Last year, many cryptocurrency exchanges, banks, and platforms, especially FTX, declared bankruptcy. These events, which plunged the industry into crypto winter, finally returned to a somewhat normal course in September 2023. That’s why the 5 top trending cryptos in September are among the most curious ones right now.
The 5 Top Trending Cryptos in September
Bulls in the cryptocurrency market think the erratic market is headed for new records and are hopeful that regulatory clarity will encourage more institutional investors to start investing in cryptocurrencies. The crypto market is still dominated by Bitcoin and Ethereum even if thousands of other cryptocurrencies are now accessible. More than 67% of the $1.04 trillion cryptocurrency industry is made up of the market capitalizations of Ethereum and Bitcoin.
The initial cryptocurrency is Bitcoin (BTC), which Satoshi Nakamoto created in 2009. BTC operates on a blockchain, which is a ledger that records transactions and is shared across a network of thousands of computers, like the majority of other cryptocurrencies. Bitcoin is maintained secure and protected from fraudsters because updates to the distributed ledgers have to be validated by cracking a cryptographic puzzle, a procedure known as proof of work.
As Bitcoin has gained popularity, its price has risen. The price of a single Bitcoin in May 2016 was roughly $500. Today, the price of one Bitcoin is approximately $26,590.
A decentralized blockchain with smart contract capabilities is Ethereum. Because of its possible applications, including so-called smart contracts that automatically execute when certain conditions are met and NFTs, Ethereum is both a cryptocurrency and a blockchain platform. Ethereum is open-source software that was created in 2013 by programmer Vitalik Buterin. The platform’s native cryptocurrency is ETH. In terms of market capitalization, Ether is the only cryptocurrency after Bitcoin.
Ethereum has also grown incredibly fast. Its price increased 14,431% between April 2016 and September 2023, from about $11 to about $1,598. Currently, ETH is trading at $1,630.85, according to CoinMarketCap.
Tether (USDT) is a stablecoin, which means it’s backed by fiat currencies like U.S. dollars and euros and theoretically maintains a value equal to one of those denominations, unlike certain other types of cryptocurrencies. As a result, investors who are cautious of the severe volatility of other coins choose Tether because its value is theoretically expected to be more stable than that of other cryptocurrencies.
Binance Coin (BNB)
One of the biggest cryptocurrency exchanges in the world, Binance, offers a cryptocurrency called Binance Coin (BNB) that you may use to trade and settle fees. Binance Coin has evolved since its introduction in 2017 to become more than just a means of executing trades on Binance’s exchange platform. Nowadays, it can be utilized for trading, processing payments, or even making vacation plans. In addition, it is tradable or able to be swapped for other cryptocurrencies like Bitcoin or Ethereum.
The price of BNB was only $0.10 in 2017. Its price had increased by 211,204% by the end of September 2023 to be over $211. The token is currently trading at $214.74, according to CoinMarketCap.
XRP is a cryptocurrency that may be used on that network to facilitate trades of many currency types, including fiat currencies and other significant cryptocurrencies. It was developed by some of the same founders as Ripple, a digital technology and payment processing company.
XRP was worth $0.006 at the start of the year 2017. According to CoinMarketCap’s current data, the company’s legal victory against the SEC was reflected in the token price. In this direction, XRP rose 7.86% to $0.4979 as of September 17, 2023.