Best Cryptocurrency to Invest in 2024

Over the last decade, cryptocurrencies have established themselves as notable players in the financial market, contenting for a strong position in many investors’ portfolios.

In particular, Bitcoin’s recent all-time high has captured the attention of many investors, while there are many best cryptocurrencies to invest in apart from Bitcoin, enabling more participants to join the crypto market.
Cryptocurrency bulls believe the highly volatile market is on track for an all-time highs and are optimistic about positive market movements.

While the cryptocurrency world is still dominated by Bitcoin and Ethereum, as their market cap comprises over two-thirds of the cryptocurrency market, several others have made it to the top in 2024.

Here are the top five cryptocurrencies including Bitcoin and Ethereum that could be lucrative investment options for 2024.

5 Best Crypto To Buy Now

1. MAGA VP (MVP): Leading Cryptocurrency with PolitiFi Narrative

MAGA VP - Leading Cryptocurrency with PolitiFi Narrative

When considering the best crypto coins, Bitcoin and Ethereum often come to mind first. However, it’s essential to recognize that investing in emerging coins like MAGA VP can also yield higher profit returns. MAGA VP’s focus on the MAGA TRUMP community and its innovative meme coin approach suggest promising potential making it the top crypto to buy as of now!

MAGA VP is a meme rewards token built on the Ethereum network that is dedicated to showing support for presidential candidate Donald Trump. It is one of the meme coins introduced to the crypto industry to support the MAGA (Make America Great Again) TRUMP ecosystem by adding to its liquidity and providing an opportunity for all MVP token holders to passively earn rewards in TRUMP native token through buy or sell tax.

The meme coin is supported on multiple cryptocurrency exchanges, including Biconomy.com, BitMart, CITEX, Digifinex, P2B, XT.com, iNDOEX, Toobit, LBANK, Azbit, and Consbit. The main goal of the MAGA VP MVP coin is to support the MAGA TRUMP community and promote engagement and innovation within the industry of meme coins.

By providing an ecosystem based on the Ethereum blockchain technology, MVP aims to develop a sense of camaraderie among its supporters while contributing to the MAGA TRUMP growth and sustainability.

Through innovative tokenomics, community-driven movements, and strategic partnerships, MAGA VP seeks to push every boundary to create meaningful opportunities for its supporters and token holders. It aims to build stability and liquidity by incentivizing liquidity providers and executing strategic economic mechanisms.

MVP also aims to enhance community engagement and expand blockchain integration to broaden its accessibility and reach a wider audience of crypto enthusiasts.

Pros:

  • A one-of-a-kind decentralized application that benefits $MVP token holders through TRUMP rewards.
  • Incentivizes active participation and long-term holding within both MVP and TRUMP ecosystems.
  • Has a strong social media presence on powerful platforms like Telegram and Twitter (X).
  • Prioritizes user privacy and security through robust, secure authentication mechanisms and encryption protocols.

Cons:

  • Lack of transparency in terms of the company’s reserves.
  • May attract volatility.

Built on : Ethereum

Available on : Biconomy.com, BitMart, CITEX, Digifinex, P2B, XT.com, iNDOEX, Toobit, LBANK, Azbit, and Consbit

2. Bitcoin (BTC): Oldest and Most Popular Cryptocurrency

Bitcoin - Oldest and Most Popular Cryptocurrency

Bitcoin is still the world’s largest and most popular cryptocurrency, even 14 years after its launch, created by a mysterious individual or group of individuals using the pseudonym Satoshi Nakamoto.

Bitcoin continues to be one of the most exciting cryptocurrencies for investors who keep their eyes on the Bitcoin price, especially in 2024, as the next Bitcoin halving event will take place as soon as the Bitcoin blockchain reaches its 840,000 blocks.
In 2016, investors could purchase a BTC token for about $500. However, in 2024, Bitcoin’s price stands at around $60,000, a massive growth of 12,700%.

Bitcoin is not only getting attention due to the upcoming Bitcoin Halving event but also for the recent introduction of the new spot Bitcoin ETFs that have caught the attention of many investors around the world.

The transparency and decentralization of the Bitcoin blockchain network also make it attractive to investors. However, critics have often raised concerns about the token’s proof of work consensus mechanism, which is energy-intensive, and pointed out the challenges of scaling the Bitcoin network.

