Top 10 Cryptocurrencies of April 2024. The advent of cryptocurrency has opened up previously unseen avenues for massive financial gain. Crypto billionaires keep appearing, and token values can surge thousands of percent in weeks. However, it’s not always easy to identify which of the more than 13,000 tokens on the market have the best chance of turning a profit. A few initiatives have made a name for themselves in the cryptocurrency market. In April 2024, these were the top ten tokens that could be purchased.
Top Crypto to Buy Now
The ranking of top cryptocurrencies changes as the crypto ecosystem evolves. Nonetheless, in April of 2024, these were some of the top tokens.
1. Bitcoin (BTC)
Price: ~$66,000
Market cap: ~$1.3 trillion
Year-over-year return: ~150%
Before all other ventures in the cryptocurrency space, Bitcoin was the leader. Aside from being a medium of exchange, the token also acts as a store of value. It had a successful year in 2024, setting new ATHs and breaking records from the previous year. The general public has a positive outlook on Bitcoin, and many believe the price increase will continue indefinitely. Two significant events in 2024 have been the approval of spot exchange-traded funds (ETFs) and the anticipated halving of Bitcoin in April. Many new investors have joined the project through ETFs, and the daily token sales are expected to decrease due to the halving.
2. Ethereum (ETH)
Price: ~$3,300
Market cap: ~$400 billion
Year-over-year return: ~100%
Regarding decentralized finance (DeFi) apps, Ethereum is the most significant blockchain. It backs almost every major project, from artificial intelligence businesses to the most popular meme coins. Its robust development platform and user-friendly clever contract mechanism make this feasible. A user can effortlessly access all parts of Web3 using this adaptable chain. In 2022, the chain converted to a proof-of-stake (PoS) system, which is far more efficient than a proof-of-work (PoW) system. Significant events in 2024 may include planned blockchain upgrades and the possible approval of spot Ethereum ETFs in May.
3. Solana (SOL)
Price: ~$180
Market cap: ~$80 billion
Year-over-year return: ~800%
Since Sam Bankman-Fried and FTX were among the project’s foremost investors in 2023, Solana got off to a rocky start. In the eleven months following the FTX crash, the token’s value plummeted by more than 96%. Many people then assumed that SOL would never see the light of day. A resurgence of the project, however, occurred in 2023 and 2024. Solana has recently seen the launch of a plethora of new tokens. Many other projects are part of this group as well, such as storage, AI, and staking protocols. The rise of Solana can be attributed, in large part, to meme currencies. New investors are flocking to these tokens but demand SOL, which they must exchange for meme currencies.
4. Ripple (XRP)
Price: ~$0.60
Market cap: ~$35 billion
Year-over-year return: ~70%
Ripple is a centralized organization with big dreams of introducing cryptocurrency’s potential to the financial industry. Its native coin, XRP, is crucial to its business model and is used to enable transactions. Ripple’s XRP coin can link many assets as a medium of exchange. For example, Bitcoin and Ethereum are not synonymous. Nonetheless, Ripple may change Bitcoin into XRP and, ultimately, Ethereum. This idea applies to all of the transactions that a bank makes every day, including currency swaps. Because of its lightning-fast processing times and meager transaction costs, XRP is ideal for this situation. Massive price hikes may be in store for XRP if it gains widespread adoption by financial institutions.
5. Dogecoin (DOGE)
Price: ~$0.18
Market cap: ~$25 billion
Year-over-year return: ~120%
Among the top 20 tokens by market cap, DOGE has maintained its position for some time and has experienced market-wide growth in 2024. The token’s value could rise even further if further applications are developed. In addition to letting consumers purchase Tesla merchandise with DOGE, Elon Musk has stated that he would contemplate allowing users to purchase a Tesla car using DOGE. The token’s price might rise if this occurred because of the increased demand for it. DOGE has also maintained its position as the leading meme coin during both bull and bear markets.
6. Avalanche (AVAX)
Price: ~$45
Market cap: ~$18 billion
Year-over-year return: ~170%
Fast service at affordable prices is the hallmark of the Avalanche chain. Its goal is to make communicating with DeFi as easy and inexpensive as possible. In 2023, the project’s volatility was minimal, but in 2024, it has done very well. The chain’s success is because fresh ideas have found a home there. The majority of these projects are centered on trade and exchanges. With Trader Joe’s, one of the most popular protocols, you can trade, stake, yield farm, and offer liquidity for a few Avalanche-based projects. The continued success of Avalanche depends on its ability to entice a wider variety of initiatives.
