(Kampala) – As of October 2024, there are numerous cryptocurrency options for investors, making the choice complex. With over 8,000 cryptocurrencies in existence, the crypto market is valued at $2.22 trillion as of October 2024. This list of top cryptocurrencies by market capitalization highlights leading coins for November 2024, each varying in purpose, risk, and potential growth.
Bitcoin, launched in 2009, remains a household name and the leading cryptocurrency by market capitalization. Currently priced at $63,601 with a total market value of $1.26 trillion, Bitcoin has gained global recognition for its decentralized and secure blockchain system. With a year-to-date increase of 127.48%, Bitcoin has steadily grown in value since its early days, when a single coin traded at $500 in May 2016.
Ethereum, both a cryptocurrency and a blockchain platform, follows as the second-largest by market cap at $299.79 billion. Often chosen by developers, Ethereum enables “smart contracts” and non-fungible tokens (NFTs). As of October, Ethereum is priced at $2,487, having shown a year-to-date growth rate of 51.38%.
Top 10 Cryptocurrencies as of October 7, 2024
| Cryptocurrency | Price | Market Capitalization | Year-to-Date Change |
|---|---|---|---|
| Bitcoin (BTC) | $63,601 | $1.26 trillion | +127.48% |
| Ethereum (ETH) | $2,487 | $299.79 billion | +51.38% |
| Tether (USDT) | $1.00 | $119.67 billion | -0.06% |
| Binance Coin (BNB) | $576.28 | $84.12 billion | +169.55% |
| Solana (SOL) | $149.03 | $69.96 billion | +527.79% |
| USD Coin (USDC) | $0.9999 | $35.50 billion | +0.01% |
| XRP (XRP) | $0.5412 | $30.59 billion | +3.39% |
| Dogecoin (DOGE) | $0.1138 | $16.65 billion | +68.37% |
| Toncoin (TON) | $5.34 | $13.55 billion | +156.26% |
| TRON (TRX) | $0.1544 | $13.37 billion | +76.75% |
Tether, a stablecoin with a market cap of $119.67 billion, is tied to the U.S. dollar. Priced at $1.00, Tether offers lower volatility, making it a popular choice for cautious investors. However, stablecoins like Tether have raised concerns about the backing of their reserves.
Binance Coin (BNB), initially created to pay trading fees on Binance, has grown to serve various uses, from payment processing to travel bookings. With a price of $576.28 and a market cap of $84.12 billion, BNB’s year-to-date growth stands at 169.55%.
Solana, designed for decentralized finance (DeFi) applications and smart contracts, uses a hybrid mechanism to handle transactions efficiently. Its native token, SOL, is priced at $149.03 and has grown 527.79% this year.
The U.S. Dollar Coin (USDC), another stablecoin pegged to the dollar, aims to maintain a 1-to-1 ratio with the U.S. dollar, making it suitable for secure global transactions. Its current price is $0.9999, and its market cap is $35.50 billion.
Ripple (XRP) facilitates currency exchanges and cross-border transactions on the Ripple network, gaining a market cap of $30.59 billion. XRP has grown by 3.39% this year, trading at $0.5412.
Dogecoin, originally a meme-based cryptocurrency, has developed a strong following and significant market presence. Trading at $0.1138 with a market cap of $16.65 billion, Dogecoin’s value has surged 68.37% this year. Unlike most cryptocurrencies, Dogecoin has an unlimited supply.
Toncoin, associated with Telegram’s network, has found recent success following Telegram’s integration announcement. Priced at $5.34, Toncoin’s market cap is $13.55 billion, and it has shown 156.26% growth year-to-date.
Lastly, TRON is a blockchain-based platform supporting decentralized applications. Launched by the Tron Foundation in 2017, it now has a market cap of $13.37 billion, with TRX priced at $0.1544.
Cryptocurrencies provide a decentralized financial model powered by blockchain technology, allowing digital assets to circulate independently of banks. With over 8,000 cryptocurrencies in existence, the crypto market is valued at $2.22 trillion as of October 2024. Choosing the right crypto requires considering factors such as market cap, liquidity, and security. Cryptocurrencies are subject to capital gains taxes, similar to stocks, which investors should consider when selling assets for profit.
