Top 10 Cryptocurrencies of September, 2024

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.

1. Bitcoin (BTC)

Market cap: $1.2 trillion
Year-over-year return: 128%
Bitcoin (BTC), created by Satoshi Nakamoto in 2009, is the first cryptocurrency. It operates on a blockchain, a decentralized ledger verified through a process called proof of work, ensuring security. Bitcoin’s value surged from around $500 in May 2016 to approximately $59,125 by September 2024, a 11,725% increase.

2. Ethereum (ETH)

Market cap: $301.4 billion
Year-over-year return: 53%
Ethereum is both a cryptocurrency and a blockchain platform popular among developers due to its versatility. Its key applications include smart contracts, which automatically execute when specific conditions are met, and non-fungible tokens (NFTs), enabling the creation and trading of unique digital assets.

3. Tether (USDT)

Market cap: $118.1 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.

4. Binance Coin (BNB)

Market cap: $78.1 billion
Year-over-year return: 148%
Binance Coin (BNB) is a cryptocurrency used to trade and pay fees on Binance, one of the world's largest crypto exchanges. Since its 2017 launch, BNB has evolved beyond just facilitating transactions on Binance’s platform, offering broader use cases within the crypto ecosystem.

5. Solana (SOL)

Market cap: $62.7 billion
Year-over-year return: 584%
Solana, launched in 2020, powers decentralized finance (DeFi), apps (DApps), and smart contracts using a hybrid proof-of-stake and proof-of-history system for fast, secure transactions. Its token, SOL, rose from $0.77 to about $134.33 by September 2024, a 17,346% increase.

6. U.S. Dollar Coin (USDC)

Market cap: $34.8 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: $32.0 billion
Year-over-year return: 13%
XRP, developed by some of the founders of Ripple, is used within Ripple's network to facilitate exchanges between various currency types, including both fiat currencies and major cryptocurrencies.

8. Dogecoin (DOGE)

Market cap: $14.6 billion
Year-over-year return: 58%
Launched as a joke in 2013, Dogecoin quickly grew into a major cryptocurrency, fueled by a vibrant community and popular memes. Unlike many cryptocurrencies, Dogecoin has no supply cap, which can lead to devaluation as the number of coins increases.

9. TRON (TRX)

Market cap: $13.2 billion
Year-over-year return: 97%
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.

10. Toncoin (TON)

Market cap: $13.1 billion
Year-over-year return: 172%
Initially created as a layer-1 blockchain for Telegram's encrypted messaging, Toncoin was abandoned but later revived by the TON Foundation. The project's name was changed from "Telegram Open Network" to "The Open Network," with both names commonly referred to as TON.

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Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.Trading cryptocurrency CFDs and spreadbets is restricted for all UK retail clients