Staying updated with the latest trends in the cryptocurrency market is crucial. As 2024 begins, a clear picture of the leading cryptocurrencies emerges based on their market capitalization. This is a critical indicator of their value and investor confidence.
This guide delves into the top 10 cryptocurrencies to invest in May 2024. We offer insights into potential growth and unique features, helping you make the right investment decision.
What are the top 10 cryptocurrencies in May 2024
1. Bitcoin (BTC)
Leading the pack with a market cap of $850 billion, Bitcoin remains the gold standard of cryptocurrencies. Created in 2009 by the enigmatic Satoshi Nakamoto, its robust blockchain technology and substantial growth — a staggering 63,609.9% since July 06, 2013 — underscore its dominant position.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
Where to buy
Where to trade
Want to know BTC’s future price path? Check our Bitcoin price prediction.
2. Ethereum (ETH)
With a market cap of $271.7 billion, Ethereum has become a decentralized environment that revolutionizes how we think about digital contracts and applications. Its versatility, highlighted by the implementation of smart contracts and non-fungible tokens (NFTs), has led to an impressive 494,813% price increase since Oct. 20, 2015.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
Where to buy
Where to trade
Want to know ETH’s future price path? Check our Ethereum price prediction.
3. Tether (USDT)
Standing out with a market cap of $93.1 billion, tether brings stability to the crypto market. As a stablecoin, it is pegged to the U.S. dollar, offering a more consistent value and attracting investors seeking refuge from the volatility typical of other cryptocurrencies.
Read more: 8 Best Crypto Wallets to Store Tether (USDT)
Where to buy
Where to trade
4. Binance Coin (BNB)
Originating from one of the largest crypto exchanges, Binance, BNB has a market cap of $36.1 billion. Its evolution from facilitating trades to a multi-use asset demonstrates its adaptability and growth — a striking 588,170.58% since Oct. 19, 2017.
Read more: How To Buy BNB and Everything You Need To Know
Where to buy
Where to trade
Want to know BNB’s future price path? Check our BNB price prediction.
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5. XRP (XRP)
Linked to Ripple, a digital technology and payment processing company, XRP has a market cap of $34.5 billion. It facilitates seamless exchanges across various currencies, marking a significant rise of 23,738.18% in its price since May 22, 2014.
Read more: How To Buy XRP and Everything You Need To Know
Where to buy
Where to trade
Want to know XRP’s future price path? Check our XRP price prediction.
6. Solana (SOL)
With a market cap of $27.2 billion, Solana is a high-performance blockchain supporting decentralized apps and finance. Its unique hybrid consensus mechanism contributes to its efficiency and security, with SOL’s price surging by 12,722.02% since May 11, 2020.
Read more: How to Buy Solana (SOL) and Everything You Need To Know
Where to buy
Where to trade
Want to know SOL’s future price path? Check our Solana price prediction.
7. USD Coin (USDC)
Another stablecoin on the list, USDC, boasts a market cap of $24.4 billion. Backed by the U.S. dollar, it offers a stable and reliable option for global crypto transactions powered by Ethereum.
Where to buy
Where to trade
8. Cardano (ADA)
Cardano, a newer entrant with a market cap of $14.4 billion, distinguishes itself with an eco-friendly proof-of-stake mechanism. With its focus on sustainability, scalability, and capability to support smart contracts and decentralized applications, Cardano has seen a 2,038.66% increase in ADA’s price since March 13, 2020.
Read more: How To Buy Cardano (ADA) and Everything You Need To Know
Where to buy
Where to trade
Want to know ADA’s future price path? Check our Cardano price prediction.
9. Dogecoin (DOGE)
What began as a joke in 2013, Dogecoin captured the crypto community’s imagination and now boasts a market cap of $12.7 billion. Due to no cap on creation, its inflationary nature contrasts with other cryptos, yet the memecoin has seen a remarkable price rise of 102,909.89% since May 6, 2015.
Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know
Where to buy
Where to trade
Want to know DOGE’s future price path? Check our Dogecoin price prediction.
