Over the past few years, cryptocurrency has made its place in the financial markets and becoming a notable position in multiple investor’s portfolio. However, grasping the present state of the cryptocurrency market for the new investors and the traders becomes difficult if they don’t have any knowledge regarding the same.
There are certain cryptocurrencies which performs well in the crypto market and is a recommended option for the traders to invest in 2024. Therefore, despite checking up for the best crypto to invest in 2024, it is always advised to conduct a thorough research before diving into the crypto market.
Key Takeaways
- What is cryptocurrency?
- Top 10 cryptocurrencies to invest in 2024.
- Pros and cons of each cryptocurrencies.
What are Cryptocurrencies?
Cryptocurrencies are virtual or digital currencies that uses cryptography for its security and making them difficult to double spend or counterfeit. The decentralized structure is the defining feature of the cryptocurrencies. It typically operates on a blockchain technology which is a distributed ledger, enforced by a network of computers.
In the present landscape, the Cryptocurrency market offers a wide array of possibilities. It can be used for purchases, investments, and even fundraising for protection through Initial Coin Offerings. Despite the volatile nature of the digital currency, they have gained significant recognition as a legitimate financial asset.
10 Best Crypto for Investment in 2024
1. Bitcoin (BTC)
The most popular and the oldest cryptocurrency in the market is Bitcoin. This is the coin that started the entire cryptocurrency craze. Since its establishment in 2009, the digital currency has reached unimaginable heights and also gained the attention of the investors, businessman and even the media.
Bitcoin network is also used as an alternative mode of payment to cash and is also protected through the PoW or the Proof of Work Concensus. All transactions are stored on the blockchain and the miners can earn rewards for each block of transactions they confirm.
Pros
- Most well known token, also used for different investment projects.
- Relatively stable compared to the new cryptocurrencies.
Cons
- Bitcoin operates on PoW. It needs a lot of electricity and requires excessive time for process confirmation.
- Since BTC is an index of the general crypto market, it rarely deviates from market trends.
Bitcoin Price Today – BTC Price ,Live Chart & Marketcap – Mudrex
2. Ethereum (ETH)
After Bitcoin, Ethereum is the most dominant force in the cryptocurrency market. Ethereum was the first to introduce a smart contract facility that allows developers to create and automate multiple key features.
Ethereum also serves as a platform for different decentralized applications and finance and is becoming the leading blockchain to meet this need.
Pros
- Ethereum’s PoF consensus mechanism has made blockchain technology highly efficient.
- It is the largest player in dApp and DeFi space. This gives more market dominance to Ethereum.
Cons
- It sometimes have higher network traffic that can slow down the transactions to a crawl. It should rely on the scaling solutions to address the traffic.
- Transaction costs of Ethereum can skyrocket. Sometimes, the fees is higher than transaction value.
Ethereum Price Today – ETH Price ,Live Chart & Marketcap – Mudrex
3. Binance Coin (BNB)
Since the launch of Binance on 2017, it has evolved itself from a simple token to powering its own ecosystem. At first, BNB was used to provide special benefits to the users on Binance Crypto Exchange. It offered access to exclusive Initial Coin Offerings, lower fees and even cashbacks.
Today, Binance is the backbone of the BNB Chain Ecosystem. It boasts higher speed and lower costs compared to Ethereum’s dominance. Binance has established and marked itself as one of the most powerful options in the market.
Pros
- It has high throughput and lower fees. The coin can service much greater demand than its competitors.
- BNB provides benefits to the users on the Binance Exchange Platform.
Cons
- BNB is a centralized token as it is controlled by Binance.
- The success of BNB is tied to Binance and the regulators of multiple countries like Germany, UK and Japan have targeted it.
BNB Price ,Live Chart & Marketcap – Mudrex
4. Ripple (XRP)
Unlike the general purpose tokens, Ripple focused on creating payment solutions for the financial institutions and the banks. Ripple solves several problems with competing systems like SWIFT for the international settlements. Instead of taking a long time for transaction settlements, Ripple allows the settlements to be completed in a few seconds.
Pros
- Much more efficient than its competitors like SWIFT.
- Expanded access to the banking sectors and international settlements.
Cons
- The network is highly centralized as the transactions are confirmed by federated group of institutions.
- Ripple Labs is engaged in a legal battle with the US Securities and Exchange Commission.
