Introduction
Top 10 Trending Cryptocurrencies Of 2024 – Cryptocurrency is a digital or virtual currency protected by cryptography, which ensures it is nearly impossible to counterfeit or double-spend. Most cryptocurrencies operate on decentralized networks using blockchain technology- a distributed ledger enforced by a disparate network of computers.
A blockchain is one type of digital ledger that records each transaction. Every public transaction ever made is stored on the blockchain. The Bitcoin market is notorious for its volatility and unpredictability. However, long-term investors have also made amazing gains as a result of it.
Cryptocurrencies are supposedly immune to manipulation or intervention by the government because they are frequently not issued by a single body.
Blockchain technology is a crucial feature of the crypto ecosystem. By design, it is open-source, meaning that the door of this technology is open for developers, they can view and build.
Here’s a list of the largest and trending cryptocurrencies in 2024.
1. Bitcoin (BTC)
Market cap: $1.3 trillion
Year-over-over-return: 128%
Launched in 2009, bitcoin stands as the most popular and valuable cryptocurrency. It was developed by an individual or a group under the pseudonym Santoshi Nakamoto. It verifies transactions that transform how people view digital security currency as its decentralized, blockchain-based system.
A single Bitcoin cost approximately $500 in May of 2016. As of July 23, 2024, one bitcoin was valued at about $66,506.
2. Ethereum (ETH)
Market cap: $421.0 billion
Year-over-year return: 88%
Ethereum is a blockchain platform and cryptocurrency that is the most-liked for program developers because of its future applications like so-called smart contracts that spontaneously carry out when conditions are satisfied and non-fungible tokens (NFTs).
Ethereum has grown astronomically as well. Its price increased 31,730% from April 2016 and the end of July 2024, from approximately $11 to almost $3,501.
3. Tether (USDT)
Market cap: $114.3 billion
Year-over-year return: 0%
Different from other forms of cryptocurrency, Tether (USDT) is a stablecoin means it has a relatively stable price and is pegged by fiat currencies like the U.S. dollars and the Euro and theoretically keeps a value equal to one of those denominations.
In theory, this means Tether’s value is expected to be more compatible than other cryptocurrencies, and it’s supported by investors who are cautious of the extreme volatility of other coins.
4) Binance Coin (BNB)
Market cap: $85.3 billion
Year-over-year return: 145%
Binance Coin (BNB) is a mode of cryptocurrency that can be used to trade and pay fees on Binance, it is one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has spread past merely aiding trades on Binance’s exchange platform.
Now, it can be used for trading, payment processing or even booking travel arrangements and can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or bitcoin. In 2017, BNB was only worth $0.10. By late July 2024, it has climbed in price by 584,301%, reaching approximately $584.
5) Solana (SOL)
Market cap: $82.6 billion
Year-over-year return: 667%
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.
SOL’s initial price at debut in 2020 was $0.77. Its price increased by 22,614% to around $174.90 at the end of July 2024.
6) XRP (XRP)
Market cap: $35.2 billion
Year-over-Year return: -8%
Ripple is a broad payment network drawn for institutional use. Its regional cryptocurrency is XRP. The Ripple network put forward a substitute for the Society for Worldwide Interbank Financial Telecommunications. SWIFT is the customary system used by banks and other financial institutions for international money transfers.
According to Ripple, its network is better than SWIFT since it enables transactions that are quicker, less expensive, and more secure. In early 2017, XRP was valued at $0.006. Its price had climbed by 9,825% to $0.60 by July 23, 2024.
7) Dogecoin (DOGE)
Market cap: $19.4 billion
Year-over-year return: 71%
Dogecoin was produced in 2013 as a satire of Bitcoin. But the cryptocurrency has become a legitimized investment for many crypto traders because of its simplicity. It also has known and recognized supporters and a popular dog mascot.
Elon Musk, the CEO of Tesla and an investor in dogecoin, has mentioned the cryptocurrency on multiple occasions, which has caused price volatility. Musk was sued by a group of Dogecoin investors for allegedly engaging in unlawful price manipulation. Dogecoin is supported by billionaire businessman Mark Cuban, who has lauded the cryptocurrency for its potential as a medium of exchange.
In 2017, Dogecoin’s price in 2017 was $0.0002. And by July 2024, its price was $0.13, up 66,361%.
8) Toncoin (TON)
Market cap: $17.4%
Year-over-year return: 394%
Primarily, developed as a layer-1 blockchain for telegrams encrypted messaging platform. Before being conquered by the TON foundation, Toncoin was soon unrestrained. Even the name of the project was changed to “ The Open Network” from its original name “Telegram Open Network”, both of which were meant by their abbreviation: TON.
Toncoin was first known as Gram- is the vernacular token for TON. It is an approach that permits users to buy, send, and store funds on TON’s incredibly fast, environmentally friendly network.
9) Avalanche (AVAX)
Market cap: $11.9 billion
Year-over-year return: 127%
Avalanche is a rival of the Ethereum network that debuted in 2020. Its objective is to build the safest, quickest network possible to accommodate autonomous blockchains, dApps, and smart contracts.
The avalanche network’s native token is called AVAX. Users of Avalanche can use the token to pay transaction fees and cast votes on platform governance. A limited quantity of 720 million tokens are available for production due to constraints in manufacturing capacity.
Voting by Avalanche users can change how quickly AVAX is produced. They now have control over the inflation rate of the cryptocurrency. Additionally, AVAX features a special consensus method for transaction verification.
10) TRON (TRX)
Market cap: $11.7 billion
Year-over-year return: 66%
The goal of the cryptocurrency platform Tron is to employ decentralized apps (dApps). As of May 2024, the network—which debuted in August 2017—has over 228 million accounts. A delegated proof-of-stake verification mechanism is employed by the Tron network. TRX is its native cryptocurrency.
In 2018, TRX moved from being an Ethereum-based token to its blockchain. Tron is an expert in decentralized entertainment, including applications for gaming and gambling.
Content creators have the opportunity to easily market and distribute their original works by connecting with customers directly through the platform, thus enabling them to showcase their talent and entrepreneurial spirit while bypassing traditional distribution channels.
The founder of Tron, Justin Sun, was accused by the SEC in March 2023 of fraud and other violations of securities laws.
CONCLUSION
It’s difficult to forecast how cryptocurrencies will fare in the future because there are so many unknowns. Global regulation, the strength of the US dollar, and the incorporation of cryptocurrencies into the current financial system are some of the contributing factors. Based on these factors, details of some trending cryptocurrencies are here.