Although the cryptocurrency market is still relatively new, it has grown unprecedented in just over a decade. But the main question here is, which is the best cryptocurrency to invest in 2024 for long-term. In recent years, the market has grown from less than $10 billion to nearly $300 billion.
To say this growth is overwhelming would be an understatement. With so much variety among coins and safe bets like Bitcoin and Ethereum continuously being pumped up by many investor’s portfolios, choosing a cryptocurrency to invest in can be quite difficult.
Follow this advice, and you will have already made your first major step towards finding a good cryptocurrency to invest in.
Past performance is not necessarily indicative of future results. Always do your research before investing your hard-earned money into any coin or token. Never invest more than you can afford to lose – this rule seems obvious but is definitely something experts forget to mention when choosing cryptocurrency investments. So take time to do your research before investing.
So which cryptocurrency should you invest In?
While there are a plethora of cryptocurrencies out there, not all are good investment choices for one reason or another. When seeking the best cryptocurrency to invest in, many investors find themselves overwhelmed with choices. The best advice we can give is to do your research and be realistic when choosing a coin.
You should look for coins that have a large community behind them, strong technological advancement, and a general sense of legitimacy. If you want to go above and beyond, also consider looking at known cryptocurrencies like Bitcoin, Ethereum, or Ripple (which are likely to catch on after they have achieved critical mass) as well as smaller altcoins that are more easily influenced by the market.
Best Cryptocurrency to Invest in 2024 for Long Term
There are many cryptocurrencies available to invest in, and each offers its own pros and cons. But in 2024, there’s only one that stands out as the clear favorite among traders: Ethereum.
Ethereum (ETH)
It’s got some of the most promising capabilities and will be less susceptible to regulation than other coins. It’s also an established coin with a history of steady growth, which will make it easier for newcomers to understand. And if you’re looking for some serious profit potential, Ethereum is your best choice.
Ethereum made the best developmental progress. If you want to get rich, it may seem like you have to make significant headway with other coins, and that can be difficult with older coins that are still behind the scenes. But Ethereum was built from the ground up and has been growing steadily since 2014. And even better than that, Ethereum is quickly becoming a powerful platform for ICO projects.
The rise of Ethereum has seen it become the top blockchain platform and second-largest cryptocurrency in terms of market cap. With a massive community behind it and support from institutions, Ethereum promises a bright future ahead.
Bitcoin (BTC)
Investing in bitcoin cryptocurrency is not just for those with deep pockets, and it is also an asset that can potentially offer returns over the long run. So there are huge potential profits to be made with bitcoin cryptocurrency by investing in 2024. With that said, Bitcoin cryptocurrency has seen a lot of fluctuations since its inception. Its value may change depending on many variables, such as: how governments react to it and regulations, market-related factors like gold prices, etc.
Bitcoin is a digital currency generated by computers solving math problems and then stored on a shared ledger called the blockchain. The people who own Bitcoin are not regulated by banks or governments, and they can be exchanged for goods and services from anyone who accepts it.
You can pay with bitcoin for items on Expedia, Microsoft, Dell, Time Inc, and many other popular brands without needing to use a credit card or go through a bank transfer. Bitcoin makes sending money overseas easier because it doesn’t incur the typical currency conversion rates.
In the cryptocurrency market, you will also hear bitcoin mining, what is bitcoin mining? It is explained below.
Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. The more computing power you contribute to help run the network, the more bitcoin you can earn. Over the years, many different miners have tried their hand at bitcoin mining. But most miners join big mining pools to improve their odds of getting rewards.
Ripple (XRP)
The cryptocurrency industry is in a volatile state. XRP, the currency that started as an obscure asset and is now the second-largest cryptocurrency by market cap, has experienced a significant increase in its value — but not without experiencing some major dips.
While it’s difficult to predict things like future price fluctuations, you can be sure that Ripple will continue to grow and develop as an increasingly integral part of the global blockchain ecosystem.
As more people get more familiar with Ripple, the more people will use it. For those who don’t know what Ripple is, we’ve broken it down to help you better understand the implications of the rising cryptocurrency.
What is Ripple?
Ripple is a blockchain company that employs the distributed ledger technology (blockchain) and provides a real-time gross settlement system (RTGS), currency exchange, and remittance network for financial institutions. The central aim of Ripple is to enable global day-to-day payments between different markets in a seamless fashion using its blockchain technology.
Ripple was created by former Bitcoin developers, which explains why it has such a solid foundation for transaction times and scalability (unlike some other cryptocurrencies).
Ripple has been characterized as a next-generation settlement system. This is because it provides the benefits of a blockchain to traditional financial systems, aiming to dramatically reduce fees, accelerate transactions and improve security.
Tron (TRX)
In case you haven’t noticed, the price of TRX is on the rise. The media has been reporting about it for a while now. To give a little bit of background, TRX is a coin that started out as an ERC-20 token on Ethereum’s blockchain. However, on June 11th, TRON shifted from the Ethereum Network to its own mainnet, and since then, it has been trading at record highs. But what are these boosts in price all about?
The first and most common reason for rising in crypto prices is speculation: investors buy coins hoping that they can sell them to other investors later at a higher price. This is what caused the sudden rise in prices of Bitcoin, Ether, and so on.
