5 Fastest Growing Cryptocurrencies in 2024 (2024)

Bitcoin (BTC) is our top pick because it fuses together first-rate innovation and highest overall value growth rate among the cryptocurrencies in this list.

It’s widely acknowledged for its innovative technology because it’s the very first cryptocurrency to exist in the market. It started as the invention of Satoshi Nakamoto, who published a cryptography mailing list containing the first Bitcoin specification and proof of concept. While Satoshi exited the project in late 2010, the Bitcoin community of developers continue to improve this groundbreaking digital currency up to today.

As a pioneer in the cryptocurrency industry, Bitcoin initiated the use of blockchain, which is a ledger that logs transactions across multiple computer networks. Plus, it popularized the online payment system where virtual money is traded. It paved the way for the first ever decentralized peer-to-peer payment network, where users can directly transact with each other without the need for governing authorities.

Based on an open-source platform, Bitcoin has no owners who control it so everyone is free to participate in Bitcoin trades. The issuing of digital coins is also performed collectively by the network. As a result, Bitcoin has grown into a household name that is used for worldwide payments.

Aside from being a trailblazer in the cryptocurrency field, another important asset of Bitcoin is how its value has skyrocketed since its humble beginnings. After all, it boasts an astounding 35,965,150% overall growth from 2010 to 2022. While the early historical Bitcoin price was only $0.08 back in late July 2010, its current Bitcoin price is estimated at $28,772.20 as of May 19, 2022. Since its purchasing power increases over time, it can be counted as a deflationary currency.

While Bitcoin has advantages, you must be aware that it has certain disadvantages as well. For instance, Bitcoin pricing is considered to have a volatile pattern. While its general value has grown over the years, its price has a tendency to go up and down from month to month.

In addition to this, it issued only a limited number of finite coins, which may potentially cause a shortage in the future. As of May 11, 2022, the actual supply in circulation is 19.04 million coins, but the total maximum supply is just 21 million coins.

Even if many new players are now catching the attention of cryptocurrency users, Bitcoin still remains a major player in the cryptocurrency market because of its continuous growth and cutting-edge contributions to the industry.

Why we chose it: We award Bitcoin as the best overall because of its groundbreaking innovative technology and exponential rise in value. It’s a good match for you if you want to be part of the movement that jump started the cryptocurrency revolution.

Ethereum (ETH) is well-known for its versatile cryptocurrency Ether because it’s based on scalable and programmable blockchain technology. On one hand, it gives cryptocurrency users like you the chance to use virtual assets and data-friendly services. On the other hand, it’s also preferred by many program developers since the platform equips them to create non-fungible tokens (NFTs) and multiple applications.

Aside from its adjustability, Ethereum has other crucial strengths. For example, the decentralized finance (DeFi) system is accessible to everybody because it’s founded on an open-source program. As a result, it enables you to transfer virtual funds directly to and from other people all over the globe. Aside from this, it can function as a banking tool for everyone. All you need is an internet connection to tap into savings, borrowing, and lending solutions.

In addition to this, Ethereum serves as a secure environment for financial transactions. Your customers will feel more confident to transact with you, thanks to the built-in guarantee that the funds will be transferred only after you provide them with the promised product or service. Plus, your information will stay safe because you aren’t required to share all your personal data just to use the Ethereum app.

On top of this, Ethereum showcases a whopping growth in its overall value, with a 167,514.4% increase from 2015 to 2022. While it started with a low price of $1.25 back in August 2015, the present price of Ethereum is now approximately $2,095.18 as of May 18, 2022. Last but not least, there is an unlimited supply of Ether coins, with the current supply at 120.73 million coins as of May 11, 2022.

Although Ethereum has many strengths, it admittedly has a few weaknesses as well. For example, it can be confusing to figure out how the purchasing power increases and decreases, because the system is presently transitioning from inflationary to deflationary. Plus, the network tends to consume a high amount of energy during its operations, although future upgrades will hopefully minimize the energy usage.

Still, Ethereum is a noteworthy cryptocurrency then and now. Launched in 2015, the introductory paper was published by founder Vitalik Buterin in 2014. The digital currency continues to evolve through the joint efforts of the Ethereum community

Why we chose it: We commend Ethereum as the best for versatility among cryptocurrencies. After all, it gives you the ability to scale and adjust the platform, as well as the applications you develop through it, based on your business preferences and requirements.

Ripple (XRP) excels when it comes to affordable, accessible cross-border transactions. After all, it allows you to transfer and trade different types of currencies. The cheap fees only cost approximately $0.0002 per transaction.

Plus, the XRP Ledger has a solid open-source foundation which equips you to create applications in an efficient way. The decentralized, carbon-neutral technology enables you to settle transactions in as fast as three to five seconds.

Lastly, Ripple has exhibited major overall value growth over the years, with a 3,167.10% increase from 2017 to 2022. The rate was merely $0.76 back in March 2017, yet the Ripple price rose to $24.83 as of May 10, 2022.

Nevertheless, Ripple has certain limitations as well. For instance, there’s a possibility that more coins will unexpectedly get introduced into the market and suddenly affect the value of the digital coins. After all, only 48,343.10 million coins are in circulation as of May 11, 2022, while the maximum supply of this deflationary cryptocurrency is 100,000 million.

Also, you need to be aware that the SEC filed a lawsuit on registration issues against Ripple back in December 2020. However, the issue is settled for now since Ripple won a lawsuit against SEC this April 2022. Finally, the XRP blockchain is more complicated than typical blockchains so it can be perplexing to figure out how exactly it works.

