When you're just starting out in the world of cryptocurrencies, it can be overwhelming because there are dozens of different cryptocurrencies, from Dogecoin and Tether to Bitcoin and Ethereum. These are the top 10 cryptocurrencies to invest in, ranked by market capitalization, which is the sum of all the coins in circulation at the moment, to help you get your bearings.
1. The cryptocurrency Bitcoin (BTC)
$1.3 trillion is the market capitalization.
Return year over year: 124%
The first cryptocurrency, known as bitcoin (BTC), was developed in 2009 by Satoshi Nakamoto. BTC operates on a blockchain, which is a ledger that records transactions dispersed over a network of thousands of computers, just like the majority other cryptocurrencies. Bitcoin is protected from scammers because updates to the distributed ledgers need to be validated by the solution of a cryptographic problem, a procedure known as proof of work.
As Bitcoin gains widespread recognition, its value soars. One bitcoin cost roughly $500 in May of 2016. On October 1, 2024, the price of one bitcoin was approximately $63,394. That is a 12,579% growth.
2. Ethereum (ETH): $314.2 billion is its market value.
Return year over year: 51%
Ethereum is a blockchain platform and cryptocurrency that is popular among developers due to its potential uses, including non-fungible tokens (NFTs) and so-called smart contracts, which run automatically when certain conditions are satisfied.
Ethereum has grown astronomically as well. Its price increased by 23,634% from roughly $11 to about $2,611 between April 2016 and October 2024.
3. USDT, or Tether
$119.6 billion is the market cap.
Return from year to year: 0%
Tether (USDT), in contrast to certain other cryptocurrency versions, is a stablecoin—that is, it is backed by fiat currencies such as the US dollar and the euro and maintains a theoretical value equivalent to one of those denominations. Tether is preferred by investors who are apprehensive about the severe volatility of other coins because, theoretically, its value is meant to be more stable than that of other cryptocurrencies.
4. BNB, or Binance Coin
$83.8 billion is the market capitalization.
Return year over year: 162%
One of the biggest cryptocurrency exchanges in the world, Binance, accepts Binance Coin (BNB) as payment for fees associated with trading. Binance Coin has grown beyond just enabling trades on Binance's exchange platform since its introduction in 2017. These days, it can be utilized for travel booking, payment processing, and trading. Additionally, it can be exchanged or sold for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB was only worth $0.10. Its price increased to almost $574 by late October 2024, a gain of 574,214%.
5. The Solana (SOL)
$72.6 billion is the market capitalization.
Return year over year: 546%
Solana is a blockchain that powers decentralized apps (DApps), smart contracts, and decentralized finance (DeFi). It processes transactions fast and securely using a hybrid proof-of-stake and proof-of-history mechanism. The native token of Solana, SOL, drives the platform.
SOL's initial price at debut in 2020 was $0.77. By October 2024's end, the price had increased by 20,036% to approximately $155.05.
6. XRP (XRP)
$35.5 billion is the market capitalization.
Return from year to year: 20%
XRP is a cryptocurrency that may be used on the Ripple network to enable the exchange of various currencies, including fiat currencies and other prominent cryptocurrencies. Ripple is a digital technology and payment processing firm founded by some of the same individuals.
The price of XRP was $0.006 at the start of 2017. Its price increased by 10,360% to $0.63 as of October 1, 2024.
7. The USDC, or U.S. Dollar Coin
$35.3 billion is the market capitalization.
Return from year to year: 0%
Similar to Tether, USD Coin (USDC) strives for a 1 USD to 1 USDC ratio and is a stablecoin backed by US dollars. Ethereum powers USDC, and USD Coin allows you to conduct international transactions.
8. Dogecoin (DOGE)
$17.0 billion is the market capitalization.
Return year over year: 83%
Famously launched as a joke in 2013, Dogecoin quickly gained popularity as a cryptocurrency because of its committed community and inventive memes. Dogecoins can be manufactured indefinitely, unlike many other cryptocurrencies, which makes the currency vulnerable to depreciation as supply grows.
In 2017, the price of Dogecoin was $0.0002. By October 2024, the price had increased by 58,030% to $0.12.
9. The Toncoin (TON)
$14.5 billion is the market capitalization.
Return year over year: 178%
Toncoin was first created as a layer-1 blockchain for the encrypted messaging service Telegram, but it was quickly shelved and eventually acquired by the TON foundation. Even the project name, which was originally "Telegram Open Network," was altered to "The Open Network." Both names are abbreviated as TON.
The native token for TON is called Toncoin, formerly known as Gram. Through the usage of this application, users can send, receive, and store money over TON's lightning-fast, green network.
10. TRX, or TRON
$13.6 billion is the market capitalization.
Return from year to year: 75%
Much like Solana, TRON is a blockchain designed to run smart contracts and other DeFi applications. The platform's proof-of-stake consensus method is powered by TRX, the native cryptocurrency of the network.
When TRON was first established in 2017, one TRX token was worth $0.0019. In just a few months, TRX gained 11,715%, reaching a peak of $0.2245 in 2018. At the moment, TRX is worth about $0.16.
*Market caps and prices are current as of October 06, 2024, and are obtained from google.com.
