With the growing acceptance of Blockchain in the mainstream sector, the popularity of cryptocurrencies is also on the rise. Numerous projects, easily memorable, await potential investments. For those considering investments in 2023 and planning for the upcoming year, the pivotal question is: which cryptocurrency stands out as the best choice for investment in 2024?
The top five cryptocurrencies in 2023 are Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Ripple (XRP). However, these cryptocurrencies have remained in the top charts before 2023 and still remain dominant. Experts predict that new projects could replace some of these cryptocurrencies mentioned above. Hence, let’s take an outlook for 2024.
Table of Contents
- How the Top 5 Cryptocurrencies have Performed in 2023.
- What is the Best Cryptocurrency to Invest in 2024?
- Other Cryptocurrencies to Watch Out for in 2024.
- The Best Platforms to Utilize Your Crypto Assets. Key Takeaways.
If reading isn’t your preference, you have the option to watch the video below, which provides a summary of this blog post. While delving into the complete details though reading is recommended, the video offers a more concise alternative.
How the Top 5 Cryptocurrencies have Performed in 2023.
From the CoinMarketCap chart of the top 5 cryptocurrencies, which are BTC, ETH, USDT, BNB & SOL, most investors are focused on these top cryptos while some underground projects are emanating. The year 2023 started with much anticipation in crypto after the previous year’s massive bearish trend. The information below shows how the top 5 cryptocurrencies have performed in 2023.
Bitcoin (BTC) performance: The previous year behind 2023 was very drastic for crypto, seeing Bitcoin nosedive from its all-time high price of $68,000. Bitcoin slipped under $16,000 and tumbled in reaction to FTX scandals and bankruptcy. Within a few weeks into 2023, Bitcoin soared up to $23,000 range with a little bit of fluctuations. The price rose to $30,000 for the first time in 11 months. The news of Bitcoin ETF and halving in 2024 had great influence in the bullish sentiment. In December 2023, Bitcoin hit $40,000 in a quick surge leading to optimism ahead of 2024.
Ethereum (ETH) performance: Over the past year, ETH has been in a weak position relative to BTC. However, looking at the year 2023, ETH is in a weaker position compared to BTC, with its exchange rate in a declining state. In contract data, ETH contract holdings are on a downward trend apparently. Our most recent Ethereum price forecast indicates that its value will increase by 3.80% and reach $2,500 by December 31, 2023.
Tether (USDT) performance: Tether (USDT) dominates the stablecoin market in 2023, with nine times higher trading volumes than USDC, the second top player. Tether (USDT), the largest stablecoin by market capitalization at $89.674 billion, maintains stability despite a marginal 6-month decline of -0.26%. Over one year, it shows resilience with a negligible 0.01% increase, while the 5-year performance demonstrates a modest +1.48% rise. Tether is anticipated to uphold its value at $1.00, driven by its role as a stablecoin.
Binance Coin (BNB) performance: In December 27, 2023, BNB price was worth more than $334 – a value that is very different to the all-time high of $600 in November 2021. The exchange’s monthly spot volume fell to $114 billion in September 2023 from nearly $500 billion in January amidst a regulatory crackdown in the U.S.
Solana (SOL) performance: Amidst the NFT craze and rising demand in the DeFi community, the cryptocurrency Solana (SOL) experienced a surge, more than tripling in price during the summer of 2021. However, by the end of 2022, this remarkable growth had largely dissipated, settling as low as $20. However, Solana rose to $110 about 800% at the end of 2023 and has been one of the best performing cryptocurrencies of 2023.
What is the Best Cryptocurrency to Invest in 2024?
Determining the optimal cryptocurrency for investment at present hinges on factors like risk tolerance, investment objectives, and market dynamics. Prior to making any investment decisions, it’s crucial to engage in comprehensive research and heed expert perspectives. Among our experts, Bitcoin (BTC) stands out as the top pick.
The most favorable investment is the one you have the utmost belief in—considering both the project and the team steering the startup. Now, let’s delve into the detailed analysis of our top 5 list.
