Top 19 Altcoins Based on Market Capitalization

The world of cryptocurrency has expanded far beyond Bitcoin. While Bitcoin remains the most well-known and valuable cryptocurrency, numerous other digital coins, known as altcoins, have emerged with diverse features and use cases. This article delves into the top 19 altcoins, examining their prices, market performance, and unique characteristics. The data below was taken from CoinGecko on May 16, 2024.

altcoin

1. Ethereum (ETH)

Overview

Ethereum (ETH) is the second-largest cryptocurrency by market capitalization. It is a decentralized platform that enables the creation and execution of smart contracts and decentralized applications (DApps) without any downtime, fraud, control, or interference from a third party.

Market Performance

  • Price: $2,949.82
  • 1h Change: 0.9%
  • 24h Change: 0.8%
  • 7d Change: 1.2%
  • 24h Volume: $12,833,115,064
  • Market Cap: $354,476,792,061

Key Features

  • Smart Contracts: Enables complex financial transactions without intermediaries.
  • DApps: Supports a wide range of decentralized applications.
  • Ethereum 2.0: Transition to Proof of Stake (PoS) to improve scalability and reduce energy consumption.

2. Tether (USDT)

Overview

Tether (USDT) is a stablecoin that aims to keep cryptocurrency valuations stable. It is pegged to the US Dollar on a 1:1 basis, meaning its value remains consistent with the dollar.

Market Performance

  • Price: $1.00
  • 1h Change: 0.1%
  • 24h Change: 0.0%
  • 7d Change: 0.0%
  • 24h Volume: $39,592,609,492
  • Market Cap: $111,236,759,629

Key Features

  • Stability: Minimizes volatility by being pegged to the US Dollar.
  • Liquidity: Widely used for trading and as a store of value in the crypto market.
  • Transparency: Backed by reserves of traditional currency.

3. Binance Coin (BNB)

Overview

Binance Coin (BNB) is the native cryptocurrency of the Binance Exchange, one of the largest cryptocurrency exchanges in the world. It is used to pay for transaction fees on the Binance platform and can be traded for other cryptocurrencies.

Market Performance

  • Price: $569.19
  • 1h Change: 1.2%
  • 24h Change: 1.9%
  • 7d Change: 4.8%
  • 24h Volume: $1,235,681,450
  • Market Cap: $87,753,396,604

Key Features

  • Utility Token: Used to pay fees on the Binance Exchange.
  • Discounts: Users get discounts on trading fees when using BNB.
  • Burn Mechanism: Periodic coin burns to reduce supply and increase value.

4. Solana (SOL)

Overview

Solana (SOL) is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions.

Market Performance

  • Price: $158.57
  • 1h Change: 2.4%
  • 24h Change: 3.5%
  • 7d Change: 9.6%
  • 24h Volume: $3,406,060,010
  • Market Cap: $71,314,970,097

Key Features

  • High Throughput: Capable of processing thousands of transactions per second.
  • Low Fees: Offers significantly lower transaction costs compared to Ethereum.
  • DeFi and NFTs: Strong ecosystem for decentralized finance and non-fungible tokens.

5. USD Coin (USDC)

Overview

USD Coin (USDC) is a stablecoin fully backed by the US dollar. It is an open-source, smart contract-based stablecoin developed by the Centre consortium.

Market Performance

  • Price: $1.00
  • 1h Change: 0.1%
  • 24h Change: 0.1%
  • 7d Change: 0.1%
  • 24h Volume: $6,556,146,130
  • Market Cap: $33,320,915,229

Key Features

  • Stability: Maintains a stable value by being backed by US Dollar reserves.
  • Transparency: Regular audits to ensure reserves match the number of USDC in circulation.
  • Wide Adoption: Used widely in the crypto ecosystem for trading and payments.

6. XRP (XRP)

Overview

XRP is the native cryptocurrency of the Ripple network, designed to facilitate fast, low-cost international payments.

