Top 10 cryptocurrencies of 2024
“Verified by an expert” means that this article has been thoroughly reviewed and evaluated for accuracy.
BLUEPRINT
Updated 8:23 a.m. UTC July 25, 2024
Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors' opinions or evaluations. Please view our full advertiser disclosure policy.
Getty Images
Key points
- Bitcoin was the original cryptocurrency that launched in January 2009.
- Countless coins are traded on the crypto market.
- Most cryptocurrencies hold small market capitalizations.
The cryptocurrency market is known for its volatility and unpredictability. But it has also generated incredible gains for long-term investors. Crypto bulls believe the sky’s the limit for crypto prices.
Though thousands of cryptocurrencies are available today, bitcoin and ethereum still dominate the crypto world. Their market capitalizations comprise about 71% of the $2.31 trillion global crypto market.
Here’s a list of the 10 largest cryptocurrencies by market cap, excluding stablecoins.
Featured crypto offers
Uphold
Coins
250+
Trading fees (fixed)
0.25% for most stablecoins, 1.40% – 1.60% for BTC and ETH, and 1.90% – 2.95% for other altcoins
Coinbase Exchange
Coins
260+
Trading fees (maker/taker)
0.4%/0.6%*
1. Bitcoin (BTC)
Price: $64,100.71
Market cap: $1.3 trillion
Year-over-year return: 120%
Since its inception in 2009, bitcoin has become the most popular and valuable cryptocurrency. It was created by an individual, or perhaps a group, operating under the pseudonym Satoshi Nakamoto.
Bitcoin’s blockchain-based, decentralized transaction verification and public ledger system revolutionized the world of digital security. But critics have raised environmental concerns about the energy-intensive, proof-of-work consensus mechanism. They also argue that bitcoin needs help scaling its current form. Plus, other cryptos have faster transaction speeds. These quicker speeds make their blockchains more functional than bitcoin’s. That said, bitcoin still dominates the crypto market, representing 54.79%.
2. Ethereum (ETH)
Price: $3,173.64
Market cap: $381.6 billion
Year-over-year return: 72%
Ethereum is the most valuable altcoin. In crypto lingo, that means it’s an alternative to bitcoin. The leading altcoin’s blockchain was the first to integrate smart contracts, or code designed to run decentralized applications.
The ethereum network has more than 4,400 dApps. In late 2023, the popular crypto transitioned from a proof-of-work consensus mechanism to a less energy-intensive, proof-of-stake model. So ethereum is a greener crypto than bitcoin. Its blockchain functionality also stands out as a critical differentiator.
3. BNB (BNB)
Price: $564.49
Market cap: $82.4 billion
Year-over-year return: 138%
BNB is the native token of Binance, one of the most popular cryptocurrency exchanges. The crypto was initially created on the ethereum network but now resides on Binance’s blockchain. It’s used for a range of transactions and applications. The token even gives users discounted fees on the Binance platform.
Like other crypto exchanges, Binance has been caught in the global regulatory crypto crackdown in recent years. In 2023, the U.S. Securities and Exchange Commission sued Binance, accusing it of violating securities laws.
4. Solana (SOL)
Price: $168.82
Market cap: $78.4 billion
Year-over-year return: 607%
Designed to compete with the ethereum network, solana launched in March 2020. The crypto’s blockchain supports dApps, smart contracts and nonfungible tokens. SOL has a unique hybrid proof-of-stake and proof-of-history verification system. This hybrid system is a selling point because it makes solana cheaper and faster than ethereum.
Unfortunately, reliability has been solana’s downfall. The network has suffered several major outages since the beginning of 2022. At one point in February 2023, it was down for nearly 19 hours. Solana must improve stability and regain user trust to be an “ethereum killer.”
5. XRP (XRP)
Price: $0.61
Market cap: $34.3 billion
Year-over-year return: -12%
Ripple is a global payments network designed for institutional use. Its native cryptocurrency is XRP. The Ripple network offers an alternative to the Society for Worldwide Interbank Financial Telecommunications. SWIFT is the traditional system used by banks and other financial institutions for international money transfers.
