Advisor InvestingAdvertiser DisclosureTop 10 Cryptocurrencies Of March 2024
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Top 10 Cryptocurrencies Of March 2024
Michael Adams
Editor
Paul Katzeff
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Reviewed By
Updated: Mar 12, 2024, 10:34am
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Top 10 Cryptocurrencies Of March 2024
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From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization or the total value of all the coins currently in circulation.
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1. Bitcoin (BTC)
Market cap: $1.4 trillion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or 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 $500. As of Mar. 12, 2024, a single Bitcoin’s price was around $72,295. That’s a growth of 14,359%.
Related: How To Buy Bitcoin
2. Ethereum (ETH)
Market cap: $484.4 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite 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 the end of March 2024, its price went from about $11 to around $4,033, increasing 36,565%.
Related: How To Buy Ethereum
3. Tether (USDT)
Market cap: $102.4 billion
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
4. Binance Coin (BNB)
Market cap: $79.2 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 $0.10. By late March 2024, its price had risen to around $530, a gain of 529,400%.
Related: How To Buy Cryptocurrency
5. Solana (SOL)
Market cap: $67.0 billion
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By late March 2024, its price was around $151.15, a gain of 19,530%.
6. XRP (XRP)
Market cap: $38.5 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 $0.006. As of Mar. 12, 2024, its price reached $0.70, equal to a rise of 11,608%.
7. U.S. Dollar Coin (USDC)
Market cap: $30.4 billion
Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
8. Cardano (ADA)
Market cap: $26.6 billion
Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of Mar. 12, 2024, its price was at $0.75. This is an increase of 3,648%.
9. Dogecoin (DOGE)
Market cap: $24.7 billion
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By March 2024, its price was at $0.17, up 85,979%.
10. Shiba Inu (SHIB)
Market cap: $19.3 billion
Shiba Inu is another meme coin that spun out of Dogecoin’s popularity. Created anonymously in 2020, SHIB was an experiment to discover if a coin could work with no central governing authority. Thanks to big name crypto personalities such as Elon Musk and Vitalek Buterin that goal has become a reality.
Today, Shiba Inu is the second-highest valued meme coin by market cap, behind Dogecoin. Although, on rare occasions, those two places have flipped. Shiba Inu’s price today is $0.00003243.
*Market caps and pricing sourced from coinmarketcap.com, current as of 1:31 p.m. UTC on Mar. 12, 2024.
What Are Cryptocurrencies?
Cryptocurrency is a form of currency that exists solely in digital form. Cryptocurrency can be used to pay for purchases online without going through an intermediary, such as a bank, or it can be held as an investment.
How Does Cryptocurrency Work?
Cryptocurrencies are various forms of digital money that are usually based on blockchain technology. Blockchain technology allows most cryptocurrencies to exist as “trustless” forms of transactions. This means there is no centralized authority overseeing the transactions on a cryptocurrency’s blockchain.
The world’s first cryptocurrency, Bitcoin, was created by pseudonymous computer programmer Satoshi Nakamoto in 2009.
Why Are There So Many Cryptocurrencies?
Cryptocurrency is an emerging area with more than 22,000 crypto projects in existence as of June 2023.
While some crypto function as currencies, others are used to develop infrastructure. For instance, in the case of Ethereum or Solana, developers are building other cryptos on top of these platform currencies, and that creates even more possibilities (and cryptos).
How To Invest in Cryptocurrency?
You can buy cryptocurrencies through crypto exchanges, such as Coinbase, Kraken or Gemini. In addition, some brokerages, such as WeBull and Robinhood, also allow consumers to buy cryptocurrencies.
How To Report Crypto on Taxes
If you buy and sell coins, it’s important to pay attention to cryptocurrency tax rules.
Cryptocurrency is treated as a capital asset, like stocks, rather than cash. That means if you sell cryptocurrency at a profit, you’ll have to pay capital gains taxes. This is the case even if you use your crypto to pay for a purchase. If you receive a greater value for it than you paid, you’ll owe taxes on the difference.
Crypto Frequently Asked Questions (FAQs)
How does trading cryptocurrencies differ from trading stocks?
Are there cryptocurrency exchange-traded funds (ETFs)?
What are altcoins?
Why is Bitcoin valuable?
Why are cryptocurrencies important?
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Michael Adams
Michael Adams
Editor
Michael Adams is lead editor, investing at Forbes Advisor. He's researched, written about and practiced investing for nearly two decades. As a writer, Michael has covered everything from stocks to cryptocurrency and ETFs for many of the world's major financial publications, including Kiplinger, U.S. News and World Report, The Motley Fool and more. Michael holds a master’s degree in philosophy from The New School for Social Research and an additional master's degree in Asian classics from St. John’s College.
Basics
What Is Cryptocurrency?
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Cryptocurrency Tax Calculator
Guides
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How To Buy XRP (Ripple)
How To Buy Shiba Inu (SHIB)
How To Buy Bitcoin (BTC)
How To Buy Dogecoin (DOGE)
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