If we are going to dive into the world of cryptocurrencies then at the forefront of our exploration stands Bitcoin which is not only the pioneer of digital currencies but is also the undisputed leader. Incepted in 2009 by Satoshi Nakamoto,  Bitcoin had emerged as a store of value in the financial realm.

It is not wrong to say that Bitcoin gets all the highlights if Cryptocurrency is under discussion, but there are also many more digital currencies that have hit the market after its inception. Usually these ‘other than Bitcoin’ currencies are called ‘Altcoins’.

There may be thousands of cryptocurrencies but only Ethereum and Bitcoin market capitalization fills more than two thirds of the crypto market. But it does not mean that we should not consider other coins. And for this sole purpose, I have compiled a list of top 10 cryptocurrencies to know.

1. Bitcoin (BTC)

Market cap: $928.7B

Price: $47,300

Bitcoin, created in 2009, stands as the inaugural and the most recognized cryptocurrency ever. It is a decentralized digital currency that was created by  Satoshi Nakamoto. It has a finite supply capped at 21 million coins that has helped it in gaining global attention as a medium of exchange. Not only it became a store of value for the crypto world but it has also paved the way for the cryptocurrencies that followed. 

It’s a decentralized digital currency that operates on the blockchain technology. The blockchain technology further helps it strengthen its roots by making it secure and transparent. Bitcoin may have developed in 2009, but it did not become popular until 2017. Now, in 2024, the SEC has  even approved to trade ETFs directly in Bitcoin which has given a simpler way to investors for betting on Bitcoin.

The transparency and decentralization of Bitcoin are what attract the investors but there are some issues that have created concerns among investors. First of all, it is difficult to scale the networks, and the proof-of-work consensus mechanism is very energy consuming. 

What has more increased the concerns are the existence of other larger crypto projects that have greater speeds of transaction. Also, there exists projects that work on improved blockchain technology than Bitcoin’s.

2. Ethereum (ETH)

Market cap: $300B

Price: $2,400

After Bitcoin, Ethereum is the second cryptocurrency platform that is recognized by investors and beginners alike. It was launched in 2015, and is actually one of the first altcoins. It will not be wrong to say that Ethereum is the most valuable coin after Bitcoin.

There has to be something new if one wants to beat the giant in any industry. In the case of Ethereum, what helps in making it a competitor of Bitcoin is the inception of smart contracts. The blockchain of Ethereum was the first to use these codes or smart contracts to run decentralized applications (commonly called dApps).

Now in 2024, as we speak it has almost 1400 developer tools and applications under it. Ether is used as the Cryptocurrency of this network. Bitcoin requires a proof-of-work consensus mechanism which is very energy intensive. But in 2023, Ethereum successfully shifted its network to a very energy efficient proof-of-stake transaction verification system. Thus it is safe to say that Ethereum is greener than Bitcoin!.

3. Tether (USDT)

Market cap: $96.3B

Price: $0.9996

Stablecoin is yet another type of Cryptocurrency and Tether(USDT)  is the largest stable coin with the price pegged at $1 per coin. It is owned by a Hong Kong registered company iFinex. iFinex also runs a crypto exchange known as BitFinex.

All stable coins must be tied to a certain asset and as mentioned above Tether is tied to U.S. Dollars.

The reason behind it’s popularity is mostly because of its nature to act as medium for investors to migrate from one cryptocurrency to another. It helps them avoid the hassle to move back to dollars and then shift to the other digital currency.

But some people have raised concerns that it is not safe as it utilizes a short-term form of unsecured debt and that it is not safely backed by the reserve’s dollars.

It is also claimed in their website that it is 100% backed by Tether’s own reserves.

It is also worth noting that the parent company of Tether paid around $60 million fine in 2021 to settle the cases of mishandling and misinterpreting its reserves.

4. Binance Coin (BNB)

Market cap: $49.6B

Price: $320

Binance is no doubt one of the largest Cryptocurrency exchanges of the world and BNB is its Cryptocurrency. Initial plan to create BNB was to make it available as a utility token. It was built on the Ethereum network and could be used to get discounts on trading fees within the Binance exchange.

But now, BNB has become the blockchain of Binance and can be used for a variety of applications. Now these coins can be used to sell and purchase a wide variety of goods and services. 

But, in 2023, Binance faced a setback and its market share fell because of legal action taken against it by the U.S. Securities and Exchange Commission. The company faced those legal actions because it had been accused of violating security laws.

