From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the coins currently in circulation.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset that is based on blockchain technology and can circulate without the centralized authority of a bank or government. To date, there are 24,630 cryptocurrency projects out there in the cryptocurrency market that is estimated to reach $4.94 billion by 2030.
1. Bitcoin (BTC)
- Market cap: $847.35 billion (INR 70.13 trillion)
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500 (about INR 41,453). As of Feb. 6, 2024, a single Bitcoin’s price was around $43,118 (INR 3,582,733.64). That’s a growth of 8,524%. As of Feb. 2, 2024, a single Bitcoin’s price was $43,158.63 (INR 3,582,409.69).
Related: How To Buy Bitcoin
2. Ethereum (ETH)
- Market cap: $278.43 billion (INR 23.09 trillion)
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the end of February 2024, its price went from about $11 to around $2,342 (around INR 911 to INR 191,757), increasing 21,189%. As of Feb. 2, 2024, Ethereum price was at $2,318.96 (INR 192,260.84).
Related: How To Buy Ethereum
3. Tether (USDT)
- Market cap: $96.20 billion (INR 7.98 trillion)
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins. As of Feb.2, 2024, Tether price was at $0.9997 (INR 82.89).
4. Binance Coin (BNB)
- Market cap: $45.15 billion (INR 3.75 trillion)
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10 (around INR 8.30). By late February 2024, its price had risen to around $310.23 (INR 25,630), a gain of 302,398%. As of Feb. 2, 2024, Binance price was at $301.27 (INR 25,047.97).
Related: How To Buy Cryptocurrency
Read More: 10 Best Cryptocurrencies To Buy In February 2024 – Forbes Advisor INDIA