Top Cryptocurrencies for Investment
Warning: On Friday, July 5, 2024, Bitcoin briefly dipped below $54,000—its lowest point since February—before rebounding just above that mark. This decline was triggered by the bankrupt Mt. Gox exchange beginning to repay its creditors, leading to a widespread sell-off. Consequently, the values of other cryptocurrencies also dropped in response to Bitcoin’s fall.
The cryptocurrency industry is among the fastest-growing markets worldwide. On March 14, 2024, Bitcoin reached a new high of $73,750, according to CoinMarketCap. Simultaneously, various promising altcoins are witnessing rapid growth in market capitalization, indicating the increasing popularity and development of cryptocurrencies. Digital currencies not only offer excellent investment opportunities but also facilitate online transactions, as well as domestic and cross-border money transfers.
Choosing the right cryptocurrency is crucial for successful investments. With numerous options available, making a decision can be challenging. This article aims to help you select the best cryptocurrencies to hold long-term to maximize your profits.
Top 5 Cryptos to Own in 2024
How do you choose the best crypto to buy and hold for the long term? Consider projects that catch your interest, research the development team and the technologies they’re using, and analyze their financial performance and market capitalization. If you lack the time for research, trust our team’s recommendations for the top 5 cryptos to own in 2024.
**Bitcoin (BTC)**
– **Market Cap:** $1.1T
Bitcoin is a classic, fail-safe option for long-term investment. Emerging in 2009, BTC has shown significant growth despite fluctuations. It remains a secure investment with high liquidity and is traded on all exchanges. You can purchase a fraction of a BTC on crypto exchanges.
**Ethereum (ETH)**
– **Market Cap:** $355.58B
Ethereum, the second most popular crypto after Bitcoin, serves as a platform for creating smart contracts. As the adoption of smart contracts increases, so does the value and stability of ETH. Its price is also supported by major IT companies adopting smart contracts. Additionally, Ethereum is much cheaper compared to Bitcoin.
**Solana (SOL)**
– **Market Cap:** $61.48B
Solana is a smart investment due to its impressive scalability, capable of handling thousands of transactions per second. Its innovative approach, combining Proof of History (PoH) with Proof of Stake (PoS), ensures fast confirmation times and robust support for decentralized applications (dApps) and smart contracts. Solana’s growing ecosystem and active community further solidify its long-term growth potential in the blockchain and DeFi sectors.
**Dogecoin (DOGE)**
– **Market Cap:** $14.66B
Dogecoin appeals to long-term investors due to its strong community and active social media presence. Its lower cost compared to many other cryptocurrencies makes it attractive for investors looking to enter the market without a large initial investment.
**Avalanche (AVAX)**
– **Market Cap:** $9.75B
Avalanche is well-regarded for launching DeFi projects and supporting extensive corporate networks, using its native token AVAX for transactions. The platform’s market value is steadily increasing, with investment funds and prominent private entrepreneurs actively supporting its growth.
**Basic Strategy for Owning Cryptos**
While cryptocurrencies can be used as a form of payment, many investors see them as vehicles for capital growth. Here’s a practical long-term strategy for handling cryptocurrencies:
**“Buy and Hold” Strategy**
The “Buy and Hold” strategy is popular among both crypto enthusiasts and investors. The idea is to buy crypto when its price is low and hold onto it until it reaches its peak value. This strategy aims to capitalize on potential price increases over time. To execute this strategy effectively, start by identifying cryptos with promising growth potential. Purchase when the digital currency is undervalued based on historical performance. Once you’ve bought in, hold your digital assets and wait for their value to appreciate. When the cryptocurrency reaches its highest point, sell to lock in your profits.
**Best Way to Own Crypto**
The safest way to buy crypto is to use trusted exchanges like Binance, Coinbase, or Bybit, and then securely store it in a digital wallet. Cryptos are volatile assets, so before investing, closely examine your budget and consider how much you’re ready to lose. Diversify your crypto portfolio to limit potential losses.
**Disclosure:** This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
**FAQs**
**Should I invest in crypto in 2024?**
Cryptocurrencies offer excellent investment opportunities. However, assess the market situation and consider the risks before investing. Make an informed decision based on your risk tolerance.
**What is the best crypto to own?**
Investing in established cryptocurrencies like Bitcoin, Ethereum, Solana, Dogecoin, and Avalanche can offer strong long-term investment potential due to the rapid growth and development in the cryptocurrency market.
**How to invest in crypto?**
The most popular and safest way to invest in crypto is to buy it on trusted exchanges like Binance or Coinbase.