With a market capitalization of $1.3 trillion (about 52% of the total cryptocurrency market), Bitcoin is one of the best cryptocurrencies to invest in 2024.

Pros:

  • The world’s most well-known and decentralized cryptocurrency.
  • Year-over-year return of 136% or more.
  • Relatively more stable than other cryptocurrency tokens.
  • It has numerous use cases.

Cons:

  • Not environmentally friendly – high electricity consumption.
  • Scalability issues.
  • Mining Bitcoin is not allowed for ordinary users.

Built on : Bitcoin

Available on : Bitfinex, Bitget, Bitstamp, Crypto.com, Coinbase, Gemini, Kraken, OKCoin, Bisq, BitQuick, Hodl Hodl, Noones Buy Bitcoin, and many more.

3. Ethereum (ETH): Best Crypto Token With Innovative Smart Contracts

Ethereum - Best Crypto Token With Innovative Smart Contracts

After Bitcoin, Ethereum is among the best altcoins in the world with second most popular crypto in terms of market capitalization and value.

Unlike Bitcoin, which uses a proof of work consensus mechanism, Ethereum switched to a more eco-friendly protocol, known as proof of stake, that allows many users to act as validators and maintain the stability of the network.

One of the major strengths of Ethereum lies in its price surge, which will make it the best crypto to buy in 2024.
With a market cap of more than $385.5 billion and a year-over-year return of 73%, Ethereum has journeyed a long way since its launch, providing a platform for decentralized exchanges, applications, and finance to become the leading blockchain in the world.

Currently, Ethereum is home to over 1400 developer tools and applications operating both as a blockchain platform and a cryptocurrency. Its Layer 1 network is also quite popular in the crypto world for its staking ecosystem, which has developed around it.
Overall, the Ethereum network dominates many cryptocurrency sectors, including real-world assets (RWAs), decentralized finance (DeFi), and non-fungible tokens (NFTs).

Pros:

  • The world‘s largest crypto in the entire dApp and DeFi space.
  • Uses proof-of-stake consensus, improving the overall robustness of security protocols and increasing TPS.
  • Relatively easy to use and understand how it functions.
  • It has numerous use cases.
  • Energy-efficient cryptocurrency, unlike Bitcoin.

Cons:

  • High network transaction fees.
  • Occasional network congestions and scalability issues.

Built on: Ethereum

Available on: Coinbase, Bitstamp, Kraken, Gemini, Binance, Bitfinex, and many more

4. Binance Coin (BNB): Leading Exchange Token

Binance Coin - Leading Exchange Token

Binance Coin was launched in 2017 as a form of crypto that can be used to trade and pay fees on the Binance crypto exchange. However, it has expanded beyond its capacity to provide various other services, such as trading, a payment processing system, and booking travel arrangements.

With a market cap of $90.5 billion and a year-over-year return of 70%, Binance has become one of the best cryptos to invest in 2024.
The native token, BNB, provides access to special perks, including cashback on Binance Visa card purchases, lower trading and payment fees, and the platform’s Launchpool and Launchpad programs.

BNB is the only non-stablecoin cryptocurrency asset, posting a change of more than 38.5% against the USD.
Currently, Binance Coin forms the framework for the entire BNB Chain ecosystem that boasts low cost and high speed to compete with the dominance of Ethereum. BNB token holders can stake BNB tokens via Launchpool to earn rewards from upcoming BNB-based blockchain projects.

However, investors can also choose to unstake their BNB tokens anytime and receive attractive perks by holding new tokens while assuming comparatively low risk.

Pros:

  • High throughput and low cost allow BNB tokens to service much higher demand than other competitors.
  • Owning BNB tokens provides investors benefits on the world’s best crypto exchange, Binance.
  • Massive growth potential for investments.
  • High liquidity and volatility attract investors for short-term gains.

Cons:

  • Highly centralized crypto tokens, controlled and managed by centralized cryptocurrency exchanges like Binance.

Built on: Binance Smart Chain

Available on : Binance BNB exchange

5. Tether (USDT): Top Token With Stability and Liquidity

Tether - Top Token With Stability and Liquidity

Tether is almost a decade old and the world’s most famous and best cryptocurrency and stablecoin to invest in 2024.

