Vault’s Viewpoint
- Some of the most popular cryptocurrencies in 2024 include Bitcoin, Ethereum, Binance Coin, Solana and XRP.
- Ethereum, Solana, Cardano, and Avalanche are smart contract platforms, while other coins have a variety of different use cases.
1. Bitcoin (BTC)
Market cap: $1.34 Trillion
Bitcoin is the original cryptocurrency, designed to be a “peer-to-peer electronic cash system.” But today, the coin’s fixed supply cap of 21 million has made it more appealing as a store of value for many investors. As the supply of other assets always increases, their value diminishes over time as measured against Bitcoin’s since its supply is fixed.
Bitcoin currently has the highest market cap, most secure network and largest user base. It’s also the only coin to be considered a commodity, as it has no central issuer.
2. Ethereum (ETH)
Market cap: $434.6 billion
A blockchain is a ledger that records transactions on a decentralized network made up of many different computers distributed across different locations. While most financial transactions require a processor like a bank or PayPal, blockchains allow peer-to-peer transactions.
Ethereum was the first blockchain to allow the creation of smart contracts. A smart contract is a programmable agreement that can be executed automatically when the terms of the contract are met.
This has allowed for a proliferation of new types of apps called decentralized applications (dApps). In turn, dApps have allowed for innovations like decentralized finance (DeFi) and non-fungible tokens (NFTs), along with their corresponding marketplaces. This means that people can trade tokens, borrow or lend money, take out insurance policies, trade digital collectibles, and more without needing a third-party intermediary. All transactions can occur on the blockchain thanks to smart contracts.
3. Binance Coin (BNB)
Market cap: $87 billion
BNB is the exchange token of Binance, the world’s largest crypto exchange. Traders on Binance receive a discount on fees for holding BNB in their accounts.
BNB is also the native token of Binance Smart Chain (BSC), a smart contract platform that rivals Ethereum. BSC hosts dApps like PancakeSwap, a decentralized exchange (DEX).
Binance engages in periodic “burns” of BNB tokens to create deflation in their supply. Each quarter, Binance burns a portion of its BNB reserves. The exchange also burns a portion of the BNB that traders spend on trading fees. This is done in an attempt to maintain the token’s value by decreasing its supply.
4. Solana (SOL)
Market cap: $86.3 billion
Solana is the native token of the Solana blockchain and belongs to a group of smart contract platforms known as “Ethereum killers.” These cryptos aim to outcompete Ethereum by being faster, more affordable alternatives.
Solana’s main focus is to be a hosting platform for DeFi solutions. The blockchain uses a unique type of technology that incorporates aspects of other different blockchains. This helps Solana scale with ease, enabling it to process many more transactions than other chains.
But the blockchain is not without its faults. There have been several times in its history where the Solana chain failed to produce new blocks for hours at a time, resulting in every dApp on the network being unusable.
5. Polkadot (DOT)
Market cap: $13 billion
Polkadot connects and secures a network of different blockchains. This allows for the transfer of assets and data between different chains that would otherwise be incompatible. Polkadot’s purpose was to create a foundation for Web3, a decentralized internet of blockchains.
The DOT token serves 3 different purposes: staking for security, participating in network governance so users can vote on changes to the protocol and bonding tokens to connect the different chains.
6. Uniswap (UNI)
Market cap: $7.5 billion
Uniswap is one of the first decentralized finance (DeFi) platforms. It uses an automated market maker (AMM), which allows for the trading of different tokens without a third party like a centralized exchange managing an order book.
UNI is the native governance token of the Uniswap decentralized exchange (DEX). Holders of UNI can receive rewards from the Uniswap DEX and vote on proposed changes to its protocol. UNI is an ERC-20 token, meaning it runs on Ethereum.
7. Ripple (XRP)
Market cap: $34 billion
Ripple is a payments company known more for its digital payment protocol than its cryptocurrency, XRP. It’s designed to work seamlessly with different currencies around the globe, offering fast and affordable cross-border transactions. Ripple’s unique consensus ledger doesn’t require mining, so it uses less energy than most other cryptocurrencies.
Ripple has faced criticism from some in the cryptocurrency community for its more centralized approach in comparison to many other networks.
8. Avalanche (AVAX)
Market cap: $21 billion
Avalanche stands out with its blazing-fast transaction speeds and low fees. It aims to replace Ethereum as the go-to platform for smart contracts. Its unique architecture allows for a high degree of customization, enabling developers to create powerful, reliable, and secure applications. With its robust ecosystem, Avalanche is quickly becoming a favorite among DeFi enthusiasts.
9. Cardano (ADA)
Market cap: $24.1 billion
Cardano is a research-driven blockchain platform that emphasizes security and sustainability. It’s the first to be founded on peer-reviewed research and use evidence-based methods for development, ensuring advanced functionalities. With a strong commitment to regulatory compliance and scalability, Cardano brands itself as paving the way for a more secure and transparent blockchain experience. ADA is the native token of the Cardano blockchain.
10. Dogecoin (DOGE)
Market cap: $21.7 billion
Initially created as a joke, Dogecoin quickly gained a massive following for its fun and friendly approach to cryptocurrency. It’s known for its low transaction fees and a strong community that’s used it for charitable and noteworthy causes. Despite its lighthearted beginnings, Dogecoin has become a serious contender in the crypto space.
DOGE is a fork of Litecoin, which was a fork of Bitcoin, meaning they all have the same basic underlying computer code. But unlike Bitcoin, there is no limit on how many DOGE can be created.
11. SingularityNET (AGIX)
Market cap: $1.5 billion
A popular cryptocurrency to buy based on AI, SingularityNET is a blockchain-based platform that lets users create their own AI services. Using the network’s native token, AGIX, users can test and buy a wide variety of AI services. AI developers can also use SingularityNET’s open marketplace to publish and sell their tools.
Frequently Asked Questions
Which Crypto Is Best to Buy Now?
It depends on an individual’s goals and risk tolerance. Bitcoin is the most secure, safest bet with the longest-running reputation. But other, smaller coins could see outsized gains over shorter timeframes, although they also come with higher volatility. Investors with higher risk tolerances seeking quick gains may prefer smaller, lesser-known coins.
Which Crypto Will Boom in 2024?
No one can predict the future to such a degree. The best anyone can do is make educated guesses based on the past, which is not always indicative of the future. In previous cycles, Bitcoin has led the pack, followed by Ethereum. Beyond that, a handful of altcoins tend to outperform in terms of percentage gains before falling by 90% or more as measured against the price of Bitcoin.
What Are the Top Three Trending Crypto?
This changes regularly. As of early March 2024, the top three trending cryptos according to CoinMarketCap were PEPE, WIF, and MEMEAI. All three are popular meme coins. But AI tokens have also seen strong surges in price and interest in recent weeks.
