12 Most Popular Types Of Cryptocurrency | Bankrate

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12 most popular types of cryptocurrency

Written by James Royal, Ph.D. James Royal, Ph.D. Principal writer, investing and wealth management Expertise • Investing • Wealth management Bankrate principal writer and editor James F. Royal, Ph.D., covers investing and wealth management. His work has been cited by CNBC, the Washington Post, The New York Times and more. Read more Connect with James Royal, Ph.D. on Twitter Connect with James Royal, Ph.D. on LinkedIn Get in contact with James Royal, Ph.D. via Email Close James Royal, Ph.D. and Brian Baker, CFA , Brian Baker, CFA Senior writer, investing and retirement Expertise • Investing • Wealth management 14 Years of experience Brian Baker covers investing and retirement for Bankrate. He is a CFA Charterholder and previously worked in equity research at a buyside investment firm. Baker is passionate about helping people make sense of complicated financial topics so that they can better plan for their financial futures. Read more Connect with Brian Baker, CFA on Twitter Connect with Brian Baker, CFA on LinkedIn Get in contact with Brian Baker, CFA via Email Close Brian Baker, CFA , Edited by Brian Beers Brian Beers Managing editor Expertise • Investing • Banking Brian Beers is the managing editor for the Wealth team at Bankrate. He oversees editorial coverage of banking, investing, the economy and all things money. Read more Connect with Brian Beers on Twitter Connect with Brian Beers on LinkedIn Close Brian Beers Published on September 26, 2024 | 4 min read

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Bitcoin gets all the headlines when people talk about cryptocurrencies, but there are literally thousands of other options when it comes to these digital currencies. In fact, cryptos that aren’t Bitcoin are usually considered an “also ran” – what are called “ altcoins ,” or alternatives to Bitcoin.

While Bitcoin may have been the first major cryptocurrency to hit the market – it debuted in 2009 – many others have become highly popular, even if not quite as large as the original.

Here are the largest cryptocurrencies by the total dollar value of the coins in existence, that is, the market capitalization, or market cap. (Data is from CoinMarketCap.com, as of Sept. 26, 2024.)

Largest cryptocurrencies by market cap

1. Bitcoin (BTC)

Price: $64,872 Market cap: $1.28 trillion

As the harbinger of the cryptocurrency era, Bitcoin is still the coin people generally reference when they talk about digital currency. Its mysterious creator — allegedly Satoshi Nakamoto — debuted the currency in 2009 and it’s been on a roller-coaster ride since then. However, it wasn’t until 2017 that the cryptocurrency broke into popular consciousness. In 2024, the SEC approved the trading of ETFs that invest directly in Bitcoin , giving investors a simple way to bet on Bitcoin.

2. Ethereum (ETH)

Price: $2,633.98 Market cap: $317 billion

Ethereum — the name for the cryptocurrency platform — is the second name you’re most likely to recognize in the crypto space. The system allows you to use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.

3. Tether (USDT)

Price: $1.00 Market cap: $119 billion

Tether’s price is anchored at $1 per coin. That’s because it is what’s called a stablecoin . Stablecoins are tied to the value of a specific asset, in Tether’s case, the U.S. Dollar. Tether often acts as a medium when traders move from one cryptocurrency to another. Rather than move back to dollars, they use Tether. However, some people are concerned that Tether isn’t safely backed by dollars held in reserve but instead uses a short-term form of unsecured debt.

4. BNB (BNB)

Price: $596.56 Market cap: $87 billion

BNB is the cryptocurrency issued by Binance , among the largest crypto exchanges in the world. While originally created as a token to pay for discounted trades, Binance Coin can now be used for payments as well as purchasing various goods and services.

5. Solana (SOL)

Price: $154.72 Market cap: $73 billion

Launched in March 2020, Solana is a newer cryptocurrency and it touts its speed at completing transactions and the overall robustness of its “web-scale” platform. The issuance of the currency, called SOL, is capped at 480 million coins.

