10 Best Cryptocurrencies of October 2024 – Forbes Advisor

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Top 10 Cryptocurrencies Of October 15, 2024

Rae Hartley Beck Deputy Editor of Investing and Retirement Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 300 by See Full Bio Rae Hartley Beck Deputy Editor of Investing and Retirement Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 300 by See Full Bio Written By Rae Hartley Beck Rae Hartley Beck Deputy Editor of Investing and Retirement Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 300 by See Full Bio Rae Hartley Beck Deputy Editor of Investing and Retirement Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 300 by See Full Bio Deputy Editor of Investing and Retirement Michael Benninger Managing Editor — Banking and Investing With more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been See Full Bio Michael Benninger Managing Editor — Banking and Investing With more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been See Full Bio Michael Benninger Michael Benninger Managing Editor — Banking and Investing With more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been See Full Bio Michael Benninger Managing Editor — Banking and Investing With more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been See Full Bio

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 | Managing Editor — Banking and Investing & 1 other

Updated: Oct 15, 2024, 9:50am

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Getty

From bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, which can make 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 to invest in based on their market capitalization or the total value of all the coins currently in circulation.

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Guide to Top Cryptocurrency

Best Crypto To Buy Now What Are Cryptocurrencies? Pros and Cons of Cryptocurrency How To Choose the Best Crypto To Invest In How To Invest in Cryptocurrency? How much does it cost to buy Cryptocurrency? How To Report Crypto on Taxes Crypto Frequently Asked Questions (FAQs)

Best Crypto To Buy Now

1. Bitcoin (BTC)

Market cap: $1.3 trillion Year-over-year return: 124%

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 Oct. 15, 2024, a single bitcoin’s price was around $65,833. That’s a growth of 13,067%.

Related: How To Buy Bitcoin

2. Ethereum (ETH)

Market cap: $313.1 billion Year-over-year return: 60%

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 October 2024, its price went from about $11 to around $2,601, increasing 23,544%.

Related: How To Buy Ethereum

3. Tether (USDT)

Market cap: $119.7 billion Year-over-year return: 0%

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: $86.5 billion Year-over-year return: 175%

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 October 2024, its price had risen to around $593, a gain of 592,437%.

Related: How To Buy Cryptocurrency

5. Solana (SOL)

Market cap: $72.1 billion Year-over-year return: 545%

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 October 2024, its price was around $153.50, a gain of 19,836%.

6. U.S. Dollar Coin (USDC)

Market cap: $34.7 billion Year-over-year return: 0%

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.

7. XRP (XRP)

Market cap: $30.6 billion Year-over-year return: 8%

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 Oct. 15, 2024, its price reached $0.54, equal to a rise of 8,895%.

8. Dogecoin (DOGE)

Market cap: $16.7 billion Year-over-year return: 88%

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 October 2024, its price was at $0.11, up 56,883%.

9. TRON (TRX)

Market cap: $13.7 billion Year-over-year return: 79%

Much like Solana, TRON is a blockchain designed to run smart contracts and other DeFi applications. TRX is the platform’s native cryptocurrency, which powers its proof-of-stake consensus algorithm.

TRON was founded in 2017, and TRX was initially valued at $0.0019 per token. At its peak in 2018, TRX spiked as high as $0.2245, for a gain of 11,715% in a matter of months. TRX is currently valued around $0.16.

10. Toncoin (TON)

Market cap: $13.3 billion Year-over-year return: 163%

Originally developed as a layer-1 blockchain for Telegram’s encrypted messaging platform, Toncoin was soon abandoned before being taken over by the TON foundation. The project name was even changed to “The Open Network” from its original name “Telegram Open Network,” both of which are referred to by their acronym: TON.

Toncoin—first known as Gram—is the native token for TON. It is an application that allows users to buy, send and store funds on TON’s incredibly fast, environmentally friendly network.

*Market caps and pricing sourced from coinmarketcap.com, current as of 8:31 a.m. UTC on Oct. 15, 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.

Why Are There So Many Cryptocurrencies?

Cryptocurrency is an emerging area with more than 9,000 crypto projects in existence as of March 2024.

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).

Pros and Cons of Cryptocurrency

There are both pros and cons to investing in cryptocurrencies. Some of the most common ones an investor might run into are:

Pros Cons Decentralization High energy usage associated with mining Accessibility Evolving government regulations Potentially high returns Price volatility Transaction speed Prevalence of scams and fraud See More See Less

How To Choose the Best Crypto To Invest In

When choosing the best cryptocurrency to invest in, it is important to consider your individual goals, investing timeline and risk profile, just as you would with any investment. Additionally, you should do your due diligence to make sure that any crypto project you are interested in is legitimate and secure.