10. TRON (TRX)
TRON closes the list with a market cap of $9.3 billion. Like SOL, it is designed to run smart contracts and DeFi applications. Since its 2017 founding, TRX has experienced a significant valuation spike of 5,755.95%.
Read more: How To Buy TRON (TRX) and Everything You Need To Know
Where to buy
Where to trade
Want to know TRON’s future price path? Check our TRON price prediction.
*Market capitalizations and prices are obtained from CoinGecko.com and recorded at 19:00 UTC on Jan. 5, 2024.
The crypto market is a growing ecosystem offering diverse functionalities. These range from traditional transactional uses to innovative digital contracts and decentralized platform applications. The remarkable growth rates of these top 10 cryptocurrencies reflect their increasing mainstream acceptance. It further hints at their potential for reshaping financial interactions in a digital-first future.
Now that we’ve covered the leading blockchain-based assets, it’s important to explain the next steps. Here’s how to invest, how to earn while you HODL, and what you need to know about tax and legality when taking profits.
How to invest in crypto in 2024
Investing in cryptocurrency begins with understanding the basics of blockchain and different digital currencies. Create a diverse investment strategy, choosing a reputable and secure platform for trading, such as Coinbase, Kraken, KuCoin, or OKX.
Success in crypto investing hinges on patience, ongoing education, and strategic decision-making. Remember, crypto investing in January 2024 is not just about quick gains. It is also about educating yourself about the evolving financial sector, using resources such as BeInCrypto Learn.
Given the market’s volatility, invest wisely, in line with your financial capacity. Stay informed about the latest market trends and be ready to adapt your investment approach. Build your crypto portfolio before the next bull run with a balance between long-term holdings and short-term trades. Consider engaging in advanced activities like staking or yield farming. Both of these passive income-generating activities put your crypto to work while you (potentially) accumulate profit. To succeed in this area, you must understand how each passive income-earning strategy works and which to apply to your holdings.
How to earn passive income from crypto
Earning profit in the cryptocurrency market extends beyond just trading and investment gains. In January 2024, you can leverage your current cryptocurrency assets, mining hardware, and market knowledge to generate passive income.
The encouraging aspect, however, is that once you immerse yourself in earning passive income with your cryptos, the effort required is minimal. The appeal of crypto-based passive income strategies lies in their low daily maintenance, making them practical and attractive options. Explore our curated list of the best crypto passive income ideas for 2024 and beyond.
The array of passive income opportunities in crypto is varied, encompassing activities like staking, mining, engaging with decentralized finance (DeFi) resources, and waiting for chain forks and airdrops. These options demand a mix of patience and strategic planning.
Note that while earning passive income from your crypto is always a bonus, these activities are not exempt from the tax man. Crypto mining, selling, converting to other assets, yield farming, and staking are all taxable events and must be registered alongside TradFi investments.
How to file crypto taxes
Filing taxes on cryptocurrency can be challenging, akin to managing taxes in conventional investments. Calculating taxes for each crypto trade is essential. Investors must consider the specific price at which each transaction was executed.
Admittedly, this process can be quite laborious and meticulous. Moreover, failing to document these transactions accurately can lead to severe consequences, including penalties for tax fraud.
However, there’s good news. Several methods are available that significantly simplify tracking and filing your cryptocurrency transactions and taxes. Our guide on filing crypto taxes is designed to walk you through these processes.
Should you invest in a top cryptocurrency?
Whether you are a seasoned investor or looking to purchase your first few coins, keeping your eye on the leading cryptos by market cap is important. This guide has listed the top 10 cryptocurrencies in January 2024 and covered the best places to buy, store, and trade these assets based on BeInCrypto’s expert experience.
Yet, this does not constitute investment advice. Building a comprehensive investment strategy before pressing that “buy” button is important. Conduct a risk assessment and also consider the timing of your investment. Understanding the fundamentals behind a project and an asset’s technical analysis is key to timing market entry. These factors, plus the influence of global markets and the news cycle, can be crucial in determining your profits.
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