10 Highest Cryptocurrency in the World according to Market Cap

Do you know the highest Cryptocurrency in the World that has the highest Market Capitalization? In this article, we discussed the Top 10 Highest Cryptocurrencies in the World according to Market Capitalization.

What Are Cryptocurrencies?

A cryptocurrency, in its broadest definition, is a kind of virtual or digital money that is represented by tokens or “coins.” A few cryptocurrency ventures into the real world via credit cards or other initiatives, but for the most part, they stay completely intangible.

The term “crypto” refers to the complex encryption that enables the production and processing of digital currencies, as well as their transactions across decentralized networks, in the cryptocurrency world. The decentralization of these currencies goes hand in hand with their key “crypto” characteristics; cryptocurrencies are usually created as code by teams of programmers who include mechanisms for issuance (often, but not always, via a process known as “mining”) and other restrictions.

Cryptocurrencies are nearly usually intended to be immune to manipulation and control by governments, but as they have gained in popularity, this fundamental feature of the sector has come under assault. Alternate currencies patterned after Bitcoin are generally referred to as altcoins, and in some instances, “shitcoins,” and they have often attempted to portray themselves as updated or better versions of the original cryptocurrency.

While some of these currencies may have certain remarkable features that Bitcoin does not have, no altcoin has yet to reach the same degree of security that Bitcoin’s networks have achieved, which is a significant achievement.

List of Top 10 Highest Cryptocurrencies in the World according to Market Capitalization

1. Bitcoin (BTC)

Bitcoin (BTC) is the first cryptocurrency, having been created in 2009 by an anonymous individual using the pseudonym Satoshi Nakamoto. BTC, like the majority of cryptocurrencies, is based on a blockchain, which is a distributed ledger that records transactions over a network of thousands of computers.

Proof of work is used to ensure that new entries to distributed ledgers are validated via the solution of a cryptographic problem. This ensures that Bitcoin remains secure and protected against fraudsters.

Bitcoin’s value has soared as the cryptocurrency has gained widespread recognition.

Five years ago, a Bitcoin could be purchased for about $500. As of July 2024, the price of a single Bitcoin has risen to more than $$56,923.32. That is an increase of about 11000 per cent.

As of July 2024, Bitcoin (BTC) has the highest cryptocurrency in the world according to the market capitalization of $1.2 Trillion.

2. Ethereum (ETH)

In addition to being the first Bitcoin alternative on our list, Ethereum is a decentralized software platform that allows smart contracts and decentralized applications (Dapps) to be built and run without the interference of a third party.

Ethereum is the first Bitcoin alternative on our list, and it is also the most popular. One of the goals of Ethereum is to provide a decentralized suite of financial goods that anybody anywhere in the world may use without restriction based on their country, ethnicity, or religious beliefs.

Initial coin offerings (ICOs) began in 2014 when Ethereum offered a presale for ether that garnered a resounding reaction, ushering in the era of the initial coin offering (ICO).

In the words of Ethereum, the cryptocurrency may be used to “codify, decentralize, secure, and exchange almost anything.” Following the 2016 assault on the decentralized autonomous organization (DAO), Ethereum was divided into two distinct cryptocurrencies: Ethereum (ETH) and Ethereum Classic (ETC). Ethereum (ETH) is the most widely used cryptocurrency (ETC).

The cryptocurrency Ethereum (ETH) has the second-highest cryptocurrency in the world according to the market capitalization of $370.25 billion and a per-token or coin value of $3,079.57 as of July 2024, according to Coin Market Cap.

3. Tether (USDT)

Tether (USDT) is a stablecoin (also known as a stable-value cryptocurrency) that is pegged to the value of the United States dollar. It was created by the Hong Kong-based firm Tether.

This is accomplished by keeping a reserve of commercial paper, fiduciary deposits, cash, reserve repo notes, and Treasury bills in reserves that are equal in USD value to the number of USDT tokens in circulation (i.e., the same as the number of USDT tokens in circulation).

Realcoin, a second-layer cryptocurrency token built on top of Bitcoin’s blockchain through the use of the Omni platform, was first introduced in July 2014 as Realcoin. It was later renamed to US Tether and then finally to USDT before being officially adopted as the official currency of the United States.

In addition to the Bitcoin blockchain, USDT was subsequently upgraded to operate on the Ethereum, EOS, Tron, Algorand, and OMG blockchains, as well as the Bitcoin blockchain.

In its official description, the USDT aims to combine the unrestricted nature of cryptocurrencies — which may be transferred between users without the need for a trusted third-party intermediary — with the steady value of the US dollar by creating a hybrid currency.

As of July 2024, Tether (USDT) has the third-highest cryptocurrency in the world according to the market capitalization of $112.50 billion.

4. Binance Coin (BNB)

Known as the Binance Coin, it is a kind of cryptocurrency that can be used to trade and pay fees on Binance, which is one of the biggest cryptocurrency exchanges on the planet.

