Choosing a swimming cap can be difficult when you stand in front of them at the sport store. Swim caps seem to come in a multitude of colors, sizes, shapes and materials.
Even if a swim cap isn't expensive, finding the right one can be a frustrating experience. Also, if you need to buy several swim caps before finding the right one, it can add up.
That's I would like to give you an overview of what is available on the market so that you can find the right swimming cap that suits your needs.
First of all, they aren't designed to keep your hair dry. That is, unless you always swim breast stroke with your head above the water. But that's not really the right way to improve your swimming technique, you know, the kind of thing you wanted to learn when you arrived on this site...
More seriously, a swimmer may wear a cap for several different reasons:
Latex swim caps are made of latex rubber and have been available since the 1920's. They are very durable and are still the preferred kind of the competitive swimmers as their tight fit gives a speed advantage. They always have an uniform color.

They protect the hair well against the chlorine of the pools. They are however more difficult to put on and remove, and some people are allergic to latex.
Currently silicone swim caps are the most popular. They were developed as an alternative to people that are allergic to latex swimming caps. They are a little bit more expensive than their latex counterparts.
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A lycra swim cap is more comfortable to wear than a latex or silicone one. As they are made of the same material as your swimsuit, they can give you a more uniform look. They are also more durable than their latex or silicone counterparts.
On the other hand, lycra swim caps tend to slip a lot, and they aren't very waterproof. So they don't protect the hair well from the chlorine. They are also the most expensive kind.
The permanent slippage of lycra caps can quickly get frustrating. That's why I personally recommend latex or silicone swim caps if you are serious about swimming.
Swimming caps come typically in the following sizes and shapes:
There are other interesting variations in the shape of swim caps.
For example, there are swim caps with a small shark fin at the top that the children (and their parents) like a lot. There are swim caps with straps to help them stay in place. There are even manufacturers that offer you to print custom swim caps with your team's logo!
So there is ample choice and choosing the best swim cap is a matter of personal preference.
The color of a swimming cap is also a matter of personal preference. However, if you swim in open water, you should wear a bright colored swim cap. This makes you more visible and reduces the risk that nearby boats or surfers could collide with you.