Finance

Top 10 Cryptos to Watch in 2024: A Must-Read Guide

Investing in cryptocurrencies demands careful consideration of personal goals, investment horizons, and risk appetites, echoing traditional investment wisdom. Prior to investing, conducting thorough research to ascertain the authenticity and security of any cryptocurrency project is imperative. BTCC’s crypto Q&A offers invaluable insights to guide investors through this complex landscape.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether (USDT)
  • Binance Coin (BNB)
  • Solana (SOL)
  • S. Dollar Coin (USDC)
  • XRP (XRP)
  • Dogecoin (DOGE)
  • Toncoin (TON)
  • TRON (TRX)
  • How Does Cryptocurrency Work?
  • Why Are There So Many Cryptocurrencies?

Bitcoin (BTC)

Bitcoin (BTC), the original cryptocurrency created by Satoshi Nakamoto in 2009, boasts a market cap of $1.1 trillion and a staggering year-over-year return of 122%. Operating on a blockchain, BTC ensures security and fraud prevention through a verification process called proof of work. As bitcoin’s popularity surged, its price skyrocketed, delivering remarkable growth. In just over eight years, from May 2016 to September 2024, the price of one bitcoin leaped from around $500 to approximately $56,902, representing an astonishing increase of 11,280%.

Ethereum (ETH)

With a market cap of $281.9 billion and a stunning 47% year-over-year return, Ethereum stands out as a leading cryptocurrency and blockchain platform. Developers favor Ethereum for its versatile applications, including smart contracts that execute automatically and unique non-fungible tokens (NFTs). From just $11 in April 2016, Ethereum has skyrocketed to approximately $2,343 by the end of September 2024, representing an astonishing growth of over 21,196%.

Tether (USDT)

Tether (USDT), with a market cap of $118.4 billion and a year-over-year return of 0%, stands out as a stablecoin in the cryptocurrency market. Unlike other cryptocurrencies, USDT is backed by fiat currencies such as U.S. dollars and the Euro, maintaining a hypothetical value equal to these denominations. This stability makes Tether a preferred choice for investors seeking to avoid the extreme volatility associated with other coins, ensuring a more consistent value over time.

Binance Coin (BNB)

Binance Coin (BNB), with a market cap of $75.8 billion and a staggering 150% year-over-year return, has evolved far beyond its original purpose on the Binance exchange. Initially designed as a utility token for trading and fee payments on the world’s leading crypto platform, BNB now finds application in various areas like payment processing and even travel bookings. Moreover, its versatility allows users to easily trade or exchange it for other cryptocurrencies, including Ethereum and Bitcoin. Since its humble beginnings in 2017, where it was priced at just $0.10, BNB has skyrocketed to reach approximately $520 by late September 2024, representing an astonishing growth of over 519,478%.

Solana (SOL)

Solana, with a market cap of $62.6 billion and a staggering 654% year-over-year return, revolutionizes decentralized finance (DeFi). Its native token, SOL, powers the platform, enabling decentralized apps (DApps) and smart contracts. Utilizing a unique hybrid of proof-of-stake and proof-of-history mechanisms, Solana ensures swift and secure transaction processing. Since its launch in 2020, SOL has skyrocketed from an initial price of $0.77 to approximately $133.83 by late September 2024, representing a remarkable 17,280% gain.

U.S. Dollar Coin (USDC)

USD Coin (USDC), powered by Ethereum, is a stablecoin backed by U.S. dollars, maintaining a 1 USD to 1 USDC ratio. With a market cap of $35.2 billion, USDC offers a reliable way to complete global transactions, though its year-over-year return remains at 0%. Despite this, investors find value in its stability and utility in the crypto market.

XRP (XRP)

XRP, a digital asset created by Ripple founders, has seen a remarkable surge in value. From being priced at just $0.006 at the start of 2017, it skyrocketed to $0.54 by September 10, 2024, representing an astonishing 8,858% increase. This growth is reflected in its market cap, which currently stands at $30.3 billion, boasting a solid 13% year-over-year return. XRP’s utility lies in its ability to facilitate exchanges on the Ripple network, including swaps between fiat currencies and other prominent cryptocurrencies.

Dogecoin (DOGE)

Dogecoin, once a joke currency in 2013, has skyrocketed to become a leading cryptocurrency, boasting a market cap of $15 billion. Fueled by a passionate community and viral memes, Dogecoin delivered a stunning 70% year-over-year return. Unlike many cryptos, Dogecoin has no supply cap, making it vulnerable to devaluation. Despite this, Dogecoin’s value surged from $0.0002 in 2017 to $0.10 in September 2024, marking a phenomenal 51,329% growth.

Toncoin (TON)

With a market cap of $13.3 billion and a stunning 211% year-over-year return, Toncoin stands out in the crypto world. Originally conceived as a layer-1 blockchain for Telegram’s messaging platform, TON was later revived by the TON foundation after being briefly abandoned. The transition also saw a name change from ‘Telegram Open Network’ to ‘The Open Network’, both commonly known as TON. Toncoin, initially named Gram, functions as the native currency within this ecosystem, facilitating secure and efficient transactions on TON’s rapid, eco-friendly network.

TRON (TRX)

TRON, a blockchain launched in 2017, powers smart contracts and various DeFi apps, similar to Solana. Its native crypto, TRX, fuels the proof-of-stake consensus and has seen significant growth. Initially priced at just $0.0019 per token, TRX skyrocketed to a high of $0.2245 in 2018, representing a staggering 11,715% surge in mere months. Currently, TRX hovers around $0.15, contributing to TRON’s impressive $13.2 billion market cap and a robust 96% year-over-year return.

How Does Cryptocurrency Work?

Cryptocurrencies, based on blockchain technology, offer various forms of digital money. These transactions are ‘trustless,’ eliminating the need for a centralized authority to oversee them. The blockchain ensures secure, decentralized transactions, revolutionizing traditional financial systems.

Why Are There So Many Cryptocurrencies?

With over 9,000 crypto projects thriving as of March 2024, the cryptocurrency landscape is rapidly expanding. Beyond their currency function, cryptos like Ethereum and Solana serve as platforms for developers to build upon, birthing an array of new cryptos and unlimited possibilities. This evolving infrastructure not only revolutionizes finance but also opens doors to a future where digital currencies play a pivotal role.