The cryptocurrency market has been driven by technological advancements, regulatory changes, and shifting investor sentiments. Characterized by its dynamic nature, the global market cap of cryptocurrency (as of July 18, 2024) stood at $2.50 trillion. Out of 22,505 cryptocurrencies, Bitcoin is dominating with +50.05%, while Ethereum dominance is at +16.31%.
Beyond just a speculative asset class, cryptocurrencies now have become integral to decentralized finance (DeFi), non-fungible tokens (NFTs), and other emerging digital economies. The current market scenario shows cryptocurrencies continue to evolve at a breakneck pace. This presents investors and enthusiasts with numerous opportunities and challenges.
In this article, we will spotlight the top 10 cryptocurrencies that have garnered the attention of the crypto community owing to their market performance. So, let’s dive into the top cryptocurrencies you may not miss out in 2024.
List of Top 10 Cryptocurrencies Leading the Market 2024
The list of cryptocurrencies has been compiled as of July 18, 2024.
1. Bitcoin (BTC)
Market Cap: $1.25 Trillion
Key Features: Decentralization, Fast peer-to-peer transactions, Worldwide payments
Bitcoin (BTC) is one of the top cryptocurrencies all around the world. The global Bitcoin market cap stood at $1.25 Trillion. Bitcoin’s dominance is largely driven by ongoing institutional adoption and increasing acceptance as a store of value. As an open source, Bitcoin leveraged peer-to-peer technology to operate with no central authority or banks.
Also Read: Blockchain in Business: A New Era of Efficiency, Transparency and Innovation
2. Ethereum (ETH)
Market Cap: $408.85 Billion
Key Features: Smart contracts, Low transaction fees, Decentralized applications (DApps)
One of the second-largest cryptocurrencies around the world is Ethereum (ETH). The global Ethereum market cap stood at $408.85 Billion. As a community-run technology, Ethereum is the home to digital money, global payments, and applications. The decentralized finance (DeFi) system of this cryptocurrency never sleeps or discriminates.
3. Tether (USDT)
Market Cap: $113.67 billion
Key Features: Multiple blockchain support, Unparalleled liquidity, Backed by Tether’s reserves
Tether (USDT) is a stablecoin backed by fiat currencies like U.S. dollars and the Euro. Tether tokens are built on several blockchains, offering easy integration and adoption. It supports blockchains such as Bitcoin, Ethereum, Algorand, Avalanche, EOS, Kava, Solana, TRON, Polka, Polygon, and Tezos. The global Tether market is stood at $113.67 Billion.
4. Binance Coin (BNB)
Market Cap: $87.49 Billion
Key Features: Utility token for Binance exchange, low transaction fees, Binance Smart Chain (BSC)
Another leading cryptocurrency is Binance Coin (BNB), with a market cap of $87.49 Billion. Developed in July 2017, BNB initially worked on the Ethereum blockchain with the token ERC-20 before becoming the native currency of Binance’s own blockchain, the Binance Chain.
5. Solana (SOL)
Market Cap: $73.04 Billion
Key Features: High throughput, low transaction costs, Decentralized finance (DeFi)
In recent years, Solana (SOL) has become one of the top cryptocurrencies thanks to its high throughput and low transaction costs. SOL is one of the fastest blockchains on the market, with a transaction speed of almost 65,000 per second and a median fee of $0.00064 per transaction. Today, the global Solana market cap is $73.04 Billion.
6. USD Coin (USDC)
Market Cap: $33.76 Billion
Key Features: Pricing in fiat money, Stable price-pegging, Blockchain interconnection
Fully backed by U.S. dollar assets, USD Coin (USDC) is a tokenized U.S. dollar. One USDC coin is pegged as close to the value of one U.S. dollar as it can get. USDC is compatible with multiple blockchains including Ethereum, Algorand, Solana, Stellar, Polkadot, Noble, and Near.
7. Ripple (XRP)
Market Cap: $31.85 Billion
Key Features: Pre-mined, Faster transaction time, Cross-border payments
The native token of XRP Ledger, an open-source blockchain, XRP is a cryptocurrency. XRP is the technology that Ripple utilizes in its solutions thanks to its reported fast, efficient, reliable, carbon-neutral delivery. Unlike other cryptocurrencies, XRP is pre-mined, with a maximum token supply of 100 billion.
8. Toncoin (TON)
Market Cap: $18.21 Billion
Key Features: TON Payment Channels, Blockchain Architecture, Storage, Proxy, DNS
Originally created in 2018 by Telegram, Toncoin (TON) is a blockchain network. It is currently taken over by the TON Foundation. As one of the cryptocurrencies in the market, Toncoin is built on the promise of enhancing privacy, security, and scalability in the digital economy. The current market value of Toncoin is $18.21 Billion.
9. Dogecoin (DOGE)
Market Cap: $17.33 Billion
Key Features: Decentralization, Low price, Unlimited supply
Dogecoin (DOGE) is an open-source peer-to-peer cryptocurrency that utilises blockchain technology. Launched in December 2013 with an image of a Shiba Inu dog named Kabosu as its logo, Dogecoin uses the Scrypt algorithm (pronounced ess-crypt). Unlike cryptocurrencies like Bitcoin which are deflationary, Dogecoin is considered an “inflationary coin,”.
10. Cardano (ADA)
Market Cap: $15.32 Billion
Key Features: Proof-of-Stake (PoS) blockchain, Smart contracts, PoS blockchain algorithm
Among the top cryptocurrencies leading the market in 2024 is Cardano (ADA). It is a proof-of-stake blockchain platform and the first to be founded on peer-reviewed research and developed through evidence-based methods. By combining pioneering technologies, Cardano provides unparalleled security and sustainability to decentralized applications, systems, and societies.
The Bottom Line
With each passing day, the cryptocurrency landscape is evolving at an exponential rate. Each of these top cryptocurrencies offers unique features and solutions. From Bitcoin’s continued dominance in the crypto market to Ethereum’s major upgrades and the innovative approaches of newer crypto platforms, the year 2024 promises exciting opportunities for crypto investors and enthusiasts alike.
Frequently Asked Questions (FAQs)
A: A cryptocurrency is defined as a digital currency that uses cryptography for security. Cryptocurrencies are decentralized and typically operate on blockchain technology.
A: Cryptocurrencies work through blockchain – a distributed ledger that records all transactions across a network of computers in an encrypted mode.
A: Bitcoin, Ethereum, Tether, Binance Coin, Solana, USD Coin, XRP, Dogecoin, Tron, Stellar, Cardano, and Avalanche (AVAX) are some of the top cryptocurrencies.
A: You can purchase a cryptocurrency through cryptocurrency exchanges, where you can trade traditional currencies like USD or EUR for cryptos. Binance, Coinbase, and Kraken are some crypto exchanges.
A: The legitimacy of cryptocurrencies varies from one country to another. In some countries, digital currencies are legal and regulated, while in others, they are restricted or outright banned.