Over the last decade, cryptocurrencies have grown from niche assets to key components of the global financial ecosystem. As of September 2024, over 8,000 cryptocurrencies are circulating in the market, with a total market capitalization of approximately $2.21 trillion. While Bitcoin and Ethereum are the most well-known, the crypto space is filled with diverse projects. Navigating this expansive market can be daunting, especially for new investors. This article explores the top 10 crypto coins to invest in this year.
1. Bitcoin (BTC)
Bitcoin, the first cryptocurrency, continues to solidify its status as the most valuable digital asset and top crypto coin to invest in in 2024. Over recent months, several developments have positioned Bitcoin as a top contender. The approval of U.S. Bitcoin exchange-traded funds (ETFs) in January of this year have made Bitcoin more accessible to institutional investors. This approval drove demand and pushed Bitcoin to new all-time highs $73K in March of 2024. Additionally, Bitcoin’s increasing use as a store of value, often referred to as “digital gold,” has seen renewed interest amid global inflation concerns.
Bitcoin’s price has recently hovered around $62,559, supported by a market capitalization of $1.22 trillion. Its 24-hour trading volume stands at $47.05 billion.
BTC/USD Daily Price Chart. Source: CoinMarketCap 2. Ethereum (ETH) — The Best Crypto Coins To Invest In 2024
Ethereum remains the most important platform for decentralized applications (DApps) and decentralized finance (DeFi). One of Ethereum’s most significant developments is its transition to Ethereum 2.0. This will make the network more energy-efficient by switching from a proof-of-work (PoW) model to a proof-of-stake model. This move will reduce its energy consumption by over 99%. Furthermore, the rise of Ethereum-based exchange-traded funds (ETFs) is expected to attract more institutional investors in the coming months. These recent developments have made Ethereum one of the top 10 crypto coins in which to invest in 2024.
Ethereum’s current price sits at $2,431, supported by a market cap of $292.91 billion. The 24-hour trading volume is $21.20 billion.
ETH/USD Daily Price Chart. Source: CoinMarketCap 3. Solana (SOL) — The Best Crypto Coins
Solana is known for its high transaction speeds and low costs. These features have made it a strong competitor of Ethereum’s, especially in the NFT and DeFi sectors. Solana can process up to 50,000 transactions per second, making it one of the fastest blockchains. Its growing partnerships, such as the one with Google Cloud, have also boosted its reputation.
Solana’s ability to handle large-scale applications with low transaction costs has attracted a growing number of developers. As of December 2023, the number of monthly active developers on Solana was between 2,500 and 3,000, a 16 times increase since 2018.
Monthly Active Developers on Solana. Source: Solana
Solana’s price has risen to $138.84, supported by a market capitalization of $65.02 billion. Its 24-hour trading volume of $2.97 billion.
4. Tether (USDT)
Tether is the largest stablecoin by market capitalization. Tether’s value is pegged to the U.S. dollar, making it a stable asset for investors looking to avoid volatility. Tether has also made efforts to improve transparency by providing regular attestations of its reserves, which has helped to maintain investor confidence.
Tether’s value is consistently pegged at $1.00, with a market capitalization of $118.90 billion. The 24-hour trading volume of Tether stands at $72.74 billion.
USDT/USD Price Chart. Source: CoinMarketCap 5. BNB (BNB) — Top Crypto Coin To Invest In 2024
BNB, the native token of Binance, is essential to the Binance ecosystem, which includes the Binance Smart Chain (BSC). The BSC has become a hub for decentralized finance (DeFi) applications due to its lower transaction fees compared to Ethereum’s. In addition to its use on the Binance exchange for fee reductions, BNB has been integrated into various DeFi applications, lending platforms, and staking mechanisms.
Currently, BNB’s price is at $558.10, with a market capitalization of $81.15 billion. Its 24-hour trading volume of $1.77 billion.
BNB/USD Daily Price Chart. Source: CoinMarketCap 6. XRP (XRP) — Best Crypto Coins to Invest
XRP, developed by Ripple, aims to facilitate fast and low-cost cross-border payments, which has made it a popular option among financial institutions. Despite long legal battles with the U.S. Securities and Exchange Commission (SEC), Ripple has continued to expand its partnerships with banks and payment providers globally. Recent developments in the legal case have also turned more favorable for Ripple, boosting investor sentiment around XRP.
