The Best Cryptocurrencies to Buy: November 2023 Ranking

What are the best cryptocurrencies to invest in? Which projects related to virtual currencies are the strongest on the market in November 2023?

Start by observing cryptocurrency quotes – the initial step to grasp the top-performing cryptocurrencies. These are the most valuable ones, deserving careful consideration for potential investment, despite the associated risks.

The crypto market comprises thousands of cryptocurrencies, including prominent virtual currencies like Bitcoin, Ethereum, and Tether. There are those that have gained significant popularity in recent years, such as Dogecoin, Polkadot, and USD Coin. There are also lesser-known cryptocurrencies that might not be familiar to you, but they could potentially offer surprises in the coming times.

A ranking of the best cryptocurrencies based on market capitalization, therefore, has the task of providing those interested in the sector with a general idea of ​​which are the most solid cryptocurrencies, with the highest value, on which others before us have decided to invest and bet.

But it is not exhaustive: for this reason it is also useful to observe the ranking of the best cryptocurrencies that have risen the most in the last 30 days regardless of the market cap, available below, thus intercepting the peaks of interest not only on the main cryptocurrencies, but also on the cryptocurrencies minors who have grown the most in the last month.

What are the best cryptocurrencies to buy in November: the ranking

1. Bitcoins
2. Ethereum
3. Tether
4. BNB
5. XRP
6. USD Coins
7. Dogecoins
8. Cardano
9. Solana
10. TRON

Ranking top cryptocurrencies by market capitalization

Let’s start the research to draw up the ranking of the best cryptocurrencies in the world by investigating the cryptocurrencies with the highest capitalization in November 2023.

Market capitalization, in dollars, represents the value achieved by multiplying the current cryptocurrency price by its total market quantity.

Let’s take an example: if a Bitcoin is currently worth $28,910 and there are 19,444,768 Bitcoins in circulation, then the market capitalization of Bitcoin will be approximately $562 billion.

The ranking of the 10 best cryptocurrencies in the world by market capitalization, updated on August 1, 2023, returns several new features. XRP climbs the ranking from 6th to 5th place, undermining USD Coin. Dogecoin also continues its climb into the top 10 of the best cryptocurrencies, jumping from 8th to 7th place. Not only that: this month TRON enters the rankings, gaining the 10th thanks to the loss of capitalization of Litecoin.

Cryptocurrencies November 2023: what to expect?

Analysts consider the anticipation of additional rate hikes a crucial factor influencing BTC prices in the second half of the year. Recent reports of major players expressing interest in establishing a Bitcoin ETF propelled the price beyond $34,000. However, the price is currently facing challenges in sustaining its bullish momentum.

At the same time, the launch of Wall Street-backed digital asset platform EDX is gradually easing the level of tension in the market following the SEC allegations against Binance and Coinbase.

Please note that regulatory changes, economic conditions, market sentiment, geopolitical events, technological advances, and investor behavior all influence cryptocurrencies. These factors affect the supply and demand dynamics of cryptocurrencies and can contribute to price fluctuations:

Raising interest rates: To fight inflation, the Federal Reserve raised interest rates. As a result, borrowing money has become more expensive, leading to a decrease in investments in riskier assets such as cryptocurrencies.

Geopolitical instability: The ongoing conflict in Ukraine, as well as the danger of a recession in the United States, have caused much uncertainty in the global economic landscape. As a result, investors decide to sell riskier assets such as cryptocurrencies.

Tight regulation: Cryptocurrencies are targeted by governments around the world. This has made buying and selling Bitcoin more complex for investors.

After the 2022 FTX exchange crash, cryptocurrency credibility declined, causing a prolonged market slump. Yet, 2023 presented fresh prospects for major coins like Ethereum and Bitcoin, sparking a market resurgence due to improved socioeconomic conditions and lower prices. The current volume in the digital market, the overall market capitalization, is $1.13 trillion.

1) Bitcoin

What is Bitcoin?

