The popularity and adoption of cryptocurrency continue to be a significant discourse in the global market, owing to its decentralized feature and potential for a moonshot. This is evident in the increasing number of people buying and selling these digital assets, thereby making crypto trading one of the best ways to make money online in today’s world. But as 2023 winds down, you may want to know the top most promising cryptocurrencies for 2024.
The crypto market is constantly changing and evolving, with new crypto assets entering the space, some giving investors good returns. As such, there are currently over 20,000 crypto assets in the market for you to buy and sell.
So, while the crypto market is bracing for a bullish run in 2024, here are the most promising cryptocurrencies.
1. Bitcoin (BTC)
Bitcoin is the pioneer cryptocurrency that charted the course for decentralized finance (DeFi). Its resilience amid the price tank and positive market outlook has made it one of the most sought-after cryptocurrencies among investors.
There has also been an increasing institutional interest in Bitcoin – attracting businesses and hedge funds to enter the market to trade this asset. Some companies are already adopting Bitcoin as a payment method – hence strengthening its value.
Moreover, Bitcoin is believed to be a hedge against inflation and economic stability; as such, it is best seen as a store of value. That is why people are always enthusiastic to buy this asset with the optimism of selling Bitcoin at the best price shortly.
Bitcoin is currently the most expensive cryptocurrency, trading at over $36,000 with a market cap of over $715 billion.
2. Ethereum (ETH)
Ethereum is the leading smart contract platform that has become the hub of decentralized apps (dApps) and non-fungible tokens (NFTs). A transition to Ethereum 2.0 that employs the proof-of-stake (PoS) mechanism to improve scalability and transaction costs has been pivotal in the investment value of this cryptocurrency.
Therefore, Ethereum remains a strong force for its wide range of importance as a cryptocurrency and network for developers. At the time of writing this article, the price of Ethereum was over $2,000, with a market cap of about $243 billion. This makes it the second-largest cryptocurrency after Bitcoin.
3. Binance Coin (BNB)
Binance coin is a cryptocurrency designed by Binance – the world’s largest crypto exchange by daily trading volume. There is optimism surrounding assets because it allows crypto investors to diversify their portfolio by investing in ETFs like the ProShares Bitcoin Strategy ETF, the Valkyrie Bitcoin Strategy ETF, and the VanEck Bitcoin Strategy ETF.
In addition, the Binance Smart Chain is a smart contract-enabled blockchain network to create a DeFi network. This makes Binance coin a preferred option when trading on Binance.
Binance coin currently trades at about $230 with a market cap of over $34 billion – making it the fourth-largest cryptocurrency. Therefore, you can buy and sell Binance coin for the possible maximum gains.
4. Solana (SOL)
Solana provides a blockchain infrastructure for modern internet applications. This is due to its high throughput, which is based on proof-of-stake (PoS) and proof-of-history (PoH), including cheap transaction cost that is as low as $0.01.
Other features like scalability, decentralization, and performance of its blockchain make Solana one of the most lucrative cryptocurrencies for investors.
At the time of writing this article, the price of Solana was about $54, with a market cap of over $22 billion. This ranks the asset as the seventh-largest cryptocurrency in the market. Therefore, 1 Solana in naira is of great value in Nigeria.
5. Tether (USDT)
Tether is the most popular stablecoin pegged 1:1 to the US dollar. It means that its value is designed initially to be $1. This is to control the volatile nature that essentially characterizes the crypto market. Hence providing a good investment option that gives you the leverage to buy and sell USDT for profits in 2024.
This stablecoin can be preferred by investors who grapple with the fear of uncertainty in the crypto market. USDT is currently the third-largest cryptocurrency, with a market cap of over $87 billion.
6. Cardano (ADA)
Cardano is a decentralized, open-source blockchain network that uses a proof-of-stake (PoS) mechanism. It uses its native token (ADA) to facilitate peer-to-peer (P2P) transactions.
