fans. Similar to Ethereum, Cardano is functionally focused and seeks to be the preferred platform for dApp development and verifiable smart contracts.

7. Solana (SOL): Solana debuted in March 2020. Similar to Ethereum, its network offers non-fungible coins, smart contracts, and decentralized applications. Yet Solana is faster and less expensive than Ethereum because of its distinct hybrid proof-of-stake and proof-of-history verification system.

8. Tron (TRX): Tron is a cryptocurrency project that was started in August 2017 with the long-term objective of decentralizing the internet utilizing blockchain technology and dApps. The network supports the greatest stablecoin circulation supply and has more than 177 million accounts.

9. Polkadot (DOT): The protocol was developed to link many previously disconnected blockchains, making it possible for currency and data to be exchanged back and forth from blockchains like Ethereum and Bitcoin with ease.

10. Shiba Inu (SHIB): SHIB and DOGE are comparable in a number of ways, yet there are also some significant variances. For instance, SHIB is based on the Ethereum network, enabling it to support dApps and smart contracts.