Key Points
- Bitcoin was the first cryptocurrency and remains the most valuable.
- Since 2009, the cryptocurrency market has expanded to include countless coins.
- Most cryptocurrencies have small market capitalizations.
The cryptocurrency market is known for its unpredictability and volatility but has generated incredible gains for long-term investors. That’s why crypto enthusiasts believe the sky’s the limit for crypto prices. While thousands of cryptocurrencies are available, Bitcoin and Ethereum still dominate, comprising about 71% of the $2.56 trillion global crypto market.
Here are the 10 largest cryptocurrencies by market cap, excluding stablecoins:
1. Bitcoin (BTC) 🚀
- Price: $68,966.13
- Market Cap: $1.4 trillion
- Year-over-Year Return: 158%
Since its inception in 2009, Bitcoin has become the most popular and valuable cryptocurrency. Created by an individual or group under the pseudonym Satoshi Nakamoto, Bitcoin’s blockchain-based, decentralized transaction verification and public ledger system revolutionized digital security. Despite criticisms about its energy-intensive proof-of-work mechanism and scalability issues, Bitcoin remains dominant, representing 53.11% of the market.
2. Ethereum (ETH) 🌐
- Price: $3,764.50
- Market Cap: $452.3 billion
- Year-over-Year Return: 101%
Ethereum is the most valuable altcoin, offering an alternative to Bitcoin. It was the first to integrate smart contracts, enabling decentralized applications (dApps). Ethereum transitioned from a proof-of-work to a more energy-efficient proof-of-stake model in late 2023, making it greener than Bitcoin. The network hosts over 4,400 dApps, highlighting its functional superiority.
3. BNB (BNB) 🔥
- Price: $646.29
- Market Cap: $95.4 billion
- Year-over-Year Return: 115%
BNB is the native crypto of Binance, one of the world’s largest cryptocurrency exchanges. Initially a utility token on Ethereum, it transitioned to Binance’s blockchain, serving various purposes, including discounted trading fees on the Binance exchange. Despite facing legal challenges from the SEC, BNB continues to be a vital player in the crypto market.
4. Solana (SOL) ⚡
- Price: $165.56
- Market Cap: $76.1 billion
- Year-over-Year Return: 666%
Solana launched in March 2020 to compete with Ethereum, supporting dApps, smart contracts, and NFTs. Its hybrid proof-of-stake and proof-of-history system make Solana faster and cheaper than Ethereum. However, Solana’s reliability issues, including major outages, have hindered its progress as an “Ethereum killer.”
5. XRP (XRP) 🌎
- Price: $0.52
- Market Cap: $29.0 billion
- Year-over-Year Return: -2%
Ripple’s XRP is designed for institutional use as an alternative to SWIFT for international money transfers. Ripple claims its network is faster, cheaper, and more secure than SWIFT. Despite a partial court win over the SEC in 2023, Ripple continues to face legal battles over XRP sales to institutional clients.
6. Dogecoin (DOGE) 🐕
- Price: $0.16
- Market Cap: $22.9 billion
- Year-over-Year Return: 121%
Launched as a parody of Bitcoin in 2013, Dogecoin has become a serious investment with high-profile supporters like Elon Musk and Mark Cuban. Despite controversies and legal issues, Dogecoin remains one of the most popular meme coins.
7. Toncoin (TON) 📱
- Price: $6.87
- Market Cap: $16.6 billion
- Year-over-Year Return: 296%
Developed by Telegram in 2018, TON boasts smart contract capabilities and speed advantages over Ethereum. Despite its quick five-second blockchain speed, TON needs to attract more developers to stay competitive. Recent bullish momentum followed reports of Telegram’s potential IPO.
8. Cardano (ADA) 🌿
- Price: $0.46
- Market Cap: $16.3 billion
- Year-over-Year Return: 22%
Cardano, a proof-of-stake blockchain launched in 2017, aims to be more energy-efficient than Bitcoin and other proof-of-work blockchains. Founded by Ethereum co-founder Charles Hoskinson, Cardano focuses on dApps and smart contracts. ADA is used for transactions and staking, rewarding participants in the proof-of-stake system.
9. Shiba Inu (SHIB) 🐾
- Price: $0.000024
- Market Cap: $14.0 billion
- Year-over-Year Return: 180%
Launched in 2020, Shiba Inu is a meme coin created with serious intent, challenging Dogecoin for market share. Built on the Ethereum network, SHIB handles smart contracts and dApps, with a dedicated community known as the SHIBArmy driving the project.
10. Avalanche (AVAX) 🏔️
- Price: $34.89
- Market Cap: $13.7 billion
- Year-over-Year Return: 135%
Launched in 2020, Avalanche aims to create the fastest, most secure blockchain network supporting smart contracts, dApps, and autonomous blockchains. AVAX is used for governance and transaction fees, with a unique consensus mechanism involving majority validator approval.
*Market caps and pricing are sourced from CoinMarketCap.com, current as of 1:10 pm UTC on June 4, 2024.