As the name suggests, stablecoins generally have a stable value achieved with the complex financial system, where Tether adds or burns Fiat currencies from an escrow account based on market demand.

Investors must consider purchasing Tether coins in 2024 to protect their gains against the high Fiat transaction fees. Selling crypto assets for Tether is more profitable than selling them for Fiat currencies due to lower withdrawal and trading fees and higher security levels.

Additionally, converting Tether to other cryptocurrencies requires lower fees and less time than Fiat money, which is an additional element of convenience since investors do not need to use their credit or debit cards.

Overall, Tether is one of the easiest cryptocurrencies to invest in. All users need to do is deposit some currency in US dollars, find the trading pair USD/USDT, and get an exact amount of a tether, excluding the exchange trading fees.

Pros:

  • Aims to maintain stability by pegging to fiat currency reserves.
  • High trading volume and liquidity, making trading, buying, and selling Tether tokens easier than others.
  • High volatility, interoperability, and flexibility.
  • Faster and more efficient than other banking systems, allowing quick settlements and transfers.

Cons:

  • Centralized cryptocurrency.
  • Involves counterparty risk.

Built on: Algorand, Avalanche, EOS, Ethereum, Liquid Network, Omni, Polygon, Near, Solana, Bitcoin Cash’s Standard Ledger Protocol, Statemint, Statemine, Tezos, Tron, and many more

Available on : Every major public blockchain network

Benefits of Investing in Crypto Over Stocks

High Growth Potential

The significant growth potential is the first advantage of investing in cryptocurrency markets over stocks. Digital currencies like Bitcoin and Ethereum highlight the high growth potential through their remarkable returns. Many investors have witnessed a significant growth of 1100% between 2022 and 2023, indicating an excellent transformation of their portfolios after entering the cryptocurrency world.

The crypto industry is a part of the decentralized applications and networks that can operate with enhanced transparency and autonomy. Compared to stocks that depend on traditional financial tools, cryptocurrencies allow fast transactions at low costs, making them ideal for investments.

24/7 Market Access

Unlike traditional financial markets, such as stocks, the digital market operates 24×7, providing constant access for day trading and scalp trading. Anyone can access the digital market using their smartphone or computer and a stable internet connection and trade without fixed trading hours.

The process of cryptocurrency investments is extremely fast and simple compared to opening a trading account at a traditional institution for investing in stocks. There is no need for ID verification, credit, or background checks.

Liquidity and Market Efficiency

Cryptocurrency markets are dependent on liquidity that lowers the risk of risky investments and helps investors define their exit strategy to sell crypto assets. As a consequence, the liquidity of the crypto markets is preferred by most investors and traders.

High liquidity makes it difficult for dishonest actors to manipulate crypto prices, and offer stability and less volatility. Moreover, crypto liquidity helps in analyzing investors’ behavior that can be an indication of increased market data dissemination.

Liquidity increments in the crypto market positively affect the market efficiency and improve it through two channels – firstly, it allows cheaper and faster transactions, so that prices can promptly absorb all the relevant information in the marketplace, and secondly, it encourages investors to easily place huge short-term transactions based on information that barely affect prices.

Possible Hedge Against Fiat Currency

Cryptocurrencies have opened up a new investment avenue for crypto investors. While the prices of numerous Fiat currencies may decline due to inflation, digital assets can act as a hedge against Fiat currency inflation. The secular trend for the majority of crypto assets is upward, which means that they are likely to rise in value over time.

Cryptocurrencies appreciate against inflation shocks which confirms the inflation-hedging characteristic that most investors claim. However, unlike other traditional financial tools like digital gold, crypto prices may decline in response to uncertainty shocks in the financial world that may reject the safe-haven nature of cryptocurrencies.

More Opportunities With Growing Number of Coins

As the digital market is flooded with a growing number of digital asset tokens being added every minute, there is a greater possibility for portfolio diversification in the crypto investment market, unlike traditional assets like bonds and stocks.

There is fierce competition that exists in the crypto market, after all, it is home to over 25,000 tokens listed and more are in the line waiting.