Since its debut in 2017, Binance Coin has evolved beyond its original function of enabling transactions on Binance’s exchange platform to become much more. It may now be utilized for a variety of tasks such as trade, payment processing, and even making trip plans. It may also be traded or swapped for other cryptocurrencies, such as Ethereum or Bitcoin, depending on the market conditions.

Its price in 2017 was just $0.10; by September 2021, it had grown to moreover $419, representing a gain of almost 419,000 per cent compared to 2017.

As of July 2024, Binance Coin (BNB) has the fourth highest cryptocurrency in the world according to the market capitalization of $74.50 billion.

5. Solana (SOL)

Therefore, Solana is a fully functioning open-source project that makes use of the permission-less aspect of blockchain technology to offer decentralized finance (DeFi) solutions. While the concept for early work on the project started in 2017, the Solana Foundation, which has its headquarters in Geneva, Switzerland, formally launched the project in March 2020 with the official launch of Solana.

Check out an in-depth look at the Solana project to discover more about this endeavour.

The Solana protocol is intended to make the development of decentralized applications (DApps) easier. Using a proof-of-history (PoH) consensus in conjunction with the underlying proof-of-stake (PoS) consensus of the blockchain, it seeks to increase scalability while maintaining security.

Solana is attracting the attention of both small-time traders and large institutional investors due to its unique hybrid consensus approach, which is described below. The Solana Foundation has made it a priority to make decentralized finance more widely available on a global basis.

SOL’s pricing began at $0.77 when it was first introduced in 2020. By July 2024, the price had risen to $128.19, representing a gain of 9,405 per cent.

As of July 2024, the USD Coin (USDC) has the fifth highest cryptocurrency in the world according to a market capitalization of $60.36 billion.

6. USD Coin (USDC)

USD Coin (abbreviated USDC) is a stablecoin that is linked to the U.S. dollar on a one-to-one basis in terms of value.

A dollar is backed up by every unit of this cryptocurrency in circulation, and the dollar is kept in reserve in a combination of cash and short-term United States Treasury bonds.

The Centre consortium, which is responsible for this asset, claims that USDC is issued by authorized financial institutions, according to its website.

The stablecoin was first released on a limited basis in September of this year. In a nutshell, USD Coin’s motto is “digital money for the digital age,” and the stablecoin is intended for a future in which cashless transactions are becoming more prevalent.

Many potential applications for the USD Coin have been revealed.

In addition to acting as a haven for cryptocurrency traders during periods of market instability, proponents behind the stablecoin claim that it would enable companies to accept payments in digital assets, and will disrupt a wide range of industries, including decentralized banking and gaming.

Overall, the aim is to establish an ecosystem in which USDC is accepted by as many wallets, exchanges, service providers, and decentralized applications (dApps) as feasible.

As of July 2024, the USD Coin (USDC) is the sixth-highest cryptocurrency in the world according to a market capitalization of $33.58 billion.

Read More: Top 20 Highest Currency in the World 2024

7. XRP (XRP)

XRP, which was created by some of the same founders as Ripple, a digital technology and payment processing business, may be used on that network to enable the exchange of many currency kinds, including fiat currencies and other major cryptocurrencies.

When 2017 began, the price of XRP was $0.006 per unit of currency. As of September 2021, the price has risen to $1.14, representing an almost 19,000 per cent increase from the beginning of the year.

As of July 2024, XRP (XRP) has the seventh-highest cryptocurrency in the world according to the market capitalization of $23.68 billion.

8. Toncoin (TON)

Toncoin (TON) is the native cryptocurrency of the decentralized layer-1 blockchain, The Open Network (TON). The TON blockchain is open-sourced and supported by many network contributors, including the Switzerland-based non-profit organization, the TON Foundation.

Since 2017, the Telegram team has been developing the codebase for a blockchain network, then named Telegram Open Network (TON), with a native cryptocurrency named ‘Gram.’ In May 2020, Telegram founder and CEO Pavel Durov announced the end of Telegram’s involvement with the TON Blockchain following a court order by the SEC. The Gram token was never issued.

Since 2020, the technology has been developed by an independent community of developers and blockchain enthusiasts. The non-profit TON Foundation is the most prominent of these supporters. The blockchain was renamed from “Telegram Open Network” to “The Open Network,” with Toncoin now the native cryptocurrency of the TON network. The whitepaper contains part of the original codebase written by Dr. Nikolai Durov, co-founder of Telegram and brother of Pavel Durov. Toncoin utilizes the proof-of-stake (PoS) consensus model for network scalability and reliability.

TON Foundation’s vision is to empower 500 million users to own their digital identity, data, and assets by 2028 by empowering developers to build a Web3 ecosystem in Telegram Messenger

As of July 2024, Toncoin (TON) has the eighth-highest cryptocurrency in the world according to the market capitalization of $17.68 billion.

