Top 5 Cryptocurrencies of 2024 - LetSeo

The cryptocurrency market is changing rapidly as we enter the second quarter 2024. They offer fresh opportunities for investors.

With thousands of cryptocurrencies, finding the most promising options can feel daunting.

The global cryptocurrency market capitalization was approximately $1.1 trillion in 2023, down from a peak of $3 trillion in November 2021.

05 Best Cryptocurrencies 2024

when you think about crypto There Are a Thousand Cryptocurrencies including top bitcoin, dogecoin, Ethereum, and many more. 

In this article, we discuss the top 5 cryptocurrencies based on their market value and circulation. So, before jumping into the list of top cryptocurrencies, we first discuss what cryptocurrency is.

What is cryptocurrency?

Cryptocurrency is a digital form of currency that uses cryptography for security.
cryptocurrencies operate on a decentralized network of computers.it is known as a blockchain.

Blockchain is a distributed ledger that records all transactions across a network of computers. The first and most well-known cryptocurrency is Bitcoin, created in 2009.

1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Tether (USDT)
4. Binance Coin (BNB)
5. Pikamoon (PIKA)

Bitcoin (BTC)

Bitcoin is the pioneer of cryptocurrencies. It maintains the lead with a staggering market capitalization of $1.3 trillion. it was created in 2009 by the enigmatic Satoshi Nakamoto.

Bitcoin has become synonymous with the term 'cryptocurrency.' The proof of work mechanism ensures its decentralized nature and peer-to-peer network. 

As of April 2024, Bitcoin's value has seen an astronomical increase. it indicative of its widespread acceptance.

Bitcoin uses a distributed ledger called the blockchain. it records all transactions, which are verified and processed by a network of nodes through a process called mining.

Mining involves solving complex mathematical equations to add new blocks to the blockchain and earn Bitcoin as a reward. It is important to exercise caution when investing in Bitcoin and to do your own research before making any investment decisions.

• Market Cap: $1.3 trillion
• Year-over-Year Return: 130%

How to Store Bitcoin?

• These are online wallets connected to the internet, such as exchange wallets or mobile apps, suitable for quick access and trading.
• These are offline storage solutions like hardware wallets (e.g., Ledger, Trezor) or paper wallets, providing enhanced security against hacking.

How to Buy Bitcoin?

• You can purchase Bitcoin through popular exchanges like Coinbase, Binance, Kraken, or Gemini using fiat currency or other cryptocurrencies.
• Some platforms allow users to buy Bitcoin directly from other users.
• You can find Bitcoin ATMs in many cities where you can buy Bitcoin with cash or debit cards.

Bitcoin holds about 47% of the total market share, with Ethereum following at around 18%.

Ethereum (ETH)

Ethereum is not just a cryptocurrency but also a blockchain platform. it is favoured by developers for its smart contract functionality and support for non-fungible tokens (NFTs). 

The platform has witnessed exponential growth. Ethereum (ETH) is a blockchain-based platform that allows developers to build decentralized applications (dApps).

it executes smart contracts on a decentralized network. It was first proposed by Vitalik Buterin in 2013 and launched in 2015.

Ethereum differs from Bitcoin in that it is not just a cryptocurrency, but a programmable blockchain platform. it enables developers to build and run decentralized applications on top of it.

Ethereum uses a Turing-complete programming language called Solidity to write smart contracts.it is self-executing programs that automatically enforce the terms of an agreement between parties.

• Market Cap: $392.4 billion
• Year-over-Year Return: 81%

Tether (USDT)

Tether stands out as a stablecoin. it is pegged to fiat currencies like the U.S. dollar and the Euro, aiming to maintain a consistent value. 

This attribute makes Tether a go-to choice for investors. it seeks stability in the notoriously volatile crypto market. Its role is as a bridge between traditional currencies and cryptocurrencies. 

• Market Cap: $104.7 billion
• Year-over-Year Return: 0%

Binance Coin (BNB)

Binance Coin (BNB) is the native token of the Binance cryptocurrency exchange. They have expanded their utility beyond just facilitating trade. It now plays a significant role in trading, payment processing, and booking travel arrangements. 

Binance Coin was launched in 2017 as an ERC-20 token on the Ethereum blockchain.

BNB is a utility token on the Binance platform. it allows users to pay for trading fees, withdrawal fees, and other services at a discounted rate. It can also be used to participate in token sales on the Binance.

Over 420 million people worldwide are estimated to own cryptocurrencies, with India, Vietnam, and the United States having the highest adoption rates.

Binance has created several other use cases for BNB, including a decentralized exchange (Binance DEX) and a Binance-branded debit card (Binance Card).

• Market Cap: $82.1 billion
• Year-over-Year Return: 76%

Pikamoon (PIKA)

Pikamoon has captured the attention of investors in 2024. As an ERC-20 gaming token built on the Ethereum network, PIKA represents the intersection of cryptocurrency and the booming gaming industry.