The market for cryptocurrencies is notorious for its volatility and unpredictability. But for long-term investors, it has produced amazing returns. That’s presumably the reason why proponents of cryptocurrency think that prices will only rise.
Even though there are thousands of cryptocurrencies available, Ethereum and Bitcoin continue to rule the market. Their market capitalisations make up around 70% of the $2.26 trillion cryptocurrency market worldwide.
Without include stablecoins, these are the top ten cryptocurrencies by market capitalization.
- Bitcoin (BTC): Current Value – $63,751.37
$1.3 trillion is the market capitalization.
Return year over year: 126%
Bitcoin, which was introduced in 2009, is still the most well-known and valued cryptocurrency. It was created under the pseudonym Satoshi Nakamoto by an individual or group. Its decentralized, blockchain-based transaction verification technology has revolutionized the way people think about digital currency and security.
However, some have expressed a number of worries regarding bitcoin. The network’s energy-intensive proof-of-work consensus method might require assistance in growing. The transaction speeds of some major cryptocurrency projects are currently faster than those of bitcoin. In the meantime, in an effort to enhance bitcoin’s usefulness, other teams have produced blockchains with unique architecture.
- Ethereum (ETH): Current value – $2,629.27
$316.5 billion is the market cap.
Return year over year: 52%
Among the first altcoins was Ethereum. Ethereum, which debuted in July 2015, is currently the most valuable cryptocurrency behind bitcoin. Ether is the name of the network’s native cryptocurrency. The first blockchain to use smart contracts—code that powers decentralized apps—was Ethereum’s.
There are more than 4,400 dApps and developer tools on the Ethereum network. Ethereum made the switch from a proof-of-work consensus method to a proof-of-stake transaction verification system in 2023, which uses less energy. Investing in Ethereum currently makes more sense than in Bitcoin. However, its primary distinction lies in its blockchain capabilities.
- BNB (BNB): Current value – $577.63
$84.3 billion is the market capitalization.
Return year over year: 164%
One of the biggest cryptocurrency exchanges, Binance, is the issuer of the BNB coin. It was developed as an Ethereum network utility token. On the Binance, users can use it to get cheaper trading fees.US-based bitcoin trading platform.
The coin has since moved to Binance’s blockchain. These days, BNB can be utilized for a variety of transactions, apps, and other uses. Regrettably, in 2023, Binance’s market share in the United States suffered as a result of a lawsuit filed by the Securities and Exchange Commission against the exchange for allegedly breaking securities laws.
- Solana (SOL): Current value – $156.59
$73.3 billion is the market capitalization.
Return year over year: 557%
Launched in March 2020, Solana. Its network is compatible with dApps, smart contracts, and nonfungible coins, just like Ethereum. However, Solana is faster and less expensive than Ethereum due to its innovative hybrid proof-of-stake and proof-of-history verification mechanism.
Sadly, the network has experienced interruptions ever since it opened, which has damaged Solana’s reputation. Since early 2022, in fact, it has experienced multiple severe and partial outages. Supporters of Solana believe that the cryptocurrency could pose a long-term danger to the Ethereum network. But in order to live up to the hype surrounding it as a “ethereum killer,” solana’s stability needs to get better.
- XRP (XRP): Current value – $0.63
$35.6 billion is the market capitalization.
Return year over year: 21%
A global payments network intended for usage by institutions is called Ripple. XRP is its native cryptocurrency. An alternative to the Society for Worldwide Interbank Financial Telecommunications is provided by the Ripple network. The conventional method for transferring money internationally that banks and other financial organizations utilize is called SWIFT.
According to Ripple, its network is better than SWIFT since it enables transactions that are quicker, less expensive, and more secure. In 2023, XRP gained a partial legal victory over the SEC when a judge declared that it is “not necessarily a security.” However, Ripple and the SEC are still at odds over a punishment of about $2 billion related to purported sales of XRP to institutional customers.
- Dogecoin (DOGE): Current value – $0.12
$17.3 billion is the market capitalization.
Return year over year: 86%
In 2013, Dogecoin was developed as a satire on Bitcoin. However, proponents of dogecoin contend that the well-liked meme coin is a sound financial investment. The cryptocurrency has a number of well-known backers.
Elon Musk, the CEO of Tesla, is one of the most well-known cryptocurrency investors. His mere mention of the cryptocurrency has caused prices for Dogecoin to fluctuate greatly. Investors in Dogecoin have sued Musk, claiming that he illegally manipulated prices. Additionally supportive of dogecoin is billionaire businessman Mark Cuban.
Not to mention, DOGE has a well-known Shiba Inu mascot and a strong web brand.
- Toncoin (TON): Current value – $5.81
$14.7 billion is the market capitalization.
Return year over year: 177%
In 2018, the “layer 1” blockchain was created by the developers of Telegram, an encrypted messaging service. The TON network is well-known for its speed advantage over Ethereum and its capacity for smart contracts.
TON’s blockchain operates at a speed of five seconds. However, the coin has to draw in more developers in order to compete with other crypto initiatives. Following recent news that Telegram is planning an IPO, Toncoin has produced amazing positive momentum.
- TRON (TRX): Current value – $0.16
$13.6 billion is the market capitalization.
Return from year to year: 75%
tron was introduced in August 2017 with the goal of “decentralizing” the internet. As of May 2024, there were over 229 million accounts on the network.
Originally, TRX was an Ethereum-based token. However, in 2018, it made the switch to its own blockchain. The Tron network’s native cryptocurrency, TRX, employs a delegated proof-of-stake verification mechanism. The cryptocurrency is most known for its decentralized gaming and entertainment apps.
Users find Tron’s quick transactions and inexpensive fees to be quite appealing. Still, there are disputes around cryptocurrencies. Justin Sun, the founder of Tron, was accused of fraud and other violations of securities laws by the SEC in March 2023.
- Cardano (ADA): Current value – $0.38
$13.4 billion is the market capitalization.
Return year over year: 44%
In September 2017, the decentralized proof-of-stake blockchain known as Cardano was introduced. Its debut design aimed to outperform proof-of-work blockchains like Ethereum, Bitcoin, and others. Because Charles Hoskinson, a co-founder of Ethereum, founded Cardano, it gained legitimacy among cryptocurrency fans right away.
Similar to ethereum, cardano prioritizes usability. Additionally, it wants to be the go-to platform for dApp creation and validated smart contracts. The main cryptocurrency utilized on the network to carry out dApps and enable transactions is called ADA. Cardano users can now use ADA for staking to help verify network transactions and earn additional tokens.
- Avalanche (AVAX): Current value – $28.68
$11.6 billion is the market capitalization.
Return year over year: 196%
In September 2020, the avalanche mainnet became operational. The Ethereum network has competition in the form of Avalanche. It wants to become known as the safest and fastest blockchain possible. Both independent blockchains and dApps are supported by the Avalanche smart contract framework. Avalanche’s native AVAX coin allows users to pay transaction fees and cast votes on governance-related issues.
AVAX has a maximum of 720 million tokens in circulation. However, the rate of token creation is managed by avalanche users. They are able to adjust the inflation rate as a result. Avalanche also features a distinct consensus process. Only when the approval of a sufficient number of validators is obtained does a transaction become final.
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