Ripple claims its network is superior to SWIFT because it facilitates faster, cheaper and more secure transactions. The crypto scored a partial court win over the SEC in 2023 when a judge ruled that XRP is “not necessarily a security.” But Ripple is still battling the SEC over a nearly $2 billion fine concerning alleged XRP sales to institutional clients.
6. Dogecoin (DOGE)
Price: $0.12
Market cap: $18.1 billion
Year-over-year return: 58%
Dogecoin was created in 2013 as a parody of bitcoin. But the cryptocurrency has become a legitimate investment for many crypto traders because of its simplicity. It also has high-profile supporters and a popular dog mascot.
Tesla CEO Elon Musk, a dogecoin investor, has repeatedly triggered volatility in the share price by mentioning the crypto. A group of dogecoin investors sued Musk for allegedly illegally manipulating its price. Billionaire entrepreneur Mark Cuban is also a dogecoin supporter and has praised the crypto for its potential as a medium of exchange.
7. Toncoin (TON)
Price: $6.60
Market cap: $16.6 billion
Year-over-year return: 371%
Toncoin is a “layer 1” token developed in 2018 by encrypted messaging company Telegram. The toncoin network is known for its smart contract capability and transaction speed. It has an impressive blockchain speed of just five seconds.
Despite the network’s speed, it must attract more developers to compete with ethereum in the long term. Toncoin has generated impressive bullish momentum following reports that Telegram is considering an initial public offering. A successful Telegram IPO likely wouldn’t impact TON demand. But it would significantly increase Telegram’s visibility.
8. Cardano (ADA)
Price: $0.40
Market cap: $14.2 billion
Year-over-year return: 31%
Cardano is a decentralized proof-of-stake blockchain that debuted in September 2017. The crypto is designed to be more energy-efficient than bitcoin and other proof-of-work blockchains. From the start, cardano’s founder, Charles Hoskinson, co-founder of ethereum, boosted its credibility.
Like ethereum, cardano is focused on functionality, appealing to developers building dApps and verifiable smart contracts. ADA is the primary cryptocurrency used on the network to run dApps and facilitate transactions. By staking cardano, users can help verify the network’s transactions. They then earn additional tokens as a reward for participating in the proof-of-stake system.
9. TRON (TRX)
Price: $0.14
Market cap: $11.9 billion
Year-over-year return: 68%
Tron is a cryptocurrency platform that aims to decentralize the internet using blockchain technology and dApps. Launched in August 2017, the network has over 228 million accounts as of May 2024. The tron network uses a delegated proof-of-stake verification system. Its native cryptocurrency is TRX.
TRX was originally an ethereum-based token but transitioned to its own blockchain in 2018. Tron specializes in decentralized entertainment, such as gaming and gambling applications. The network allows content creators to sell their work directly to consumers. In March 2023, the SEC charged tron founder Justin Sun with fraud and other securities law violations.
10. Avalanche (AVAX)
Price: $27.35
Market cap: $10.8 billion
Year-over-year return: 108%
Avalanche is a 2020-launched ethereum network competitor. Its goal is to create the fastest, most secure network that supports smart contracts, dApps and autonomous blockchains.
AVAX is the native token of the avalanche network. Avalanche users can vote on platform governance and pay transaction fees using the token. Coin creation is limited to 720 million tokens. Avalanche users can vote to alter the rate that AVAX is created. This gives them control over the crypto’s inflation rate. AVAX also has a unique consensus mechanism for verifying transactions. The process involves a sufficient majority of validators approving a transaction.
*Market caps and pricing are sourced from CoinMarketCap.com, current as of 8:07 a.m. ET on July 25, 2024.
What is cryptocurrency?
Cryptocurrency is digital money that can be held as an investment or used to purchase goods or services.
Banks or other financial institutions aren’t needed to verify or complete transactions. Cryptocurrency transactions are verified via a consensus mechanism and recorded on a blockchain. These are permanent ledgers that track and record trades and assets.