Bitcoin is the first decentralized cryptocurrency to become globally popular. The concept of Bitcoin was first described in a white paper published in late 2008 by Satoshi Nakamoto, who has since passed away. The promise of Bitcoin is to revolutionize the system of international currency payments by eliminating the intervention of the government, central banks and financial intermediaries.

Indeed, the State or a central bank doesn’t mint Bitcoin; instead, it’s the network nodes that maintain transaction records in the blockchain that create it.It is therefore a decentralized and completely democratic payment system.

Since Bitcoin emerged as the first major cryptocurrency, people refer to all digital currencies created afterward as altcoins or alternative coins.

Bitcoin offers the advantage of offline storage on the owner’s local hardware, a method known as cold storage, which safeguards the currency from theft.

The idea behind Bitcoins is to create a currency independent of any type of authority that allows you to make electronic payments globally without controls, instantly and anonymously.

The price of Bitcoin first broke the $100 mark in April 2013 and the cryptocurrency has continued to grow in popularity and value ever since. Enthusiasm grows stronger at the beginning of 2017, when Bitcoin surpasses the $1,000 mark. Its rise takes a break to then resume quickly and shockingly at the end of 2020, inaugurating a path that will lead Bitcoin to reach its absolute maximum on November 10, 2021, the day when it touches 67,000.

From there the descent begins: the quotation collapses to $16,000 in response to the sector crisis triggered by the bankruptcy of the FTX exchange.

2023, at the moment, is confirmed as a bullish year: the value for each BTC has gone from $16,688 at the beginning of the year to today’s high of $34,000. In the last 30 days, its value has risen by 45.31%.

In August 2023, Bitcoin solidified its position as the unquestionable leader in the cryptocurrency ranking based on market capitalization.

2) Ethereum

What is Ethereum?

Ethereum is a platform based on blockchain technology, best known for its cryptocurrency, or native token, Ether (ETH), also called Ethereum.

The blockchain that Ethereum is based on can support many other cryptocurrencies and applications as well as NFTs. Network users can create, publish, monetize and use a wide range of decentralized applications.

The Ethereum project dates back to 2013 from the idea of ​​Vitalik Buterin, a Russian boy born in 1994 who lived in Canada, who officially launched the platform in 2015 together with Joe Lubin, founder of the blockchain software company ConsenSys.

Ethereum works through a blockchain, where all operations performed are stored in a public register. Before registering, each new block must be validated by the other users participating in the platform.

The Ethereum network is characterized by a decentralized virtual computer, also known as the EVM (Ethereum Virtual Machine). To function, the network needs (real) computers kept constantly on, which transfer part of their computing power to the network.

In turn, computers need to acquire energy to perform their function. The “fuel” of the platform is represented by Ether, indispensable for executing smart contracts.

The price of Ethereum surpassed $100 for the first time in May 2017, following the rally involving Bitcoin.

After hitting an all-time high of $1,397 in early 2018, the cryptocurrency entered an extended sideways phase. A significant upward breakout only occurs from autumn 2020 onward, a period during which the top cryptocurrencies in the market surge to new records.

Ethereum achieved its all-time high in November 2021 at $4,724, followed by a natural decline. This descent intensifies during the “crypto winter” in autumn 2022, pushing the cryptocurrency perilously close to $1,000.

After benefiting from the bullish market phase inaugurated at the beginning of the year, which led it to touch $2,000 in October 2023. In August 2023, Ethereum confirmed its second place in the ranking of the best cryptocurrencies by market capitalization, even if the trend bullish now seems to have lost power.

3) Tether

What is Tether?

Tether is a stablecoin, i.e. a digital currency that aims to be a stable substitute for a legal tender (fiat currency). On the official website, the definition assigned to the cryptocurrency is as follows: “ Tether converts money into digital currency, to anchor or link the value to the price of currencies such as the US dollar, the euro and the yen”.

From here we can see the meaning that the creators of the project wanted to assign to the digital currency, ” link the value of the cryptocurrency to the price of fiat currencies “.

