List of the top 10 cryptocurrencies in 2024.
In 2024, the cryptocurrency world is more vibrant and dynamic than ever. For both new and seasoned investors in digital currencies, keeping an eye on the market leaders can be both profitable and thrilling. This year’s top 10 cryptocurrencies showcase a unique mix of innovation, stability, and advanced technology, highlighting the rapid changes in this financial frontier. Join us as we explore the top cryptocurrencies of 2024, uncovering what sets them apart and why they are at the forefront of this digital revolution.
Key points:
— Bitcoin, the first cryptocurrency, was launched in January 2009. — There are thousands of cryptocurrencies traded on the market.
— Most cryptocurrencies have relatively small market capitalizations.
— While cryptocurrency investors are waiting for regulatory developments, major cryptocurrencies have recently experienced positive momentum.
Crypto enthusiasts believe that the volatile market is heading towards new all-time highs, and they are hopeful that regulatory clarity will attract more institutional investors to embrace cryptocurrency.
Despite the availability of thousands of other cryptocurrencies, bitcoin and ethereum continue to dominate the crypto world. Together, their market capitalizations make up more than two-thirds of the entire crypto market.
Here are the top 10 cryptocurrencies by market cap, excluding stablecoins.
1. Bitcoin (BTC)
Market cap: $1 trillion
Bitcoin remains the dominant and most valuable cryptocurrency globally, with a market cap of $1 trillion and a year-over-year return of 149%. Created over 15 years ago by the enigmatic Satoshi Nakamoto, bitcoin’s decentralized blockchain technology has transformed digital security and transaction verification. Despite its popularity, concerns have been raised regarding its energy-intensive proof-of-work consensus mechanism and scalability issues. Several newer crypto projects offer faster transaction speeds and enhanced blockchain designs, challenging bitcoin’s position in the market.
2. Ethereum (ETH)
Market cap: $360.4 billion
Ethereum, launched in 2015, is a leading altcoin and the second most valuable cryptocurrency after bitcoin, with a market cap of $360.4 billion and a year-over-year return of 67%. Ethereum introduced smart contracts and decentralized applications (dApps) on its blockchain, hosting over 1,400 applications and developer tools. In 2023, Ethereum transitioned to a more eco-friendly proof-of-stake consensus mechanism, making it a greener investment compared to bitcoin. Its blockchain functionality sets it apart in the crypto space.
3. Binance Coin (BNB)
Market cap: $85.8 billion
BNB serves as the cryptocurrency issued by Binance, one of the leading cryptocurrency exchanges globally. Initially designed as a utility token on the ethereum network for discounted trading fees on Binance, BNB has since migrated to Binance’s own blockchain. It now offers a wide array of uses, including various transactions and applications. However, Binance’s market share in the U.S. declined in 2023 following legal action by the U.S. Securities and Exchange Commission for alleged securities law violations.
4. Solana (SOL)
Market cap: $73.1 billion
Launched in March 2020, Solana operates a network supporting dApps, smart contracts, and non-fungible tokens similar to ethereum. Its unique hybrid proof-of-stake and proof-of-history verification system enables faster and more cost-effective transactions compared to ethereum. Despite facing network outages since its inception, Solana received a significant price boost from the XRP court ruling, resulting in a remarkable triple-digit gain in 2023, making it the top-performing cryptocurrency on this list.
5. XRP (XRP)
Market cap: $28.7 billion
Year-over-year return: 16%
Ripple’s XRP is a global payments network created as an alternative to SWIFT, the system used by banks for money transfers. Ripple claims that its technology is faster, cheaper, and more transparent than SWIFT. XRP is the native cryptocurrency for the Ripple network and XRP Ledger blockchain. In July, a judge ruled that XRP is not necessarily a security in certain circumstances, potentially placing it outside the SEC’s jurisdiction.
6. Toncoin (TON)
Market cap: $22.7 billion
Year-over-year return: 229%
Developed in 2018 by Telegram, Toncoin is known for its smart-contract capability and speed advantage over ethereum. The blockchain speed for TON is five seconds. To remain competitive in the world of cryptocurrencies, Toncoin needs to attract more developers to build on its network.
7. Dogecoin (DOGE)
Market cap: $22.4 billion
Year-over-year return: 112%
Originally created as a parody of bitcoin in 2013, Dogecoin has gained popularity among crypto traders due to its simplicity, high-profile supporters, and the online appeal of its shiba inu mascot. Elon Musk, a supporter of Dogecoin, has influenced its price through his mentions and references. Mark Cuban has also praised Dogecoin for its potential as a medium of exchange.
8. Cardano (ADA)
Market cap: $16.2 billion
Year-over-year return: 24%
Cardano, with a market capitalization of $16.2 billion, has shown a year-over-year return of 24%. Launched in September 2017, Cardano is a decentralized proof-of-stake blockchain that aims to provide a more efficient system compared to bitcoin and ethereum. Founded by Charles Hoskinson, a co-founder of ethereum, Cardano has gained credibility among crypto enthusiasts. Similar to ethereum, Cardano focuses on functionality and strives to be the preferred platform for dApp development and verifiable smart contracts. ADA, the primary cryptocurrency used on the network, facilitates transactions and dApp operations. Additionally, Cardano users can stake ADA to help validate transactions and earn rewards.
9. Shiba Inu (SHIB)
Market cap: $14.9 billion
Year-over-year return: 192%
Shiba Inu, with a market capitalization of $14.9 billion, has seen an impressive year-over-year return of 192%. Launched in August 2020 on the Ethereum blockchain by an anonymous founder known as Ryoshi, Shiba Inu was initially referred to as the “Dogecoin Killer” due to its memecoin rivalry. Despite its meme origins, Shiba Inu has quickly risen to become one of the top 20 largest cryptocurrencies by market cap. While sharing similarities with Dogecoin, Shiba Inu operates on the Ethereum network, enabling smart contracts and dApps. The SHIBArmy, a dedicated community of followers, plays a significant role in the development of the Shiba Inu project.
10. Avalanche (AVAX)
Market cap: $13.2 billion
Year-over-year return: 134%
Avalanche, with a market capitalization of $13.2 billion, has demonstrated a year-over-year return of 134%. Launched in September 2020, Avalanche is a relatively new protocol that aims to establish itself as the fastest and most secure blockchain. Serving as a smart contract platform for dApp development, Avalanche differentiates itself by being compatible with ethereum. The native token of the Avalanche blockchain is AVAX, which is utilized for transaction fees and governance purposes.
Also Read…..
<<<<Bitcoin Halving 2024: A Quiet Evolution
Disclaimer: The information provided in this article is solely the opinion of the author and should not be considered as investment advice. It is intended for educational purposes only. By using this information, you acknowledge that it does not constitute any financial or investment instructions from the author or this article. Before making any investment decisions, it is recommended to seek independent financial or professional advice. Conduct your own research and consult with financial advisors to evaluate the suitability and potential risks of any investment. This article is not liable for any investment views expressed herein.
