Cryptos have transformed the financial market with their decentralized nature and their high returns potential. As we proceed further into 2024, the crypto space still pulls investors that are looking for maximum returns and gains. This article is a guide to enable you to select the right crypto coins for your portfolio by giving an overview of some of the best cryptoassets to buy now for large profits.
Top 10 Best Crypto Coins to Buy Now
Bitcoin (BTC) – The first crypto asset with the greatest capitalization.
Ethereum (ETH) – Well known for its smart contract functionality and large development community.
Tether (USDT) – A stablecoin pegged at a 1:1 ratio to the United States dollar.
Binance Coin (BNB) – It is used as a discount on trading fees on Binance exchange.
Solana (SOL) – Known for its fast transaction speed and low fees charged during transactions.
XRP (XRP) – A digital payment protocol developed for fast and low-cost international money transfers.
Dogecoin (DOGE)- An internet meme that eventually became popular because it was used for tipping and in charity events with small transaction costs.
Shiba Inu (SHIB)– A meme coin that aims to construct a decentralized ecosystem with substantial community involvement.
Cardano (ADA)- Concentrates more on security, sustainability and scalability.
Pepe (PEPE)- Meme coin on binance smart chain one hundred percent decentralized ecosystem and high transaction volume.
We will discuss each of these crypto coins above giving all information about them such as key features, potential returns among others. It seeks to offer valuable insights into the unique attributes of each coin while discussing their investment prospects so that you have all the relevant information necessary to make informed decisions about your crypto portfolio. Be sure to read till the end if you want to get everything in detail.
Bitcoin (BTC)
Bitcoin (BTC) is an initial digital currency since 2009 created by Satoshi Nakamoto. It created the concept of decentralized, peer-to-peer digital currency without dependency on any central authority. Also, it uses blockchain technology to secure transactions and regulate creation of new units.
Due to its limited supply of twenty one million coins it has become a “digital gold” for saving wealth. Bitcoin has attracted more investors with potential returns and is projected to reach over $100k by the year end based on its historical price appreciation.
Market cap: $1.2 trillion
Circulating supply: 19.7 million BTC
Maximum supply: 21 million BTC
Year-over-year return: 106%
Pros
High liquidity: BTC is widely accepted and traded on almost all crypto exchanges.
First-Mover advantage: As the first and oldest crypto BTC has a powerful market presence and brand recognition.
Store of value: Considered as the digital gold often, it is used as a hedge against inflation and economic uncertainty.
Cons
High transaction costs: Transactions in Bitcoin can be costly, mainly during periods of high network activity.
Environmental worries: The process of mining Bitcoins takes up a lot of power, which raises environmental concerns.
Scalability challenges: The BTC network may become overly crowded leading to lagging transaction time.
Ethereum (ETH)
Ethereum (ETH) is a decentralized open-source blockchain system with smart contract ability. Vitalik Buterin proposed it towards the end of 2013 and was crowdfunded in 2014. The network went live on July 30, 2015. Ethereum is a blockchain-based platform used to build and deploy DApps and run smart contracts which are self-executing agreements with the terms of the agreement directly written into code.
As an altcoin king, this year alone, Ethereum has become a major attraction for traders wishing to spread risk across different types of cryptocurrencies while benefiting from its enormous trading volumes on top liquidity crypto exchanges. Once ETFs for ETH get approved this month, expect a surge all the way up to $5K towards the end of the year.
Market cap: $403 billion
Circulating supply: 120.2 million ETH
Maximum supply: Unlimited (But with controlled issuance rate)
Year-over-year return: 73%
Pros
Smart contracts: Creating and executing self-executing contracts that improve transaction security as well as efficiency.
Strong developer community: Backed by a huge community of active developers continuously working to improve it.
Diverse applications: Increasingly used for many decentralized applications thereby enhancing its utility and adoption.
Cons
Scalability issues: Network congestion and high transaction fees during peak periods hamper scalability.
High gas fees: Transactions can be expensive especially when there is high network activity.
Transition to ETH 2.0: This ongoing upgrade process may bring about temporary instabilities as well as uncertainties.
Tether (USDT)
Tether (USDT) is a stablecoin that offers stability in an unstable cryptocurrency market by maintaining a value equal to one US dollar. It was launched by Tether Limited and is popularly used for trading or transactions providing investors with safe havens during volatility times in markets. Unlike other cryptocurrencies, the value of Tether does not fluctuate significantly making it a suitable choice for individuals who want to buy crypto with low risks. Among the best cryptos, Tether is available on leading exchanges and therefore facilitates high volume trading and liquidity.
Market cap: $112.6 billion
Circulating Supply: 112.54 billion USDT
Maximum supply: Unlimited (issued as needed)
Year-over-year return: It has a stable value hence no yearly return to talk about in this case.
Pros
Stability: With an unchanging value pegged against the USD, it reduces volatility.
High volume: This means that there is always enough buyers and sellers on each side of the trade ensuring one can enter or exit at any time without having trouble doing so.
