Cryptocurrencies ranging from Bitcoin, Ethereum, Dogecoin, Tether, and other altcoins are steadily gaining acceptance among the masses. In the context of new users, however, it is difficult to find the most suitable cryptocurrencies owing to a large number of commonalities. The fact is that each cryptocurrency has its unique features, pros and cons. Therefore, it is important to highlight the top 5 cryptocurrencies and users can easily trade, buy, and sell them with the help of an online platform.
Top Cryptocurrencies in 2024
These are some of the most popular cryptocurrencies in 2024. The users should assess their features, pros, and cons before investing, buying, selling, or trading these.
Bitcoin
Bitcoin is the most popular cryptocurrency and has a huge market capitalization of 1.3 trillion US Dollars. Apart from being popular it is the oldest cryptocurrency in the world. It was created in 2009 by Satoshi Nakamoto. On June 11, 2024, its price was around $67,097. This indicates that the cryptocurrency experienced a growth of 13,319%. For example, in May 2016, its price was around $500, while now it has become $67,097.Today, it has become a household name due to its booming prices. Hence, these factors invariably make it the top choice of cryptocurrencies.
Ethereum
Ethereum is the second most popular cryptocurrency after Bitcoin and even today stands as one of the most credible altcoins. The market capitalization of Ethereum is 424.8 billion US Dollars. The return on investment annually on average stands at 103%. Ethereum can run on an online platform but also has its blockchain platform. Among users, the program developers usually favor Ethereum because of its several applications. Smart contracts and non-fungible tokens (NFTs). Thus, the growth of the cryptocurrency has been phenomenal. From April 2016 to the end of June 2024, the price rose from $11 to around $3536.
Tether (USDT)
Tether is a stable coin and is unique among cryptocurrencies. This is because it is backed by fiat currencies such as the Euro and the American dollar. The market capitalization of this cryptocurrency is around $112.4 billion. Tether through a cryptocurrency official is more consistent and is a favorite among risk-averse investors. Therefore, the risk-averse investors prefer Tether because they do not want extreme volatility.
Binance Coin
Binance coin is an integral part of Binance which happens to be one of the most popular crypto exchanges in the world. The market capitalization of Binance Coin is 89.9 billion US dollars. The annual year-over-year return of Binance coin is around 164%. In the initial phase, the Binance coin was associated with Binance only. Therefore, users use it for payment processing, travel purposes, and trading.
Solana
Solana has a fairly large market capitalization of 70.8 billion US Dollars. The year-over-year return is over 906%. Solana as a cryptocurrency is unique as it works on hybrid proof-of-stake and proof-of-history mechanisms. The growth rate of Solana has been remarkably high. It was first launched in 2020, and the price was only 0.77 US Dollars. In June 2024, the price was approximately $153. Therefore, it is a gain of over 19000%.
Also Read- Can Bitcoins benefit Startups?
Conclusion
The top cryptocurrencies of 2024 are a major indication that decentralized finance will become a force to be reckoned with in the financial sector. Decentralization, high transactional speed, accessibility, and potentially high returns are some of the most important advantages of cryptocurrencies. However, it is advisable for new users to evaluate critical features and indicators such as security, liquidity, and market capitalization before choosing a cryptocurrency.
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