The year of Tether’s foundation dates back to 2014, even if the Mastercoin protocol of JR Willett, the inventor of the ICO (Initial Coin Offering, the initial offer of cryptocurrency) is the basis of the original idea. Brock Pierce and Craig Sellars, respectively official member and CTO of the Mastercoin Foundation, are the co-founders of Tether, joined by Reeve Collins, co-founder of SmartMedia Technologies.

Initially, the cryptocurrency Tether bore the name Realcoin, explicitly highlighting its distinction from other cryptocurrencies. Tether (₮) replaced Realcoin within four months of its founding, and the company issued the first tokens on the Bitcoin blockchain in October 2014, a mere three months after officially establishing itself.

Remaining consistently near the one-dollar mark since its inception, Tether has maintained its status as a stablecoin. Its lowest point occurred in March 2015, reaching $0.6051, while the peak was in May 2017 at $1.0432, driven by the well-known cryptocurrency rally during that timeframe.

As of August 2023, Tether is third in the ranking of the best cryptocurrencies to invest in by market capitalization.

4) BNB

What is BNB?

Binance Coin (BNB) is Binance’s ERC20 token, a trading platform that performs a dual function: as an exchange it allows users to trade cryptocurrencies and make a profit, but it can also be used as a virtual wallet in which to store your cryptocurrencies. By daily transaction volumes, Binance is the largest exchange in the world.

The success of the cryptocurrency undoubtedly depended on the popularity of the exchange platform on which it relies and on the technology it can count on, the Ethereum (ETH) blockchain. The two coins share the same consensus algorithm, called Proof-of-Stake (POS), which has the task of confirming the operations performed.

Binance Coin was launched in 2017 as a trading currency for use on Binance with a market value of around $1.27. After a gradual growth in the following years that led the cryptocurrency to close 2020 at $38.95, BNB flies with the crypto rally starting from the beginning of 2021 reaching its all-time high at $676.35 in May of the same year. After a highly volatile 2021, a descent is triggered that brought BNB back below $200, to then recover to the current levels of July 2023 above $300.

Read also: Binance Review 2023- Is Bnance Safe?

5) XRP

What is Ripple (XRP)?

Ripple (XRP) is a digital currency that has been around since 2013 and its protocol was created by OpenCoin, itself founded by Chris Larsen and Jed McCaleb.

The purpose of Ripple, as stated by its creators, is to eliminate and overcome the difficulties and disadvantages of Bitcoin, for which we will later try to highlight all the differences between the two virtual currencies.

The idea behind Ripple is that of the P2P monetary system, i.e. peer to peer: the aim is to eliminate or in any case lower the intermediation costs on financial transactions (the costs, for example, deriving from the intermediation of a bank or a credit).

After entering the market at $0.0059, Ripple managed to exceed a value of 2 cents in the spring of 2017. Having reached an all-time high at the beginning of 2018 at $3.1178, the price of the cryptocurrency began to fall inexorably until it reached below the 20 cents in 2022. The upward trend of spring 2021, which brings Ripple back to $1.75, the price falls back below the dollar, reaching the current levels of around 50 cents.

In August 2023, XRP moved to fifth in the ranking of the best cryptocurrencies by market capitalization thanks to the rally triggered in mid-July, when federal judge Analisa Torres of the Southern District of New York ruled against the Securities and Exchange Commission‘s conviction that XRP would be a stock.

Shortly after the ruling was announced, XRP price soared more than 75% to a one-year high at $0.93.

6) USD Coins

What is USD Coin?

Just like Tether, USD Coin (USDC) is a stablecoin, i.e. a digital “currency” pegged to a stable reserve asset. Its value is linked to that of the US dollar and therefore tends to undergo minor fluctuations compared to traditional cryptocurrencies on the market (such as Bitcoin).

USDC was born out of a collaboration between Circle and Coinbase and has been around since September 26, 2018. USD Coin tokens can be converted back to dollars at any time, making it quite convenient to use. The ERC-20 smart contract secures the issuance and redemption of the coin.

Being a token based on the Ethereum blockchain, USD Coin can be stored in all Ethereum-compatible wallets.