9. Dogecoin (DOGE)

Dogecoin has been a popular subject recently, due to the involvement of celebrities and billionaires like Elon Musk. Dogecoin, which was first launched as a joke in 2013, quickly rose to prominence as a popular cryptocurrency alternative, due to a devoted community and innovative memes. In contrast to many other cryptocurrencies, such as Bitcoin, there is no limit on the amount of Dogecoins that may be produced, making the currency vulnerable to depreciation as the supply of the currency grows.

In 2017, the price of Dogecoin was $0.0002. By July 2024, the price had risen to $0.104, representing a 18,900 per cent increase.

As of July 2024, Dogecoin (DOGE) has the ninth-highest cryptocurrency in the world according to the market capitalization of $15.19 billion.

10. Cardano (ADA)

Since it seeks to bypass the energy-intensive elements of the mining process that are included in Bitcoin, Cardano is referred to as the “environmentally friendly” cryptocurrency.

It is the first major cryptocurrency to be built on the ‘proof of stake’ concept, and it is expected to be the last. As a result of this approach, all Cardano holders can vote on the cryptocurrency’s future path.

When compared to other major cryptocurrency currencies, the rise of Cardano’s ADA token has been rather moderate.

In 2017, the price of ADA was $0.02 per unit. As of July 2024, the price was $0.349 per pound. This represents a rise of more than 10,000 per cent.

Cardano (ADA) has the tenth-highest cryptocurrency in the world according to the market capitalization of $12.67 billion as of July 2024, according to Coin Market Cap.

FAQ on Cryptocurrencies

How do cryptocurrencies work?

A cryptocurrency (sometimes known as a “cryptocurrency”) is a digital currency that can be used to purchase goods and services online but relies on an online ledger and strong encryption to ensure the security of online transactions. A large part of the interest in these unregulated currencies stems from the desire to profit from trading, with speculators pushing prices to extreme heights at times.

Can cryptocurrency be converted to cash?

Individuals may change their digital money into cash by simply selling it on a peer-to-peer network, which is considered to be a faster and more anonymous way of converting digital currency into cash. You may also utilize a peer-to-peer network, which will keep your digital tokens locked until your bank account has been credited with the funds you requested.

Is it safe to buy cryptocurrency?

Although all investments include some degree of risk, according to Consumer Reports, some experts believe that Bitcoin is one of the most hazardous investment options available today. Digital currencies, on the other hand, are among the most in-demand commodities.

According to a strict investing perspective, the risks connected with Bitcoin, Ethereum (Ether), or any other cryptocurrency are no different from those associated with other conventional assets, except for the fact that the virtual coin market experiences more volatility.

In the opinion of many analysts, all cryptocurrencies are high-risk investments, and dramatic price fluctuations are typical in the virtual currency trading market. As the asset becomes more widely accepted by the general public, this is expected to decrease.

However, investors should be aware that the cryptocurrency sector now entails a significant level of risk as well as profit. To put it another way, if you want to profit from cryptocurrency trading, you must be willing to take a significant amount of risk.

Is cryptocurrency legal?

Digital currencies such as Bitcoin and Ethereum are not unlawful; anybody may purchase, sell, and exchange cryptocurrencies. For the time being, it is unregulated; we do not have a regulatory structure in place to oversee its operation.

The Indian government, on the other hand, is looking at cryptocurrency regulation. CoinSwitch Kuber, for example, has played a crucial role in assisting the government and encouraging investors to join the cryptocurrency bandwagon by self-regulating and requiring all of its investors to through a rigorous KYC check before investing.

It is widely accepted that the sale of cryptocurrency is only regulated if it involves the sale of a security under state or federal law, (ii) is deemed a money transfer under state law or activity that qualifies the person as a money services company (“MSB”) under federal law.

What is cryptocurrency mining?

Cryptocurrency mining is a process through which miners verify transactions on the blockchain and receive cryptocurrencies in exchange as rewards. It helps in the smooth sustenance of the network.

Do You Have to Pay Taxes on Cryptocurrency?

Those who purchase and sell coins should be aware of the cryptocurrency tax laws, which may be complicated. Instead of being regarded as cash, cryptocurrency is treated as a capital asset, similar to stocks. That implies that if you make a profit on the sale of cryptocurrencies, you will be required to pay capital gains taxes.

This is true even if you use your cryptocurrency to make a transaction using your credit card. If you get more money for it than you paid for it, you will be required to pay taxes on the difference.

Are There Cryptocurrency Exchange-Traded Funds (ETFs)?

It’s reasonable that you would wish to adopt a diversified strategy for investing in cryptocurrencies, given the hundreds of cryptocurrencies in existence (and the significant volatility connected with most of them). This will reduce the likelihood that you will lose money.

Several firms, including Fidelity, have suggested cryptocurrency exchange-traded funds (ETFs), but regulatory obstacles have delayed the introduction of any consumer products. As of June 2021, there are no exchange-traded funds (ETFs) available on the market for ordinary investors.

How Do You Buy Crypto?

Cryptocurrencies may be purchased via cryptocurrency exchanges such as Coinbase, Kraken, and Gemini. In addition, several brokerages, such as WeBull and Robinhood, enable customers to purchase cryptocurrencies via their websites.