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Looking back at the past two years, the crypto market has been through a rough “crypto winter,” but as 2024 started, the tables turned for the whole crypto market. All the charts were green; Bitcoin reached its all-time high in March 2024. The whole crypto community is buzzing with excitement and anticipation for an impending bull run.
If you’re someone who is excited to enter the crypto space for short-term gains or long-term potential, this article highlights the top 10 cryptos for beginners to invest in 2024. These cryptos have shown robust market performance, innovation, and use cases and have positioned themselves as promising investment options.
Let’s delve into the top 10 cryptos for beginners to invest in 2024.
#1 Bitcoin (BTC)
Market cap: $1,211,391,377,443
Rank: #1
Launched by the mysterious Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first crypto. It is a decentralized digital currency that can be bought, sold, and exchanged without an intermediary like a bank. It is a mode of exchange, i.e., a currency, a store of value, or an alternative investment.
No matter whether you buy Bitcoin (BTC) in India or anywhere in the world, the transaction undergoes verification through a process called “mining,” which relies on computational power. Unlike traditional stock markets, you can invest in Bitcoin in India at any time of the day. Bitcoin is one of the earliest and most widely recognized cryptos, having gained immense popularity worldwide. However, it has also experienced significant price fluctuations, creating a captivating narrative of ups and downs. The success of Bitcoin has paved the way for the emergence of other high-value cryptos, such as Ethereum, Cardano, Solana, Dogecoin, and more, which now dominate the market based on their market capitalization.
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#2 Ethereum (ETH)
Market cap: $359,449,027,892
Rank: #2
Since its beginning in 2015, Ethereum has been synonymous with Decentralized Applications (DApps) and smart contracts, revolutionizing the blockchain landscape. As a pioneer, Ethereum’s impact on the industry has been immense, setting the stage for the decentralized future.
As Ethereum has shifted to a Proof-of-Stake (PoS) consensus mechanism, the network’s mining operations will have less adverse environmental effects and solve scalability concerns. Ethereum aims to improve transaction speed and reduce costs for users interacting with Decentralized Apps (dApps) on its network by shifting towards Proof-of-Stake (PoS).
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#3 Solana (SOL)
Market cap: $64,490,788,604
Rank: #5
Founded in 2017 as an open-source project, Solana is a Layer-1 blockchain platform designed to host decentralized, scalable applications. San Francisco-based Solana Labs built the blockchain, which is currently handled by the Solana Foundation, which is based in Geneva. SOL, the crypto that runs on the Solana blockchain, depicted by the ticker symbol SOL, soared as high as 12,000% in 2021.
Solana is a Proof-of-Stake (PoS) blockchain that uses another consensus mechanism, Proof-of-History (PoH), in combination with PoS. The PoH consensus is proof for verifying order and the passage of time between instances. It also encodes a trustless passage of time into a ledger.
Solana’s architecture aims to show that a set of such software algorithms exists. When used in combination to implement blockchains, these algorithms obliterate software as a hindrance to performance, enabling transactions to measure in proportion to network bandwidth.
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#4 Cardano (ADA)
Market cap: $16,413,038,362
Rank: #10
Cardano is a third-generation decentralized Proof-of-Stake (PoS) blockchain platform. Like Ethereum, it relies on peer-reviewed scientific research as its elementary unit for updates. OHK, Cardano Foundation, and EMURGO collectively contribute to Cardano’s development. IOHK and Cardano Foundation are non-profit foundations; EMURGO is a for-profit entity.
Cardano is a modernized version of Ethereum since its third generation while Ethereum’s second generation. Moreover, its objective includes rendering banking services globally.
Cardano’s principal uses are identity management and traceability. Identity management helps streamline methods involving data collection from varied sources. Traceability is used to trace and examine a product’s manufacturing process from origin to finished goods and eliminate the counterfeit goods market.
“ADA,” Cardano’s digital currency, is named after Ada Lovelace, a 19th-century countess and English mathematician recognized as the first computer programmer.
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#5 Polkadot (DOT)
Market cap: $10,095,456,228
Rank: #14
Polkadot is envisioned as an enhanced version of Ethereum, launched in May 2020 by Ethereum (ETH) co-founder Gavin Wood. Currently overseen by the Web3 Foundation (W3F) and developed by Parity Technologies, both co-founded by Wood, Polkadot operates at a foundational level, providing a base upon which other crypto projects can be constructed. It describes itself as a Layer 0 blockchain, distinguishing it from Layer 1 blockchains like Ethereum, Solana (SOL), and Cardano (ADA).
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#6 Ripple (XRP)
Market cap: $28,830,276,144
Rank: #7
Ripple is the creator of the open-source distributed ledger XRP. Unlike the distributed blockchain utilized by Bitcoin (BTC) and its Proof-of-Work mining mechanism, the XRP Ledger handles XRP transactions through a network of dependable validators.
Ripple records transactions for public viewing on its open-source distributed consensus ledger, which resembles a blockchain in that each new data block contains the previous block’s hash. However, its consensus method differs from that of Ethereum and Bitcoin. Since it doesn’t rely on Proof-of-Work (PoW), mining XRP is not necessary.
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#7 Dogecoin (DOGE)
Market cap: $21.27B
Rank: #8
Derived from the famous “doge” Internet meme and adorned with a Shiba Inu on its logo, Dogecoin (DOGE) was conceived as an open-source digital currency by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia. Launched in December 2013 as a fork from Litecoin, Dogecoin was envisioned by its creators as a playful and lighthearted cryptocurrency with broader appeal than the traditional Bitcoin audience, owing to its association with a popular dog meme. Adding to its prominence, Tesla CEO Elon Musk has expressed his fondness for Dogecoin through several tweets on social media.
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#8 Shiba Inu (SHIB)
Market cap: $13.51B
Rank: #11
Shiba Inu, launched in August 2020 by its founder Ryoshi, draws inspiration from the adorable dog breed that shares its name. It is not a mistake for Dogecoin, another crypto featuring the same breed as its mascot. Shiba Inu positions itself as a “Dogecoin killer.”
It is built on the Ethereum blockchain, enabling the execution of smart contracts. Through these smart contracts, Shiba Inu can work with Decentralized Applications (DApps), granting it more functionality. In contrast, Dogecoin needs this capability, making it significantly more limited in its capabilities.
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#9 Pepe (PEPE)
Market cap: $3.53B
Rank: #30
PEPE, a deflationary memecoin introduced on the Ethereum blockchain, pays homage to the Pepe the Frog internet meme originated by Matt Furie in the early 2000s. Embracing the trend of meme coins akin to Shiba Inu and Dogecoin, PEPE aspires to position itself as a prominent meme-based cryptocurrency. The project distinguishes itself by adopting a no-tax policy and openly acknowledging its lack of utility, embracing simplicity and purity as a memecoin to resonate with the cryptocurrency community.
Setting itself unique in the meme coin market, PEPE leverages the enduring and controversial legacy of Pepe the Frog, a character that holds a significant place in internet culture. The project’s commitment to honoring this character sets it apart from other cryptos and enhances its appeal within the crypto community.
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#10 Bonk (BONK)
Market cap: $1.55B
Rank: #58
BONK, Solana’s pioneering dog-themed cryptocurrency, embodies a principle of inclusivity. It was created by and for the community. A significant portion of its total supply was distributed via an airdrop to Solana’s community, showcasing its commitment to decentralization. BONK’s core mission is to enhance liquidity across Solana’s decentralized exchange landscape (DEXs). Its developers designed BONK to be community-centric, playing a vital role in various dApps on the Solana platform, ensuring active participation and equal opportunities for all users.
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Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