After a debut on the market at $1.0043, until the spring of 2019 USD Coin shows a decent trend with peaks above $1.01, to then inaugurate a bearish trend interrupted by the historical highs at the beginning of 2020 at $1.034. From that moment on, a lateral phase begins which causes the price of USD Coin to fluctuate just above or just below $1, during which it reaches an all-time low of $0.9638 (March 2023).

As of August 2023, USD Coin ranks sixth in the ranking of the best cryptocurrencies to invest in by market capitalization.

7) Dogecoins

What is Dogecoin?

Dogecoin is a cryptocurrency created in 2013 in Oregon. It was still the first republic of social media, and the internet community had been circulating a meme for some time depicting a Shiba Inu, a Japanese dog breed. From there, Billy Markus was inspired to merge the embryonic interest in virtual currencies, which he was already mounting, with the proverbial irreverence of the web, giving life to a sort of crypto-meme, the Dogecoin.

The project has transformed, year after year, into something real, serious, tangible, and which is now worth billions of dollars.

From a purely technical point of view, however, the Dogecoin is a pure cryptocurrency, that is, it is used exclusively to make payments. In this sense, it is similar to Bitcoin, but profoundly different, in terms of logic and nature, from currencies such as Ethereum and Ripple, which put transactions in the background. Basically, therefore, the Dogecoin allows you to buy goods or services with a decentralized, secure payment method with low commission costs.

A large part of the increases in Dogecoin are attributable to the social incontinence of Elon Musk, number one at Tesla and SpaceX, who for years has been trying to push his followers, with a flurry of tweets, to bet on the asset.

Read also: Is Elon Musk Losing Influence on the Price of Dogecoin?

When Doge entered the market with a value of $0.0002 in 2013, there are no noteworthy movements until the beginning of 2021, when Dogecoin inaugurates an uptrend that will lead it, in May of the same year, to mark all-time highs absolute at $0.6878. From there, a downward correction is triggered which brings the crypto back below 10 cents, down to the current levels of $0.08.

At the beginning of April, Dogecoin enjoyed a sudden upward push after the replacement of the Twitter logo with that of the crypto on the social network by Elon Musk.

In August 2023 Dogecoin rises to seventh place in the ranking of the best cryptocurrencies by market capitalization.

8) Cardano

What is Cardano?

In 2017, Cardano launched as a decentralized public blockchain that issued the ADA token. The project originated in 2015 when its founder, Charles Hoskinson, departed from the Ethereum founding team due to a disagreement with Vitalik Buterin. Hoskinson viewed Ethereum as a for-profit venture, whereas Buterin believed it should be developed with a non-profit approach.

Cardano employs the proof of stake protocol for transaction confirmation, eliminating the need for miners. In contrast, Bitcoin relies on the more electricity-intensive proof of work protocol.

Cardano is therefore eco-sustainable and consumes less electricity than cryptocurrencies that have adopted the other protocol.

After a muted market entry at 0.025, Cardano rocketed to all-time highs in January 2018, touching $1 ($0.997), before channeling itself into a sideways phase throughout 2019 and 2020. A new bullish sprint arrives at the beginning 2021, when the token reaches its all-time high at $2.92. In recent months the quotation has fluctuated between 20 and 40 cents on a dollar.

In August 2023 Cardano fell to eighth place in the ranking of the best cryptocurrencies to invest in by market capitalization.

9) Solana

What is Solana?

SOL, the token that covers the Solana project, has aroused public interest in the gears of the underlying blockchain technology, which favors cyclical price pumps. Solana relies on a Proof of History consensus algorithm, which according to the developers themselves should solve the age-old problems related to the veracity of timestamps. The low costs, with fees of less than a thousandth of a dollar, have even led Tether to issue its stablecoins on Solana.

Solana’s is therefore a third-generation blockchain with high performance on-chain and based on a layer 1, which allows the optimal functioning of dApps and is in fact proposed as a potential alternative to Ethereum, still a leader in the decentralized finance segment.

