Top 10 Cryptocurrencies for Investment in August 2024

With thousands of cryptocurrencies available, from Bitcoin and Ethereum to Dogecoin and Tether, it can be daunting to navigate the crypto space when you're just starting out. To help you find your way, here are the top 10 cryptocurrencies to consider investing in, based on their market capitalization or the total value of all coins in circulation.

Best Cryptocurrencies to Buy Right Now

Bitcoin (BTC)

• Current Price: 62,524
• Market cap: $1.3 trillion
• Annual return: 126%

Bitcoin (BTC), created in 2009 by Satoshi Nakamoto, is the original cryptocurrency operating on a secure blockchain that uses proof of work to prevent fraud. Its price has surged dramatically, from about $500 in May 2016 to around $66,636 by July 30, 2024, representing a growth of 13,227%.

Ethereum (ETH)

• Current Price: 3,027
• Market cap: $380.6 billion
• Annual return: 79%

Ethereum, the second-largest cryptocurrency by market cap, is highly favored by developers for its versatile applications, including smart contracts that self-execute under specified conditions and non-fungible tokens (NFTs). Ethereum has seen remarkable growth, with its price rising from approximately $11 in April 2016 to around $3,347 by the end of July 2024, marking a 30,330% increase.

Tether (USDT)

• Current Price: $0.998
• Market cap: $114.4 billion
• Annual return: 0%

Unlike many other cryptocurrencies, Tether (USDT) is a stablecoin, which means it is backed by fiat currencies such as U.S. dollars and euros, and is designed to maintain a value equivalent to these currencies. This stability makes Tether less volatile compared to other cryptocurrencies, making it a preferred choice for investors concerned about the extreme fluctuations in the value of other digital coins.

Solana (SOL)

• Current Price: $ 171.63
• Market cap: $78.4 billion
• Annual return: 641%

Solana, a prominent blockchain platform in 2024, is designed to support decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. It utilizes a unique combination of proof-of-stake and proof-of-history mechanisms to ensure rapid and secure transaction processing. When the platform launched in 2020, SOL was priced at $0.77, and by late July 2024, its price had risen to approximately $181.79, representing a 23,509% increase.

Binance Coin (BNB)

• Current Price: $ 574.29
• Market cap: $83.7 billion
• Annual return: 135%

Binance Coin (BNB), initially launched in 2017 for use on Binance's exchange, has expanded to support various functions like trading, payment processing, and travel bookings. Its value has surged from $0.10 in 2017 to around $573 by late July 2024, marking a 573,380% increase.

XRP (XRP)

• Current Price: $0.61
• Market cap: $35.0 billion
• Annual return: -11%

Developed by some of the founders behind Ripple, XRP is designed to facilitate currency exchanges on its network, including both fiat currencies and major cryptocurrencies. In early 2017, XRP was priced at $0.006, and by July 30, 2024, its price had climbed to $0.63, reflecting a 10,329% increase.

Dogecoin (DOGE)

• Current Price: $0.12
• Market cap: $18.7 billion
• Annual return: 62%

Dogecoin was initially launched as a meme in 2013 but quickly grew into a notable cryptocurrency due to its enthusiastic community and viral memes. Unlike many other cryptocurrencies, there is no cap on the number of Dogecoins that can be minted, which could lead to devaluation as supply expands. In 2017, Dogecoin was valued at $0.0002; by July 2024, its price had risen to $0.13, marking a 64,277% increase.

Toncoin (TON)

• Current Price: $ 6.63
• Market cap: $16.8 billion
• Annual return: 453%

Toncoin, initially developed for Telegram’s messaging platform as Gram, was abandoned before being revived by the TON Foundation and rebranded to "The Open Network" (TON). It is the native token for the TON network, facilitating the buying, sending, and storing of funds on its fast and eco-friendly blockchain.

Cardano (ADA)

• Current Price: $ 0.43
• Market cap: $ 15.65 billion
• Annual return: 29%

Cardano (ADA), notable for adopting proof-of-stake validation to improve transaction speed and reduce energy use, also supports smart contracts and decentralized applications. Since its launch, ADA has seen modest growth, rising from $0.02 in 2017 to $0.40 by July 30, 2024, a 1,922% increase. 

Avalanche

• Current Price: $ 26.83
• Market cap: $ 10.58 billion

Avalanche (AVAX), a blockchain platform designed for scalable DeFi and dApps, initially had a slow start in 2024 but surged to $65 in March before falling below $30. The current outlook is bearish, with AVAX under key moving averages and showing a bearish death cross. If it surpasses $40, it might reach $47 or $50; otherwise, it could find support around $23.

*Market caps and prices are sourced from binance.com, accurate as of 06:49 p.m. UTC on August 2, 2024.