Bitcoin takes all the headlines when people talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies. In fact, cryptocurrencies other than Bitcoin are usually considered “also ran”, so-called “altcoins” or alternatives to Bitcoin.
Bitcoin may have been the first major cryptocurrency to hit the market (debuting in 2009), but many other cryptocurrencies are also very popular, if not as big as the original.
The largest cryptocurrencies based on the total dollar value of existing coins are: H. Market capitalization or market capitalization. (Data taken from his CoinMarketCap.com as of May 3, 2024.)
Largest Cryptocurrency by Market Capitalization
1. Bitcoin (BTC)
Price: $61,524
Market Cap: $1.21 Trillion
As a harbinger in the cryptocurrency era, Bitcoin remains the coin commonly mentioned when people talk about digital currencies. Its mysterious founder, Satoshi Nakamoto, reportedly launched the currency in 2009 and it’s been a rollercoaster ride ever since. However, it took him until 2017 for cryptocurrencies to penetrate mainstream consciousness. In 2024, the SEC approved the trading of ETFs that invest directly in Bitcoin, giving investors an easy way to bet on Bitcoin.
2． Ethereum (ETH)
Price: $3,069
Market Cap: $369 billion
Ethereum (the name of the cryptocurrency platform) is the second most well-known name in the cryptocurrency space. In this system, Ether (the currency) can be used to perform various functions, but the smart contract aspect of Ethereum helps it become a popular currency.
3. Tether (USDT)
Price: $1.00
Market Cap: $110 billion
Tether is priced at $1 per coin, as it is a so-called stablecoin. Stablecoins are tied to the value of a specific asset, in the case of Tether, the US dollar. Tether often acts as a vehicle for traders to switch from one cryptocurrency to another. Instead of changing back to dollars, they use tethers. However, some people are concerned that Tether is not securely backed by dollars held in reserves and instead uses short-term forms of unsecured debt.
5. Solana (SOL)
Price: $141.48
Market Cap: $63 billion
Founded in March 2020, Solana is a newer cryptocurrency. The company touts the speed of transaction processing and the overall robustness of its “web-scale” platform. The issuance of the currency called SOL is limited to 480 million coins.
6. USD Coin (USDC)
Price: $1.00
Market Capitalization: $33 billion
Similar to Tether, USD Coin’s value is fixed to the US dollar, therefore it shouldn’t change. According to the currency’s creators, it is backed by completely reserved assets, also known as assets with “equivalent fair value,” which are kept in accounts with banks that are subject to regulation in the United States.
7. XRP (XRP)
Price: $0.5256
Market Cap: $29 billion
Formerly known as Ripple and founded in 2012, XRP provides a way to pay in a variety of real-world currencies. Ripple helps in cross-border transactions and facilitates payments using a trusted mechanism.
8. Dogecoin (DOGE)
Price: $0.1385
Market Cap: $20 billion
Originally created as a joke after the rise of Bitcoin, Dogecoin’s name comes from an internet meme featuring a Shiba Inu. Unlike many digital currencies, which have a limited number of coins in existence, Dogecoin can be used indefinitely. It can be used for payments and money transfers.
9. Toncoin (TON)
Price: $5.49
Market Cap: $19 billion
Launched in 2018, Toncoin was developed by Telegram, an encrypted messaging platform. Telegram abandoned the project and it was taken over by the TON Foundation. Toncoin price increased in 2023 after Telegram announced that it will integrate TON-based wallets into its platform.
10. Cardano (ADA)
Price: $0.4651
Market Cap: $17 billion
Cardano is the cryptocurrency platform behind the currency’s name, ada. Developed by the co-founders of Ethereum, Cardano also uses smart contracts to enable identity management.
11. Shiba Inu (SHIB)
Price: 0.00002391
Market capitalization: $14 billion
Shiba Inu is an Ethereum-based altcoin created anonymously in August 2020, wearing a Shiba Inu as a mascot. It is characterized by Shiba Inu is generally considered an alternative to Dogecoin. Its price peaked after a surge in fall 2021, but fell by more than 90% before surging again in early 2024.
12. Avalanche (AVAX)
Price: $35.02
Market Cap: $13 billion
Avalanche is a blockchain that was launched in 2020 and ranks alongside Ethereum as one of the most popular blockchains for smart contracts. compete. AVAX is the native currency of the Avalanche blockchain.
Conclusion
The cryptocurrency market is the wild west (although the US government is taking a more active role in policing the crypto space). Therefore, those speculating in these digital assets should not invest more money than they can afford to lose. Cryptoassets faced downward pressure for much of 2022, and trading remained volatile in 2023. It is also important to note that retail investors often trade with experienced players, which can be a stressful experience for beginners. In 2024, the SEC approved the trading of several spot Bitcoin ETFs, giving investors an easy way to bet on Bitcoin’s rise.