Top 10 Cryptocurrencies Of June 2024
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Cryptocurrencies are a highly volatile asset class, and while they may present opportunities for astute investors, they remain a regulatory grey area and thus an arena for scams and hackers.
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Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
Nevertheless, Australians are crypto-curious. According to consumer group CHOICE, almost one in five Aussies are either involved in some form of cryptocurrency trading or are interested in getting involved. Those who steer clear from crypto often do so because of the risk of crypto scams. Some 4.6 million Australians own cryptocurrency, and Australia ranks third in the world for crypto uptake.
From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, each with different strengths, weaknesses and varying degrees of potential.
These are the top 10 cryptocurrencies based on their market capitalisation or the total value of all the coins currently in circulation. This is not a recommendation of what you should or should not buy; it is merely a list of the largest projects ranked by market capitalisation so you can get a sense of the playing field before you decide whether to roll the dice and invest in crypto.
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Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset that can circulate without the centralised authority of a bank or government. According to CoinMarketCap, there are more than two million cryptocurrency projects out there that represent the entire $US1.76 trillion crypto market.
1. Bitcoin (BTC)
- Market cap: $US1.25 trillion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a decentralised blockchain technology, which is a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $US500. As of April 20, 2024 (when the most recent Bitcoin halving event occurred) a single Bitcoin’s price was around $US63,750. That’s a growth of more than 12,650%.
Related: How To Buy Bitcoin
2. Ethereum (ETH)
- Market cap: $US367 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favourite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to April 2024, its price went from about $US11 to around $US3,050, increasing 27,627%.
Related: How To Buy Ethereum
3. Tether (USDT)
- Market cap: $US109.6 billion
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin pegged to the value of US$1. This is achieved by having a 1-1 backing between the token and USD which hypothetically keeps a value equal to one of those denominations because one token should always be able to be redeemed for one dollar. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favoured by investors who are wary of the extreme volatility of other coins.
4. Binance Coin (BNB)
- Market cap: $US83 billion
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $US0.10. By April 20, 2024, its price had risen to around $US557, a gain of approximately 556,900%.
Related: Cryptocurrency Glossary Of Terms
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Trading Fees:
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Best for:
Sophisticated investors, SMSFs, businesses and trusts
Benefits:
Fast deposits, advanced trading tools and reporting
Best for:
Beginners to crypto and investing
Benefits:
Easy to use, instant deposits using credit card, PayPal and bank transfer
Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.
5. Solana (SOL)
- Market cap: $US64 billion
Solana is a high-performance blockchain platform designed to provide fast and scalable transaction processing. It utilises a unique consensus algorithm called Proof of History, which allows it to process up to 65,000 transactions per second, making it one of the fastest blockchain networks available today. The platform supports smart contracts and decentralised applications (dApps) and is extremely popular for NFT trading.
The native token of the Solana platform is called SOL, and is used for paying transaction fees, staking, and participating in governance decisions on the network. The ICO price for SOL was $US0.22, and as of April 20, 2024, now sits at $US143, an increase of 64,900%.
6. U.S. Dollar Coin (USDC)
- Market cap: $US33.8 billion
Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by US dollars and aims for a 1 USD to 1 USDC ratio. USDC is available on numerous blockchains, such as Ethereum and Solana, and you can use USD Coin to complete global transactions.
7. XRP (XRP)
- Market cap: $US27.9 billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $US0.006. As of April 20 2024, its price reached $US0.50, equal to a rise of 8,233%.
Related: Ethereum 2.0: The Ethereum Merge…
Read More:Top 10 Cryptocurrencies Of June 2024
