For the past few years, cryptocurrency has strengthened its presence in the financial markets. Nevertheless, understanding the crypto industry’s current status as a new participant is challenging. Therefore, to shed some light on the crypto exchange market, we have compiled a list of 10 popular cryptocurrencies in this article.
Bitcoin (BTC)
- Market Cap:$1.02T
Bitcoin (BTC) is the first ever created crypto-currency, established in 2009 by an unknown person called Satoshi Nakamoto. Like most other cryptocurrencies, BTC has a blockchain or a ledger system that logs transactions and is reconstructed by a network of thousands of computers. Generating new Bitcoin units secures the ledger and prevents cheaters from altering the accounts.
The bitcoin price has increased sharply, and now it is a known name worldwide. In May 2016, any one Bitcoin cost around $500. Today, on the 20th of Feb. 2024, the value of a single Bitcoin was approximately $52,283. The value increase gave 10357 percent of growth.
Ethereum (ETH)
- Market Cap: $359.12 billion
Ethereum has been one of the most powerful ones in the crypto market. The platform is the first to develop smart contract functions that allow developers to build and control commonplace features nowadays. Ethereum is additionally developed to serve as a platform for Dapp’s deployment and the provision of Fintech. The ETH features make it the leading blockchain to serve this need. The price of Ethereum began at about $11 in April 2016 and finished at around $2,968 by the end of February 2024, which is 26,886%.
Ethereum is like its peer. Price began at about $11 in April 2016 and finished at around $2,968 by the end of February 2024, which is 26,886%.
Binance Coin (BNB)
- Market Cap:$52.93 billion
Binance Coin (BNB) is a cryptocurrency accepted on Binance, one of the largest crypto exchanges. Since its launch in 2017, BNB has grown beyond the scope of just facilitating trades on the Binance exchange platform. Moreover, it can be implemented for trading, payment processing, or even traveling arrangement booking. It can also give rise to multi-directional trade and can be similarly exchanged for other digital currencies like Ethereum or Bitcoin. Its low cost and high output could appeal to many customers who need fewer services.
BNB’s value stood at $0.10 in 2017. By late February 2024, its price reached $ 356, growing 355,651 %, 402% of its initial value.
Solana (SOL)
- Market Cap: $47.46 billion
Solana was developed to support using DeFi (decentralized finance) and DApps (decentralized apps). SOL also provides smart contracts with hybrid PoS and PoH mechanisms to confirm transaction validity and security. SOL is Solana’s native token, which works as a fuel. Solana possesses great potential to become one of the leading projects in DeFi and is nicknamed the “Ethereum-killer.”
At its inception in 2020, SOL was priced at $0.77. At the end of February 2024, its price was nearly $108.77, signifying a 14026% appreciation.
Cardano (ADA)
- Market Cap:$21.87 billion
Contrary to the other cryptocurrencies, Cardano (ADA) was later introduced to the crypto space. But, it is also known for its early adoption of proof-of-stake validation. This approach shortens transaction time and enhances energy operation. Additionally, the approach. Cardano works per Ethereum, enabling the execution of smart contracts and decentralized applications. ADA, its native coin, stands behind it to power the platform.
The ADA coin is not expected to grow much like other popular crypto coins. In 2017, Ethereum traded at $0.02. By Feb 2024, the cryptocurrency price had reached the low level of $0.63. This thus represents an increase of about 3,036%.
Polkadot (DOT)
- Market Cap:$9.80 billion
Polkadot is like a superhighway that links and protects many blockchains so that they can work together smoothly. This enables the transfer of all types of digital assets, including tokens and smart contracts.
This protocol has the capability to establish connections between private and public blockchains, as well as various oracle services, and other networks. It enables information sharing across a wide variety of networks and protocols. Polkadot is one of the most vibrant platforms available for developers to build on.
Avalanche (AVAX)
- Market Cap:$14.07 billion
Avalanche delivers two important features: fast transaction speeds and low transaction fees.AVAX also has a healthy total value locked (TVL) or money deposited in the decentralized finance.TVL is the total value of crypto assets deposited in a decentralized finance (DeFi) protocol, such as liquidity pools, staking, lending, etc.
A high TVL indicates a protocol’s popularity and a particular cryptocurrency’s adaption rate. Avalanche’s price today is $39.
Chainlink (LINK)
- Market Cap: $11.36 billion
Chainlink (LINK) is like a bridge between computer programs called smart contracts and real-world information. Chainlink is one of the top 20 digital currencies, which means it’s popular and trustworthy by many people.
It can give smart contracts information that’s hard to change or cheat. This is important because it means people can trust the information on these contracts. Chainlink isn’t just for one industry. It can be used in banking, insurance, and product tracking.
Recently, Chainlink started working with Avalanche, another digital money system. Together, they made something called “Chainlink Functions,” which helps computer programmers safely connect new and old computer systems.”
Terra (LUNA)
- Market Cap:$702.9 million
The LUNA token, native to the Terra blockchain, is as fascinating as it is complicated in its functioning and history. Initially, it was intimately linked to how the original Terra’s ecosystem, which included an algorithmic stablecoin UST, was structured.
Nevertheless, since the death of that regime, LUNA was remade anew in another light by the rise of Terra 2.0, the latter being a rescue mission that saved the ecosystem from the crisis it had been a victim of.
The revamp of LUNA in Terra 2.0 was a landmark event. In this new version, LUNA dropped from the role of a stablecoin, having tied to the new terra ecosystem. The current LUNA seems more than a cryptocurrency; it reveals the community’s resilience and commitment to making sure they never make the same mistake they ever did. Terra 2.0 existing without the complexities and risks regarding maintaining an algorithmic stablecoin paves LUNA as a means for governance and a channel for stakeholder engagement with a more traditional cryptocurrency role.
Polygon (MATIC)
- Market Cap: $ 9.66 billion
Polygon, previously known as Matic Network, is a technology that helps improve Ethereum. Ethereum sometimes has problems with too many people trying to use it simultaneously, making it slow and expensive. Polygon helps solve these problems by making transactions faster and cheaper.
One of the reasons people like Polygon is because it makes using apps on Ethereum easier and more affordable. It has special features that make transactions faster and cost less, which is good for those who make and use apps.
Polygon also has a token called POL that makes transactions even cheaper. This encourages more people to use Polygon, which helps it grow and become even better. It also does things like ensuring everything is safe and works well together.
In changing from MATIC to POL, Polygon wants to keep improving and make it easier for more people to use Ethereum-based apps. They want to make sure everyone can use them easily and safely.
Conclusion
The crypto industry is open to receiving investment opportunities in 2024. Significant coins assert the differentiating features, tech-backs, and scaling prospects. Despite different promises that have been made, one should consider the inherent risks of investing in crypto, like market volatility and regulatory uncertainty.
Some of these cryptocurrencies can be suggested to beginners as easy investments and expert ones can invest in smaller, more volatile cryptocurrencies that bring higher yields.
More importantly, the mentioned cryptocurrencies were made based on our research and should not be considered investment advice. We advise all investors to do in-depth research before putting money into the crypto market.