Market Performance

  • Price: $0.517
  • 1h Change: 0.1%
  • 24h Change: 1.1%
  • 7d Change: 0.8%
  • 24h Volume: $936,208,200
  • Market Cap: $28,553,652,121

Key Features

  • Fast Transactions: Processes transactions in seconds.
  • Low Fees: Offers very low transaction fees.
  • Bank Adoption: Used by financial institutions for cross-border payments.

7. Lido Staked Ether (STETH)

Overview

Lido Staked Ether (STETH) is a token that represents staked Ether in the Lido staking platform, providing liquidity to stakers.

Market Performance

  • Price: $2,945.05
  • 1h Change: 0.8%
  • 24h Change: 1.0%
  • 7d Change: 1.2%
  • 24h Volume: $98,414,036
  • Market Cap: $27,553,375,569

Key Features

  • Staking Rewards: Allows users to earn staking rewards while maintaining liquidity.
  • Decentralized: Operates on a decentralized staking platform.
  • Liquidity: STETH can be used in DeFi applications.

8. Toncoin (TON)

Overview

Toncoin (TON) is a cryptocurrency that was developed by the Telegram team. It is designed for decentralized applications and digital services.

Market Performance

  • Price: $6.70
  • 1h Change: 1.1%
  • 24h Change: 4.2%
  • 7d Change: 11.2%
  • 24h Volume: $912,738,027
  • Market Cap: $23,236,859,199

Key Features

  • High Speed: Capable of processing millions of transactions per second.
  • Scalability: Designed to scale efficiently.
  • Versatile: Supports a wide range of decentralized applications.

9. Dogecoin (DOGE)

Overview

Dogecoin (DOGE) started as a meme but has grown into a popular cryptocurrency. It is known for its strong community and use as a tipping currency.

Market Performance

  • Price: $0.1505
  • 1h Change: 1.2%
  • 24h Change: 1.7%
  • 7d Change: 1.7%
  • 24h Volume: $1,387,699,157
  • Market Cap: $21,739,788,134

Key Features

  • Community: Strong and active community.
  • Low Fees: Low transaction costs.
  • Popular: Widely used for tipping and charitable donations.

10. Cardano (ADA)

Overview

Cardano (ADA) is a blockchain platform for innovators and visionaries, with the tools and technologies required to create possibility for the many, as well as the few, and bring about positive global change.

Market Performance

  • Price: $0.4514
  • 1h Change: 0.7%
  • 24h Change: 1.2%
  • 7d Change: 0.2%
  • 24h Volume: $344,617,112
  • Market Cap: $15,985,280,305

Key Features

  • Research-Based: Developed through academic research.
  • Layered Architecture: Separates the ledger of account values from the reason why values are moved.
  • Scalability: Focuses on scalability, sustainability, and interoperability.

11. Shiba Inu (SHIB)

Overview

Shiba Inu (SHIB) is an Ethereum-based token that has risen in popularity as a meme coin and a Dogecoin competitor.

Market Performance

  • Price: $0.00002443
  • 1h Change: 1.3%
  • 24h Change: 1.3%
  • 7d Change: 7.8%
  • 24h Volume: $915,116,230
  • Market Cap: $14,416,399,962

Key Features

  • Meme Coin: Inspired by Dogecoin and popular on social media.
  • Deflationary: Implements token burns to reduce supply.
  • Community-Driven: Strong community support and engagement.

12. Avalanche (AVAX)

Overview

Avalanche (AVAX) is an open, programmable smart contracts platform for decentralized applications.

Market Performance

  • Price: $33.94
  • 1h Change: 1.4%
  • 24h Change: 0.9%
  • 7d Change: 0.5%
  • 24h Volume: $393,640

13. TRON (TRX)

Overview

TRON (TRX) is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system with distributed storage technology.

Market Performance

  • Price: $0.1251
  • 1h Change: 0.1%
  • 24h Change: 0.9%
  • 7d Change: 1.6%
  • 24h Volume: $359,774,231
  • Market Cap: $10,940,617,228

Key Features

  • Content Sharing: Allows creators to publish, store, and own data freely.
  • High Throughput: Capable of handling a high number of transactions.
  • Scalability: Efficiently scales to meet user demands.

