As multiple streams of investment emerge, the crypto market has also seen exponential gains this financial year. Crypto can assist investors with short-term as well as long-term investment goals. The world of cryptocurrencies can get a bit tricky to navigate for fresh investors. This article is designed to aid readers in making an informed decision about the latest Cryptocurrencies, dynamic trends, and profitable investments. To begin with, here is a list of the Top 5 Cryptocurrencies in 2024.
What is Crypto?
Based on cryptography, a cryptocurrency or a crypto is essentially a digital asset, working within a blockchain. As of March 2024, 13,217 cryptocurrencies exist in the market, out of which 8,985 are active. These active crypto reflect a $2.22 trillion market capitalization. Crypto tokens such as Bitcoin, and Ethereum, among others, work on a blockchain that is unique, transparent, and accessible to all. In today’s financial market, crypto offers a range of opportunities such as dealing with NFTs, making short-term or long-term investment plans, or starting new businesses. As the crypto market constantly changes based on varied factors such as technological advancements, regulatory developments, macroeconomic trends, and investor behaviors, among others, it is inherent that investors go forth with all seriousness in treading this route. Here is a list of the Top 5 Cryptocurrencies in 2024, based on the latest research obtained on November 12, 2024.
Also read: Bitcoin Crosses $89,000: What’s Next for the Leading Cryptocurrency?
1. Bitcoin (BTC)
Undoubtedly, the top Crypto in the field in 2024 has to be Bitcoin (BTC). Being one of the most renowned Cryptocurrencies across the globe, Bitcoin has established its trademark within the crypto market among the top 5 cryptocurrencies in the world. Based on the latest research, the market price of Bitcoin stands at $ 86,436.12 (November 12, 2024). Bitcoin has seen a new variation in the token standards within the coin network. The previous token standard, commonly known as BRC20, was utilized in creating and managing tokens. The new version, known as the “ordinals” works by numbering satoshis and tracking them through an “inscription”.
Market Capitalization: $1.71 trillion
Vol (24 H): $152.83B
2. Ethereum (ETH)
Next to Bitcoin, ranking second on the list is Ethereum (ETH). It has established itself due to its decentralized applications as well and is the reason for smart contract functionality. This enables users to create and control many key features in crypto. Its Proof of Stake consensus apparatus has allowed the blockchain system to be highly resourceful. Ethereum exerts market dominance through the DeFi and dApp space. Currently, the market price of Ethereum is $3,239.05 (November 12, 2024).
Market Capitalization: $390.11 billion
Vol (24 H): $67.78B
3. Tether (USTD)
As compared to other Crypto, Tether (USTD) stands out as a stablecoin. This implies that fiat currencies such as the U.S. dollar and the Euro support it and maintain a value equivalent to one of those dominations. This enables Tether to be more reliable than other cryptocurrencies. This is also preferred by investors who are cautious of the fluctuating volatile nature of coins. As of date, the market price of Tether (USTD) stands at $1.00 (November 11, 2024).
Market Capitalization: $124.11B
Vol (24 H): $290.89 billion
4. Solana (SOL)
Fourth on the list of top Cryptocurrencies is Solana (SOL). This too runs on a blockchain platform that is known for its swiftness and expandability. It sustains on a unique consensus apparatus as well, called the Proof of History. This allows for a more secure and fast transaction within the crypto market. Its USP lies in managing multiple transactions per second with negligible fees. Currently, the market price of Solana (SOL) is at $212.07 (November 11, 2024)
Market Capitalization: $100.07B
Vol (24 H): $12.25B
5. Binance Coin (BNB)
BNB or Binance Coin has established itself as one of the strongest crypto, along with Ethereum. Developing its own BNB chain ecosystem today, it has certainly come a long way from 2017, back when it began its journey. Today it caters through high-speed and minimum-cost to its users within the crypto market. BNB serves as a strong exchange platform for trading, processing payments or making travel preparations. As of date, the market price of Binance Coin (BNB) stands at $625.73 (November 12, 2024).
Market Capitalization: $90.17B
Vol (24 H): $4.02B
Which Crypto is the best to invest in?
Undeniably, Bitcoin ranks first when it comes to the safest and most reliable choice for investing in Crypto. This is due to its hallmark within the cryptocurrency industry for a long period of time. Although new variations have been introduced within Bitcoin, one thing remains certain. Bitcoin is here for the long haul.
Next to Bitcoin, stands Ethereum as the next viable option in the market. The only flaw next to Bitcoin is that at times, Ethereum engages with heavy traffic that could slow transactions. There are also instances when its transaction costs are also exceedingly high. However, due to its Proof of Stake consensus, it remains the next trademark Crypto after Bitcoin.
How to Invest in Cryptocurrencies?
The above-mentioned Top 5 Cryptocurrencies in 2024 provide a viable means for investors to effortlessly navigate crypto today. Investing in Cryptocurrencies is easier than ever today. Investors can buy cryptocurrencies through crypto exchanges like CoinDCX, WazirX, and ZebPay, among others. The most popular of them all is CoinDCX. To set up an account with CoinDCX, one only needs to complete the required KYC details and fill in the necessary user information.
However, investors must be cautious and go forth with extensive research and individual goals. Crypto can be different for all its users, and it is imperative that investors keep in mind a few cautious pointers such as Market Capitalisation, Security, Liquidity, Use Case, and timeline before engaging in crypto investments. It is also vital that the cryptocurrency tax rules be adhered to on all platforms. These tax rules apply to all the top 5 cryptocurrencies in the world in 2024.
Also read: African Company Janngo Capital Raises $78Million For New Investment Venture
FAQ’S on Cryptocurrencies
How is a cryptocurrency different from a stock?
While buying a stock implies that you gain some percentage of ownership over a company or an asset, buying a crypto does not imply any form of ownership over any company. It is simply trading one form of currency for another.
Why is Bitcoin’s value increasing?
Bitcoin owes its rising value to its scarcity. It functions on demand and supply rules and offers limited coins to its buyers. At a given point in time, Bitcoin rewards its buyers with only a certain number of bitcoins.