Cryptocurrencies are essentially self-contained, digital payment platforms. They are typically not issued or controlled by central governments or other authorities. Instead, they’re controlled by a transparent software protocol that leverages the power of peer-to-peer networks of computers. The primary goal of cryptocurrencies is to give individuals complete control over their assets.
What is crypto trading?
Crypto trading involves buying and selling cryptocurrencies to generate profits. Crypto traders use different strategies based on risk tolerance, time commitment and financial goals:
- Long-term traders choose high-quality cryptocurrencies to buy and hold for years or decades. They ignore the day-to-day or month-to-month fluctuations in the crypto market. Instead, these traders focus on the gradual growth of crypto use and investment over time.
- Crypto swing traders seek to capitalize on trends in the market by buying and selling within days or weeks.
- Crypto day traders buy and sell within the same trading day.
- Crypto scalp traders buy and sell several times throughout the day. They look to make a net profit from many small gains.
Pros and cons of crypto trading
The volatility of the cryptocurrency market creates opportunities for traders to make big profits relatively quickly. But volatility makes crypto trading extremely risky and challenging, even for experienced traders.
Brian Evans is CEO and founder of BDE Ventures, a private investment company that backs crypto projects. He said inexperienced traders should tread carefully in the crypto market.
“Because crypto is open to all, it’s easier for newcomers to trading to both take a shot at it but also blow up in terms of losing all their capital,” Evans said. “With this in mind, it’s best to learn as much as possible about trading and all the related nuances before diving headlong into it.”
Here are several pros and cons of crypto trading:
Pros
- Crypto has a track record of extremely strong performance over long periods.
- Many cryptos have a capped supply.
- If global cryptocurrency usage continues to rise, crypto demand should support prices.
Cons
- Extreme volatility makes the crypto market one of the most challenging markets to trade.
- Crypto has faced regulatory crackdowns.
- Unlike stocks and bonds, for example, cryptocurrencies are not backed by revenue-generating companies or other assets.
How to buy cryptocurrency
Cryptocurrencies trade on exchanges like stocks and exchange-traded funds. But not all online brokerages allow cryptocurrency trading, particularly in cryptos other than bitcoin and ethereum.
The first step in buying cryptocurrency is identifying a broker or exchange offering crypto trading. Popular crypto brokers include Robinhood and SoFi. Leading cryptocurrency exchanges include Coinbase and Binance.
Steps to opening a cryptocurrency exchange account
Once you find a cryptocurrency exchange, you can create and verify a trading account. The process may vary from platform to platform. But it will generally include the following steps:
- Create an account. You may need to choose the appropriate account type and submit personal information.
- Verify your identity. This process may involve submitting a copy of a bank statement, photo ID or other documents.
- Read and agree to a user agreement. User agreements typically spell out the terms of service associated with your account. These include any penalties or fees you may need to understand.
- Link a payment method. Choose a bank account or other account type to link to your crypto trading account. This will allow you to transfer money in and out of the account.
- Fund your account. Consider how much money you want to start with in your crypto trading account. Then, initiate a transfer from your linked account.
Frequently asked questions (FAQs)
Yes, the Grayscale Bitcoin Trust ETF (GBTC), Fidelity Wise Origin Bitcoin Fund (FBTC) and iShares Bitcoin Trust (IBIT) are three examples of popular bitcoin ETFs.
Every investment has risks. But crypto traders can limit their risk by sticking to popular cryptocurrencies with plenty of liquidity. It’s also a good idea to consider crypto with large market caps and coverage by media and analysts.
Bitcoin is likely the least risky crypto these days, followed by ethereum and the other major cryptocurrencies.
It’s tough to see crypto’s long-term path in the coming decades. But crypto bulls believe in growth in global crypto adoption. That, coupled with capped or limited cryptocurrency supplies, could spell a crypto boom ahead.
It’s relatively cheap and easy to create a new cryptocurrency. So there’s a low barrier to entry. Many crypto projects have also sought to improve upon bitcoin over the years. These projects have unique aspects to their designs.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
