When you’re just starting in the world of cryptocurrencies, it can be overwhelming because there are dozens of cryptocurrencies, from Dogecoin and Tether to Bitcoin and Ethereum.
Here are the top 10 cryptocurrencies based on their market price, which is the total value of all the coins in circulation right now. This should help you get started.
What Are Cryptocurrencies?
Cryptocurrencies are digital assets based on blockchain technology that can be exchanged without a bank or government’s centralized authority, which is called cryptocurrency. There are already 24,630 cryptocurrency projects, and by 2030, the market is expected to grow to $4.94 billion.
1. Bitcoin (BTC)
Bitcoin Market cap: $959.8 billion
Satoshi Nakamoto created the first cryptocurrency in 2009, called Bitcoin (BTC). This is how most cryptocurrencies work: they all use a ledger called a blockchain to track events spread out over a network of thousands of computers. A cryptographic problem called “proof of work” must be solved before changes to the distributed ledgers can be verified.
This keeps scammers out of Bitcoin. More and more people are using Bitcoin, which means its value goes through the roof. At the beginning of 2016, one Bitcoin was worth about $500. Bitcoin was worth about $48,902 on February 13, 2024. Nineteen-six hundred eighty per cent growth.
2. Ethereum (ETH)
Ethereum Market cap: $314.9 billion
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 23,722% from April 2016 to the end of February 2024, from approximately $11 to almost $2,620.
3. Tether (USDT)
Tether Market cap: $96.7 billion
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. Solana (SOL)
Solana Market cap: $48.2 billion
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. Its price had increased by 14,210% to approximately $110.19 by the end of February 2024.
5. Binance Coin (BNB)
Binance Market cap: $47.9 billion
Binance, one of the biggest coin exchanges in the world, lets you pay for trading fees with Binance Coin (BNB). Since it was first released in 2017, Binance Coin has become more than just a way to trade on Binance’s exchange site.
It can be used to book trips, make payments, and trade. You can also buy or sell it for another cryptocurrency, such as Ethereum or Bitcoin. Binance Coin was only worth $0.10 in 2017. In late February 2024, it was worth more than $320, a rise of 320,295%. What are ai tokens? This is another worthy investment to check out.
6. XRP (XRP)
XRP’s Market cap: $28.3 billion
Bitcoin, Litecoin, and other well-known coins can all be exchanged on the Ripple network using XRP. They also started Ripple, a company that works with digital technology and payments.
At the beginning of 2017, XRP was worth $0.006 $. As of February 13, 2024, the price had increased by 8,539%, to $0.52.
7. U.S. Dollar Coin (USDC)
S. Dollar Coin Market cap: $27.8 billion
Similar to Tether, USD Coin (USDC) aims for a 1:1 USDC number and is a stablecoin that is backed by US dollars. Blockchain technology called Ethereum runs USDC, and USD Coin lets you send and receive money between countries.
8. Cardano (ADA)
Cardano Market cap: $19.1 billion
Although Cardano (ADA) joined the cryptocurrency world later, it is known for being the first to use proof-of-stake confirmation. This method speeds up transactions by getting rid of the competitive, problem-solving part of transaction proof in systems like Bitcoin. It uses less energy and has a more minor impact on the environment. This is similar to how Ethereum’s native coin, ADA, powers decentralized apps and smart contracts.
Cardano’s ADA token has grown significantly more slowly than well-known digital coins. In 2017, ADA cost an equal amount of $0.02. As of February 13, 2024, it was worth $0.54. These numbers show a 2,594% increase.
9. Avalanche (AVAX)
Avalanche Market cap: $14.5 billion
Another great thing about Avalanche is its fast transaction times and low transaction costs. Not only does AVAX have a good total value locked (TVL), but it also has a lot of money invested in decentralized finance. When you use a decentralized finance (DeFi) system, TVL is the total value of all the cryptocurrency assets that are lent, staked, or put into liquidity pools.
Highly valued TVLs show how well-known a protocol is and how quickly a particular coin is being accepted. It costs $39 right now to buy Avalanche.
10. Chainlink (LINK)
Chainlink Market cap: $11.6 billion
Chainlink was one of the first blockchains introducing off-chain data into smart contracts. Because Chainlink lets other blockchains talk to off-chain data sources and payment ways, smart contracts can be carried out more efficiently. Chainlink’s unique service has caught the attention of some data providers, including Huobi and Brave New Coin. Costs $39 right now for Chainlink.
