Delve into the top cryptocurrencies by market cap in 2024
As the cryptocurrency market continues to evolve, 2024 has seen significant shifts in the rankings of top digital assets by market capitalization. Market cap, a key metric for determining the relative size and importance of a cryptocurrency, is calculated by multiplying the current price of a coin by its total circulating supply. In this article, we will delve into the top cryptocurrencies by market cap in 2024, exploring their characteristics, recent performance, and the factors contributing to their current standings.
1. Bitcoin (BTC)
Market Cap: $1,177.80B
Last Price: $59,645.68
Change: -0.61%
Volume: 34.07B
Bitcoin remains the undisputed leader in the cryptocurrency market, holding the largest market cap by a significant margin. Launched in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin was the first cryptocurrency and continues to dominate the market. Often referred to as “digital gold,” Bitcoin is primarily seen as a store of value and a hedge against inflation.
In 2024, Bitcoin has shown remarkable resilience despite fluctuations in its price. The coin has been trading around $59,645.68, with a slight decline of 0.61% at the last market update. Bitcoin’s market dominance is driven by its widespread adoption among institutional investors and its limited supply of 21 million coins, which creates a deflationary effect.
2. Ethereum (ETH)
Market Cap: $306.15B
Last Price: $2,544.88
Change: +0.16%
Volume: 16.98B
Ethereum, the second-largest cryptocurrency by market cap, is more than just a digital currency; it is a decentralized platform that enables the creation of smart contracts and decentralized applications (dApps). Since its launch in 2015 by Vitalik Buterin, Ethereum has been at the forefront of blockchain innovation, hosting a vast ecosystem of dApps, tokens, and decentralized finance (DeFi) projects. In 2024, Ethereum has maintained its strong position, with a market cap of $306.15 billion. The price of ETH has seen slight growth, trading at $2,544.88 with a 0.16% increase.
3. Tether (USDT)
Market Cap: $118.14B
Last Price: $1.0003
Change: +0.03%
Volume: 59.43B
Tether (USDT) is the most popular stablecoin, designed to maintain a stable value by being pegged to a fiat currency, typically the U.S. dollar. With a market cap of $118.14 billion, Tether plays a crucial role in the cryptocurrency market by providing liquidity and stability, especially during periods of volatility.
Tether’s price remains close to its peg at $1.0003, with minimal fluctuation (+0.03%). Its high trading volume of $59.43 billion highlights its widespread use in trading pairs and as a safe haven during market downturns.
4. BNB (BNB)
Market Cap: $79.10B
Last Price: $542.04
Change: -0.72%
Volume: 1.71B
BNB, originally launched as Binance Coin, is the native cryptocurrency of the Binance exchange, the world’s largest cryptocurrency exchange by trading volume. BNB has evolved from being a mere utility token for transaction fee discounts on Binance to a key player in the broader Binance ecosystem, including the Binance Smart Chain (BSC).
In 2024, BNB is trading at $542.04, with a slight decrease of 0.72%. Despite this minor drop, BNB’s market cap stands strong at $79.10 billion, driven by its diverse use cases within the Binance ecosystem.
5. Solana (SOL)
Market Cap: $67.78B
Last Price: $145.37
Change: -1.73%
Volume: 2.46B
Solana is a high-performance blockchain platform known for its fast transaction speeds and low costs. Since its launch, Solana has gained traction as a competitor to Ethereum, particularly in the DeFi and NFT spaces, due to its ability to process thousands of transactions per second (TPS).
In 2024, Solana has seen a slight dip in its price, down 1.73% to $145.37. However, with a market cap of $67.78 billion, Solana remains one of the top cryptocurrencies, driven by its growing ecosystem and strong developer support.
6. USD Coin (USDC)
Market Cap: $34.54B
Last Price: $1.0001
Change: 0.00%
Volume: 6.65B
USD Coin (USDC) is another leading stablecoin, fully backed by U.S. dollars held in reserve. Launched by the Centre consortium, which includes Circle and Coinbase, USDC has become a trusted stablecoin, known for its transparency and regular audits.
USDC maintains a stable value, trading at $1.0001, with no significant change in its price. Its market cap of $34.54 billion reflects its widespread use across exchanges, DeFi platforms, and payment networks.
7. XRP (XRP)
Market Cap: $32.14B
Last Price: $0.5721
Change: -1.06%
Volume: 1.09B
XRP, developed by Ripple Labs, is designed to facilitate fast and low-cost cross-border payments. Despite facing regulatory challenges, particularly in the United States, XRP remains one of the top cryptocurrencies by market cap.
In 2024, XRP is trading at $0.5721, with a slight decline of 1.06%. Its market cap stands at $32.14 billion, reflecting its ongoing use in international remittances and institutional adoption.
8. Lido Staked ETH (STETH)
Market Cap: $24.98B
Last Price: $2,548.40
Change: +1.35%
Volume: 40.45M
Lido Staked ETH (stETH) represents staked Ethereum on the Lido platform, a liquid staking solution that allows users to stake ETH while maintaining liquidity. stETH is pegged to the value of Ethereum and accrues staking rewards over time.
In 2024, stETH is trading at $2,548.40, with a positive change of 1.35%. Its market cap of $24.98 billion underscores its popularity among ETH holders who wish to earn staking rewards without locking up their assets.
9. Dogecoin (DOGE)
Market Cap: $14.66B
Last Price: $0.1006
Change: -1.00%
Volume: 560.59M
Dogecoin, initially created as a meme coin in 2013, has grown into one of the most well-known cryptocurrencies. Its community-driven approach and widespread recognition have helped it maintain a significant market presence, especially after endorsements from high-profile figures like Elon Musk.
In 2024, Dogecoin is trading at $0.1006, down 1.00%. Its market cap of $14.66 billion reflects its enduring popularity, particularly among retail investors.
10. Toncoin (TON)
Market Cap: $14.21B
Last Price: $5.606
Change: +1.61%
Volume: 1.35B
Toncoin is the native cryptocurrency of the TON blockchain, a project originally developed by Telegram. Although Telegram officially stepped back from the project, the community has continued to develop and promote TON, making it one of the top cryptocurrencies by market cap in 2024.
In 2024, Toncoin is trading at $5.606, up 1.61%. Its market cap stands at $14.21 billion, supported by ongoing development and a loyal user base.
As of 2024, the cryptocurrency market continues to be dominated by a diverse range of assets, each with its own unique characteristics and market dynamics. Bitcoin and Ethereum maintain their positions as the top two cryptocurrencies, driven by their widespread adoption and the foundational roles they play in the broader blockchain ecosystem. Stablecoins like Tether and USD Coin provide stability in an otherwise volatile market, while newer and alternative blockchains like Solana and Toncoin continue to grow and challenge the established leaders.
The future of the cryptocurrency market remains uncertain, with regulatory developments, technological advancements, and macroeconomic factors all playing a role in shaping the landscape. However, the top cryptocurrencies by market cap in 2024 highlight the diversity and resilience of the digital asset space, offering a glimpse into the evolving world of decentralized finance and blockchain technology.