Bitcoin (BTC) – Best long term cryptocurrency investment
BTC/USD chart from Bitstamp
Bitcoin remains the most promising crypto to invest in 2023 and 2024. Because it has been around the longest, it’s easy to see why it’s the leader and largest Cryptocurrency in terms of price and market cap and also the most popular Cryptocurrency. It’s also gained the most acceptance in the mainstream sector with countries making it a legal tender and banks offering bitcoin investment as part of their investment options. Also, many stores and businesses already accept Bitcoin as a form of payment.
Ethereum (ETH) – Best long term crypto to invest in
ETH/USD chart from Bitstamp
Considering Ethereum for crypto investment might just be the best decision to take. In our opinion, since the launch of ETH2.0, Ether is really the best cryptocurrency to invest for the long term.
Ethereum (ether) being the second world’s biggest cryptocurrency, can be said to be cheap when it comes to comparing its trading value with that of Bitcoin. But Bitcoin is no match for Ethereum when it comes to growth and rapid adoption of several systems. Considering Ethereum for crypto investment might just be the best decision to take. In our opinion, since the launch of ETH2.0, Ether is really the best cryptocurrency to invest in. In the short as well as in the long term.
Solana (SOL) – Best PoH in Cryptocurrency
SOL/USD chart from Coinbase
Solana aims to become the blockchain infrastructure for modern internet applications and is a high throughput blockchain based on the Proof of History (PoH) and Proof of Stake (P05)
consensus.
Integrate once and never worry about scaling again. Solana ensures composability between ecosystem projects by maintaining a single global state as the network scales. Never deal with fragmented Layer 2 systems or sharded chains. Solana’s scalability ensures transactions remain less than $0.01 for both developers and users. In 2021, Bloomberg journalist Joanna Ossinger described Solana as “a potential long-term rival for Ethereum”, citing superior transaction speeds and lower associated costs.
Binance Coin (BNB) – Top token for ETFs
BNB/USD chart from Binance
The Binance Smart Chain is a smart contract enabled blockchain network created with the
goal of creating a decentralized financial (DeFi) ecosystem. Binance (BNB) is one of the world’s leading crypto exchanges. If you invest and trade on the Binance platform, then BNB is the best cryptocurrency to invest in for you.
Binance coin may be an excellent choice if you want to invest in a major Cryptocurrency other than Bitcoin or Ethereum. The reason is that it has become the most sort out crypto program due to its low transaction fee with Binance token, allowing its users to make Cryptocurrency exchanges with low fees. Additionally, Binance coin provides an opportunity for investors to diversify their portfolio by investing in ETFs. Binance Coin makes Cheap Trading Cheaper.
Binance reduces those already-low trading fees by a full 50% if you pay for them using the exchange’s native cryptocurrency, Binance Coin (BNB). That means that instead of paying 10 cents on a $100 transaction, you’d pay only 5 cents if you complete the transaction using BNB.
Therefore attracting massive users and investors. This has brought to the 900% rise of Binance coin over the years, according to statistics.
Ripple (XRP) – Great Crypto for Payments
XRP/USD chart from Kraken
Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a US-based technology company. XRP is a digital asset built for payments and is designed to be an alternative to the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global system banks and other financial institutions use to transfer money. It is the native digital asset on the XRP Ledger–an open-source, permissionless, and decentralized blockchain technology that can settle transactions in 3-5 seconds.
Other Cryptocurrencies to Watch Out for in 2024
When trying to identify the next big cryptocurrency, to spot which crypto to buy in 2024, two things to keep an eye on are similar to what a stock market investor would keep an eye on market capitalization and price. This analysis would give you a clue on which Cryptocurrency will rise and is right for investment.
The market cap works for the crypto market because it shows how much has been invested in
a specific Cryptocurrency network. As a general rule, the larger the market cap, the more stable the asset, though it also means the coin has less room to grow. It’s also important to keep an eye on the price to determine whether investors are
bullish or bearish on the crypto.
So to know which is the best crypto to buy now, it is crucial to consider factors like crypto staking, which involves locking coins or tokens for future release through processes like crypto mining.
- Watch out for these upcoming cryptocurrencies
1. NFPrompt (NFP)
2. Blockbank (BBANK)
3. Dimitra (DMTR)
- NFPPrompt (NFP)
NFPrompt is an Al-driven UGC platform designed for the new generation of Web3 creators. It’s an all-in-one platform with the power of Al-creation, social community, and commercialization.