The Cardano platform can also create a collateralized borrowing dApp that can loan funds to people when they deposit specific collateral in their wallets. The smart contract is capable of sending funds and liquidating the collateral at will. So, this loan feature puts Cardano in a better place for 2024.
At the time of writing this article, the price of Cardano was about $0.37, with a market cap of over $12 billion. This makes it the eighth-largest cryptocurrency.
7. Ripple (XRP)
Ripple is a digital asset serving as an alternative payment method globally. It continues to uphold the decentralized feature of cryptocurrencies as it does not require any third party to process transactions.
This makes the transaction on the Ripple network swift – between 3 to 5 seconds. The ease of using Ripple as a payment option is significant to its prospect for a bullish run in 2024.
Ripple currently ranks the fifth-largest cryptocurrency as it trades at about $0.59 with a market price of over $31 billion.
8. Chainlink (LINK)
Chainlink is a decentralized Oracle platform that leads data reliability for smart contracts. Its adoption by networks like Ethereum and Solana has been instrumental to LINK’s popularity, which is the platform’s native token.
In addition, the quality of data and scalability of Chainlink, achieved via hybrid smart contracts, positions the cryptocurrency for explosive growth in the coming future.
When writing this article, the price of Chainlink was about $14, with a market cap of over $7 billion, making it the eleventh-largest cryptocurrency.
9. Litecoin (LTC)
Litecoin is similar to Bitcoin regarding technology, although it generates blocks faster than BTC. Since its launch in 2013, Litecoin has been widely used as a payment method for over 3,000 stores, merchants, and stores worldwide.
This crypto asset has been able to rebound from bearish runs – with its resilience encouraging investors to continue with its trading. It makes Litecoin valuable in the crypto market for you to buy and sell LTC for maximum gains in 2024.
Litecoin is currently ranked eighteen as it trades at about $67 with a market cap of over $5 billion.
10. Dogecoin (DOGE)
Dogecoin is the first meme coin that has continued to gain traction in the crypto market. It has enjoyed a bullish run, especially after getting the support of Tesla CEO Elon Musk.
You can use this crypto asset for tipping on Reddit and X (Twitter) to reward content. Therefore, these enable the broad adoption of Dogecoin, even as its resilience in the market remains astonishing to many people.
Dogecoin trading is increasing, with many crypto enthusiasts firmly believing in its potential for a moonshot. Therefore, the market remains favorable to buy and sell Dogecoin.
When writing this article, the price of Dogecoin was about $0.07, with a market cap of over $10 billion, making it the ninth-largest cryptocurrency.
Frequently Asked Questions (FAQs)
What Are The Top Promising Cryptocurrencies For 2024?
The top cryptocurrencies for 2024 are Bitcoin, Ethereum, Binance coin, Solana, Tether (USDT), Litecoin, Dogecoin, Chainlink, Ripple, and Cardano. But there are other cryptocurrencies to look out for, so the list is not exhaustive.
Is It A Good Choice To Invest In Cryptocurrencies In 2024?
This is subjective as it depends on personal decisions and investment goals. But while cryptocurrencies are emerging assets with a volatile nature, they have the potential to generate good returns for investors.
How Volatile Are Cryptocurrencies?
Cryptocurrencies are relatively volatile – meaning that the degree of volatility depends on the crypto asset. For instance, Bitcoin is the most volatile cryptocurrency, with a 30-day volatility of over 60%. Ethereum has a 30-day volatility of over 50%.
What Are The Challenges Of Investing In Cryptocurrency?
The challenges cryptocurrency faces include volatility, regulation, security, scalability, and liquidity.
The crypto community anticipates a bullish market in 2024, even as new crypto assets emerge. This is due to the understanding of the range of benefits these digital assets have to impact the global financial market positively.
However, it is important to continue studying cryptocurrencies’ performance to choose the most preferred asset to buy in 2024.