Here we are with another interesting update on the Top 10 cryptocurrencies of 2024. Cryptocurrencies are the recent need and trend. One needs to know each and every detail about it so that you are up to the trend.
1. Bitcoin (BTC)
Market cap: $934.6 billion
Year-over-year return: 174%
Almost 14 years after its creation, bitcoin remains the world’s most valued and well-liked cryptocurrency. Under the pseudonym Satoshi Nakamoto, an unidentified individual or group created Bitcoin, a blockchain-based, decentralized transaction verification system and public ledger that completely changed the way people thought about online security.
2. Ethereum (ETH)
Market cap: $318.2 billion
Year-over-year return: 99%
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One of the earliest cryptocurrencies, or bitcoin substitutes, was Ethereum. Other than bitcoin, Ethereum is the most valuable cryptocurrency. It was introduced in July 2015. The first blockchain to use smart contracts—code that powers decentralized apps, or dApps—was Ethereum’s. The native coin of the Ethereum network is called ether, and over 1,400 applications and developer tools reside on the Ethereum blockchain. Ethereum successfully switched from a proof-of-work consensus method to a proof-of-stake transaction verification system in 2023, which requires significantly less energy. Ethereum’s blockchain feature is what makes it stand out from Bitcoin even though it is now a greener investment.
3. Binance Coin (BNB)
Market cap: $47.7 billion
Year-over-year return: 13%
One of the biggest cryptocurrency exchanges in the world, Binance, is the one issuing BNB. Originally designed as an ethereum-based utility coin, BNB allowed users to access reduced trading costs on the Binance exchange. However, the coin is now running on Binance’s proprietary blockchain. These days, a multitude of transactions, apps, and other use cases are possible using BNB. Regretfully, when the U.S. Securities and Exchange Commission filed a lawsuit against the exchange and charged the business with breaking securities laws, Binance’s market share in the United States fell in 2023.
4. Solana (SOL)
Market cap: $45.8 billion
Year-over-year return: 571%
2020 saw the official launch of Solana. Its network is compatible with dApps, smart contracts, and non-fungible 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. Regrettably, since its inception, the Solana network has experienced several outages, which has damaged its reputation in the cryptocurrency community. In February 2023, there was an almost 20-hour outage of the Solana network. Luckily for investors, the XRP court verdict significantly increased solana’s price, and its triple-digit gain in 2023 ranks it the best-performing cryptocurrency on this list.
5. XRP (XRP)
Market cap: $33.4 billion
Year-over-year return: 68%
XRP is a global payments network that was developed by Ripple as a substitute for the Society for Worldwide Interbank Financial Telecommunications. The international system used by banks and other financial institutions for money transfers is called SWIFT. However, Ripple asserts that its technology outperforms the SWIFT system in terms of speed, cost, and transparency. The native coin for the XRP Ledger blockchain and the Ripple network is called XRP. When a court in the Southern District of New York decided that XRP is “not necessarily a security” in some situations, potentially putting it outside the SEC’s authority, the cryptocurrency received a major boost in July.
6.Cardano (ADA)
Market cap: $21.3 billion
Year-over-year return: 93%
Launched in September 2017, Cardano is a decentralized proof-of-stake blockchain that aims to outperform other proof-of-work blockchains like Ethereum and Bitcoin. Because Charles Hoskinson, a co-founder of Ethereum, founded Cardano, it gained legitimacy among cryptocurrency fans right away. Like ethereum, Cardano is focused on functionality and intends to be the platform of choice for dApp development and verifiable smart contracts. The main cryptocurrency utilized on the network to carry out dApps and enable transactions is called ADA. Users of Cardano can also stake their tokens with ADA to help verify network transactions and get more tokens.
7.Avalanche (AVAX)
Market cap: $14.9 billion
Year-over-year return: 228%
Another very new procedure is called Avalanche. Live on the mainnet was September 2020. In its quest to become the fastest and safest blockchain, Avalanche says it has learned from past initiatives. Avalanche is a smart contract platform where decentralized programs (dApps) can be developed, similar to a number of other blockchains on this list. The compatibility of Avalanche with Ethereum sets it apart. AVAX, the native cryptocurrency of the blockchain, can be used to cover governance and transaction costs.
8. Dogecoin (DOGE)
Market cap: $12.3 billion
Year-over-year return: 13%
Dogecoin began as a 2013 spoof of bitcoin, but thanks to its ease of use, prominent backers, and the allure of its shiba inu mascot on the internet, many cryptocurrency traders now view the cryptocurrency as a real investment. Dogecoin investor and Tesla CEO Elon Musk has often provoked volatility in dogecoin’s share price by discussing or referencing the currency. A number of dogecoin investors are suing Musk on the grounds that he unlawfully manipulated the cryptocurrency’s price. Dogecoin is backed by billionaire businessman Mark Cuban, who has lauded the cryptocurrency for its potential as a medium of trade.
9. Polkadot (DOT)
Market cap: $10.8 billion
Year-over-year return: 74%
2020 saw the introduction of the Polkadot blockchain by Gavin Wood, a co-founder of Ethereum. The protocol was developed to link disparate, previously interconnected blockchains, facilitating the easy transfer of money and data between blockchains like bitcoin and ethereum. Specialized parachains, user-made blockchains that are customizable and share the same security features as the main Polkadot chain, are a feature of the Polkadot network. Moreover, parachains relieve the primary Polkadot chain of a large portion of its processing load. As a sign of their confidence in the integrity of validators, nominators financially support validators under Polkadot’s nominated proof-of-stake consensus architecture.
10. Tron ( TRX)
Market cap: $9.5 billion
Year-over-year return: 95%
Tron is a cryptocurrency project that was started in August 2017 with the long-term objective of decentralizing the internet through the use of dApps and blockchain technology. The network is home to the most amount of stable coins in circulation, with over 177 million accounts. TRX is the native coin of Tron, and the network employs a delegated proof-of-stake verification mechanism.
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