Ricardo Ceppi/Contributor/Getty Images
Bitcoin gets the headlines when it comes to cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies. In fact, cryptocurrencies that aren’t Bitcoin are generally considered “other cryptocurrencies” – what are known as “altcoins,” or alternatives to Bitcoin.
Although Bitcoin was the first major cryptocurrency to hit the market – it debuted in 2009 – many others have become very popular, even if they are not as big as the original.
Here are the largest cryptocurrencies based on the total dollar value of existing coins, i.e. market capitalization. (Data is from CoinMarketCap.com, as of August 5, 2024.)
Largest Cryptocurrencies by Market Cap
1. Bitcoin (BTC)
- Price: $54,770
- Market capitalization: $1.08 trillion
As the forerunner of the cryptocurrency era, Bitcoin remains the currency that people generally refer to when talking about digital currency. Its mysterious creator, Satoshi Nakamoto, launched the currency in 2009 and it has had its ups and downs since then. However, it wasn’t until 2017 that cryptocurrency burst into the popular consciousness. In 2024, the SEC approved the trading of ETFs that invest directly in Bitcoin, giving investors an easy way to bet on Bitcoin.
2. Ethereum (ETH)
- Price: $2,465
- Market capitalization: $297 billion
Ethereum, the name of the cryptocurrency platform, is the second name you’ll likely recognize in the crypto space. The system allows you to use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.
3. Tether (USDT)
- Price: $1.00
- Market capitalization: $115 billion
Tether is priced at $1 per coin. This is because it is what is known as a stablecoin. Stablecoins are tied to the value of a specific asset, in Tether’s case, the US dollar. Tether often acts as a conduit when traders switch from one cryptocurrency to another. Rather than switching back to the dollar, they use Tether. However, some people are concerned that Tether is not securely backed by dollars held in reserve, but instead uses a form of short-term unsecured debt.
4. BNB (BNB)
- Price: $464.82
- Market capitalization: $65 billion
BNB is the cryptocurrency issued by Binance, one of the largest cryptocurrency exchanges in the world. Originally created as a token to pay for discounted transactions, Binance Coin can now be used for payments as well as the purchase of various goods and services.
5. Solana (SOL)
- Price: $132.38
- Market capitalization: $62 billion
Launched in March 2020, Solana is a newer cryptocurrency that touts its speed of transactions and the overall robustness of its “web-scale” platform. The currency, called SOL, has a limited supply of 480 million coins.
6. USD Coin (USDC)
- Price: $1.00
- Market capitalization: $34 billion
Like Tether, USD Coin is a dollar-pegged stablecoin, meaning its value is not expected to fluctuate. The currency’s founders claim that it is backed by fully-reserved assets or assets with “fair equivalent value,” and that these assets are held in accounts at regulated U.S. institutions.
7. XRP (XRP)
- Price: $0.4937
- Market capitalization: $28 billion
Formerly known as Ripple and created in 2012, XRP offers a way to pay in many real-world currencies. Ripple can be useful in cross-border transactions and uses a trustless mechanism to facilitate payments.
8. Dogecoin (DOGE)
- Price: $0.0972
- Market capitalization: $14 billion
Originally created as a joke after the rise of Bitcoin, Dogecoin gets its name from an internet meme featuring a Shiba Inu dog. Unlike many digital currencies that limit the number of coins in existence, Dogecoin has an unlimited issuance. It can be used for payments or to send money.
9. Toncoin (TON)
- Price: $5.39
- Market capitalization: $14 billion
Launched in 2018, Toncoin was developed by Telegram, the encrypted messaging platform. Telegram abandoned the project, which was taken over by the TON Foundation. The price of Toncoin skyrocketed in 2023 after Telegram announced it would integrate a TON-based wallet into its platform.
10. Cardano (ADA)
- Price: $0.3215
- Market capitalization: $12 billion
Cardano is the cryptocurrency platform behind Ada, the name of the currency. Created by the co-founder of Ethereum, Cardano also uses smart contracts, allowing for identity management.
11. TRON (TRX)
- Price: $0.1221
- Market capitalization: $11 billion
TRON is a decentralized blockchain for building applications, created in 2017. Its native token is known as TRX. In 2018, the Tron Foundation acquired the popular peer-to-peer network BitTorrent.
12. Avalanche (AVAX)
- Price: $19.96
- Market capitalization: 8 billion dollars
Avalanche is a blockchain launched in 2020 that rivals Ethereum as one of the most popular blockchains for smart contracts. AVAX is the native currency of the Avalanche blockchain.
In conclusion
The cryptocurrency market is a Wild West (even with the U.S. government taking a more active role in policing the crypto space), so those speculating on these digital assets shouldn’t invest more money than they can afford to lose. It’s also important to note that individual investors are often trading against very sophisticated players, making the experience difficult for novices. In 2024, the SEC approved several Bitcoin spot ETFs for trading, giving investors an easy way to bet on Bitcoin’s rise.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making any investment decision. Furthermore, investors are advised that past performance of investment products is no guarantee of future price appreciation.
