12 most popular types of cryptocurrency

When people talk about cryptocurrencies, Bitcoin gets all the headlines, but there are literally thousands of other options when it comes to these digital coins. In fact, cryptos that aren’t Bitcoin are often considered “also-rans” — they’re called “altcoins,” or alternatives to Bitcoin.

While Bitcoin was the first major cryptocurrency to enter the market (it was first launched in 2009), many other cryptocurrencies have become quite popular, although not as big as the original.

Here are the largest cryptocurrencies by total dollar value of coins in existence, aka market capitalization or market cap. (Data from CoinMarketCap.com, as of August 5, 2024.)

Largest cryptocurrencies by market cap1. Bitcoin (BTC)

As the harbinger of the cryptocurrency era, Bitcoin remains the currency people usually refer to when talking about digital money. Its mysterious creator — allegedly Satoshi Nakamoto — launched the currency in 2009, and it’s been on a roller coaster ride ever since. But it wasn’t until 2017 that the cryptocurrency entered the popular consciousness. In 2024, the SEC approved trading in ETFs that invested directly in Bitcoin, giving investors a simple way to bet on Bitcoin.

2. Ethereum (ETH)

Price: $2,465

Market value: $297 billion

Ethereum — the name of the cryptocurrency platform — is probably the second name you’ll 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. Binding (USDT)

Price: $1.00

Market value: $115 billion

Tether’s price is pegged at $1 per coin. That’s because it’s called a stablecoin. Stablecoins are tied to the value of a specific asset, in Tether’s case the US Dollar. Tether often acts as an intermediary when traders move from one cryptocurrency to another. Instead of going back to dollars, they use Tether. However, some people are concerned that Tether is not securely backed by dollars held in reserve and instead uses a form of short-term unsecured debt.

4. BNB (BNB)

Price: $464.82

Market value: $65 billion

BNB is a cryptocurrency issued by Binance, one of the world’s largest crypto exchanges. Although initially created as a token to pay for discounted transactions, Binance Coin can now be used for payments and the purchase of various goods and services.

5. Solana (LEFT)

Price: $132.38

Market value: $62 billion

Solana, which was launched in March 2020, is a newer cryptocurrency that touts the speed of completing transactions and the overall robustness of its “web-scale” platform. The currency, called SOL, has a limited supply of 480 million coins.

The story continues

6. USD Coin (USDC)

Price: $1.00

Market value: $34 billion

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

7.XRP (XRP)

Price: $0.4937

Market value: $28 billion

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

8. Dogecoin (DOGE)

Price: $0.0972

Market value: $14 billion

Originally created as a joke following the rise of Bitcoin, Dogecoin takes its name from an internet meme featuring a Shiba Inu dog. Unlike many digital currencies that limit the number of coins in existence, Dogecoin is unlimited in issuance. It can be used for payments or sending money.

9. Toncoin (TON)

Price: $5.39

Market value: $14 billion

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

10. Cardano (ADA)

Price: $0.3215

Market value: $12 billion

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

11. TRON (TRX)

Price: $0.1221

Market value: $11 billion

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

12. Avalanche (AVAX)

Price: $19.96

Market value: $8 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.

In conclusion

The cryptocurrency market is the Wild West (although the US government is taking a more active role in overseeing the crypto space), so those speculating in these digital assets should not put more money than they can afford to lose. It’s also important to note that individual investors are often trading against highly sophisticated players, making this a challenging experience for novices. In 2024, the SEC approved several spot Bitcoin ETFs to trade, offering investors a simple way to bet on Bitcoin’s rise.

Editorial Disclaimer: All investors are advised to conduct their own independent research on investment strategies before making any investment decision. Investors are also advised that past investment product performance is no guarantee of future price appreciation.