Top 10 Cryptocurrencies in 2024

From Bitcoin and Ethereum to Dogecoin and Tether, there are so many different cryptocurrencies that it can be overwhelming for those new to the world of cryptocurrencies. To help you navigate the landscape, here are the top 10 cryptocurrencies to invest in by market capitalization, or the total value of all coins currently in circulation.

Top Cryptocurrencies Guide

• The best cryptocurrencies to buy right now
• What are cryptocurrencies?
• The pros and cons of cryptocurrency
• How to Choose the Best Cryptocurrency to Invest in
• How to invest in cryptocurrency?
• How much does it cost to buy cryptocurrency?
• How to file cryptocurrency taxes
• Cryptocurrency FAQ

The best cryptocurrencies to buy right now

1. Bitcoin (BTC)

• Market capitalization: $1.4 trillion
• Year-over-year return: 105%

Bitcoin (BTC) is the original cryptocurrency, created by Satoshi Nakamoto in 2009. Like most cryptocurrencies, BTC runs on a blockchain , a ledger that records transactions distributed across a network of thousands of computers. Because additions to the distributed ledger must be verified by solving cryptographic puzzles, a process called proof of work, Bitcoin is guaranteed to be secure from fraudsters.As Bitcoin became a household name, its price skyrocketed. In May 2016, you could buy one Bitcoin for about $500. As of October 29, 2024, one Bitcoin costs about $71,152. That’s a 14,130% increase.

1. Ethereum (ETH)

• Market value: $315.4 billion
• Year-over-year return: 44%

Ethereum is both a cryptocurrency and a blockchain platform. It is favored by programmers because of its potential application value, such as so-called smart contracts and non-fungible tokens ( NFTs ) that are automatically executed when conditions are met.Ethereum has also experienced tremendous growth. From April 2016 to the end of October 2024, its price increased from about $11 to about $2,620, an increase of 23,717%.

1. Tether (USDT)

• Market value: $120.3 billion
• Year-over-year return: 0%

Unlike some other cryptocurrencies, Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the dollar and euro and is theoretically worth the same as one of those denominations. In theory, this means Tether’s value should be more stable than other cryptocurrencies, and it’s favored by investors wary of the extreme volatility of other currencies.

1. Binance Coin (BNB)

• Market value: $88.3 billion
• Year-over-year return: 165%

Binance Coin (BNB) is a cryptocurrency that can be used to trade and pay fees on Binance , one of the world's largest cryptocurrency exchanges . Since its launch in 2017, Binance Coin has moved beyond just facilitating trades on the Binance exchange. Now, it can be used for trading, payment processing, and even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrencies, such as Ethereum or Bitcoin.In 2017, the price of BNB was only $0.10. As of late October 2024, its price has risen to around $605, an increase of 605,266%.

1. Solana (SOL)

• Market value: $84.2 billion
• Year-over-year return: 411%

Solana is designed to help support decentralized finance ( DeFi ) uses, decentralized applications (DApps), and smart contracts, using a unique hybrid proof-of-stake and proof-of-history mechanism to process transactions quickly and securely. SOL is Solana's native token, powering the platform.When SOL was launched in 2020, its price was $0.77. By late October 2024, its price was around $179.02, a 23,150% increase.

1. USD Coin (USDC)

• Market value: $34.6 billion
• Year-over-year return: 0%

Like Tether, USD Coin (USDC) is a stablecoin, which means it is backed by the US dollar and aims to achieve a ratio of 1 USD to 1 USDC. USDC is powered by Ethereum and you can use USD Coin to complete transactions around the world.

1. Ripple (XRP)

• Market value: $29.8 billion
• Year-over-year return: -7%

XRP, created by some of the founders of digital technology and payment processing company Ripple , can be used on the network to facilitate the exchange of different currency types, including fiat currencies and other major cryptocurrencies.At the beginning of 2017, the price of XRP was US$0.006. As of October 29, 2024, its price reached US$0.52, an increase of 8642%.

1. Dogecoin (DOGE)

• Market value: $24.5 billion
• Year-on-year return: 140%

Dogecoin was originally created as a joke in 2013, but has quickly grown into a well-known cryptocurrency thanks to its loyal community and creative memes. Unlike many other cryptocurrencies, there is no limit to how many Dogecoins can be created, making the currency vulnerable to devaluation as supply increases.Dogecoin’s price in 2017 was $0.0002, and by October 2024, its price was $0.17, an increase of 83,381%.

1. TRON (TRX)

• Market value: $14.2 billion
• Year-over-year return: 73%

Similar to Solana, TRON is a blockchain designed to run smart contracts and other DeFi applications. TRX is the platform’s native cryptocurrency, powering its Proof-of-Stake consensus algorithm.TRON was founded in 2017, with TRX initially valued at $0.0019 per coin. At its peak in 2018, TRX soared to $0.2245, a gain of 11,715% in a few months. TRX is currently valued at around $0.16.

