Starting out in the world of cryptocurrency can feel overwhelming because there are thousands of different options to choose from, ranging from well-known names like Bitcoin and Ethereum to newer players like Dogecoin and Tether. With so many choices, it can be hard to know where to begin. To help you get started and make sense of the crypto landscape, we have compiled a list of the top 10 cryptocurrencies you should consider investing in. This list is based on their market capitalization, which is the total value of all the coins currently in circulation. By focusing on these major players, you can gain a better understanding of the market and make more informed investment decisions.
1. Bitcoin (BTC)
Market Cap: $1.4 trillion
Year-over-Year Return: 165%
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. BTC operates on a blockchain, a ledger logging transactions distributed across a network of thousands of computers. The process called proof of work, where additions to the ledger must be verified by solving cryptographic puzzles, keeps Bitcoin secure and safe from fraud.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, one bitcoin was worth about $500. As of May 24, 2024, a single bitcoin’s price was around $67839, reflecting a growth of 13467.8%. According to the latest bitcoin news, experts believe its value could continue to rise in the coming years.
2. Ethereum (ETH)
Market Cap: $454.4 billion
Year-over-Year Return: 109%
Ethereum is both a cryptocurrency and a blockchain platform. It’s popular with developers due to its applications, like smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has seen tremendous growth. From April 2016 to the end of May 2024, its price increased from about $11 to around $3803, marking a rise of 34472.7%.
3. Tether (USDT)
Market Cap: $111.3 billion
Year-over-Year Return: 0%
Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like the U.S. dollar and the Euro. This backing keeps its value stable, which appeals to investors wary of the extreme volatility of other cryptocurrencies.
4. Binance Coin (BNB)
Market Cap: $90.3 billion
Year-over-Year Return: 99%
Binance Coin (BNB) is used to trade and pay fees on Binance, one of the largest crypto exchanges globally. Since its launch in 2017, BNB has expanded beyond the Binance exchange. It’s now used for trading, payment processing, and even booking travel arrangements. BNB’s price in 2017 was $0.10. By late May 2024, it was around $612, a gain of 612,136%.
5. Solana (SOL)
Market Cap: $80.8 billion
Year-over-Year Return: 809%
Solana powers decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts. It runs on a unique hybrid proof-of-stake and proof-of-history mechanisms, processing transactions quickly and securely. SOL, Solana’s native token, started at $0.77 in 2020. As of May 24, 2024, its price was around $171.19, a gain of 22132.5%.
6. U.S. Dollar Coin (USDC)
Market Cap: $33.2 billion
Year-over-Year Return: 0%
USD Coin (USDC) is another stablecoin, backed by U.S. dollars with a 1 USD to 1 USDC ratio. Powered by Ethereum, USDC can be used for global transactions.
7. XRP (XRP)
Market Cap: $30.0 billion
Year-over-Year Return: 18%
XRP was created by some of the founders of Ripple, a digital technology and payment processing company. XRP can be used on the Ripple network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
In early 2017, XRP’s price was $0.006. As of May 24, 2024, its price reached $0.53, marking a rise of 8,915%.
8. Dogecoin (DOGE)
Market Cap: $24.1 billion
Year-over-Year Return: 129%
Dogecoin began as a joke in 2013 but quickly gained a following thanks to its community and creative memes. Unlike many other cryptocurrencies, there is no limit on the number of Dogecoins that can be created, which can lead to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By May 2024, its price was at $0.17, up 83,353%.
9. Toncoin (TON)
Market Cap: $22.2 billion
Year-over-Year Return: 250%
Toncoin was initially developed as a blockchain for Telegram’s messaging platform but was taken over by the TON foundation. It allows users to buy, send, and store funds on TON’s fast and environmentally friendly network.
10. Cardano (ADA)
Market Cap: $17.8 billion
Year-over-Year Return: 36%
Cardano (ADA) is known for its early adoption of proof-of-stake validation, which expedites transaction time and reduces energy usage. It also supports smart contracts and decentralized applications. Cardano’s ADA token has seen growth from $0.02 in 2017 to $0.47 by May, 2024, an increase of 2,401%.
These top cryptocurrencies represent a range of innovative technologies and applications in the crypto world. Whether you’re a seasoned investor or new to the scene, these cryptocurrencies offer a snapshot of the market’s potential. Always do thorough research and consider your investment strategy carefully.
