When you first enter the world of cryptocurrency, the sheer number of options—from Bitcoin and Ethereum to Dogecoin and Tether—can be overwhelming. Based on market capitalization, or the sum of all currently in circulation coins, these are the top 10 cryptocurrencies to buy in to help you gain your bearings.
1. Bitcoin (BTC)
Market cap: $1.92 trillion
YTD: 123.11%
Bitcoin (BTC) is the original cryptocurrency created in 2009 by Satoshi Nakamoto. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure from fraudsters.
Bitcoin’s price has skyrocketed as it has become a household name. In May 2016, you could buy one bitcoin for about $500. As of Dec. 10, 2024, a single bitcoin is $97,513.
2. Ethereum (ETH)
Market cap: $452.2 billion
YTD: 60.23%
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, such as so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the end of April 2024, its price went from about $11 to around $2,983, increasing 27,019%. As of Dec. 10, 2024, the ETH price is $3,754.
3. Tether (USDT)
Market cap: $138.38 billion
YTD: 0.01%
Unlike other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning fiat currencies back it like U.S. dollars and the Euro and hypothetically keep a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of different coins. As of Dec. 10, 2024, the price of USDT is $1.00.
4. XRP (XRP)
Market cap: $127.22 billion
YTD: 237.80%
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of May 2, 2024, it reached $0.52, a rise of 8,497%. XRP is doing exceptionally well, and it rose from the top 10 cryptocurrencies to the top 4 cryptocurrencies in terms of market capitalization as per the CoinMarketCap list. As of Dec. 10, 2024, XRP is trading at $2.23.
5. Solana (SOL)
Market cap: $103.5 billion
YTD: 203.14%
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price was $0.77. By late April 2024, it was around $137.43, a gain of 17,748%. As of Dec. 10, 2024, Solana is trading at $217.33.
6. Binance Coin (BNB)
Market cap: $100.5 billion
YTD: 192.45%
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing, or booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By late April 2024, its price had risen to around $560, a gain of 560,394%. As of Dec. 10, 2024, BNB is trading at $697.94.
7. Dogecoin (DOGE)
Market cap: $60.57 billion
YTD: 318.70%
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By May 2024, its price was at $0.13, up 65,709%. As of Dec. 10, 2024, DOGE is trading at $0.4117.
8. U.S. Dollar Coin (USDC)
Market cap: $40.67 billion
YTD: 0.01%
Like Tether, USD Coin (USDC) is a stablecoin, meaning U.S. dollars back it. It aims for a 1 USD to 1 USDC ratio. Ethereum powers USDC; you can use USD Coin to complete global transactions. As of Dec. 10, 2024, USDC is trading at $1.00.
9. Cardano (ADA)
Market cap: $35.62 billion
YTD: 76.54%
Somewhat later in the crypto scene, Cardano (ADA) was notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing transaction verification’s competitive, problem-solving aspect in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of May. 2, 2024, it was $0.45, an increase of 2,171%. As of Dec. 10, 2024, ADA is trading at $1.02.
10. TRON (TRX)
Market cap: $23.97 billion
YTD: 158.31%
The Tron Foundation launched TRON in 2017. It is a decentralized blockchain-based operating system. At first, the tokens were ERC-20-based and developed on ETH, but a year after its launch, they moved to their own network.
The TRON software supports smart contracts, dApps, and various blockchain systems. The crypto platform uses a transaction model similar to Bitcoin (BTC). As of Dec. 10, 2024, TRX is trading at $0.27779.
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