Ripple Price Today – XRP Price ,Live Chart & Marketcap – Mudrex
5. Solana (SOL)
Solana is a decentralized blockchain platform which is created, keeping scalability in mind. It is one of the fastest blockchain platforms in the market with an estimated speed of 65,000 per second. Solana follows its unique Proof of History Concensus mechanism that allows the nodes to synchronize time across the network. Solana is also called”Ethereum-killer”, being one of the fastest growing cryptocurrency in the DeFi Space.
Pros
- It is one of the fastest blockchains in the market.
- The platform has a low transaction fee.
Cons
- Solana is not interoperable with Ethereum, thereby, restricting its smart contracts.
- The cryptocurrency has experienced several network outages.
Solana Price Today – SOL Price ,Live Chart & Marketcap – Mudrex
6. Dogecoin (DOGE)
Dogecoin is a popular token among the crypto investors. Initially started as a meme on Bitcoin, the token gathered immense popularity and garnered an active community. The unique value of DOGE is that it is based on the popular “Doge” meme.
The Dogecoin project has been endorsed by prominent names in the community like Vitalik Buterin and even Elon Musk. Investors must keep in mind that Dogecoin is a meme coin and does not have any intrinsic value. Therefore, the investors should conduct a thorough research.
Pros
- Has an active community that contributes to the token’s success.
- Unique value proposition of a memecoin that has sustained power in the market.
Cons
- There is no practical application. The token’s value is based on a meme.
- There is no capped limit on the total supply of DOGE.
Dogecoin Price Today – DOGE Price ,Live Chart & Marketcap – Mudrex
7. Litecoin (LTC)
Litecoin or LTC was created by Charlie Lee in 2011. It is a peer to peer cryptocurrency that complements Bitcoin by offering faster transaction confirmation times and uses the Scrypt Hashing algorithm. With the maximum supply of 84 million coins, Litecoin is known for fast transaction processing, accessibility and widespread adoption.
Pros
- It has faster transaction speed, accessibility and improved security.
Cons
- It has smaller market capitalization and volatility.
Litecoin Price Today – LTC Price ,Live Chart & Marketcap – Mudrex
8. Cardano (ADA)
Cardano is a decentralized blockchain project designed as an open-source platform to support peer-to-peer transactions. Its structure architecture allows for smart contracts and ensures scalability and adaptability while maintaining solid security measures.
Pros
- The PoS mechanism of Cardano is more efficient than PoW mechanism of Ethereum.
- Cardano is designed to handle a high volume of transaction per second.
Cons
- Cardano is still new and has not yet achieved widespread adoption.
- While Cardano is decentralized, some critics argue that it is not yet completely decentralized.
Cardano Price Today – ADA Price ,Live Chart & Marketcap – Mudrex
9. Polkadot (POL)
Polkadot is a layered protocol used for securing and connecting several blockchains. It allows the transfer of all types of digital assets, including smart contracts and tokens. The Polkadot protocol can connect both private and public blockchains and supports information sharing across a wide range of protocols and networks.
Pros
- Polkadot protocol supports interoperability.
- Polkadot is one of the most active platforms for the developers to create on.
Cons
- Polkadot has multiple alternatives like Cosmos and Cardano.
Polkadot Price Today – DOT Price ,Live Chart & Marketcap – Mudrex
10. Avalanche (AVAX)
Avalanche is a decentralized platform that supports thousands of transactions per second in a trustless manner. It is used for multiple payments, staking and securing a network.
Pros
- AVAX offers fast transaction processing times.
- The reward structure for AVAX incentivizes active participation within the network.
Cons
- AVAX faces tough competition from platforms like Ethereum.
- It has high validator staking requirement.
Conclusion
From specific applications in finance or scalability to the general purpose tokens, the crypto market has a wide range of choices available for different types of investors. Be it a beginner or any professional investor, the crypto market has options for all. Therefore, before you select the best crypto to invest in 2024, conduct a thorough research.
Mudrex is the best platform to start trading on cryptocurrencies. Download the Mudrex app from the Play Store now and start trading on a suitable cryptocurrency of your choice.
FAQ
1. Which Crypto is the Best to Invest Now?
There are many favourable options available for crypto investment in 2024. We have listed the most popular ones where you can invest your funds and gain returns.
2. Which cryptocurrency has the best future?
The future of a cryptocurrency cannot be forecasted. Therefore, the traders and investors should make a conducive research to predict the growth and future of a certain cryptocurrency.
3. Which is the best exchange to trade in cryptocurrencies in 2024?
There are many crypto exchanges where the investors can invest on the digital assets. Each of them has its own set of pros and cons. Mudrex is one of the best crypto exchanges where the traders can invest on any crypto of their choice.
