Top 10 Cryptocurrencies of February 2024: There are lots of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Tether. It can be confusing when you’re new to crypto. Here are the top 10 cryptocurrencies based on how much they’re worth.
Best Crypto To Buy Now
1. Bitcoin (BTC)
Bitcoin, created in 2009 by someone named Satoshi Nakamoto, is the first digital currency. Like many other digital currencies, Bitcoin operates using a technology called blockchain, which keeps a record of transactions on a network of many computers. To ensure security, new transactions on the blockchain are verified by solving a complex puzzle using cryptography, a process known as proof of work.
Bitcoin’s value has soared since it became well-known. In May 2016, you could buy one Bitcoin for about $500. But by February 13, 2024, the price of a single Bitcoin had risen to around $48,902. That’s an increase of 9,680%.
2. Ethereum (ETH)
Ethereum is liked by software developers because it can do many things, like smart contracts and NFTs. Its price has gone up a lot, from $11 in April 2016 to around $2,620 in February 2024, an increase of 23,722%.
3. Tether (USDT)
Unlike many other types of cryptocurrency, Tether (USDT) is a stablecoin. This means it’s tied to real-world currencies like the U.S. dollar and the euro, aiming to maintain a stable value equivalent to one of those currencies. The idea is that Tether should be less prone to big swings in value compared to other cryptocurrencies. Investors who are cautious about the unpredictable ups and downs of other digital coins often prefer Tether.
4. Solana (SOL)
Solana was made to support decentralized finance, decentralized apps, and smart contracts. It uses a special way to process transactions quickly and securely. Solana’s native token, SOL, is what makes the platform work.
When it first came out in 2020, the price of SOL was $0.77. But by late February 2024, its price had risen to around $110.19. That’s a huge increase of 14,210%.
5. Binance Coin (BNB)
Binance Coin (BNB) is a type of digital money you can use to trade and pay fees on Binance, a big cryptocurrency trading website. Since it started in 2017, Binance Coin has grown beyond just being used for trading on Binance. Now, you can use it for trading, paying for things, or even booking trips. You can also swap it for other cryptocurrencies like Ethereum or Bitcoin.
Back in 2017, BNB was worth only $0.10. But by late February 2024, its price had gone up to about $320, which is a huge increase of 320,295%.
6. XRP (XRP)
XRP, a digital currency made by some of the people who started Ripple, helps with exchanging different types of money on their network, like regular money and other digital currencies.
In early 2017, XRP was worth $0.006. By February 13, 2024, its value went up to $0.52, which is an increase of 8,539%.
7. U.S. Dollar Coin (USDC)
USD Coin (USDC) is a stable digital currency, just like Tether. It’s backed by U.S. dollars and always aims to be worth 1 US dollar. USDC works on the Ethereum platform, and you can use it to make transactions worldwide.
8. Cardano (ADA)
Cardano (ADA) joined the world of cryptocurrencies a bit later than others, but it stands out because it uses a method called proof-of-stake to validate transactions. This way of validating transactions speeds up the process and uses less energy, which is better for the environment. Unlike Bitcoin, which requires a competitive approach to verifying transactions, Cardano doesn’t have that aspect. It also operates like Ethereum, allowing for smart contracts and decentralized apps, with its native coin, ADA, being used for transactions.
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9. Avalanche (AVAX)
The price of Cardano’s ADA token has grown steadily. In 2017, ADA was worth $0.02, but as of February 13, 2024, its price has risen to $0.54. That’s an increase of 2,594%.
Avalanche has two key benefits: it processes transactions quickly and charges low fees. Also, AVAX has a good amount of money locked in decentralized finance, which means there’s a lot of cryptocurrency deposited in DeFi protocols like staking or lending. When a cryptocurrency has a high amount locked in DeFi, it shows that the protocol is popular and the cryptocurrency is being widely used. Avalanche’s current price is $39.
10. Chainlink (LINK)
Chainlink is a blockchain that can bring outside data into smart contracts. This means it can connect with information not on the blockchain, like data feeds and payment methods. This helps other blockchains to run smart contracts more effectively. Some data providers, like Huobi and Brave New Coin, have noticed Chainlink’s usefulness. Currently, Chainlink’s price is $39.
How does cryptocurrency work?
Cryptocurrencies are types of digital money made using blockchain tech. Blockchain lets cryptocurrencies work without needing a central authority to manage transactions.
Bitcoin, the first cryptocurrency, was made by someone named Satoshi Nakamoto in 2009.
Why Are There So Many Cryptocurrencies?
Cryptocurrency is a new field with over 22,000 different projects as of June 2023.
Some cryptocurrencies are used like regular money, while others help build the technology behind them. For example, with Ethereum or Solana, developers create new cryptocurrencies using these platforms, leading to even more options.
How To Report Crypto on Taxes
Cryptocurrency is considered a type of investment, similar to stocks, instead of regular money. So, if you sell cryptocurrency for more than you bought it, you’ll have to pay taxes on the profit, just like when you sell stocks for a profit.
This applies even if you use your cryptocurrency to buy something. If the value of the cryptocurrency has increased since you bought it, you’ll need to pay taxes on the extra money you make from the sale.
How Do You Invest in Cryptocurrency?
You can purchase cryptocurrencies on websites like Coinbase, Kraken, or Gemini. Also, some apps like We Bull and Robinhood let you buy cryptocurrencies too.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