NFP is NFPrompt’s native token and is used in the following functions:
Staking: Users can stake $NFP to earn a share of platform fee. Users need to stake $NFP to get votes. They can vote for their favorite arts and participate in creative contests
to win rewards.
Payment: Users need to consume $NFP to create image/ video/pfp/music NFTs. Brands or projects use $NFP tokens to pay for theme creation contest.
Campaign matching rewards: NFP platform will match sponsors’ rewards using $NFP to make a bigger prize pool for users.
Community: Influencers use $NFP to purchase signature collections in Sociali system. They can also use it to promote their content.
Governance: NFP holders can engage in future
governance of the NFPrompt.
2. Blockbank (BBANK)
Blockbank is the ultimate all-in-one financial management
platform providing investors with seamless access to centralized finance, decentralized finance, and neo-banking.
This “banking 3.0” platform gives users a crypto-friendly bank account, allowing them to easily manage and transact in both fiat and cryptocurrency, providing them with the freedom to move their money as they see fit. With a wide range of features, a user-friendly interface, and the convenience of having everything in one place, blockbank is the new standard for modern financial management.
blockbank has been at the forefront of innovative financial management since 2018, regularly updating and improving its platform to meet the needs of its growing user base. The latest version of the platform is no exception, boasting new security measures in partnership with Fireblocks and expanded trading options across multiple networks such as Ethereum, Binance, Tron, Cardano and Avalanche. The user-friendly interface allows for easy access and management of a diverse range of assets, making blockbank the go-to choice for forward-thinking investors.
Blockbank is dedicated to providing its users with the latest and most innovative financial products and services. One way it achieves this is through continuous cultivation of partnerships with leading crypto projects. These partnerships allow blockbank to stay ahead of the curve in the digital currency industry and offer its users access to cutting-edge financial solutions.
3. Dimitra (DMTR)
The Dimitra (DMTR) is a blockchain platform that is democratizing the Agricultural Technology space for smallholder farmers globally. Dimitra provides access to the blockchain, machine learning, Internet of Things sensors, and Satellite Technology through a mobile platform that helps farmers globally increase their yield, reduce costs and mitigate risks. Current farming practices are not sustainable; creating an evolution of practices will contribute to solving some of today’s largest issues for farmers. Issues like poverty, hunger, global warming, carbon emissions, freshwater, and soil preservation are all impacted by the adoption of Dimitra.
Dimitra’s platform provides utility by combining the crypto investment cycle with agricultural development practices within nations globally.
The Best Platforms to Utilize Your Crypto Assets.
Finding the best legit and secured platform for investing cryptocurrency can be difficult, but with diligent research and expert analysis you can navigate this path. Whether you’re interested in crypto staking, mining, or investing in crypto platforms, it is necessary to be in full control of your crypto asset.
Crypto staking is when you pledge your cryptocurrency toward helping validate transactions on the blockchain. Usually you won’t personally be validating transactions, but computers in the network will, and you can stake easily through programs at many major exchanges such as Binance, Coinbase.
The incentive for staking is earning rewards. Staking rewards are a kind of income paid to crypto owners who help regulate and validate a cryptocurrency’s transactions. In that sense, staking rewards are like a dividend or interest on a savings account but with much greater risk. Rewards are paid in the cryptocurrency that you’re staking.
According to Investopedia, Bitcoin mining is the process by which transactions are verified on the blockchain. It is also the way new bitcoins are entered into circulation. “Mining” is performed using hardware and software to generate a cryptographic number that matches criteria. The first miner to find the solution to the problem receives the bitcoin reward and the process begins again. The bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Before you invest the time and equipment, read this explainer to see whether mining is really for you. Bitcoin mining today requires vast amounts of computing power and electricity to be competitive. Running a miner on a mobile device, even if it is part of a mining pool, will likely result in no earnings.
In the path of investing cryptocurrency in investment companies, it’s important to find enough information about the company before going into the investment process. There are many insecurities on the internet and it’s necessary to consult an experienced financial advisor if need be. Through our extensive research, we recommend you with the best investment platform such as Tevason inc. This platform is good and reliable for beginners. Also, they provide analytics for their clients.
Key Takeaways
Anyone investing in cryptocurrency must have a good risk management. Your past performances don’t guarantee future success.
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