February 2024’s Leading 10 Cryptocurrencies – Guidance from Forbes Advisor UK

The insights provided by Forbes Advisor are for informational purposes and should not guide your decision to invest in cryptocurrencies. Seek financial advice before investing in any asset, and only invest money you can afford to lose.

With an enormous range of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Tether, beginners might feel swamped when diving into the crypto market’s risky waters.

Here’s a snapshot of some leading cryptocurrencies by market capitalization—evaluated by the combined value of all available coins.

Understanding Cryptocurrencies

Digital assets known as cryptocurrencies operate independently from traditional banks or governments. There are currently over 26,000 crypto projects, which make up the entire £917 billion cryptocurrency market.

1. Bitcoin (BTC)

• Market cap: £673 billion

Bitcoin, created by an entity named Satoshi Nakamoto in 2009, is considered the progenitor of cryptocurrencies. Running on a blockchain—a network-spread ledger that logs transactions—Bitcoin promises security through a verification process called proof of work, thwarting scammers.

The cost of a single Bitcoin was about £370 in May 2016. This value escalated to £48,005 in November 2021 before adjusting to approximately £34,314 on 6 February 2024, showcasing its extreme price fluctuation.

2. Ethereum (ETH)

• Market cap: £226 billion

At its heart, Ethereum is both a cryptocurrency and a platform that’s highly regarded for potential usages like smart contracts, which execute when specific conditions are met, and non-fungible tokens (NFTs).

In its journey since April 2016, the value of Ethereum surged from close to £8 to about £1,888 by 6 February 2024. Having peaked at a staggering £3,400 in November 2021, the asset exemplifies volatility in the crypto space.

3. Tether (USDT)

Tether is a type of stablecoin, anchored to fiat currencies like the US dollars or Euro, aiming for a consistent one-to-one value ratio with them. This design is meant to offer Tether a more stable valuation than other volatile cryptocurrencies, though it has seen its peg slip in the past.