Crypto Market Surges $623B. Here are the top 5 Gainers in 2024

Eight months into 2024, the crypto market surged by nearly $700 billion. This is not just good news for traders and investors alike; it is favorable news for the entire crypto community.

For example, crypto allows users to navigate online casinos with an offer of anonymity, faster and cheaper transactions, fair gameplay, and mouthwatering bonuses (source: https://bestcryptocasinos.ltd/). It also gives people the opportunity to access blockchain and crypto services that eliminate the redundancies of their traditional counterparts, so it’s clear to see why some coins are thriving in 2024.

Despite these positive moves and growing number of use cases, users are still very skeptical due to the volatile nature of cryptocurrency.

However, their fears are being quelled as many coins have surged this year, but none have more market capitalization than these five:

1. Bitcoin (BTC)

From January to August, Bitcoin's price has gone up by about $20,000. There are many speculative reasons behind the orange coin’s recent resurgence. Many believe that it might tie back to the Bitcoin halving earlier in the year on April 20, 2024. This is because there’s a historical precedence of a bull run after every halving event, so investor confidence was high, and it may have influenced the price of BTC.

Another reason could be the Securities and Exchange Commission's (SEC) Approval of Bitcoin exchange-traded funds (ETFs). This move opened up Bitcoin as an investment tool to people who are only or more familiar with traditional exchanges. The result was increased adoption of the crypto, and it is believed to have influenced its price surge.

2. Ethereum (ETH)

Ethereum currently has a market cap of $338.96 billion, having gained nearly $500 in value throughout the year. It sits second to Bitcoin, and the increase in price is attributed to two things. The first one is the approval of Ethereum ETFs by the SEC, with eight issuers, notably Blackrock, given the go-ahead to start trading as early as July.

The other reason it is believed that Ethereum surged in price is the Dencun upgrade rollout in March 2024. Ethereum remains one of the most popular cryptocurrencies because of its dedication to improvement, and that’s what it displayed with the Dencun upgrade. This upgrade has made nine improvements to the Ethereum system with security in mind, a reduction in transaction fees, and a boost and bolster of its network scalability. It also introduced proto-danksharding, a new technology that helps reduce gas fees.

These improvements have further guaranteed investor confidence in Ethereum as a product and have had some effect on its boom.

3. Tether (USDT)

Tether is the world’s first stablecoin, and it has since been dedicated to providing users with a safety blanket for their crypto transactions. This dedication has paid off, as it currently has a market capitalization of just under $118 billion. Its continuing ability to ensure the customer that their funds are SAFU, especially amid the Terra blockchain ecosystem implosion, has built loyalty with the coin and is the major reason it’s third on the list.

4. Binance Coin (BNB)

The Binance Coin (BNB) is the perfect representation of a utility coin. Facilitating transactions on the world's largest crypto exchange in Binance is reason enough to earn a post on this list. With about $80 billion in daily transactions on Binance, a chunk will be completed using the BNB coin, and this is a testament to its reliability. The value of each BNB coin has soared by $267 this year and it is why it currently has a market cap of $82.6 billion.

5. Solana (SOL)

Popularly regarded as the Ethereum Killer, while Solana is not quite there yet, it has carved a niche out for itself in the crypto community with the best transaction speeds and interoperability. It has maintained fifth place since last year, but the price per SOL has grown from $102 to $159. This is owing to the technological advancements being made in the SOL ecosystem and how it is being increasingly adopted for the launch of mose meme coins, owing to the fact that they are cheaper to launch on the Solana blockchain than Ethereum.

Conclusion

The cryptocurrency market has had its fair share of highs and lows. However, the fact that it keeps bouncing back is proof that investors still believe in its utility, evidenced by the popularity of the coins listed above and much more that did not make this list.