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With prices that skyrocket and plummet within a matter of minutes, it’s easy to get wrapped up in the rapid rise and fall of cryptocurrency prices.
Cryptocurrency prices can change drastically in a short amount of time, making it easy to get caught up in the excitement. However, it's crucial to approach crypto investment cautiously and only put in what you're prepared to lose. This is because cryptocurrencies aren't backed by hard assets like cash flow or business performance.
To get a sense of the broader market sentiment, it can be helpful to observe which coins investors are trading the most. Here are the top 10 most traded cryptocurrencies in the past 30 days, with a market cap of at least $1 billion. Data as of Oct. 25, 2024, from CoinMarketCap.com.
1. Tether (USDT)
As a stablecoin, Tether differs from other types of cryptocurrencies. Its value is fully backed by cash reserves in the U.S. dollar, making it more stable than other coins. Crypto traders may purchase Tether when selling one crypto and deciding which one to buy next, rather than converting their crypto earnings directly back into dollars.
2. Bitcoin (BTC)
Bitcoin, which launched in 2009, is the original cryptocurrency. In October of 2009, Bitcoin traded at about $0.00099 per bitcoin. Fast forward to March 2024 when Bitcoin hit an all-time high above $73,000.
3. Ethereum (ETH)
Named after the crypto platform where the coins are traded, Ethereum is likely the second-most popular coin in the crypto space. It allows you to use ether (the currency) to create smart contracts.
4. USDC (USDC)
Like Tether, USDC is also a stablecoin pegged to the U.S. dollar. The coin first appeared on the Ethereum blockchain in 2018. Each coin is backed by $1 U.S. dollar in cash or cash equivalents like short-term Treasury bonds.
5. First Digital USD (FDUSD)
First Digital USD is a stablecoin that's also pegged to the U.S. dollar. It was introduced in 2023 on the Ethereum and BNB blockchains. Like the other stablecoins on this list, First Digital USD aims to be a digital alternative to the U.S. dollar.
6. Solana (SOL)
Solana, which launched in 2020, is best known for coins called Sol, smart contracts, decentralized finance apps (dApps) and non-fungible tokens.
7. BNB (BNB)
BNB is the cryptocurrency issued by Binance, one of the largest crypto exchanges. The original intent behind BNB was to create a token that would pay for discounted trades.
8. Dogecoin (DOGE)
Dogecoin, which began as a joke, has nevertheless gained significant traction in the crypto world, becoming one of the most popular cryptocurrencies. It is often used for tipping content creators and is known for its speculative nature and price volatility.
9. XRP (XRP)
XRP is the cryptocurrency of U.S.-based company Ripple Labs. It was originally designed to improve the efficiency of business-related transactions, specifically within banking.
10. Sui (SUI)
Sui is the native cryptocurrency of the Sui blockchain. It was created by former Meta engineers for fast transactions with stable fees. It’s also built to handle a large number of transactions at once, making it scalable.
The Bottom Line
Cryptocurrencies can be a risky bet. A general rule of thumb is to only invest what you feel comfortable losing and have your finances in order before buying and trading coins. If you’re looking for a cheaper, more accessible option that gives you exposure to crypto with higher regulatory parameters, consider a spot Bitcoin or Ethereum ETF.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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