1. Tongbi (TON)

• Market value: $12.8 billion
• Year-over-year return: 141%

Toncoin was originally developed as a Layer-1 blockchain for the Telegram encrypted messaging platform, but was quickly abandoned and subsequently taken over by the TON Foundation. The project name was even changed from the original "Telegram Open Network" to "The Open Network", both names are represented by the acronym TON.Toncoin (originally known as Gram) is the native token of TON. The application allows users to buy, send and store funds on TON's extremely fast and environmentally friendly network.

What are cryptocurrencies?

Cryptocurrency is a type of money that exists only in digital form. Cryptocurrencies can be used to pay for purchases online without going through an intermediary such as a bank, and can also be held as an investment.How do cryptocurrencies work?Cryptocurrencies are various forms of digital money, usually based on blockchain technology. Blockchain technology allows most cryptocurrencies to exist as "trustless" transactions. This means that there is no central authority overseeing transactions on the cryptocurrency blockchain.Why are there so many cryptocurrencies?Cryptocurrency is an emerging field, with over 9,000 existing crypto projects as of March 2024.While some cryptocurrencies can be used as money, others are used to develop infrastructure. For example, in the case of Ethereum or Solana, developers are building other cryptocurrencies on top of these platform currencies, which creates even more possibilities (and cryptocurrencies).

The pros and cons of cryptocurrency

There are pros and cons to investing in cryptocurrencies. Some of the most common questions investors may have include:advantageshortcomingDecentralizationHigh energy consumption due to miningAccessibilityEvolving government regulationsPotentially high returnsPrice FluctuationsTransaction speedScams and fraud are rife

How to Choose the Best Cryptocurrency to Invest in

When choosing the best cryptocurrencies to invest in, it’s important to consider your personal goals, investment timeline, and risk profile, just as you would with any investment. You should also do your due diligence to ensure that any crypto projects you’re interested in are legitimate and safe.In general, investors should consider the following when evaluating cryptocurrencies:

• Market Cap
• Liquidity
• Safety
• Use Cases

When exploring cryptocurrency investments, first consider the exchange the token is listed on. Tokens listed on major exchanges generally have better liquidity, can attract larger investors and reach a wider audience, thus increasing the pool of potential buyers.– Maksym Repa, Analyst at Symbolic Capital

How to invest in cryptocurrency?

You can buy cryptocurrencies through cryptocurrency exchanges, such as Coinbase , Kraken , or Gemini . In addition, some brokerage firms, such as WeBull and Robinhood, also allow consumers to buy cryptocurrencies.

How much does it cost to buy cryptocurrency?

The cost of buying cryptocurrency depends on a variety of factors, including which cryptocurrency you want to buy. Many small altcoins trade for just a fraction of a cent, while a single Bitcoin can cost tens of thousands of dollars. However, many brokerages and exchanges now allow fractional trading, giving investors the option to buy fractions of a cryptocurrency.Owning a cryptocurrency wallet and/or opening an account with a brokerage firm or cryptocurrency exchange also typically incurs costs and fees. Before investing, be sure to understand all of the costs involved in buying and holding any cryptocurrency.

How to file cryptocurrency taxes

Cryptocurrencies are treated as capital assets, like stocks, rather than cash. This means that if you sell your cryptocurrencies at a profit, you must pay capital gains tax . This is true even if you paid for your purchase with cryptocurrencies. If the value you received is higher than what you paid, you will have to pay tax on the difference.If you have any questions about the article " How to Buy Bitcoin (BTC) and Everything You Need to Know " , please click the card below to ask your question. Our AI experts will respond to you immediately.

Cryptocurrency FAQ

How is cryptocurrency trading different from stock trading?While you can invest in cryptocurrencies, they are very different from traditional investments like stocks. When you buy stock, you are buying a piece of ownership in a company, which means you have the right to vote on the direction of the company. If the company goes bankrupt, you may also receive some compensation once creditors are paid from its liquidated assets.Buying cryptocurrency doesn’t give you ownership of anything other than the tokens themselves; it’s more like exchanging one currency for another. If the cryptocurrency loses value, you don’t get anything afterward.There are a few other key differences to keep in mind:

• Trading Hours: Stocks are traded only during stock exchange operating hours, which is usually 9:30 a.m. to 4:30 p.m. ET, Monday through Friday. Cryptocurrency markets never close, so you can trade 24 hours a day, 7 days a week.
• Regulation: Stocks are regulated financial products, which means that a governing body verifies their credentials and their financials are a matter of public record. In contrast, cryptocurrencies are not regulated investment vehicles, so you may not understand the inner workings of cryptocurrencies or the developers working on them.
• Volatility: Both stocks and cryptocurrencies carry risk; the money you invest could lose value. However, stocks are directly tied to companies and will generally rise or fall based on how those companies perform. Cryptocurrency prices are more speculative — no one is completely sure of their value yet. This makes them more volatile and can be affected by small things like a celebrity tweet.