Cryptocurrencies are still attracting new investors as of 2024 despite their questionable performance in 2018. However, the majority of novices struggle to identify the best cryptocurrencies to invest in 2024!
I know that looking for fresh crypto investments might be somewhat complex at first. Well, don’t worry you can able to identify the cryptocurrency investments for 2024 by the end of this blog.
Let’s first go over the recent rise of cryptocurrencies…
Growth Of Cryptocurrencies
Bitcoin is the first and foremost cryptocurrency created in the year 2009. However, that was only the beginning. Until 2013, very little was known about Bitcoin. Moreover, none even considered the possibility that it might emerge as the top cryptocurrency for investments. However, the crypto market has grown significantly since 2013 and the rise has been difficult to ignore. In less than five years, over 1500+ unique cryptocurrencies have been created.
2017 was the year when cryptocurrency truly took off. Cryptocurrency market capitalization increased by 4000%! In March 2017, the total market value of cryptocurrencies was estimated to be around $21 billion. Today it is over $454 billion. Markets now encompass more than just Bitcoin. Additionally, cryptocurrencies such as Ethereum, Litecoin, and Ripple have also entered the market. These can all be regarded as the best cryptocurrencies to invest in because of how they have all done over the past year.
Regarding the future of cryptocurrencies, a lot is being discussed. Certain individuals assume that the cryptocurrency era will end soon while others think it will last forever.
Crypto trends are hard to forecast but one thing is certain which is people are becoming more and more interested in them. Since blockchain technology is the fundamental component of all cryptocurrencies. It is one of the reasons why they are growing in popularity.
Best Cryptocurrencies To Invest In 2024 List
Here are the suggestions for the best cryptocurrencies for investing in 2024…
Bitcoin (BTC)
Not mentioning Bitcoin would be remiss when listing a top cryptocurrencies. Even though it has scaling issues, it is the first launched cryptocurrency that tops the list by a wide margin.
We interpret this as a positive indication of investor confidence. Because Bitcoin has consistently maintained the highest market capitalization and the strongest liquidity of all cryptocurrencies. It is a desirable choice for both individuals and businesses because it can be exchanged on almost all cryptocurrency exchanges.
Bitcoin’s main application is as a digital substitute for currency intending to serve as both a means of exchange and a store of value. We believe that its volatility still presents a difficulty for regular transactions, even though it is already widely embraced for both use cases.
However, it is the top cryptocurrency on our list. Because of its fixed supply cap of 21 million coins, a vibrant and supportive community, and the anticipated performance bump brought on by April’s Bitcoin halving event.
Ethereum (ETH)
Ethereum has been a prominent platform for decentralized apps(Dapps) and smart contracts, as evidenced by the length of time it has been on the market. Ethereum’s extensive availability and high daily trade volumes make it freely accessible without having a major impact on pricing.
Ethereum is seeing adoption in various industries such as finance, gaming, and the arts because of its robust use cases beyond digital currency. Ethereum’s past performance has been inconsistent due to high transaction costs and network congestion much like Bitcoin.
The extensive “Ethereum Merge” in September 2022, layer 2 solution integrations, and most recently the Dencun update in March 2024 are all part of the multi-step Ethereum 2.0 roadmap that addresses these concerns.
We also appreciate the implementation of EIP-1559 in 2021 which changed the tokenomics of Ethereum from an inflationary to a deflationary one. Hence lowering the total supply over time.
The Ethereum Foundation and other popular cryptocurrency leaders, along with a vibrant and large community, support the development team’s constant efforts to upgrade the network.
I think Ethereum deserves the 2nd spot on our list. It will be interesting to see if it can maintain its standing as more people become aware of its competitors.
Solana (SOL)
In the first quarter of 2024, Solana has tremendous growth. But there are still more opportunities before it surpasses its former all-time high of $260. Still, we are convinced that investors have genuine faith in it because of its huge market capitalization and strong liquidity.
Solana is a strong competitor to Ethereum for Decentralized finance(Defi), Dapps, and NFTs since it is built for faster and larger volume transactions at cheaper costs. It can sustain tens of thousands of transactions per second. Strong adoption is being observed, fueled by the ever-increasing desire for faster and less expensive transactions. This demand will only increase with the adoption of more use cases.
Avalanche (AVAX)
One of the most liquid participants in the blockchain industry is Avalanche with a sizeable market capitalization. Even though it takes a different approach than existing “layer two” solutions, it offers a more scalable, interoperable, and decentralized infrastructure for creating decentralized apps(Dapps) and carrying out smart contracts.
As offshoots of the Avalanche C-Chain, Avalanche provides what are known as subnets. Since Defi Kingdoms is one of the biggest gaming initiatives in the web3 market, it can effortlessly establish a dedicated blockchain for a variety of use cases. Numerous projects looking for reliable decentralized platforms have chosen it, with high-throughput, scalable blockchain solutions being its primary use case.
The project’s tokenomics seem strong with a 720 million AVAX maximum supply and a novel mechanism that burns transaction fees to lower the amount in circulation and can raise the value of the remaining tokens. Regarding enterprise blockchain solutions, we believe Avalanche has enormous potential.
Conclusion
In my opinion, Blockchains that had a strong base and a lot of traction before this year have a good chance of continuing to rule the market in 2024. A big part of this can ascribed to the increase in interest and the number of apps being created for these platforms.
Solana, Avalanche, and Ethereum layer 2 solutions like Polygon, Arbitrum, Immutable, and Optimism are promising prospects for 2024. As concepts like Defi, AI, NFTs, and gaming seem to be driving the present market upswing. However, some cryptocurrencies like SUI, SEI, Injective, Celestia, StarkNet, Dymension, and Ronin could become the next big thing.
Although these projects have a lot of potential, they still need to prove that they can attract enough developers so that other projects can build upon their technology.
Get in touch with our experts as we are the leading cryptocurrency exchange development company if you need help choosing the best cryptocurrencies to invest in…
