April 2024 Market Analysis: Top 10 Cryptos
The Fourth Halving just occurred in the Fourth month of 2024 reshaping the crypto market and spreading more insecurities. Amidst this volatility, a market analysis can conclude this month's Top 10 cryptocurrencies as below:
1- Bitcoin (BTC)
Bitcoin (BTC) remains the largest cryptocurrency by market capitalization, standing at $US1.25 trillion. Introduced in 2009, Bitcoin operates on a decentralized blockchain, secured through proof of work. Since 2016, Bitcoin's price surged from $US500 to approximately $US63,750, showcasing substantial growth.
2- Ethereum (ETH)
Ethereum (ETH), valued at $US367 billion, serves as both a cryptocurrency and a blockchain platform for smart contracts and NFTs. Its price escalated from $US11 in 2016 to around $US3,050 in April 2024, representing a remarkable increase of 27,627%.
3- Tether (USDT)
Tether (USDT) stands as a stablecoin pegged to the US dollar, boasting a market cap of $US109.6 billion. This stable value attracts investors seeking consistency amidst crypto volatility.
4- Binance Coin (BNB)
Binance Coin (BNB), valued at $US83 billion, originated as a utility token for Binance exchange but expanded into diverse use cases like payment processing and trading. BNB witnessed exceptional growth, rising from $US0.10 in 2017 to approximately $US557 by April 2024.
5- Solana (SOL)
Solana (SOL) operates as a high-performance blockchain platform, processing transactions at remarkable speeds using Proof of History consensus. SOL's market cap reached $US64 billion, with its price soaring from $US0.22 to $US143 since its ICO.
6- USD Coin (USDC)
USD Coin (USDC) mirrors the value of USD, facilitating global transactions across multiple blockchains, with a market cap of $US33.8 billion.
7- XRP (XRP)
XRP, created by Ripple founders, facilitates currency exchanges within the Ripple network. Its price surged from $US0.006 in 2017 to $US0.50 in April 2024.
8- Dogecoin (DOGE)
Initially a meme-inspired coin, Dogecoin (DOGE) gained prominence and a market cap of $US22.5 billion, witnessing an impressive surge from $0.0002 to $0.1567.
9- Toncoin (TON)
Toncoin (TON) powers The Open Network (TON), aiming for rapid transactions and scalability. TON's price grew while securing a $21 billion market cap.
10- Cardano (ADA)
Cardano (ADA) embraces proof-of-stake validation, prioritizing transaction speed and energy efficiency. ADA's price surged with a market cap of $US17.1 billion.
With one week left of April 2024, will this order be disrupted?
