As the digital asset landscape continues to evolve, the quest to find the best cryptocurrencies for investment remains a pivotal pursuit for investors and analysts. The year 2024 is sure to be rich with potential breakthroughs.
2023 has been challenging for most cryptocurrencies, from Bitcoin and Ethereum to Ripple and Dogecoin. Most of them were influenced by the unstable state of the industry and attention from regulatory authorities.
Experts suggest that in 2024 the pressure may only intensify, potentially leading to a new confrontation and another drop in prices for key digital assets.
However, there are still crypto coins on the market that show a lot of potential and may be worth investors keeping an eye on if considering the best cryptos to invest in 2024.
Bitcoin (BTC)
Bitcoin is the most popular and expensive cryptocurrency in the world, characterized by maximum liquidity. As the very first cryptocurrency, its importance for the industry can be compared to the role of the US dollar in the economic sphere, as such it is always a key crypto for investors to watch. The main disadvantage of BTC is the lack of scalability. Transactions within the Bitcoin network are expensive and performed at a low speed.
Bitcoin was the first cryptocurrency to bring buyers to the market and has remained the key crypto on everyone’s lips even years later. It is considered by many as perfect for the role of ‘digital gold’ and generally considered more suitable as a long-term investment than a coin that should be bought for the purpose of quickly making a profit or speculation.
According to predictions by cryptocurrency data website Coincodex, Bitcoin could see significant gains in 2024, with the site forecasting it could go as high as $109,364. However, it should be noted that these predictions are based on coins’ historical price movements and could be inaccurate.
Another less bold, but perhaps more realistic forecast regarding the price of Bitcoin was given by CryptosRUs analyst who expected Bitcoin to break $40,000 on the back of the imminent approval of a spot Bitcoin ETF.
Toncoin (TON)
Initially, the idea of creating TON came from tech entrepreneur and Telegram founder Pavel Durov, but it then passed into the hands of other developers. Toncoin is a decentralized online platform that works on blockchain interoperability and scalability. It can also be used to organize payments and conduct several million transactions per second.
Another feature of the project is sharding technology which allows for the division of one massive database into several smaller ones. Thus, the developers have simplified the control of all information and made the system more reliable and secure.
From its opening price in January 2023 to November 27, 2023 TON rose by 12.5%. In September, on the back of Telegram’s integration of a Web3 wallet via the TON Foundation drawing a lot of investor attention, Techopedia predicted that the crypto could explode in 2024, rising 67.2% to an average of $4.10.
Cardano (ADA)
This is a special platform based on Proof-of-Stake (PoS). It is usually used to create various decentralized applications (dApps) based on smart contracts.
To support the project’s ecosystem, the team developed the ADA token. You can get it on crypto exchanges at $0.3815. After this, users can stake their coins and start earning cryptocurrency.
In November 2023, analyst Ali Martinez predicted that ADA could climb yearly highs, which could also bode well for the coin’s chances in 2024.
Cryptocurrency analyst Crypto believes that within six months ADA can overcome the $0.90 mark. The main reason is decentralized finance apps are rapidly growing on Cardano, with total value locked surging from $50 million to $250 million in the past year.
Solana (SOL)
The Solana project serves to support decentralized finance (DeFi) solutions and provides opportunities for creating dApps and smart contracts. With its help, developers can make networks faster without compromising their security.
For the most part, the SOL token is needed to make payments, pay fees, and earn income from staking.
Solana’s price saw exponential growth in the latter half of 2023, going from $18.90 at the end of June to $55.06 towards on November 27. That same week in November, SOL appeared on Crypto Daily’s ‘Top 5 Hottest Cryptos To Buy For Your Portfolio This Week’, which noted that the “surge in transactions [signaled] a bright future.
Ripple (XRP)
XRP is a token created by Ripple to help financial institutions make global payments faster and without fees. The price movements of the cryptocurrency throughout the current year were highlighted by the court’s decision in the US Securities and Exchange Commission (SEC) case against Ripple. The government authority nevertheless determined that the token was not a security.
Overall, XRP has seen price fluctuations and is down nearly 30% from its highs.
All XRP coins have already been released. They cannot be obtained by staking or using other mechanisms. Furthermore, the only current catalyst for the coin’s value has been litigation. Given that the XRP price has not reached new heights, a multiple increase is not expected. Distinctive features of the crypto project:
- Ripple is the first company to defeat the SEC in court.
- The asset is intended for institutional, business, and private use.
- Can process 1500 transactions per second, which means greater scalability compared to other cryptocurrencies.
An analyst under the nickname EGRAG CRYPTO noted the impressive results of XRP, recalling that the asset closed two consecutive monthly green candles. It claims to rise to $10 after a possible “5-month consolidation phase” and soar to a whopping $50 by November 2024 if the uptrend continues.
Conclusion
Each of the coins presented in this article could bring investors great income in the coming year. If regulators reduce the level of pressure on the market, they can all expect significant growth.
However, when considering what may be the best cryptos to invest in 2024, it is worth remembering that investing in cryptocurrency always entails risks. Therefore, it is recommended to carefully select a project to invest money in.
