Top Crypto to Buy and Invest in 2024- A Guide for Crypto Enthusiasts
If you are a cryptocurrency enthusiast, you will probably know the significance of diversifying your investment in the domain. While the market is still dominated by early winners like Bitcoin and Ethereum, many new ones are emerging strongly. Bankrate notes that 21,000 have evolved since the inception of Bitcoin in 2009.
As of 2023, the value of existing cryptocurrency touched a staggering $1.09 trillion, with Bitcoin taking a major share at $508 billion. Nearly 22% of Americans own at least one form of crypto, indicating a growing awareness and inclination toward this investment option. At the same time, investors understand the risks and seek diversification to minimize them. In this article, we will share a list of the best cryptocurrencies investors should consider in 2024.
Cardano (ADA)
While most crypto investors consider Bitcoin the winner, we will start our list with another popular alternative. Cardano, launched in September 2017, gained acclaim for being more efficient than big names such as Bitcoin and Ethereum. Another factor that brought attention to Cardano news was being founded by Ethereum co-founder Charles Hoskinson.
Krypto News Deutschland notes that the current market cap of Cardano is $27.57 billion. Additionally, it offers a year-over-year return of 96%. Cardano focuses on functionality and works as the primary cryptocurrency to facilitate transactions and run dApps. It is also an ideal platform for verifiable smart contracts and for staking.
As an investor looking to join the ADA bandwagon, you must stay updated on the latest Cardano developments. Knowing the market trends and listed price fluctuations can help you make informed investment decisions.
Bitcoin (BTC)
Bitcoin comprises 48.6% of the total crypto market value, with a market cap of $1 trillion, and a year-over-year return of 167%, according to USA Today. Besides being the most popular cryptocurrency by far, it is also the most valuable. Created in 2009, this blockchain-based currency has earned the trust and acclaim of millions of investors globally.
Bitcoin’s decentralization and transparency are the reasons people find it an attractive investment option. Another upside of investing in Bitcoin is its relative stability compared to new variants. On the downside, the energy-intensive proof-of-work consensus mechanism is a cause of concern. However, Bitcoin is worth investing in to strengthen your portfolio in 2024.
Ethereum (ETH)
Launched in 2015, Ethereum was among the first altcoins (alternatives to Bitcoin) and continues to be one of the top cryptos to buy and invest in 2024. It has a market cap of $412.8 billion, only after Bitcoin. The year-over-year return on ethereum is 111%. Ethereum’s blockchain takes credit for being the first to introduce dApps and smart contracts.
In 2023, Ethereum witnessed a transition from an energy-intensive proof-of-work consensus mechanism to a sustainable proof-of-stake transaction verification system. With this, it has become a greener investment alternative to Bitcoin. Not surprisingly, eco-conscious crypto enthusiasts are keen to add more of this currency to their portfolios.
Solana (SOL)
Solana is a newer name in the market, launched in March 2020, but a staggering year-over-year return of 516% makes it one of the best cryptos in 2024. The market cap of Solana stands at an impressive $59.6 billion. Like ethereum. SOL’’s network supports smart contracts, dApps, and non-fungible tokens. However, it is faster and cheaper than Ethereum because of its unique, hybrid proof-of-stake verification system.
On the other hand, Solana’s credibility within the crypto world suffers due to its vulnerability to outages. In February 2023, the Solana network sustained a 20-hour-long outage. Another outage happened on 6th February 2024 and lasted for 5 hours. However, the network recovered, and the value of SOL returned to track within a short time. The good thing was that the outage happened after almost a year this time.
Binance Coin (BNB)
One of the cryptocurrency options investors must consider buying and investing in this year is Binance Coin (BNB). With a market cap of $61.0 billion and a year-over-year return of 36%, BNB makes a wise choice. Additionally, it is issued by Binance, one of the global leaders among the global cryptocurrency exchanges. It enhances the trust and credibility of this alternative.
BNB was initially launched as a utility token to access discounted Binance trading fees. However, it later transitioned to Binance’s own blockchain. Today, it enables a broad range of applications, transactions, and use cases. Notably, Binance’s U.S. market share dipped in 2023 after the company was sued by the U.S. Securities and Exchange Commission for violating securities laws.
XRP (XRP)
XRP by Ripple is another crypto worth adding to your portfolio in 2024. It has a market cap of $32.5 billion and a year-over-year return of 58%. XRP provides payment solutions for banks and financial institutions as an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system.
XRP is much faster than SWIFT, facilitating transactions in a matter of seconds instead of taking several hours or days. Additionally, it is cheaper and more transparent, expanding access to international settlement by reducing barriers to use. The currency was recently declared as “not necessarily a security” by the Southern District of New York, putting it outside the SEC’s jurisdiction.
Dogecoin (DOGE)
Dogecoin is another alternative for crypto enthusiasts looking to diversify in 2024. This currency was launched in 2013 as a meme coin but has become a legitimate investment because of its simplicity. It is backed by experts like Elon Musk, Mark Cuban, and Vitalik Buterin, adding to its credibility. As of now, it has a market cap of $18.2 billion and a year-over-year return of 57%.
The coin has sustained its power in the market due to an active community working for its success. However, it is prone to inflationary trends because there is no cap on its total supply. The best piece of advice for investors is to do their due diligence before buying DOGE.
In conclusion, crypto investors are spoiled for choice when it comes to options in currencies. Investing in different currencies is a wise investment management strategy as it can provide your portfolio the safety and stability it needs to sustain and grow in the long run. You can pick a mix of these coins to make the most of your investment in 2024.