6. USD Coin (USDC)

Price: $1.00 Market cap: $36 billion

Like Tether, USD Coin is a stablecoin pegged to the dollar, meaning that its value should not fluctuate. The currency’s founders say that it’s backed by fully reserved assets or those with “equivalent fair value” and those assets are held in accounts with regulated U.S. institutions.

7. XRP (XRP)

Price: $0.5914 Market cap: $33 billion

Formerly known as Ripple and created in 2012, XRP offers a way to pay in many different real-world currencies. Ripple can be useful in cross-border transactions and uses a trust-less mechanism to facilitate payments.

8. Dogecoin (DOGE)

Price: $0.1153 Market cap: $16 billion

Originally created as a joke after the run-up in Bitcoin, Dogecoin takes its name from an internet meme featuring a Shiba Inu dog. Unlike many digital currencies limiting the number of coins in existence, Dogecoin has unlimited issuance. It can be used for payments or sending money.

9. Toncoin (TON)

Price: $5.80 Market cap: $14 billion

Launched in 2018, Toncoin was developed by Telegram, the encrypted messaging platform. Telegram abandoned the project, which was taken over by the TON Foundation. Toncoin’s price spiked in 2023 after Telegram announced it would integrate a TON-based wallet into its platform.

10. Cardano (ADA)

Price: $0.3986 Market cap: $14 billion

Cardano is the cryptocurrency platform behind ada, the name of the currency. Created by the co-founder of Ethereum, Cardano also uses smart contracts, enabling identity management.

11. TRON (TRX)

Price: $0.1526 Market cap: $13 billion

TRON is a decentralized blockchain for creating applications that was established in 2017. Its native token is known as TRX. In 2018, the Tron Foundation acquired well-known peer-to-peer network BitTorrent.

12. Avalanche (AVAX)

Price: $28.88 Market cap: $12 billion

Avalanche is a blockchain that was launched in 2020 and competes with Ethereum as one of the most popular blockchains for smart contracts. AVAX is the native currency of the Avalanche blockchain.

Bottom line

The cryptocurrency market is a Wild West (although the U.S. government is taking a more active role in overseeing the crypto space ), so those speculating in these digital assets should not put in more money than they can afford to lose. It’s also important to note that individual investors often trade against highly sophisticated players, making it a fraught experience for novices. In July, the crypto industry hit another milestone when new spot Ethereum exchange-traded funds (ETFs) began trading on U.S. exchanges .

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.

Cite us Quick citation guide Select a citation to automatically copy to clipboard. APA: Royal, J., & Baker, CFA, B. (2024, September 26). 12 most popular types of cryptocurrency. Bankrate. Retrieved October 20, 2024, from https://www.bankrate.com/investing/types-of-cryptocurrency/ Copied to clipboard! MLA: Royal, James & Brian Baker, CFA. "12 most popular types of cryptocurrency." Bankrate . 26 September 2024, https://www.bankrate.com/investing/types-of-cryptocurrency/. Copied to clipboard! Chicago: Royal, James & Brian Baker, CFA. "12 most popular types of cryptocurrency." Bankrate. September 26, 2024. https://www.bankrate.com/investing/types-of-cryptocurrency/. Copied to clipboard! Share this article Share this article Close Written by James Royal, Ph.D. Principal writer, investing and wealth management Connect with James Royal, Ph.D. on Twitter Connect with James Royal, Ph.D. on LinkedIn Get in contact with James Royal, Ph.D. via Email Read more from James Bankrate principal writer and editor James F. Royal, Ph.D., covers investing and wealth management. His work has been cited by CNBC, the Washington Post, The New York Times and more. Co-written by Brian Baker, CFA Senior writer, investing and retirement Connect with Brian Baker, CFA on Twitter Connect with Brian Baker, CFA on LinkedIn Get in contact with Brian Baker, CFA via Email Read more from Brian Brian Baker covers investing and retirement for Bankrate. He is a CFA Charterholder and previously worked in equity research at a buyside investment firm. Baker is passionate about helping people make sense of complicated financial topics so that they can better plan for their financial futures.

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