When it comes to cryptocurrencies, Bitcoin receives the most attention, but there are practically thousands of other possibilities available. In fact , cryptos that aren’t Bitcoin are commonly considered a “also-ran” what are known as “altcoins” or Bitcoin alternatives.
While Bitcoin was the first big cryptocurrency to hit the market (it launched in 2009), numerous others have grown in popularity, albeit not to the same scale as the original.
Here are the largest cryptocurrencies based on the total dollar worth of their coins, often known as market capitalisation or market cap. (Data from CoinMarketCap.com, as of October 29, 2024.)
Largest cryptocurrencies by market cap:
1. Bitcoin (BTC)
Bitcoin, being the forerunner of the cryptocurrency age, is still the coin that people most commonly refer to when discussing digital currency. Its mysterious creator, presumably Satoshi Nakamoto, launched the currency in 2009, and it has been on a roller-coaster ride ever then. However, the cryptocurrency did not gain widespread popularity until 2017. In 2024, the SEC legalised the trading of ETFs that invest directly in Bitcoin, providing investors with a convenient opportunity to wager on Bitcoin.
2. Ethereum
Ethereum, the name of the cryptocurrency platform, is the second most commonly recognised name in the crypto industry. The system allows you to utilise ether (the currency) for a variety of purposes, but Ethereum’s smart contract feature contributes to its popularity.
3. BNB
BNB is the cryptocurrency issued by Binance, one of the world’s major cryptocurrency exchanges. Binance Coin was originally designed as a token to pay for discounted transactions, but it may also be used to pay for a variety of goods and services.
4. Tether
Tether’s pricing is set at $1 per coin. That’s because it’s a stablecoin. Stablecoins are based on the value of a certain asset, in Tether’s case, the US dollar. Tether is frequently used as a bridge between cryptocurrency exchanges. Instead of switching back to dollars, they use Tether. However, some people are concerned that Tether is not securely backed by dollars in reserve, but rather by a short-term type of unsecured debt.
5. Solana
Solana, a newer cryptocurrency, was launched in March 2020 and advertises the speed with which transactions may be completed as well as the overall robustness of its “web-scale” network. The issuance of the money, known as SOL, is limited to 480 million coins.
6. USD CoinÂ
USD Coin, like Tether, is a stablecoin tied to the dollar, which means its value will not vary. The currency’s founders claim that it is backed by fully reserved assets or those with “equivalent fair value,” which are stored in accounts with authorised US institutions.
7. TRON
TRON is a decentralised blockchain for developing applications that was founded in 2017. The native token is known as TRX. In 2018, the Tron Foundation bought the well-known peer-to-peer network BitTorrent.
8. Dogecoin
Dogecoin is named after an internet meme portraying a Shiba Inu dog and was established as a joke following the rise of Bitcoin. Unlike many digital currencies, which limit the quantity of coins available, Dogecoin allows for infinite issuance. It can be used to make payments or transmit money.
9. Toncoin
Telegram, the encrypted messaging app, produced Toncoin, which was launched in 2018. Telegram abandoned the project, which was then taken over by the TONNE Foundation. Toncoin’s price skyrocketed in 2023 after Telegram stated that it would include a TON-based wallet on its network.
10. Cardano
Cardano is the cryptocurrency technology that powers the money known as ada. Cardano, created by Ethereum’s co-founder, also makes use of smart contracts to enable identity management.
Bottom line:
The cryptocurrency market is unregulated (though the US government is taking a more active role in supervising the industry), so people speculating in these digital assets should not risk more than they can afford to lose. It’s also worth noting that individual investors frequently trade against extremely sophisticated players, making it a risky experience for beginners. In July, the cryptocurrency market reached a major milestone when new spot Ethereum exchange-traded funds (ETFs) began trading on US exchanges.