7. Quantum Resistant Ledger (QRL)
Price: ~$0.30
Market cap: ~$20 million
Year-over-year return: ~130%
Computing is by its exponential growth rate. New developments in quantum computing, along with ever-increasing processing speeds and ever-decreasing physical footprints, may threaten the stability of some of the more established blockchains. For example, a quantum computer could launch a 51% attack, destabilizing Bitcoin’s mining system, or crack Bitcoin’s cryptographic protocols and gain access to anyone’s wallet address. Even if these risks are far off, scientists are already applying quantum computing to several other problems. To address this, Quantum Resistant Ledger (QRL) developed a novel security protocol named eXtended Merkle Tree Signature Scheme (XMSS). If other blockchains go down due to quantum attacks, this one may survive because it is specially built to resist such attacks.
8. NEAR Protocol (NEAR)
Price: ~$6.50
Market cap: ~$6.5 billion
Year-over-year return: ~225%
Many people think Ethereum and other chains have a significant problem, and NEAR is trying to fix it. This demand burdens the chain heavily, which may cause delays and increased expenses. To improve scalability and speed, NEAR employs cloud computing. Everything on the platform is open source so that developers can profit from one another’s creations. Developers would love these conditions since they make designing apps that run faster and much more accessible. The price of NEAR has room to continue increasing if it can attract more initiatives that lead to new use cases.
9. Optimism (OP)
Price: ~$3.5
Market cap: ~$3.5 billion
Year-over-year return: ~30%
As a Layer 2 chain, Optimism is compatible with Ethereum. The project aims to make it easier for consumers to access dApps on the Ethereum network at a lower cost than the mainnet. Optimism rollups, which function like a credit card, are responsible for this. When users perform a transaction on Optimism’s Layer 2 solution, the protocol effectively enters a seven-day verification window before the transaction is posted to the Ethereum ledger. Layer 2, “Basis,” on Coinbase is optimistic and has drawn a lot of users. The influx of fresh meme currencies and users that Base has attracted has been critical in OP’s success in 2024.
10. dogfight (WIF)
Price: ~$4
Market cap: ~$4 billion
Year-over-year return: ~2,200%
In 2024, Dogfighting (WIF) was a fascinating project to watch. Launched briefly, the project is now among the top 30 most valuable cryptocurrencies. It hit a new low of $0.07 at the start of the year and a new high of $4.85 by March’s conclusion. The inspiration for the idea came from a Shiba Inu dog meme featuring knit headgear in pink color. One of the coins contributing to SOL’s rise is the project’s foundation in the Solana chain.
What is Cryptocurrency and How Does It Work?
Online transactions using cryptocurrency are token-based. A public, immutable ledger is where tokens are kept. Additionally, the data is stored on a vast network of computers, which facilitates scalability considerably.
Other users process the majority of blockchain-based cryptocurrencies. Other users can help validate transactions and get incentives for their efforts. Standard methods include staking or mining (PoS and PoW, respectively). It is relatively easy for new developers to build their blockchain as projects like Ethereum and Bitcoin have already established the fundamental structure. Not to mention how easily users can generate tokens on platforms like Ethereum. The result is a market for cryptocurrency investments that numbers in the tens of thousands.
How to Invest in Cryptocurrency
Signing up for a cryptocurrency trading platform is the first step in investing in cryptocurrency. Coinbase, Kraken, Webull, and eToro are among the leading companies. These sites’ low prices, safety, and user-friendliness make them famous.
Sign up for an account and confirm it with an email and a valid form of identity to begin. Connecting to a bank account is the next step in funding your account. You can start trading different cryptocurrencies with a linked bank account. Trading cryptocurrencies is a lot like trading stocks. Still, most sites cater specifically to cryptocurrency or provide a platform for trading cryptocurrencies. One famous trading platform that allows users to trade stocks and cryptocurrencies on the same site is Robinhood.
How to Report Crypto on Taxes
Cryptocurrency is a property of the IRS. So, you must pay the capital gains tax when you sell your cryptocurrency. The cryptocurrency exchanges record the year’s gains and losses in capital on Form 1099s. Fill out this form to record cryptocurrency transactions for tax purposes.
What Are Cryptocurrency Exchange-Traded Funds (ETFs)?
The availability of spot ETFs for cryptocurrency is a relatively new development. A pool of investors’ capital is utilized to acquire an underlying asset utilizing an exchange-traded fund (ETF). Cryptocurrency is the fundamental asset here. The assets are subsequently packaged into shares and dispersed to investors by the fund. Only Bitcoin ETFs are available at this time. Nevertheless, numerous companies are urging the U.S. Securities and Exchange Commission (SEC) to authorize additional ETFs shortly due to the unprecedented success of Bitcoin ETFs.
Top Cryptocurrencies: Lots of Options
There is a dizzying array of cryptocurrency alternatives; evaluate your risk tolerance and investing strategy before researching tokens. Focusing on possible investments while keeping your financial condition in mind can help you locate tokens to invest in.