5.  Solana (SOL)

Market cap: $45.9B

Price: $104

Solana is yet another blockchain platform that is created to perform better than Ethereum. Since it is made to outperform Ethereum, therefore  it is designed  for decentralized applications (dApps) and other crypto projects.

In addition to the Proof-of-stake mechanism, it also uses a unique proof-of -history mechanism which timestamps transactions before adding them to the block. This in turn improves its overall efficiency as compared to Ethereum.

Not only it’s low cost but also has fast transaction speeds due to Tower BFT (Byzantine Fault Tolerance). This technology not only maintains network security but also ensures scalability.

6. XRP 

Market Cap: $28.4B

Price: $0.52

XRP is a digital currency based on the Ripple network. It allows faster low cost international money transfers and payments using distributed and decentralized ledger. Not only is it used across the Ripple network but it is also traded on any cryptocurrency exchanges.

Unlike Bitcoin which operates on a proof-of-work mechanism it uses the Ripple Protocol Consensus Algorithm that validates and confirms transactions on the network.

Ripple typically aims to meet the needs of different financial institutions, banks and other payment service providers. Therefore it’s a very cost effective system for cross-border payments.

To ensure the gradual and controlled distribution of  cryptocurrencies, it has stored a significant amount in an escrow system. To provide supply predictability, escrow periodically releases a specific amount of XRP.

7. USD Coin (USDC)

Market cap: $27.8B

Price: $0.9993

Another type of stablecoin is USD coin, it means its value is pegged to a fiat currency U.S dollar.  In order to keep it stable and continuously backed, it holds sufficient U.S. dollar accounts.

You can get USDC by regulated financial institutions like Coinbase who are being continuously audited to maintain transparency. The audits are made to make sure that the amount of USDC in circulation is backed by an equivalent U.S dollars.

It’s a multi blockchain network that operates beyond Ethereum and includes Algorand and Solana. Due to this it has much lesser transaction costs. It’s a broader cryptocurrency ecosystem that acts as a bridge between traditional financial systems and decentralized blockchain economy.

8. Lido Staked Ethereum

Market Cap:$23.8B

Price:$2,486

After the latest upgrade, the Ethereum Shanghai, the issues regarding the illiquidity were solved but still staking on Ethereum is not only expensive but also complex. One has to stake 32+ ETH in order to secure the Ethereum network.

Now, Lido, a liquid staking solution has been created to solve this staking problem. This platform makes it easier to secure the Ethereum network by locking any amount of ETH.

With stETH, the token for staked Ether on Lido, users can take part in different DeFi ecosystems and keep acquiring the staking rewards from Ethereum Beacon Chain as well.

9. Cardano

Market Cap: $18.9B

Price: $0.537

To have a more secure and scalable infrastructure for dApps and smart contracts , a blockchain platform, Cardano, is built. It gained its popularity mostly because it was founded by co-founder of Ethereum, Charles Hoskinson.  

The CSL layer makes ADA transactions more secure and transparent. Another layer CCL handles decentralized applications and smart contracts. This layer makes the user able to create and deploy different applications on the Cardano blockchain. Furthermore, it utilizes Ouroboros Proof-of-Stake consensus algorithm in order to secure the network.

10. Avalanche

Market Cap:$13.7B

Price:$37.5

Avalanche blockchain platform provides faster and highly scalable decentralized applications and other custom blockchain networks. This platform utilizes a consensus protocol called Avalanche which provides quick transaction finality.

The creation of subnets ( custom blockchain networks ) provides Avalanche more flexibility because they have their own rules of token economics and membership.  

Avalanche is built upon three blockchains.it 

 aims for interoperability with other blockchain networks, enabling assets and data to move seamlessly between different blockchains. This cross-chain compatibility enhances the overall usability of this platform.

Conclusion

Crypto world is ever evolving but Bitcoin is still considered as the foundational store of value. Ethereum on the other hand leads in smart contract functionality. Stable coins like USDC are pegged to fiat currency to provide more stability and easier cross platform transactions. Solana and Cardano aim to give more support to decentralized applications. And the last and the newest of all, Avalanche aims for innovation through its consensus mechanism.

As mentioned above, Crypto world is always evolving therefore make sure you are updated with the top entries. As of now these 10 are the top 10 cryptocurrencies to know but keep yourself informed with the latest developments.