Widely accepted: Commonly used over many different cryptocurrency exchanges making it easy to get hold of.
Cons
Centralization concerns: Having a single company managing everything raises trust issues as well as transparency concerns.
Regulatory scrutiny: Given full centralization backing, regulatory investigations are performed on it frequently.
Limited growth potential- Being designed for stability doesn’t make it good for those looking for higher returns on their investments.
Binance Coin (BNB)
Binance Coin (BNB) is Binance Exchange’s local currency which is among the best crypto exchanges worldwide. Launched in 2017, BNB started out as an ERC-20 token on Ethereum blockchain but later moved its mainnet to Binance chain.
BNB is mostly used as transaction fee to pay at Binance where users can enjoy discounts when they use their BNB tokens. It also serves various purposes within the Binance Smart Chain ecosystem including DeFi projects and staking. This has made it popular among investors due to its high returns potential from significant trading volumes. By end of year BNB is anticipated to trade close to $1K and therefore an altcoin worth of buy consideration.
Market cap: $85.2 billion
Circulating supply: 147.58 million BNB
Maximum supply: Unlimited
Year-over-year return: 130%
Pros
Discount on transaction fee: When people pay using BNB, they are entitled to discounts on trading fees in Binance.
Binance ecosystem utility: This is used extensively throughout the binance ecosystem including binance smart chain and defi projects It’s also an important coin in DeFi projects and other applications built on the Binance Smart Chain.
Large volumes of trade: Liquidity and accessibility are assured because it is one of the top cryptocurrencies by trade volume.
Cons
Regulatory risks: Depending on its association with binance, there are actions involving regulation that may be subjected to scrutiny
Centralization concerns: Its performance and future decisions depend heavily on the Binance Exchange.
Hinging upon dependency of Binance: The value and utility of bnb rely heavily upon the success as well as acceptance by Binance.
Solana (SOL)
Solana (SOL) is a blockchain platform that is highly productive, which aims to support decentralized applications and cryptos by placing importance on high throughput and low fees. Also known as “Ethereum killer,” Solana achieves scalability through its novel consensus algorithm called Proof of History (PoH) combined with high-speed Proof of Stake (PoS) system. The reason why developers and investors prefer Solana is because it can process thousands of transactions per second, making it one of the top cryptos for high volume trading & crypto investment. Its ecosystem supports an extensive range of applications including DeFi projects and NFT marketplaces.
Market cap: $72.8 billion
Circulating supply: 464 million SOL
Maximum supply: Unlimited
Year-over-year return: 465%, aiming to reach $200 by Q3 2024
Pros
High throughput: Can handle thousands of transactions per second.
Low fees: Comparatively less expensive transaction costs when compared to other block chains.
Growing ecosystem: Strong developer interest and varied applications supported.
Cons
Network stability: Sometimes suffers from network downtimes and stability problems.
Centralization concerns: Relatively more centralized than fully decentralised blockchains.
Competition: Competes with other high-performance blockchains.
XRP (Ripple)
XRP is a digital payment protocol and cryptocurrency created by Ripple Labs to enable quick and cheap international money transfers. Unlike traditional cryptocurrencies, XRP transactions are confirmed within seconds and cost a fraction of a cent making financial institutions interested in cross-border payments choose it above others. XRP aims at replacing the outdated SWIFT system with its efficient and scalable network. However, there have been regulatory hurdles faced by XRP particularly from the U.S. Securities and Exchange Commission (SEC).
Market cap: Approximately $29.8 billion
Circulating supply: 55.8 billion XRP
Maximum supply: 100 billion XRP
Year-over-year return: -25.34%, mostly affected by the Ripple and SEC case, currently priced at $0.53 per XRP. Likely to rebound soon after the final judgment expected soon which might see XRP hit above $1 by the end of the year.
Pros
Fast transactions: Swift transaction times that typically take seconds.
Low fees: Very little transaction costs and is perfect for international transfers.
Institutional adoption: Financial institutions use it to make cross-border payments.
Cons
Regulatory scrutiny: Ongoing legal issues with the SEC.
Centralization concerns: A large part of Ripple Labs controls XRP supply.
Price volatility: It frequently experiences massive price fluctuations.
Dogecoin (DOGE)
Dogecoin (DOGE) is a crypto first launched in 2013 as a joke based on the “Doge” meme. In spite of its roots, Dogecoin has found wide acceptance and is being used for various purposes such as tipping online content creators or raising funds for charity. It uses the Scrypt algorithm similar to Litecoin and operates on a decentralized network. This large supply combined with an active community leads to high number of transactions that often takes place in Dogecoin, making it a common choice among traders into crypto assets.
Market cap: $17.8 billion
Circulating supply: 145.1 billion DOGE
Maximum supply: Unlimited
Year-over-year return: 71%, currently priced at $0.1226 per DOGE, Likely to hit $0.3 by end of year.
