The best cryptos for investors to keep an eye on in 2024
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 was challenging for many cryptocurrencies, from Bitcoin and Ethereum to Ripple and Dogecoin. Most 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 they’re 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 some as perfect for the role of ‘digital gold’ and generally thought of as 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)
The initial idea of creating TON came from Telegram founder Pavel Durov, before passing 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 that 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 of $2.0982 in January 2023 to its close that year on December 31, TON rose by 10.09%. In September 2023, on the back of Telegram’s integration of a Web3 wallet via the TON Foundation, Toncoin drew a lot of investor attention, Techopedia predicted that the crypto could explode in 2024, rising 67.2% to an average of $4.10.
Dogecoin (DOGE)
Dogecoin (DOGE) is a meme currency originally founded in 2014 as a ‘joke’ by software engineers Billy Markus and Jackson Palmer that gained widespread popularity in 2021. Dogecoin attracts attention with its simplicity, low fees and active community. Despite unclear prospects, DOGE remains in the spotlight as one of the symbols of the crypto market.
Tesla CEO Elon Musk has been a major supporter of Dogecoin for several years, initially aiding in the crypto’s rise by tweeting his endorsement of it in 2021. In March 2024, Musk once again sent DOGE prices soaring when he announced plans to add the meme coin as a means of payment for Tesla products, though the growth from this promise was short lived.
In just a year, the coin has risen in price by more than 80%, and the current market price is $0.1348 along with a trading volume of almost $20 billion.
Solana (SOL)
The Solana project serves to support decentralized finance (defi) solutions and provide opportunities for creating decentralized apps (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 on November 27. That same week, 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 2023 were highlighted by the court’s decision in the US Securities and Exchange Commission (SEC) case against Ripple, wherein the government authority determined that the token was not a security.
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.
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 1,500 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.