In general, Ripple is a practical alternative to conventional banking when it comes to cross-border transfers and trades. The XRP Ledger, which was developed by David Schwartz, Jed McCaleb, and Arthur Britto, was launched back in June 2012. Along with Chris Larsen, they founded the NewCoin company, which was renamed OpenCoin and is now known as Ripple.

Why we chose it: We acknowledge Ripple as the best for cross currency transactions because it’s useful for trading various kinds of currencies. It’s a wise selection for you if you plan on swapping multiple currencies, instead of sticking to just a few.

Binance (BNB) has an edge over other cryptocurrency options because it can be used for a wide variety of purposes. BNB, which is the virtual coin that powers the BNB Chain ecosystem, enables you to buy, sell, trade, and hold more than 600 types of cryptocurrencies. Learn more on how to trade crypto here.

Aside from the usual digital transactions, you can also use BNB to make global payments, book travel tickets and hotels, and purchase entertainment packages. It also allows you to subscribe to online services and create financial arrangements. Plus, this borderless payment technology is accessible to all because Binance is an open access learning hub.

In addition to this, Binance protects your online transactions through industry-grade security features to minimize the risk of cyber crime. For instance, it stores 10% of trading fees in a Secure Asset Fund for Users (SAFU) for safety purposes. It also provides you with customized access so you can control which devices and addresses are authorized to open your account. Plus, it safeguards your personal information and transaction data through end-to-end encryption.

You can manage your BNBs using different devices since it’s compatible with most popular operating systems. For example, you can download the app to your Android or iOS smartphone or tablet. You may also install the desktop client in your computer, whether it’s running on Windows, MacOS, or Linux.

On top of this, Binance has experienced massive growth over the years, with a huge 175,294% increase from 2017 to 2022. Although its price was only $0.17 back in September 2017, the Binance coin price is now approximately $298.17 as of May 17, 2022.

Although Binance has major perks, this deflationary digital currency comes with certain drawbacks as well. One of these cons is that it only issued a limited supply of virtual coins. Even more importantly, 163.28 million is already in circulation out of the 165.12 million maximum supply as of May 11, 2022.

Aside from this, Binance has a steep learning curve. Since it has many features, it may take time for you to figure out how to maximize each function. Plus, you may possibly be intimidated by all the available options in the desktop program or mobile app. Last but not least, keep in mind that U.S. users of Binance can trade with less cryptocurrencies compared to other global users.

At the end of the day, Binance is still a highly utilitarian cryptocurrency ecosystem that holds its own in the industry. It was launched by Changpeng Zhao a.k.a. CZ back in July 2017. The BNB Chain ecosystem developed and grew over time through the cooperation of the Binance community.

Why we chose it: We award Binance as the best for usefulness among cryptocurrency alternatives because it has a broad range of functions. It may be suitable for you if you need a digital currency platform that you can use for other purposes beyond basic online payments and trading.

Solana (SOL) makes a solid mark on the cryptocurrency industry because it showcases one of the fastest blockchains in the market. Thanks to the 400 millisecond block times, it allows you to settle online and in-store payments in a fraction of a second instead of days. As a result, you can quickly earn high yield on your stablecoins.

As the hardware speed increases, the ecosystem swiftly expands along with it. There are already thousands of projects encompassing NFTs, DeFi, and Web3. Plus, it equips developers to create new functional programs in an efficient way.

In addition to this, the low fees of Solana make it easy and affordable for owners of an online store to receive stablecoin payments. The average transaction fee is only $0.00025 as of February 2022. As a result, merchants gain more opportunities to share the incremental value with consumers via loyalty offers and on-chain rewards.

On top of this, everyone is welcome to use Solana because it’s a decentralized blockchain system. Because it’s resistant to censorship, the open network allows all applications to run and all legitimate transactions to be completed directly. As a result, customers and sellers all over the world can use it to make and accept payments without the need for intermediaries.

Last but not least, Solana boasts a staggering growth within just a few years, with a 5,364,900% increase from 2020 to 2022. While the early Solana price was estimated at just $0.001 back in July 2020, the Solana price index eventually rose to $53.65 as of May 17, 2022. Plus, the current amount of virtual coins in circulation is already 336.79 million, with no cap to its maximum supply.

Even if Solana has its advantages, it does have some disadvantages too. One of its major drawbacks is that the price isn’t as stable compared to other digital currencies because it has a shorter track record and smaller user base.

Aside from this, Solana has a fluctuating inflation rate because it has an unlimited supply of coins. The Solana Foundation proposes a dis-inflationary inflation schedule, where the rate begins at the highest value and goes down eventually so that it will hopefully stabilize at a long-term inflation rate.

Still, Solana is an interesting cryptocurrency because of its accelerated payment processes and because it is one of the fastest growing cryptocurrencies. It traces its origins to November 2017, when Anatoly Yakovenko published a whitepaper on an effective method for time network synchronization.

In July 2018, Yakovenko and Greg Fitzgerald published a 50-node, permissioned, public testnet that supports bursts of 250,000 transactions per second. Up to today, the Solana team continues to make efforts to boost the pace of online payments.

Why we chose it: We acknowledge Solana as the best for speed among cryptocurrency options because of its capacity for lightning fast transactions. It’s appropriate for you if you want to pay and receive digital currency without unnecessary delays.