How To Choose the Best Crypto To Invest In

Whitepaper Analysis

Before investing in a crypto coin, investors must scrutinize the token’s whitepaper to gain insight and relevant information about the crypto project, such as its goals, the team’s vision, and use cases. Analyzing a cryptocurrency project’s whitepaper will give a good glance at how the crypto plans to provide value to its users.

Reading the whitepaper can be an essential part of analyzing cryptocurrency projects as it focuses on the technical aspects, including network scalability, underlying technology, and the consensus mechanism.

However, it must also be noted that many whitepapers need to be more accurate and optimistic. Hence, investors must evaluate whitepapers by being critical and rejecting cryptocurrency projects that sound too good to be true.

Project Fundamentals and Use Case

Before investing in any cryptocurrency, investors must research the fundamentals and use cases of the project by looking into the team of developers behind the project, their vision, their ability to solve issues, and how their tokens or coins fit into the solution.

The cryptocurrency project’s use cases are also a vital factor. Considering the best cryptocurrencies with real-world applications are most likely to succeed in the long run, whether it is for decentralized applications, smart contracts, crypto exchanges, non-fungible tokens, or cross-border payments, understanding crypto use cases can help evaluate the future success of the project.

Note that the best cryptocurrencies will have real use cases that will not require any speculation by crypto enthusiasts.

Tokenomics

Tokenomics refers to a particular cryptocurrency’s total supply, circulation, and distribution. It is an important factor for crypto investments as it affects the overall crypto prices. The three important pieces of information that a crypto project’s tokenomics reveal include –

Circulating Supply – The crypto tokens that are currently in the market

Total Supply – The total amount of crypto assets issued, including those burned or removed from circulation.

Maximum Supply – The maximum amount of crypto tokens that will ever be issued.

These three statistics make the tokenomics that substantially affect the price of the cryptocurrency. Hence, investors need to consider the tokenomics of the underlying crypto project before investing.

Scalability and Network Congestion

The scalability of a crypto project refers to the number of transactions a network can handle per second, considering three main bottlenecks: confirmation time, finality, and throughput. Investors must choose cryptocurrencies designed to handle high volumes of transactions per second, offering a highly scalable blockchain platform for decentralized exchanges and application smart contracts.

Additionally, many cryptocurrency platforms experience delays during high-traffic periods. Hence, investors must consider network congestion when choosing the best cryptocurrency to invest in.

Note that during increased activity and high demand for a particular blockchain network, the transaction costs may rise due to limited processing capacity and high network congestion.

Community and Ecosystem

Community support and ecosystem growth are healthy indicators of a crypto project’s potential. Investors must choose a digital currency depending on the community support. It can drive adoption, contribute to further development, and provide valuable feedback.

To determine the strength of the community, investors can look at forums, social media, and other platforms to gauge the communities, engagement and size.

Additionally, the ecosystem of a particular crypto project typically includes supported applications, cryptocurrency exchanges, integrations, and partnerships that substantially affect its value.

Choose the best cryptocurrency to invest in with a growing ecosystem with diverse collaborations and applications with well-established organizations and financial institutions.

Regulatory Compliance

The landscape for crypto investments varies from one country to another and can potentially affect a crypto project’s future. It is important to consider the regulatory policies of a jurisdiction that can impact the crypto investors are interested in.

The best cryptocurrencies are those that actively comply with the country’s regulations and operate with regulators that have a strategic benefit. If a jurisdiction with substantial influence is rumored to be restricting or banning crypto investments, a huge amount of sell pressure will ultimately reduce the prices.

Potential Risks of Investing in Crypto

Lack of Legal Protections

Cryptocurrencies are essentially not backed by any private or public entities, making it difficult for anyone to place trades with a legal status in various financial jurisdictions worldwide.

Much of crypto’s lack of legal standing is due to its relative newness compared to other traditional currencies and payment methods. Hence, crypto investments operate in a largely unregulated environment, often leading to a lack of legal protection for investors.

Irreversible Transactions

The primary nature of crypto investments is that transactions are irreversible. Once a crypto transaction is made, it cannot be reversed or undone. This usually differs from conventional banking transactions, where payments can be reversed if errors occur.

