Best cryptos to invest in May
As the digital asset landscape continues to evolve, the quest to find thriving coins remains vital for investors. Read on for the best cryptocurrency to invest in May.
2023 was challenging for many cryptocurrencies, from Bitcoin (BTC) and Ethereum (ETH) to XRP (XRP) and Dogecoin (DOGE). Most were influenced by the unstable state of the industry and attention from regulatory authorities.
The crypto market has seen positive trends so far this year, with the first quarter of the year proving lucrative for ‘crypto king’ Bitcoin and the rally seemingly looking to continue into the second quarter.
In this optimistic climate, crypto coins show a lot of potential and may be worth investors keeping an eye on if they’re considering the best crypto coins to invest in.
Table of Contents
Bitcoin (BTC)
Bitcoin is the most popular and expensive crypto 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 to watch and may be one of the top five cryptos to invest in May 2024. 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. Some consider it 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 to make a profit or speculation quickly.
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 $102,982 by July. However, it should be noted that these predictions are based on coins’ historical price movements and could be inaccurate.
Another bold forecast regarding the price of Bitcoin was given by a Standard Chartered Bank analyst who expected Bitcoin to surge to $150,000 by the end of the year on the back of Bitcoin ETF inflows, following the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs.
Toncoin (TON)
The idea of creating TON initially 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 dividing 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 March 2024, the TON price surged 12% in one day amidst the news of a potential IPO from initial developer Telegram, with its market capitalization surging to $25 billion.
Dogecoin (DOGE)
Dogecoin (DOGE) is a meme currency founded initially 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 significant supporter of Dogecoin for several years, initially aiding the crypto’s rise by tweeting his endorsement 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.
Following a dip in price in April 2024, amid a negative market sentiment, DOGE rebounded to rise 6% in one day, with some analysts predicting it could reach $1, potentially making DOGE one of the most promising crypto coins to invest in.
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.”
As of April 2024, Solana appeared to be living up to its high expectations, as it had risen 735.5% in the past year.
XRP (XRP)
XRP is a token created by Ripple to help financial institutions make global payments faster and without fees. The cryptocurrency’s price movements throughout 2023 were highlighted by the court’s decision in the SEC’s 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.
- It can process 1,500 transactions per second, which means greater scalability compared to other cryptocurrencies.
The crypto has had a rather volatile 2024 so far. Like Dogecoin, XRP was also affected by the market dip. However, unlike DOGE, which was able to rebound, XRP’s price decline was exacerbated by reports that the SEC was set to impose an almost $2 billion fine on Ripple. This led to XRP whale investors entering a selling spree and offloading $170 million worth of coins, which saw its price fall 13% at the end of March.
Conclusion
Each of the coins presented in this article has the potential to grow in the future and could bring investors great income in this and the coming years. However, when considering what may be the best cryptos to invest in 2024, it is worth remembering that investing in crypto always entails risks. Therefore, it is recommended to select a project to invest money carefully.
FAQs
Which cryptos will explode in 2024?
Some analysts have given very optimistic predictions for a number of coins in 2024, such as Bitcoin (BTC), Toncoin (TON), and Dogecoin (DOGE). However, it’s important to remember that such predictions can be wrong, and no one can determine with absolute certainty which coins will increase in value. As a result, anyone considering investing in any cryptocurrency should ensure they do their thorough research and not risk investing any more money than they are comfortable losing.
What are the safest cryptocurrencies to invest in?
Investing in crypto comes with inherent risks, and the ‘safest’ cryptocurrency can mean different things to different people, but generally, here are some factors to consider when looking for safe cryptocurrencies:
Market capitalization: Larger market cap cryptocurrencies tend to be more stable.
Adoption and use: Cryptocurrencies with real-world use cases and growing adoption.
Development team: A strong, transparent, and experienced development team may indicate stability.
Technology: Check the technology behind the cryptocurrency, its scalability, and security features.
Regulation: Some cryptocurrencies are more compliant with rules, potentially reducing risks.
Community: A supportive and active community can be a good sign of stability.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