XRP is currently priced at $0.5845, with a market capitalization of $32.95 billion. Its 24-hour trading volume stands at $1.25 billion.
XRP/USD Daily Price Chart. Source: CoinMarketCap 7. Dogecoin (DOGE)
Dogecoin, which began as a joke, has grown into one of the top 10 crypto coins in which people can invest in 2024. It gained significant attention due to high-profile endorsements, particularly from Elon Musk, CEO of Tesla and SpaceX. Musk’s tweets and public comments have consistently had a profound effect on Dogecoin’s price. Recently, he hinted at incorporating Dogecoin into potential future payment systems for some of his ventures, including Tesla and X.
Dogecoin’s price is $0.1042, with a market capitalization of $15.21 billion. It has a 24-hour trading volume of $655.41 million.
DOGE/USD Daily Price Chart. Source: CoinMarketCap 8. Toncoin (TON)
Toncoin has found its place among the top 10 crypto coins in which people can invest in 2024. This cryptocurrency is a part of the Telegram Open Network (TON), is designed to power decentralized services and applications. The integration of Toncoin into Telegram’s messaging ecosystem helped it to potentially reach a massive user base of 700 million daily active users.
Additionally, the recent flood of mini apps and games on the TON blockchain are adding value with wallet activation. As of September 2024, Toncoin boasts 18,842,527 on-chain activated wallet, with 263,669 activations per day.
Ton on-chain wallet activation. Source: TonStat
Toncoin is priced at $5.8, with a market capitalization of $14.56 billion. Its 24-hour trading volume stands at $317.45 million.
TON/USD Daily Price Chart. Source: CoinMarketCap 9. TRON (TRX)
TRON is also among one of the top 10 crypto coins that people might consider investing in in 2024. It focuses on decentralizing content sharing, particularly in the entertainment sector. TRON’s network has been expanding rapidly, with more applications being built on its platform. TRON’s blockchain can handle up to 2,000 transactions per second. Its ability to handle such high transaction volumes at low fees has made TRON a favorite for decentralized applications and gaming platforms.
TRON is currently valued at $0.1503, with a market capitalization of $13.02 billion. Its 24-hour trading volume stands at $294.16 million.
TRX/ USD Daily Price Chart. Source: CoinMarketCap 10. Litecoin (LTC)
Litecoin, often referred to as the “silver to Bitcoin’s gold,” is also among one of the top crypto coins to invest in in 2024. The coin has long been valued for its faster transaction speeds and lower fees. Recent upgrades to the Litecoin network, like integration of the MimbleWimble Extension Blocks (MWEB) protocol, have focused on enhancing scalability and reducing transaction times, making it a strong option for everyday transactions.
Recently, Litecoin’s creator, Charlie Lee, revealed plans for expanding Litecoin’s use case into the banking sector. This move aims to integrate Litecoin’s blockchain technology into traditional banking services, allowing for faster and more secure cross-border transactions. The expansion could increase Litecoin’s adoption, bringing it closer to mainstream financial services
Litecoin’s price is currently $65.20, with a market capitalization of $4.9 billion. Its 24-hour trading volume stands at $344 million.
LTC/USD Daily Price Chart. Source: CoinMarketCap Frequently Asked Questions (FAQs) What Are Cryptocurrencies?
Cryptocurrencies are digital currencies that exist exclusively online. They allow for direct transactions without intermediaries, like banks, and people can also invest in best crypto coins for potential future gains.
How Does Cryptocurrency Work?
Cryptocurrencies function on blockchain technology, a decentralized system that records transactions. This eliminates the need for a central authority, allowing users to transact securely and transparently across the network.
Why Are There So Many Cryptocurrencies?
With over 9,000 cryptocurrencies as of 2024, the crypto space is diverse. Some cryptos act as currencies, while others like Ethereum or Solana serve as platforms for building new decentralized applications, leading to more tokens.
How Do I Choose the Best Cryptocurrency To Invest In In 2024?
When selecting the best crypto coin to invest in, consider market capitalization, liquidity, security, and the project’s use case. It’s essential to align investments with your goals and perform thorough research on the project’s legitimacy.
How Do I Buy Crypto Coins in 2024?
You can invest in cryptocurrencies through exchanges like CoinDCX, WazirX, or Coinswitch. These platforms allow users to buy, sell, and trade a variety of cryptocurrencies easily.
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