Pros
Active community: Strong supportive community that drives various initiatives.
High volume: Commonly used in tipping activities and transactions ensuring liquidity.
Low transaction fees: The low fees are ideal for micro-payments.
Cons
Lack of development : Less ongoing development compared to other leading cryptocurrencies.
Unlimited supply : Not restricted by maximum supply cap which may lead to inflationary effect.
Volatility: Frequently has larger price swings.
Shiba Inu (SHIB)
Shiba Inu (SHIB) is a meme coin made in response to Dogecoin and described as “an experiment in decentralized community building”. It started running in August 2020 and quickly gained attention, becoming known as the “Dogecoin killer.” SHIB operates on Ethereum Blockchain utilizing ERC-20 token standard.
In its mission to develop its ecosystem, Shiba Inu has an extremely high circulating supply. That includes its own decentralized exchange called ShibaSwap. In an effort to reduce the circulating supply, SHIB has a burn mechanism that aims at reducing the circulating supply over time.
While it originated from memes, this cryptocurrency has managed to gather a large following and record significant trade volumes which makes it an outstanding cryptocurrency investment to consider among top cryptocurrencies.
Market cap: Approximately $11 billion
Circulating supply: 589.27 trillion SHIB
Maximum Supply: Unlimited
Year-over-year Return: 129%, currently priced at around $0.00001800, Projected to delete one zero from its value before end of year.
Pros
Strong community – There’s a large active community which drives various projects and initiatives.
High volume – Trading volumes are high enough for liquidity.
Ecosystem development – Plans for a decentralized exchange and other ecosystem features.
Cons
High supply – The circulating supply is extremely high thus limiting potential price rise
Meme coin nature – Seen as less serious than other cryptos.
Regulatory risks – May be subject to regulatory scrutiny due to its rapid rise and speculative nature
Cardano (ADA)
Cardano (ADA) is a blockchain platform that prioritizes security, scalability and sustainability. Charles Hoskinson who was one of the founding members of Ethereum created Cardano using the unique proof-of-stake consensus algorithm called Ouroboros with plans of having a more balanced and sustainable cryptocurrency ecosystem. Due to its rigorous academic research-backed development process which goes through peer review process makes it most likely promising among cryptocurrencies investment opportunities today.
Market cap: $15.7 billion
Circulating Supply: 35.9 billion ADA
Maximum Supply: 45 billion ADA
Year-over-year Return: 34%, Predictions suggest a surge to $2 by end of year and up to $10.32 by 2030
Pros
Security and scalability: This proof-of-stake consensus mechanism is one of the most advanced which guarantees high security and scalability.
Academic research: Development is backed by rigorous academic research and peer reviews.
Sustainability: Concentration on creating a sustainable ecosystem.
Cons
Slow development – Peer-reviewed process can lead to slower development and implementation.
Market competition – Ethereum, Solana among other blockchain platforms render this particular one less competitive than others.
Adoption rate – It has slow adoption as compared to its peers.
Pepe (PEPE)
Pepe (PEPE) is a memecoin that has become popular due to its humorous nature, and community driven approach. Binance Smart Chain runs it with plans of building decentralized ecosystem taking into consideration strong community approach. In spite of its meme beginnings, Pepe has seen significant trading volumes and market activity; thus drawing attention from those traders looking for high risk or reward investments in the altcoins space.
Market cap: $4.6 billion
Circulating supply: 420.689.9 trillion PEPE
Maximum supply: 420.69 trillion PEPE
Year-over-year return: 558.13%, Highly volatile, reflecting its meme coin status, Currently trading at $0.00001087, PEPE is projected to trade up to $0.00003 by the end of the year.
Pros
Strong community – Engaged active community that drives various initiatives.
High volume- High trade volume providing liquidity.
Decentralized ecosystem– Aims at building decentralized ecosystem with different use cases.
Cons
High volatility – Its status as a memecoin makes it prone to significant price fluctuations over time.
Speculative investment -This is considered as an investment with a high level of risk where loss could occur rapidly;
Regulatory risks — Speculative in nature leading to regulatory scrutiny being imposed on them.
FAQs
Q1. What is cryptocurrency?
Cryptocurrency refers to a digital or virtual currency that relies on cryptography to prevent counterfeiting and double-spending
Q2. How does cryptocurrency work?
Blockchain technology enables cryptocurrencies to be decentralized, transparent and immutable in nature. In this case, transactions are verified by network nodes and recorded on the public ledger.
Q3. Is cryptocurrency legal?
The legality of cryptocurrency varies from one country to another. While some nations embrace it, others have prohibited or limited its use.
Q4. How do you buy cryptocurrency?
Fiat currency or other cryptocurrencies can be used to purchase cryptocurrency through exchanges. Coinbase, Binance and Kraken are examples of popular and best crypto exchanges.
Q5. What is a blockchain?
It is essentially an online public ledger for recording all transactions conducted throughout a particular network. The data integrity and security are maintained via cryptographic means
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