In addition, the irreversibility of crypto payments means that if an investor accidentally sends their token to the wrong address, there is virtually no way of getting them back unless the recipient returns the funds.

Volatility and Value Fluctuations

Soaring cryptocurrency prices can become a nosedive very quickly. Crypto investments are not ideal for those uncomfortable with price volatility and market risks. Crypto prices rise and fall frequently, and even small price movements can lead to massive losses.

While investors in the stock market benefit from concrete financial results, that is not the case in the cryptocurrency market. There is an unclear valuation of crypto prices with hazy long-term prospects. In most cases, crypto investors do not have a financial framework suitable for a proper market value analysis.

Scams and Fraudulent Schemes

The crypto world is filled with scams and fraudulent schemes due to its technological loopholes that attract entities with malicious intent. To mess up with crypto transactions, hackers generally seek a loophole to get more control over the network’s validation nodes.

Cryptocurrency scams can take place in different forms, such as fake ICOs, wallets, crypto Ponzi schemes, pump and dump schemes, crypto-jacking, cloud mining scams, blockchain-wide attacks, and many more. Investors must employ the best practices to avoid crypto scams and choose the best cryptocurrency to invest in to avoid becoming a victim.

Future of Cryptocurrency: Is Crypto Worth Investing in?

Now that we have listed the best cryptocurrency to invest in 2024, depending on market capitalization, market trends, network security, availability of smart contracts, technical indicators, and initial coin offerings, we can discuss the future of cryptocurrencies for investors.

While highly volatile cryptocurrencies have immense potential to generate massive gains. Statistically speaking, cryptocurrencies have performed substantially better than any other financial markets, including stocks. Nowadays, there are many new crypto to invest in that investors are considering for diversification.

Cryptocurrencies like MAGA VP, Bitcoin, Ethereum, Binance, and Tether have experienced prolonged price increases. Investors can consider buying them to enter the crypto market when the asset prices reach a lower price point.

Moreover, some cryptocurrencies have a decentralized framework without external bodies controlling the network. Due to this decentralized system, crypto transactions cannot be intercepted or blocked.

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Furthermore, investors can diversify their investment portfolios and rely less on the traditional financial market. However, cryptocurrencies must not make up most of the portfolios, and investors should invest money they can afford to lose.

Irrespective of the type of asset chosen, every participant needs to have a clear understanding of how the blockchain technology works, studying the underlying crypto project along with its tokenomics, white paper, fundamentals, and use cases of the blockchain project, the entire process of purchasing cryptocurrencies, network congestion, scalability, regulatory compliance, the existing market cap and trading volume of the cryptocurrency.

Conclusion

The crypto market has numerous choices for all types of investors, from specific applications in DeFi to digital assets for general purpose and scalability. While cryptocurrencies include many easy-to-recommend investment options for beginners, seasoned investors might find smaller and more volatile cryptocurrencies to make a risky investment and obtain high returns. Cryptocurrencies like MAGA VP, Bitcoin, Ethereum, Binance Coin, and Tether have proven their worth in the crypto market.

However, when it comes to the best crypto to invest in 2024, it is mostly dependent on an investor’s individual investment goals and risk profile.

For those interested in digital assets with long-term potential, staples like Bitcoin and Ethereum are the best choice. However, those with a greater risk appetite can pursue investments in MAGA VP during the crypto presale.

FAQs

How To Invest in Cryptocurrency?

To invest in a cryptocurrency, users must choose the best crypto, a reputable crypto exchange, connect the exchange account with a digital wallet to transfer funds, decide the quantity to invest, and manage investments wisely using reliable crypto investment tools.

Which Crypto Can Give 1000x in 2024?

MAGA VP, Bitcoin, Ethereum, Binance, and Tether have great potential to reach skyrocketing values and provide returns as high as 1000x in 2024.

Which Crypto Will Boom in 2025?

While Bitcoin and Ethereum have already enjoyed their share of the market ever since their launch, a new meme token named MAGA VP has gained popularity and is making headlines with a rising market cap.

What Are the Best Cryptos to Invest in Today for Short-term Gains?

MVP, BNB, and USDT are the best cryptocurrencies to invest in 2024 for investors looking for profits earned during a short period of time.

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