Knowing the ranking of crypto is very important for crypto enthusiasts, especially traders who are into daily or seasonal crypto trading. These rankings can also help new traders know which coin is always at the top. By investing in coins that are maintaining their position among the top 10 or top 5, the trader can increase their possibility of gaining more profits on their investments. The top 5 cryptocurrencies in 2024 are discussed in detail in this article.
Top 5 Cryptocurrencies in 2024
| Cryptocurrency | Market Capitalization (USD) |
Current Price (USD) |
| Bitcoin (BTC) | $1.43 Trillion USD | $73,158 |
| Ethereum (ETH) | $478.7 Billion USD | $3,995 |
| Tether (USDT) | $103.37 Billion USD | $1,049 |
| Binance Coin (BNB) | $92.5 Billion USD | $618.7 |
| Solana (SOL) | $73.3 Billion USD | $165.41 |
Top 5 cryptocurrencies that will be the cheapest on the market in 2024
1) Bitcoin (BTC)
Bitcoin is maintaining its position in the top 5 and has been in the #1 position for a while now. The major reason Bitcoin is on top is that it has been widely accepted almost everywhere. At around $2000 per unit, Ethereum, which is in the next place, makes Bitcoin the most valuable token in a wide range. Additionally, Bitcoin, a popular cryptocurrency among young people, is frequently used for online transactions, from various forms of entertainment like Bitcoin slots to purchases from e-commerce stores that accept BTC payments. Bitcoin’s market performance has been provided based on its volatile nature, yet it continues to demonstrate resilience and upward potential. With increasing institutional adoption as a store of value and hedge against inflation, Bitcoin’s long-term outlook remains optimistic.
Pros:
- Bitcoin can carry out transactions with the utmost speed; thus, there will be no collapse in any transaction.
- The transaction fee will be lower than for some other cryptocurrencies.
Cons:
- Price volatility and energy consumption during mining are some of the disadvantages of Bitcoin.
2) Ethereum (ETH)
Ethereum is ranked among the top 2 cryptocurrencies, according to ETH price predictions. This ranking is achieved by ETH due to its users’ ability to transact without the need for any reliable central authority with the help of smart contracts. ETH users have complete ownership and insight into the transaction data due to the transaction records’ verifiability and safe distribution throughout the network.
Pros:
- The main pro of ETH is its smart contracts, which provide a safe and secure transaction for its users.
Cons:
- Ethereum-based projects may face difficulties due to regulatory uncertainties as they must deal with legal frameworks and government compliance standards.
3) Tether (USDT)
Tether, which offers a digital currency that is less volatile by 1:1, pegging its value to the U.S. dollar, is in the third position among the list of cryptos. These are stablecoins since they are linked to fiat currencies, making them one of the most popular options among crypto enthusiasts. Tether seeks to stabilize its value around a particular item, in contrast to other cryptocurrencies whose price tends to be unstable. As the name states, USDT is tethered to the US dollar to reduce price fluctuation.
Pros:
- Stability is one of the greatest assets of Tether since it is the major feature expected by many crypto users.
Cons:
- It lacks features like smart contracts for securing the users’ transactions, like Ethereum.
4) Binance Coin (BNB)
Binance Coin (BNB) is currently fourth on the crypto list. Binance Exchange initially issued this currency, which is traded under the name BNB. Although BNB is the native currency of Binance’s blockchain, the Binance chain was built on the Ethereum network. With more than 150 cryptocurrencies available, investors won’t likely be short on options. With 16 currencies accessible, there are also many choices for staking.
Pros:
- There are no transaction costs for bitcoin, and the fees are among the lowest in the crypto market. This can attract traders who carry out large volumes of transactions.
Cons:
- Lawsuits have been filed against the exchange, and inquiries into its connection to Binance have also been conducted
- Another significant drawback is the inability to transact on the sites using the US dollar.
5) Solana (SOL)
Finally, Solana has become the last coin on the top 5 crypto list. Similar to Ethereum, most significant exchanges offer the SOL token for purchase. The true worth of the token lies in using its uncommon advantages to perform transactions on the Solana network. A proof-of-history mechanism is the reason for Solana to maintain its position in the top 5.
Pros:
- Solana’s activities take place on the main net; thus, Solana stands out from other cryptocurrencies.
Cons:
- Solana is also among the few cryptocurrency networks that have suffered large-scale outages throughout the years.
Conclusion
Though current positions of cryptos are provided in the article, there is no guarantee on which coin will stay in which position. However, with different technological advancements and crypto-related projects ongoing around the corner, this ranking list can change in the future. Finding the right crypto can be difficult, but with the right amount of knowledge and practice, anyone can become a crypto trading expert.
