Best Cryptocurrency to Invest in 2024

Crypto fanatics are always looking for the next big thing when it comes to tokens and coins. This is amidst a year that has seen immense recovery in the prices of various cryptocurrencies. Most cryptocurrencies started the year on a bearish note, but that is no longer the case as we close the fourth quarter. Now, they are trading in green.

With the current crypto market trends and a rather steady bull run for major crypto like Bitcoin, investors and enthusiasts alike are on the watch out for which crypto to invest in in 2024. 

Take a look at the top cryptocurrencies to invest in 2024.

Bitcoin (BTC)

Market Capitalization: $853.88 billion (£674.51 billion)

By liquidity, it is quite obvious that Bitcoin stands out as the most popular and expensive crypto in the world. As the first coin in the crypto industry, its significance can be compared to the role of the US dollar in the economic space. That being said, it is the most watched crypto by investors. 

Bitcoin charts look like this in the past four months:

  • September: $ 25,748 (£20,400)
  • October: $27,946 (£22,076)
  • November: $35,047 (£27,700)
  • December: $43,690 (£34,610)

From the above data, we can gather that BTC is on an upward trend, with Coincodex predicting a further climb for Bitcoin in 2024. 

Ethereum (ETH)

Market Capitalization: $270.7 billion (£213.76 billion)

Like all cryptocurrencies, Ethereum is famously volatile and unpredictable. Though there are a number of reasons for investors to think the price of ETH will continue to rise in 2024, the current trajectory is good. 

The primary reason is that the ETH blockchain network offers a unique benefit for DApp developers, unlike BTC, which is mostly utilized as a value storage and a means of value transfer. They design and manage smart contracts, NFTs, and other DeFi applications using the ETH network and developing other cryptocurrencies. 

ETH numbers for the last quarter: 

  • September: $1,632 (£1,290)
  • October: $1,645 (£1,300)
  • November: $1,900 (£1,501)
  • December: $2,254 (£1,781)

In the last couple of months, ETH has seen a sharp rise. By 2030, VanEck predicts that ETH network revenue will have increased from $2.6 billion (2.05 billion) to around $51 billion (£40.30 billion). Ethereum should definitely be high on your list of cryptocurrencies to buy in 2024.

Solana (SOL)

Market Capitalization: $26.63 billion (£21.04 billion)

The Solana project offers avenues for developing DApps and smart contracts and supporting DeFi solutions. Developers may create quicker networks without sacrificing security with its assistance. The SOL token is mostly required to make payments, pay fees, and receive staking revenue. 

SOL numbers from the last four months:

  • September: $19.62 (£15.50)
  • October: $23.42 (£18.50)
  • November: $42.14 (£33.31)
  • December: $63.13 (£49.88)

As you can see, Solana saw exponential growth from the beginning of September to December, rising from $19.62 (£15.50) to $63.12 (£49.88) in the year’s second half. SOL’s growth indicates that it has the potential to rank among the best cryptocurrencies in 2024.

Ripple (XRP)

Market Capitalization: $33.93 billion (£26.80 billion)

To facilitate faster and fee-free international payments for financial institutions, Ripple developed the XRP coin. It is more scalable than other cryptocurrencies since it can handle 1,500 transactions per second. 

A quick look at XRP levels for the last quarter:

  • September: $0.50 (£0.39)
  • October: $0.52 (£0.41)
  • November: $0.71 (£0.56)
  • December: $0.64 (£0.51)

XRP has displayed a rising sign, as can be seen. Analyst EGRAG CRYPTO highlighted XRP’s remarkable outcomes. He mentioned that the asset finished two months with green candles and asserted that it will increase to $10 (£7.9) following a potential five-month consolidation phase. If the upward trend persists, it may reach an incredible $50 (£39.48) by November 2024.

Cardano (ADA)

Market Capitalization: $15.54 billion (£12.28 billion)

Cardano is a unique proof of stake (PoS) platform. Typically, it develops different kinds of decentralized apps using smart contracts. The team created the ADA coin to sustain the project’s environment. The price on cryptocurrency exchanges for investors is $0.3815 (£0.30). Eventually, one can then start earning cryptocurrency by staking their coins. 

Let’s look at ADA levels from the last quarter:

  • September: $0.25 (£0.20)
  • October: $0.26 (£0.21)
  • November: $0.36 (£0.28)
  • December: $0.44 (£0.35)

Clearly, ADA continues to expand and may continue to do so in 2024. Analysts predict that Cardano will surpass the $0.90 (£0.71) mark in six months because of the increasing number of DApps on ADA; last year, the total value locked increased from $50 million (£39.50 million) to $250 million (£197.45 million).

Image Source: Adobe Stock

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.