After entering the market at $0.95 in May 2020, the price of Solana gradually approached $4 to channel itself into an uptrend at the beginning of 2021, which gains strength in the summer until it reaches historic highs at $248. 36. The correction during the crypto winter is inevitable and SOL returns well below the $100 mark. At the moment it travels on the $20.

Solana is ninth in the ranking of the best cryptocurrencies to invest in by market capitalization as of August 2023.

Related: Is Solana a Good Investment?

10) TRON

What is Tron?

Tron is a blockchain-based decentralized digital platform with its own cryptocurrency, called Tronix or TRX. Founded in 2017 by a Singaporean non-profit organization, the Tron Foundation, Tron aims to revolutionize the entertainment industry by focusing on creating a decentralized content sharing platform.

During its early stages, Tron primarily traded in Asia, but today it enjoys a global presence and widespread interest. Justin Sun, the CEO of the well-known file sharing program BitTorrent, founded Tron in 1990.

The structure of the Tron network bears similarities to Ethereum, utilizing shared fundamental components like decentralized applications (dApps), smart contracts, and tokens. Critics have pointed out that Tron replicated rather than originated the foundational elements of its platform.

In August 2023, Tron took tenth place in the ranking of the largest cryptocurrencies in the world thanks to the rapid rise recorded last month. This was prompted by news that Tether is set to market another billion USDT through the Tron network.

Ranking of the best cryptocurrencies by performance

Yet, the capitalization-based ranking of top cryptocurrencies doesn’t paint a full sector picture. Certain tokens undergo significant surges with limited supply and low token value, leading to modest capitalization. Despite causing market volatility, these factors underpin the assessment of August 2023’s top-performing cryptocurrencies, based on the past 30 days’ performance.

Here’s an updated list of the cryptocurrencies that have risen the most as of November 1, 2023, regardless of their market capitalization.

What are cryptocurrencies?

The cryptocurrency market was born in 2009 after the launch of Bitcoin.

A cryptocurrency is an encrypted decentralized digital currency that can be transferred from one individual to another.

Since the launch of Bitcoin, many other players have joined the market, first and foremost Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).

More specifically, a cryptocurrency is a digital payment system that does not require bank verification of transactions. It is a peer-to-peer system that allows virtually anyone, anywhere to send and receive payments.

Unlike physical money, which individuals can exchange and transport globally, cryptocurrencies operate as “digital entries” within an online database that records specific transactions. When transferring cryptocurrency funds, the system logs the transactions in a public ledger.

Cryptocurrencies derive their name from utilizing cryptography to authenticate transactions, employing robust encryption to store and transmit data between wallets and public ledgers.

The advantages of encryption mainly concern the aspects of security and data protection.

How to choose the best cryptocurrencies to invest in

Given the presence of many cryptocurrencies on the market, it is difficult to understand which ones are the best and which ones to bet on.

Many new cryptocurrencies that have recently hit the market are being touted as “the next Bitcoin,” but often there is no fundamentals to back up that prediction. Here are some valuable tips to understand how to choose the best cryptocurrencies:

• Risk factor: With over 2,300 cryptocurrencies available today, Bitcoin stands out as both the most volatile and remarkably stable. Many experts view buying Bitcoin as a secure choice due to its extensive market history. However, it is essential to minimize the risk by diversifying the investment, for example by also focusing on stablecoins.
• Constant monitoring: Selecting and understanding the top cryptocurrencies and altcoins can be challenging. Hence, observing events objectively, not acting on emotion, is crucial. After picking a cryptocurrency to invest in, monitor your portfolio and stay updated on news. Altcoins might not match Bitcoin’s growth, yet smart choices can yield profitable returns.
• Independent research: Listening to crypto project representatives and other users’ opinions is crucial. However, nothing compares to the insights gained from your own independent research. It is unthinkable to buy Bitcoin or Ethereum, for example, without first looking at their historical graphs. Other data to pay attention to are the amount of tokens in circulation and the market capitalization. Although the quotation is important, in fact, it is not the only factor to take into consideration. Indeed, it is essential to investigate the stability of the cryptocurrency and its entire history.