With thousands of cryptocurrencies available, including Bitcoin, Ethereum, Dogecoin, and Tether, starting in the crypto world can feel overwhelming. To help you navigate, here are the top 10 cryptocurrencies to invest in, selected based on their market capitalization, which is the total value of all coins currently in circulation.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset utilizing blockchain technology, enabling it to operate without the need for central authority from banks or governments. Currently, there are over two million cryptocurrency projects in the market, contributing to a total crypto market value of $1.76 trillion.
Top 10 Cryptocurrency
Top 10 Cryptocurrencies
| Coin | Market Capitalization | Current Price |
|---|---|---|
| Bitcoin (BTC) | $1.2 trillion | $58,939.00 |
| Ethereum (ETH) | $358.3 billion | $2,966.10 |
| Tether (USDT) | $110.6 billion | $1.00 |
| Binance Coin (BNB) | $82.7 billion | $563.51 |
| Solana (SOL) | $61.5 billion | $137.43 |
| U.S. Dollar Coin (USDC) | $33.1 billion | $1.00 |
| Ripple (XRP) | $28.6 billion | $0.52 |
| Dogecoin (DOGE) | $19.0 billion | $0.13 |
| Toncoin (TON) | $16.8 billion | $5.25 |
| Cardano (ADA) | $16.2 billion | $0.45 |
1. Bitcoin (BTC)
- Market cap: $1.4 trillion
- Year-over-year return: 165%
Bitcoin (BTC), created in 2009 by Satoshi Nakamoto, is the first cryptocurrency. Like most cryptocurrencies, Bitcoin operates on a blockchain, a distributed ledger that records transactions across thousands of computers. The security and integrity of Bitcoin are maintained through a process called proof of work, where additions to the ledger are verified by solving cryptographic puzzles.
Bitcoin’s value has surged significantly over the years. In May 2016, one bitcoin was priced at about $500. By May 21, 2024, the price had risen to approximately $70,913, marking a 14,083% increase.
2. Ethereum (ETH)
- Market cap: $454.4 billion
- Year-over-year return: 109%
Ethereum is both a cryptocurrency and a blockchain platform, highly favored by developers due to its versatile applications, such as smart contracts that automatically execute when specific conditions are met, and non-fungible tokens (NFTs).
Ethereum has seen remarkable growth. Its price surged from approximately $11 in April 2016 to around $3,783 by the end of May 2024, reflecting an increase of 34,291%
3. Tether (USDT)
- Market cap: $111.3 billion
- Year-over-year return: 0%
Tether (USDT) is different from many other cryptocurrencies because it is a stablecoin. This means it is backed by fiat currencies such as the U.S. dollar and the Euro, aiming to maintain a value equivalent to one of these currencies. Ideally, this makes Tether’s value more stable compared to other cryptocurrencies, making it popular among investors who prefer to avoid the high volatility associated with other digital coins.
4. Binance Coin (BNB)
- Market cap: $90.3 billion
- Year-over-year return: 99%
Binance Coin (BNB) is a cryptocurrency primarily used for trading and paying fees on Binance, one of the largest crypto exchanges globally. Since its inception in 2017, BNB has grown beyond just facilitating trades on Binance’s platform. It is now used for trading, payment processing, and booking travel arrangements. Additionally, BNB can be traded or exchanged for other cryptocurrencies, like Ethereum or Bitcoin.
In 2017, BNB was priced at just $0.10. By late May 2024, its price had surged to approximately $612, representing a gain of 612,136%.
5. Solana (SOL)
- Market cap: $80.8 billion
- Year-over-year return: 809%
Solana was developed to support decentralized finance (DeFi) applications, decentralized apps (DApps), and smart contracts, utilizing a unique hybrid mechanism of proof-of-stake and proof-of-history to ensure fast and secure transactions. The platform is powered by its native token, SOL.
When SOL was launched in 2020, it was priced at $0.77. By late May 2024, its price had risen to approximately $179.80, marking an increase of 23,250%.
6. U.S. Dollar Coin (USDC)
- Market cap: $33.2 billion
- Year-over-year return: 0%
Similar to Tether, USD Coin (USDC) operates as a stablecoin, backed by U.S. dollars with the goal of maintaining a 1:1 ratio with the USD. USDC operates on the Ethereum platform and facilitates global transactions.
7. XRP (XRP)
- Market cap: $30.0 billion
- Year-over-year return: 18%
Developed by individuals associated with Ripple, a company specializing in digital technology and payment processing, XRP serves as a means of facilitating currency exchanges on its network, enabling transactions involving fiat currencies and various cryptocurrencies.
At the start of 2017, XRP was priced at $0.006. By May 21, 2024, its price had climbed to $0.54, reflecting an increase of 8,949%.
8. Dogecoin (DOGE)
- Market cap: $24.1 billion
- Year-over-year return: 129%
Initially created as a playful endeavor in 2013, Dogecoin quickly gained traction as a significant cryptocurrency, propelled by an enthusiastic community and inventive memes. Unlike numerous other cryptocurrencies, Dogecoin has no cap on its creation, leaving it vulnerable to depreciation as the supply expands.
In 2017, Dogecoin was valued at $0.0002. However, by May 2024, its price had surged to $0.17, representing an impressive increase of 83,353%.
9. Toncoin (TON)
- Market cap: $22.2 billion
- Year-over-year return: 250%
Originally conceived as a layer-1 blockchain to support Telegram’s encrypted messaging service, Toncoin underwent a transition after being abandoned, now overseen by the TON foundation. The project, previously named “Telegram Open Network,” was rebranded as “The Open Network” but is still commonly referred to as TON.
Toncoin, initially called Gram, serves as the native token for TON. It functions as a platform for purchasing, sending, and storing funds on TON’s highly efficient and eco-friendly network.
10. Cardano (ADA)
- Market cap: $17.8 billion
- Year-over-year return: 36%
Joining the cryptocurrency landscape later than some others, Cardano (ADA) stands out for its early adoption of proof-of-stake validation, a method that enhances transaction speed while reducing energy consumption and environmental impact by eliminating the competitive problem-solving process seen in platforms like bitcoin. Similar to Ethereum, Cardano facilitates smart contracts and decentralized applications, with its native coin, ADA, serving as the driving force.
Compared to other major cryptocurrencies, ADA’s growth has been relatively moderate. Priced at $0.02 in 2017, ADA reached $0.50 by May 21, 2024, marking a 2,401% increase.
