February 9, 2025
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Top 10 Cryptocurrencies Of October 2024

From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of cryptocurrencies, which can be overwhelming for beginners in the crypto world. To help you get started, here are the top 10 cryptocurrencies to consider for investment, based on their market capitalization—the total value of all the coins in circulation.

Best Cryptocurrencies to Buy Now

  1. Bitcoin (BTC)
    • Market cap: $1.3 trillion
    • Year-over-year return: 119%
      Created in 2009 by the mysterious Satoshi Nakamoto, Bitcoin is the first and most well-known cryptocurrency. It operates on a decentralized blockchain and uses a proof-of-work system to secure transactions. Bitcoin’s value has grown exponentially, rising from $500 in May 2016 to $67,059 in October 2024—a growth of over 13,300%.
  2. Ethereum (ETH)
    • Market cap: $316.4 billion
    • Year-over-year return: 57%
      Ethereum is both a cryptocurrency and a blockchain platform, widely used by developers for smart contracts and NFTs. Its price surged from $11 in April 2016 to $2,628 by late October 2024, a staggering 23,793% growth.
  3. Tether (USDT)
    • Market cap: $120.1 billion
    • Year-over-year return: 0%
      Tether is a stablecoin backed by fiat currencies like the U.S. dollar, making it less volatile than other cryptocurrencies. It’s popular among investors seeking stability in a highly volatile market.
  4. Binance Coin (BNB)
    • Market cap: $86.7 billion
    • Year-over-year return: 171%
      Originally created for use on the Binance exchange, BNB has grown into a versatile cryptocurrency for various payments, including trading and travel bookings. Its price skyrocketed from $0.10 in 2017 to $594 by late 2024.
  5. Solana (SOL)
    • Market cap: $78.3 billion
    • Year-over-year return: 470%
      Solana is known for its fast transaction processing, using a unique proof-of-stake and proof-of-history system. Since launching at $0.77 in 2020, its price has soared to $166.57 by late October 2024.
  6. U.S. Dollar Coin (USDC)
    • Market cap: $34.6 billion
    • Year-over-year return: 0%
      USDC is another stablecoin pegged to the U.S. dollar. It operates on the Ethereum blockchain, offering stability and transparency for global transactions.
  7. XRP (XRP)
    • Market cap: $30.2 billion
    • Year-over-year return: 1%
      XRP, created by the founders of Ripple, is used to facilitate transactions between different currencies. From $0.006 in 2017, it has risen to $0.53 in 2024, representing a growth of 8,788%.
  8. Dogecoin (DOGE)
    • Market cap: $20.6 billion
    • Year-over-year return: 120%
      Initially created as a joke, Dogecoin gained traction due to its community and meme culture. Its price has increased significantly from $0.0002 in 2017 to $0.14 in October 2024, a rise of over 70,000%.
  9. TRON (TRX)
    • Market cap: $13.8 billion
    • Year-over-year return: 77%
      TRON is a blockchain platform designed for decentralized apps and smart contracts. Its native token, TRX, has grown from $0.0019 in 2017 to $0.16 in 2024.
  10. Toncoin (TON)
  • Market cap: $13.3 billion
  • Year-over-year return: 143%
    Originally designed for Telegram’s blockchain, Toncoin powers The Open Network, allowing fast and environmentally friendly transactions.

What Are Cryptocurrencies?

Cryptocurrencies are digital currencies that operate independently of a central bank. They can be used for online purchases or held as investments.

How Does Cryptocurrency Work?

Most cryptocurrencies rely on blockchain technology, which enables decentralized, peer-to-peer transactions without the need for an intermediary, ensuring transparency and security.

Why Are There So Many Cryptocurrencies?

As of March 2024, over 9,000 cryptocurrency projects existed. While some serve as currencies, others, like Ethereum and Solana, function as platforms for building decentralized applications and new cryptocurrencies.

How to Choose the Best Cryptocurrency to Invest In

Before investing in a cryptocurrency, consider factors such as market capitalization, liquidity, security, and use case. It’s important to assess your financial goals and risk tolerance, and conduct thorough research.

How to Invest in Cryptocurrency

Cryptocurrencies can be purchased on platforms like Coinbase, Kraken, and Gemini, as well as through brokerages like Robinhood. Some exchanges also allow fractional trading.

Cost of Buying Cryptocurrency

The cost varies depending on the coin. While some altcoins trade for less than a cent, Bitcoin costs thousands of dollars. Keep in mind, there are also fees associated with trading and holding cryptocurrency.

How to Report Cryptocurrency on Taxes

Cryptocurrency is treated as a capital asset, like stocks. If you sell or use cryptocurrency and make a profit, you’ll owe taxes on the capital gains.