- Bitcoin reaches new all-time highs in 2024, driven by ETF approval and Bitcoin halving.
- Elon Musk’s support boosts Dogecoin, keeping it among the top 20 meme coins by market cap.
- GHOSTDAG protocol drives rapid, secure transactions, making it a standout in PoW coins.
In 2024, Proof of Work (PoW) stands as a core basis on which most cryptos operate. Leading PoW coins continue to register significant gains throughout the year. Bitcoin (BTC), Dogecoin (DOGE), Bitcoin Cash (BCH), Litecoin (LTC), and Kaspa (KAS) have been seen as top performers in the market. These decentralized digital currencies, highly secure and resilient to a changing day-by-day market, show impressive performance gains.
Bitcoin
Bitcoin is topping the charts, registering new all-time highs in 2024 on the heels of important spot exchange-traded funds (ETFs) approval and a long-awaited Bitcoin halving event. Further reducing the daily supply of new Bitcoins, this halving served to fuel bullish sentiment around Bitcoin. Meanwhile, many other people started believing that the fresh inflow of new investors through ETFs would keep the rally in its price going throughout the year.
As of press time, BTC trades at $60,780, marking a 2.01% rise in the past 24 hours and a 3.40% increase over the last week. With a 24-hour trading volume of $37.8 billion, Bitcoin’s market cap now stands at $1.2 trillion
Dogecoin
Dogecoin has also increased its price, remaining one of the top 20 meme coins by market cap. In 2024, Dogecoin’s value has risen alongside the broader market, with potential new use cases, such as enabling Tesla purchases with DOGE, further boosting its appeal. Elon Musk’s influence continues to play a significant role, with his hints at integrating DOGE into Tesla’s payment options driving optimism about the token’s future.
As of press time, DOGE is trading at $0.1055, reflecting a 1.61% gain in the past 24 hours. With a market cap of $15.35 billion and a 24-hour trading volume of $572.4 million, DOGE remains strong in the market.
Bitcoin Cash
Bitcoin Cash, a fork of Bitcoin in 2017, is another major player in the PoW ecosystem. This was supposed to be a peer-to-peer electronic cash system. Quick transactions and low fees compared to Bitcoin make it a practical medium for everyday transactions. With its unwavering commitment to Proof of Work, it guarantees relevance amid the continuously changing interest of the crypto community.
As of writing, BCH is currently trading at $348, backed by a 24-hour trading volume of $225.1 million. With a market capitalization of $6.88 billion, BCH continues to maintain its position as a key player in the cryptocurrency market.
LTC/BTC Decline Hits 68% Post-Halving — What’s Next?Litecoin
Litecoin, often referred to as the silver to Bitcoin’s gold, is a critical part of the PoW landscape. Created in 2011, Litecoin is constructed for quicker and cheaper transactions, which makes it user-friendly and merchant-friendly at the same time. These features, combined with constant development and great network security, have kept Litecoin in the top PoW coins this far into 2024.
As of press time, LTC is priced at $63.32, showing a 0.85% gain in the last 24 hours but a 3.00% dip over the past week. With a 24-hour trading volume of $296 million, Litecoin holds a market cap of $4.74 billion.
Kaspa
The more youthful entrant, Kaspa (KAS), has been arresting attention in deployments using the GHOSTDAG protocol. With this protocol, Kaspa can handle more than one transaction quickly compared to traditional blockchains. This is achieved without losing ground on security and decentralization. The unique way of handling transactions has caught the eyes of many retail and institutional investors.
As of press time, KAS is priced at $0.1592, reflecting a slight 0.11% uptick in the last 24 hours. With a market cap of $3.9 billion and a 24-hour trading volume of $80.2 million, Kaspa remains a significant player in the crypto market.
