As 2023 wraps up, many crypto investors are eager to know the top cryptos to buy in 2024. With the dynamic nature of the crypto market, you should not just rely on your instincts when deciding what coin to invest in. Since cryptocurrencies are volatile, making a decision based on your feelings may leave you with regrets. Hence, we’ve provided a list of some cryptos that have a positive market outlook in general. Regardless, you must understand that cryptocurrencies are very unstable assets so there are no guaranteed outcomes. For this reason, you should only invest an amount of money that you can easily afford to lose if it doesn’t work out.
What should I know before buying cryptocurrency in 2024?
Before we list the top cryptos to buy in 2024, here are some basic things you must know before you start buying cryptocurrencies:
1. Cryptocurrency is unregulated and decentralized
By nature, cryptocurrencies are unregulated and decentralized. This means that they are not controlled by any single or central authority. Although this feature is one of the best qualities of the crypto market, it still can be very dangerous. Since cryptocurrencies are not regulated by any government, it leads to increased risks of scams and fraud.
2. Extremely volatile
Large-scale, reputable crypto assets like Bitcoin and Ethereum have lost substantial amounts of their value because of their extreme volatility. Yet, investors have not figured out how to control the volatility of cryptocurrencies in a way that will satisfy their own needs, without forfeiting massive amounts of money.
3. Only invest money you are comfortable losing
You should also note that cryptocurrencies are risky by nature. In fact, sometimes their prices may plummet down to zero! For this reason, you must only invest an amount of money that you are comfortable with losing. Also, don’t completely put your investments into just one token. Diversification of your portfolio is very important.
4. Analyzing market sentiments
Generally, the buying and selling of digital coins define what and how consumers feel about a precise digital asset. So you should never ignore the market sentiments at any given time. Market sentiments can help you identify which token has a higher potential to generate profits.
5. Keep a modified crypto portfolio
As an investor who wants to start investing in cryptocurrency, you should be willing to spread your money across different digital assets. The mixture should include some volatile, yet high-reward tokens like Bitcoin and other potentially less volatile cryptos. Keeping a well-diversified portfolio will enable you to endure profits for an extended period.
6. Analyzing various crypto developments
Cryptocurrencies are built based on blockchain technology, which is open-source. It allows investors to see the latest developer activity and get a better peek at how the crypto may prove valuable in the future.
7. Beware of ICOs
A few years ago, Initial coin offerings (ICOs) became popular. Unfortunately, they became one of the major hunting grounds for inexperienced investors.
Generally, ICOs can be very risky, hence, investors have to read through the whitepapers of cryptos on their individual websites before diving into it.
8. Protecting your private keys is critical
Although crypto investors may not always recollect the passwords to all their different kinds of crypto wallets, they must memorize and protect their private keys. Private keys give (you or any other person) access to your cryptocurrency so you must never forget it and must protect it at all costs.
9. Select the right crypto exchange and crypto wallet Services
You need to find trustworthy crypto exchanges and crypto wallet services, through which you can manage your crypto funds and investments. The growing popularity of cryptocurrencies has given birth to numerous new crypto exchanges and crypto wallet services. However, you must take your time to select the right one for you. Bitmama is easily the most reliable crypto trading platform for all your needs. Download the Bitmama app to get started.
10. Keep yourself updated with the taxation on crypto and other regulatory measures
While purchasing cryptocurrencies, your prime focus should be on conducting thorough research on what type of regulation the government of your country places on digital assets.
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What are the top 10 cryptos to buy in 2024?
Highlighted below are some of the top crypto to buy in 2024 in anticipation of the next bull run:
1. Bitcoin (BTC)
Bitcoin is the first, the most popular, and the largest cryptocurrency by market cap. The resilience of this token amid the price drop and positive market outlook has caused it to become one of the most sought-after cryptocurrencies in the world.
Also, there has been an increasing institutional interest in Bitcoin, which has attracted multinational businesses to enter the crypto market and trade this digital asset. In fact, some top companies have already adopted Bitcoin as one of their payment methods, which further strengthens its value.
In addition, Bitcoin is assumed to be a hedge against ever-rising inflation and economic stability, and as such, it is best considered a store of value. That is why many crypto investors are always enthusiastic to purchase this asset with the hopes of selling it at the best price shortly. Currently, Bitcoin is the most expensive crypto token, trading at more than $40,000 with a whooping market cap of over $800 billion.
2. Ethereum (ETH)
Ethereum is the second-largest cryptocurrency by market capitalization. This leading smart contract platform has grown to become the home of both decentralized apps (dApps) and non-fungible tokens (NFTs). A shift to Ethereum 2.0, which uses the proof-of-stake (PoS) mechanism to enhance scalability and costs of transactions has been key in increasing the investment value of this cryptocurrency.
Hence, Ethereum will continue to remain a strong force in the crypto market due to its wide range of use as both a cryptocurrency and a solid network for developers
3. Binance Coin (BNB)
Binance coin is a cryptocurrency that was designed and launched by Binance – the biggest crypto exchange in the world based on daily trading volume. Generally, this asset has a bright future in 2024 because it permits investors to diversify their investment portfolio by investing in valuable ETFs.