In general, investors should consider the following when evaluating a crypto:

Market capitalization Liquidity Security Use case

When exploring cryptocurrency investments, first consider the exchanges where the token is listed. Tokens featured on major exchanges generally offer better liquidity, attracting larger investors and reaching a broader audience, which in turn increases the potential buyer base.

Maksym Repa, analyst at Symbolic Capital

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 Much Does It Cost To Buy Cryptocurrency?

How much it costs to buy cryptocurrency depends on a number of factors, including which crypto you are buying. Many small altcoins trade for a fraction of a cent, while a single bitcoin will cost you tens of thousands of dollars. However, many brokerages and exchanges now allow fractional trading, offering investors the option to buy a portion of a cryptocurrency.

There are also often costs and fees associated with having a crypto wallet and/or an account on a brokerage or crypto exchange. Be sure that you understand all of the costs associated with buying and holding any cryptocurrency before you invest.

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.

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Crypto Frequently Asked Questions (FAQs)

How does trading cryptocurrencies differ from trading stocks?

While you can invest in cryptocurrencies, they differ a great deal from traditional investments, like stocks. When you buy stock, you are buying a share of ownership of a company, which means you’re entitled to do things like vote on the direction of the company. If that company goes bankrupt, you also may receive some compensation once its creditors have been paid from its liquidated assets.

Buying cryptocurrency doesn’t grant you ownership over anything except the token itself; it’s more like exchanging one form of currency for another. If the crypto loses its value, you won’t receive anything after the fact.

There are several other key differences to keep in mind:

Trading hours: Stocks are only traded during stock exchange hours, typically 9:30 am to 4:30 pm ET, Monday through Friday. Cryptocurrency markets never close, so you can trade 24 hours a day, seven days a week. Regulation: Stocks are regulated financial products, meaning a governing body verifies their credentials and their finances are matters of public record. By contrast, cryptocurrencies are not regulated investment vehicles, so you may not be aware of the inner dynamics of your crypto or the developers working on it. Volatility: Both stocks and cryptocurrency involve risk; the money you invest can lose value. However, stocks are directly linked to companies and generally rise and fall based on those companies’ performance. Cryptocurrency prices are more speculative—no one is quite sure of their value yet. That makes them much more volatile and affected by something as small as a celebrity’s tweet.

Are there cryptocurrency exchange-traded funds?

Given the thousands of cryptocurrencies in existence and the high volatility associated with most of them, it’s understandable you might want to take a diversified approach to investing in crypto to minimize the risk that you might lose money.

There are exchange-traded funds , or ETFs, that trade in both bitcoin futures and bitcoin’s spot price. The bitcoin ETF that is right for you, however, depends upon many factors, including your risk tolerance and investment horizon.

What are altcoins?

When we first think of crypto, we usually think of bitcoin. That’s because bitcoin represents more than 45% of the total cryptocurrency market. So when we talk about any cryptos outside of bitcoin, all of those cryptos are considered altcoins.

Ethereum, for instance, is regarded as the most popular altcoin.

Why is bitcoin valuable?

Part of what makes bitcoin so valuable is its scarcity. Bitcoin’s maximum supply is limited to 21 million coins. Currently, there are 19 million coins in circulation.

To create supply, bitcoin rewards crypto miners with a set bitcoin amount. To be exact, 6.25 BTC is issued when a miner has successfully mined a single block. To keep the process in check, the rewards given for mining bitcoin are cut in half almost every four years.

Why are cryptocurrencies important?

While the initial premise of cryptocurrency was to fix the problems with traditional currencies, there are now a whole host of utility cryptocurrencies that have sprung up, thanks to the creation of the blockchain.

Was this article helpful? Share your feedback Send feedback to the editorial team Thank You for your feedback! Something went wrong. Please try again later. Basics What Is Cryptocurrency? Best Crypto Exchanges Best Blockchain ETFs Best Crypto Credit Cards What Is An NFT? Cryptocurrency Tax Calculator Guides How To Buy Cryptocurrency How To Buy XRP (Ripple) How To Buy Shiba Inu (SHIB) How To Buy Bitcoin (BTC) How To Buy Dogecoin (DOGE) How To Buy Ethereum (ETH) How To Buy Cronos (CRO) How To Buy Safemoon More In Cryptocurrency Crypto Exchanges Crypto.com Review Coinbase Review Binance.US Review Kraken Review Bitstamp Review eToro Review

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Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners . Rae Hartley Beck Deputy Editor of Investing and Retirement

Rae Hartley Beck first started writing about personal finance in 2011 with a regular column in her college newspaper as a staff writer. Since then she has become a leader in the Financial Independence, Retire Early (FIRE) movement and has over 300 bylines in prominent publications including Money, Bankrate and Investopedia on all things personal finance. A former award-winning claims specialist with the Social Security Administration, Rae continues to share her expert insider knowledge with Forbes Advisor readers.

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