14. Wrapped Bitcoin (WBTC)

Overview

Wrapped Bitcoin (WBTC) is an ERC-20 token representing Bitcoin on the Ethereum blockchain. It brings Bitcoin’s liquidity to the Ethereum network.

Market Performance

  • Price: $65,681.16
  • 1h Change: 0.7%
  • 24h Change: 1.3%
  • 7d Change: 6.5%
  • 24h Volume: $329,970,480
  • Market Cap: $10,228,728,271

Key Features

  • Liquidity: Brings Bitcoin liquidity to Ethereum.
  • Interoperability: Enables Bitcoin to be used in Ethereum’s DeFi ecosystem.
  • Transparency: Fully backed by Bitcoin.

15. Polkadot (DOT)

Overview

Polkadot (DOT) is a multi-chain network that aims to enable different blockchains to transfer messages and value in a trust-free fashion; sharing their unique features while pooling their security.

Market Performance

  • Price: $6.86
  • 1h Change: 0.5%
  • 24h Change: 0.9%
  • 7d Change: 0.6%
  • 24h Volume: $180,302,854
  • Market Cap: $9,387,232,054

Key Features

  • Interoperability: Enables cross-blockchain transfers.
  • Scalability: Scales by spreading transactions across multiple parallel blockchains.
  • Decentralization: Focuses on decentralized governance.

16. Bitcoin Cash (BCH)

Overview

Bitcoin Cash (BCH) is a hard fork of Bitcoin aimed at increasing the number of transactions that can be processed.

Market Performance

  • Price: $444.00
  • 1h Change: 1.2%
  • 24h Change: 0.9%
  • 7d Change: 0.7%
  • 24h Volume: $235,515,146
  • Market Cap: $8,778,290,555

Key Features

  • Larger Blocks: Increased block size to accommodate more transactions.
  • Fast Transactions: Provides quicker transaction times.
  • Low Fees: Lower transaction fees compared to Bitcoin.

17. NEAR Protocol (NEAR)

Overview

NEAR Protocol (NEAR) is a decentralized application platform designed to make apps similarly usable to those on today’s web.

Market Performance

  • Price: $7.98
  • 1h Change: 1.8%
  • 24h Change: 2.5%
  • 7d Change: 10.0%
  • 24h Volume: $801,662,255
  • Market Cap: $8,659,370,896

Key Features

  • User-Friendly: Aims to simplify user and developer experiences.
  • Scalable: Uses sharding to improve scalability.
  • Decentralized: Focuses on decentralized governance.

Overview

Chainlink (LINK) is a decentralized oracle network that provides reliable, tamper-proof inputs and outputs for complex smart contracts on any blockchain.

Market Performance

  • Price: $13.63
  • 1h Change: 1.1%
  • 24h Change: 0.4%
  • 7d Change: 2.0%
  • 24h Volume: $328,527,931
  • Market Cap: $8,007,632,580

Key Features

  • Oracles: Bridges real-world data with blockchain.
  • Decentralization: Ensures data integrity through decentralized sources.
  • Adoption: Widely used in DeFi and beyond.

19. Polygon (MATIC)

Overview

Polygon (MATIC) is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It aims to address some of Ethereum’s major limitations, including its throughput, poor user experience (high speed and delayed transactions), and lack of community governance, using a novel sidechain solution.

Market Performance

  • Price: $0.6706
  • 1h Change: 1.0%
  • 24h Change: 0.9%
  • 7d Change: 1.6%
  • 24h Volume: $279,296,543
  • Market Cap: $6,224,773,036

Key Features

  • Scalability: Enhances Ethereum’s scalability with Layer 2 solutions.
  • Interoperability: Facilitates interoperability between blockchain networks.
  • Developer-Friendly: Provides tools for developers to build and connect decentralized applications.

Conclusion

The world of altcoins offers a diverse array of cryptocurrencies, each with unique features and use cases. From facilitating decentralized finance and smart contracts to enhancing scalability and interoperability, these altcoins are driving innovation in the blockchain space. Understanding their market performance and key attributes helps investors and enthusiasts navigate the dynamic and evolving landscape of digital currencies.