Moreover, the Binance Smart Chain can create a DeFi network because it is a smart contract-enabled network. This is an excellent alternative when trading crypto on the Binance exchange platform. Currently, BNB has a market cap of more than $40 billion and trades at more than $300, which makes it the fourth largest cryptocurrency. Hence, you can maximize your profit through Binance coins.
4. Tether (USDT)
Tether is currently the most popular stablecoin, which is pegged 1:1 to the US Dollar. Essentially, this means that the value of this token was designed originally to be $1. Stablecoins were created to regulate the naturally volatile nature of the crypto market. Hence, it is a good investment option that can give you profits in 2024.
Usually, Stablecoin is preferred by crypto investors who have low-risk tolerance and fear the uncertainty in the crypto market. With a market cap of more than $90 billion, USDT is one of the leading cryptocurrencies.
5. Solana (SOL)
Solana provides blockchain technology for modern internet applications. This is because of its high throughput, which is established based on proof-of-stake (PoS) and proof-of-history (PoH) consensus mechanism, including a cheap transaction cost that starts as low as $0.01.
Other features of Solana, such as scalability, decentralization, and high performance of its blockchain make it one of the most profitable coins for investors. Currently, the price of Solana is about $103, with a market cap of more than $44 billion
6. Ripple (XRP)
Ripple is a digital asset that serves as an alternative payment method worldwide. This token upholds the decentralized characteristic of cryptocurrencies since no third party is required to process its transactions. For this reason, transactions on the Ripple network are very fast and take between 3 to 5 seconds. Since Ripple is a globally accepted fast payment option, its prospects for 2024 are looking very bullish. With a market cap of more than $34 billion, Ripple currently ranks as the sixth-largest cryptocurrency in the world.
7. Cardano (ADA)
Cardano is an open-source, decentralized blockchain network that employs a proof-of-stake (Pos) consensus mechanism. This network makes use of its native token, ADA to enable peer-to-peer transactions.
Also, the Cardano platform can develop a collateralized borrowing dApp that permits people to loan funds whenever they deposit a certain amount of collateral in their wallets. The smart contract in this blockchain can transfer funds and liquidate the collateral once you meet certain conditions. Because of this loan feature, the future of Cardano in 2024 is looking very bright.
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8. Litecoin (LTC)
Litecoin has similar technology to Bitcoin, however, it develops blocks faster than Bitcoin. Since this token was established in 2013, it has been widely used as a method of payment for more than 3,000 stores, and merchants around the world.
Also, in the past, this crypto asset has successfully rebounded from bearish runs, which indicates its high resilience, thereby encouraging investors to continue its trading. All of these features make Litecoin very valuable in the crypto market for you to invest for maximum profits in 2024. Currently, Litecoin ranks as the eighteenth largest cryptocurrency in the world.
9. Chainlink (LINK)
Chainlink is another top crypto to buy in 2024. This decentralized Oracle platform leads data reliability for smart contract transactions. Its adoption by Ethereum and Solana made its native token, LINK, very popular.
Also, the quality of data as well as the scalability of Chainlink, accomplished through hybrid smart contracts, makes the future of this token very promising, especially for crypto investors. With a market cap of more than $15 billion, Chainlink currently ranks as the fifteenth-largest cryptocurrency in the world.
10. Dogecoin (DOGE)
Dogecoin, a top crypto to buy in 2024, was the first meme coin to exist. Since its launch, this token has continued to gain a lot of attention in the crypto market. Also, it has experienced a bullish run, particularly after it got the support of Elon Musk, the CEO of Tesla.
You can use Dogecoin to tip on Reddit and to reward content on X (formerly Twitter). These features as well as its resilience in the market encouraged the wide adoption of Dogecoin, which makes the token a suitable investment project in 2024z
What are the top promising cryptocurrencies for 2024?
The top cryptos to look out for in 2024 are Bitcoin, Ethereum, Solana, Binance coin, Tether (USDT), Dogecoin, Litecoin, Chainlink, Ripple, as well as Cardano. However, the list doesn’t end here as many other less popular cryptocurrencies are expected to enjoy a bullish run in 2024.
Is it a good choice to invest in cryptocurrencies in 2024?
The decision to invest in cryptocurrencies in 2024 is a personal one because it solely depends on your investment goals and individual choice. However, although cryptos are volatile, they still have the potential to yield good returns for an investor.
How volatile are cryptocurrencies?
Generally, cryptocurrencies are relatively volatile, which means that the degree of volatility largely depends on the kind of crypto asset. For example, Bitcoin, which is currently the largest and most popular crypto, is also the most volatile, with a 30-day volatility of more than 60%.
What are the challenges of investing in cryptocurrency?
Some of the challenges crypto assets face include extreme volatility, security, scalability, regulation, and liquidity.
We’ve given you a detailed rundown of the top cryptos to buy in 2024, however, you should note that the list goes beyond this. There may still be other less popular cryptocurrencies that will enjoy a bullish 2024. Additionally, you should note that when it comes to crypto investments, no outcome is 100% guaranteed because of the volatile nature of these assets. For this reason, you should diversify your portfolio and only invest an amount of money you are willing to lose. This way, you wouldn’t go broke if your crypto investment doesn’t turn out as anticipated.
Bitmama offers a secure marketplace for crypto enthusiasts. Perform activities like crypto trading and creating virtual dollar cards for online payment. Get started today by downloading the Bitmama app.
