Navigating the crypto world can be overwhelming, especially with thousands of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Tether vying for attention. To help you get started, here are the top 10 cryptocurrencies to invest in, ranked by market capitalization—the total value of all coins in circulation.
Bitcoin (BTC)
- Market cap: $1.3 trillion
- Year-over-year return: 160%
Bitcoin, created in 2009 by Satoshi Nakamoto, is the pioneering cryptocurrency. Operating on a blockchain—a distributed ledger system maintained across a network of thousands of computers—Bitcoin ensures security through a proof-of-work process, where cryptographic puzzles must be solved to validate transactions, safeguarding them from fraud.
The price of Bitcoin has surged dramatically as it gained mainstream recognition. In May 2016, one Bitcoin was valued at around $500. As of June 11, 2024, the price stood at around $67,097, marking an impressive growth of 13,319%. Also, bitcoin ATM are popular in many countries.
Ethereum (ETH)
- Market cap: $424.8 billion
- Year-over-year return: 103%
Ethereum serves as both a cryptocurrency and a blockchain platform. It is highly favored by developers for its versatile applications, such as smart contracts that self-execute when requirements are met and non-fungible tokens (NFTs).
Tether (USDT)
- Market cap: $112.4 billion
- Year-over-year return: 0%
Tether (USDT) is a stablecoin backed by fiat money like the U.S. dollar and the Euro, theoretically maintaining a value equal to one of these denominations. This stability appeals to investors wary of the volatile nature of other cryptocurrencies.
Binance Coin (BNB)
- Market cap: $89.9 billion
- Year-over-year return: 164%
Binance Coin (BNB) is a cryptocurrency used primarily for trading and paying fees on Binance, one of the world’s largest crypto exchanges. Since its 2017 inception, Binance Coin has evolved beyond facilitating trades on Binance’sBinance’s platform. It can now be used for trading, settlement processing, and booking travel. Additionally, BNB can be exchanged for other cryptocurrencies like Ethereum or Bitcoin.
In 2017, BNB was priced at just $0.10. By late June 2024, its price had soared to around $609, achieving a staggering gain of 609,370%.
Solana (SOL)
- Market cap: $70.8 billion
- Year-over-year return: 906%
Solana was developed to enhance decentralized finance (DeFi) applications, decentralized apps (DApps), and smart contracts. It utilizes a unique hybrid of proof-of-stake and proof-of-history mechanisms to process transactions swiftly and securely. SOL, Solana’sSolana’s native token, powers the platform.
When SOL launched in 2020, it was priced at $0.77. By late June 2024, its price had climbed to around $153.68, representing a gain of 19,858%.
U.S. Dollar Coin (USDC)
- Market cap: $32.0 billion
- Year-over-year return: 0%
Similar to Tether, USD Coin (USDC) is a stablecoin, pegged to the U.S. dollar at a 1:1 ratio. Powered by Ethereum, USDC facilitates global transactions with ease.
XRP (XRP)
- Market cap: $26.9 billion
- Year-over-year return: -6%
XRP, created by some of the founders of Ripple, serves as a versatile exchange medium on the Ripple network, supporting transactions in various currencies, including fiat and major cryptocurrencies. In early 2017, XRP was priced at $0.006. By June 11, 2024, it had surged to $0.48, marking a 7,966% increase.
Dogecoin (DOGE)
- Market cap: $20.3 billion
- Year-over-year return: 130%
Originating as a joke in 2013, Dogecoin quickly gained traction due to its dedicated community and humorous memes. Unlike many cryptocurrencies, Dogecoin has no supply limit, which can lead to potential devaluation. In 2017, Dogecoin was priced at $0.0002. By June 2024, its price had skyrocketed to $0.14, an astounding increase of 70,012%.
Toncoin (TON)
- Market cap: $16.6 billion
- Year-over-year return: 354%
Toncoin began as a layer-1 blockchain for Telegram’s encrypted messaging platform but was later taken over by the TON Foundation and rebranded as “The Open Network” (TON). As the native token, Toncoin enables users to buy, send, and store funds on TON’s fast and eco-friendly network.
Cardano (ADA)
- Market cap: $15.3 billion
- Year-over-year return: 53%
Cardano (ADA) entered the crypto scene later but gained recognition for its early adoption of proof-of-stake validation, which accelerates transactions and reduces energy consumption and environmental impact. Like Ethereum, Cardano helps smart contracts and decentralized applications powered by its native coin, ADA. In 2017, ADA was priced at $0.02. By June 11, 2024, it had climbed to $0.43, reflecting a 2,044% increase.
