David Edwards
Definitely, the crypto market is on a fast track, constantly revealing new crypto to invest in 2024.
As we move into 2024, a wave of innovative and exciting projects emerges, making it a pivotal time for anyone looking to find the best cryptocurrency to invest in for long-term growth. Whether you’re deeply involved in the crypto scene or a newcomer curious about your options, one question stands out: which crypto to invest in today for promising returns? This guide spotlights the top 5 cryptocurrencies to invest in for 2024, carefully selected for potential investors.
1. Bitcoin
Bitcoin has established itself as the longest-standing cryptocurrency in existence. Its prominent position is easily understandable given its substantially higher price and market capitalization compared to other available crypto investment options.
The widespread acceptance of bitcoin as a form of payment by numerous businesses further solidifies its appeal as a wise investment. Notably, major companies like Visa have integrated bitcoin transactions into their operations. Additionally, Stripe, in collaboration with OpenNode, now enables merchants to process transactions and convert payments into bitcoin, marking their re-entry into the cryptocurrency space after a significant hiatus. Furthermore, even larger banks have begun incorporating bitcoin transactions into their range of services, acknowledging its growing significance.
Bitcoin’s price has skyrocketed as it’s become a household name. To illustrate this growth, let’s consider the price evolution. In May 2016, the cost of purchasing one Bitcoin was approximately $500. However, as of July 11, 2023, the price of a single Bitcoin stood at approximately $30,407. This remarkable increase signifies a staggering growth rate of 5,981%.
Related: Price of Bitcoin: 6 main factors influence the BTC price
2. XRP
Ripple XRP continues to maintain its dominant position in the cryptocurrency market, offering notable advantages in terms of banking interoperability. As one of the top five cryptocurrencies, Ripple’s blockchain infrastructure and its RippleNet payment network present a viable solution to address the challenges of slow and costly cross-border transactions. Ripple XRP is particularly appealing for beginners who wish to contribute to the transformation of these transactions.
With an eye toward the future, XRP is well-positioned to revolutionize international payments, making it a prime cryptocurrency for investment, especially for those seeking to capitalize on the forthcoming disruption in the banking sector. Whether you’re a novice searching for the best cryptocurrency to purchase presently or an experienced investor in the crypto market, Ripple XRP holds considerable potential for long-term growth and stability.
At the start of 2017, XRP was valued at $0.006. However, as of July 11, 2023, its price had soared to $0.47, representing an impressive increase of 7,800%.
Related: XRP: Your Ticket to Financial Freedom or a Dead-End Investment?
3. ADA
Cardano is a blockchain platform that strives to offer an enhanced, sustainable, and interconnected ecosystem for the creation and operation of decentralized applications and the execution of smart contracts. It seeks to address the challenges of scalability, interoperability, and sustainability that have posed difficulties for other blockchain platforms.
Cardano’s approach to development involves thorough research, which has garnered both a devoted community and critics. While this method may result in a slower pace compared to some other projects, it also holds the potential for greater resilience and robustness.
Related: What is Cardano (Ada)? Is it a good investment in 2023?
4. Ethereum
Ethereum is a decentralized network that empowers developers to create their own cryptocurrencies and deploy smart contracts by utilizing its platform. While Ethereum may lag behind Bitcoin in terms of value, it holds a prominent position ahead of its competitors.
Despite being released later than some other cryptocurrencies, Ethereum has surpassed its initial market standing due to its distinctive technology. It has emerged as the most widely adopted blockchain network and currently stands as the second-largest cryptocurrency, positioned just behind Bitcoin.
It has garnered popularity among programmers due to its vast potential for various applications, including the execution of self-executing smart contracts and the creation of non-fungible tokens (NFTs).
Furthermore, Ethereum has witnessed extraordinary growth over time. From April 2016 to the end of July 2023, its price escalated significantly, surging from approximately $11 to around $1,868. This impressive increase amounts to a staggering growth rate of 16,885%.
5. Cosmos
Cosmos (ATOM) is rapidly establishing itself as a prominent rival to Ethereum (ETH), the leading smart contract platform, by providing developers with the capability to create customizable and independent blockchains.
The migration of projects to the Cosmos ecosystem gained significant attention in June 2022 when dYdX, a prominent futures contracts exchange built on Ethereum, announced its intention to develop a standalone blockchain on Cosmos. This move highlighted the growing trend of decentralized applications (dApps) seeking greater customizability and scalability by forming application chains or “app-chains” within the Cosmos network.
Crypto industry experts anticipate that many more dApps will follow in the footsteps of dYdX, recognizing the benefits of the Cosmos platform and its potential for forming interconnected application chains.
Disclaimer:
This blog is for educational purposes only. The information we offer is not investment advice. Please always do your own research before investing. Any opinions expressed in this article are not a recommendation that any particular cryptocurrency (or cryptocurrency token/asset/index), cryptocurrency portfolio, transaction, or investment strategy is appropriate for any particular individual.
