As of 2024, the cryptocurrency market continues to evolve and grow, with new technologies and applications constantly emerging. Market capitalization, which is the total market value of a cryptocurrency’s circulating supply, remains a key metric for gauging the popularity and stability of different cryptocurrencies. Here’s a detailed look at the top 10 cryptocurrencies by market cap in 2024.
Top 10 cryptocurrencies on the basis of market cap 2024
1. Bitcoin (BTC)
Market Cap: $1.2 trillion
Current Price: $60,000
Overview: Bitcoin remains the most dominant cryptocurrency, often referred to as “digital gold.” Launched in 2009 by an anonymous entity known as Satoshi Nakamoto, Bitcoin is a decentralized digital currency that operates on a peer-to-peer network without the need for a central authority. Its primary appeal lies in its limited supply of 21 million coins, ensuring scarcity and long-term value retention.
2. Ethereum (ETH)
Market Cap: $550 billion
Current Price: $4,500
Overview: Ethereum, created by Vitalik Buterin in 2015, is more than just a cryptocurrency; it’s a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications (DApps). Ethereum’s transition to a proof-of-stake consensus mechanism with Ethereum 2.0 has enhanced its scalability and energy efficiency, solidifying its position as the second-largest cryptocurrency.
3. Binance Coin (BNB)
Market Cap: $150 billion
Current Price: $750
Overview: Binance Coin, the native token of the Binance exchange, has grown significantly since its launch in 2017. Initially created to pay for trading fees on Binance, BNB has expanded its use cases, including transactions on the Binance Smart Chain (BSC), participating in token sales, and more. BNB’s deflationary nature, with periodic coin burns, contributes to its increasing value.
4. Tether (USDT)
Market Cap: $83 billion
Current Price: $1
Overview: Tether is the leading stablecoin, pegged to the US dollar, providing a stable value amid the volatile cryptocurrency market. Launched in 2014, Tether aims to bridge the gap between fiat currencies and cryptocurrencies, offering liquidity and stability. It is widely used for trading and as a safe haven during market turbulence.
5. Cardano (ADA)
Market Cap: $70 billion
Current Price: $2.10
Overview: Cardano, founded by Charles Hoskinson, a co-founder of Ethereum, is a blockchain platform for innovators and visionaries. Known for its scientific approach and peer-reviewed research, Cardano focuses on security, scalability, and sustainability. Its unique layered architecture allows for greater adaptability and upgradability.
6. Solana (SOL)
Market Cap: $65 billion
Current Price: $180
Overview: Solana has gained prominence due to its high throughput and low transaction costs. Launched in 2020, Solana uses a unique consensus mechanism called Proof of History (PoH), which, combined with Proof of Stake (PoS), allows it to process thousands of transactions per second. Its robust ecosystem supports a wide range of DApps and DeFi projects.
7. XRP (XRP)
Market Cap: $50 billion
Current Price: $0.90
Overview: XRP, developed by Ripple Labs, aims to facilitate fast and cost-effective cross-border payments. Despite legal challenges in the US, XRP remains a popular choice for financial institutions seeking efficient international money transfers. Its consensus algorithm, the Ripple Protocol Consensus Algorithm (RPCA), allows for quick transaction settlements.
8. Dogecoin (DOGE)
Market Cap: $40 billion
Current Price: $0.30
Overview: What started as a joke cryptocurrency in 2013, Dogecoin has evolved into a major player in the market, largely driven by community support and high-profile endorsements. Known for its Shiba Inu mascot, Dogecoin’s inflationary supply model and low transaction fees make it popular for tipping and charitable donations.
9. Polkadot (DOT)
Market Cap: $38 billion
Current Price: $40
Overview: Polkadot, created by Dr. Gavin Wood, another Ethereum co-founder, aims to enable different blockchains to transfer messages and value in a trust-free fashion. Its innovative sharding technology allows for multiple parallel blockchains (parachains) to interoperate, enhancing scalability and fostering a vibrant ecosystem of projects.
10. Polygon (MATIC)
Market Cap: $30 billion
Current Price: $3.00
Overview: Polygon, formerly known as Matic Network, is a layer-2 scaling solution for Ethereum. It aims to solve Ethereum’s scalability issues by providing faster and cheaper transactions using sidechains. Polygon’s flexible and modular framework supports a wide range of applications, from DeFi to gaming, making it a crucial part of the Ethereum ecosystem.