The second reason is that there’s a new development in the project, like new partnerships, listings on exchanges, etc.
The third reason is the rise of awareness of the project due to marketing campaigns etc.…
Looking at TRON’s price rise since it started trading on its own blockchain on June 25th, we can clearly see that most of TRX’s price increase happened after it announced its Independence Day, and shortly after that, it got listed on Bittrex.
The number of exchanges TRX is listed on has also been steadily rising since it was added to OKEx and Binance back in August. But the biggest milestone for TRX is its most recent addition to Huobi Pro, which is one of the top three exchanges in terms of daily trading volume.
Binance Coin (BNB)
Binance Coin (BNB) is one of the most popular cryptocurrencies in existence today. It is the native token that fuels the Binance platform and has multiple applications used and abused by millions of users worldwide.
Binance, a cryptocurrency exchange based out of China, recently became the world’s highest traded company. They had made some inspiring plans in 2019 and beyond. To achieve these goals, they focused on three major areas: scaling their trade finance platform, continuing their international expansion, and launching a decentralized exchange (DEX) that leverages BNB as its native token. And they worked in all these areas in a very excellent way.
The Binance platform serves as a central location for trading, a decentralized exchange (DEX), and an interface to carry out all crypto transactions. This makes Binance one of the best platforms for individuals to use for their trading needs, but can also be used to access projects on Binance, similar to how Coinbase is a tool for accessing projects on other exchanges.
However, Binance Coin is also used for much more than these things. It can also be used for various other purposes and represents the token that fuels the Binance ecosystem.
Binance is the leading cryptocurrency exchange on Earth and has been steadily growing over the past three years with no signs of stopping soon. Binance became the world’s highest traded company in 2018, surpassing JP Morgan and Amazon.
The Binance platform itself is undoubtedly the most well-known for its unique features and user-friendly interface. It has quickly become the place to be for both institutional investors and retail investors alike.
Many people’s first real exposure to cryptocurrency was through this platform, but many are already familiar with it due to its wide availability on major exchanges. With Binance being one of the most well-known platforms globally, many users have probably heard of it already. In fact, BNB is quite likely in many people’s portfolios already as well.
Cardano (ADA)
After a short hiatus from cryptocurrency in early 2018 due to a bear market, Cardano is now back on its feet. The price of this cryptocurrency has exceeded $ 1 in a year. As one of the oldest cryptocurrencies in the market, ADA can gain momentum as more and more people begin to appreciate its unique features.
However, with many currencies available today, it is determined how they function and why they are worth investing, making it difficult for users not to be familiar with the project beforehand. Cardno differs from others, to better understand what this currency has to offer, we have prepared three important factors that you should consider before investing in this particular cryptocurrency.
The Cardano Platform
The problem here is that all other cryptocurrencies out there operate as a “Proof-of-Work” system instead of the “Proof-of-Stake” system utilized by ADA. While this might seem confusing at face value, it is not difficult for anyone who understands the principles behind the two protocols to understand why Proof of Stake has become so popular nowadays.
Essentially, a Proof-of-Work system requires miners to expend both electricity and computing power to secure the network and verify transactions. The problem with this is that it requires a great amount of time and energy for miners to verify each transaction made on the network.
Worse, these cryptocurrencies are prone to attacks because of how much power they require to operate at full efficiency. It is also worth noting that those with access to more capital will tend to have better mining setups, leading them towards controlling the entire blockchain. These things lead to a situation where the rich get richer while everyone else is left in the dust.
Polygon (MATIC)
Polygon (MATIC) is a cryptocurrency created based on the results of the company’s assets and liabilities. These underlying assets and liabilities are the London Stock Exchange or Nasdaq Inc. There are investments in more than 20 companies listed. The most important of these are Midland Resource (UK), the first petroleum-Royal Dutch Shell (Netherlands), Canadian Natural Resources Limited (Canada). Statoil ASA (Norway), and Rosneft Oil Company Limited (Russia).
Polygon applied to list its cryptocurrency on various exchanges, including Lloyds, VDT, and crypto facilities. Cryptocurrency became available for trading as of 1 January 2017, and those investing in Polygon (MATIC) cryptocurrency also received a 30% discount during token sales. This exemption applied to the MATIC copy price paid by investors.
In a year, it has been priced from $0.012 to $1.16. It is currently priced at $4 and is likely to grow in the future too.
Compound Dai (CDAI)
Compound Dai (CDAI) is a digital currency with a market cap of 3.4M USD. Its global supply is 10,000 units, and it’s traded on the decentralized digital currency exchange index. The first decentralized cryptocurrency to implement ring signatures, blockchains, and quantum proof technology.
The CDAI token was created in December 2017 as an alternative to Bitcoin that had been designed for use by regular merchants who wanted the advantages of “off-chain” transactions without sacrificing reliability or security features found in traditional cryptocurrencies like Bitcoin.
Compound Dai (CDAI) has properties resembling both stablecoins (which are pegged to a single fiat or commodity) and utility tokens (which can be programmed for specific applications). It is a strong alternative to fiat currency for both lenders and borrowers by providing a hash-locked value that can be taken out of circulation if insufficient Dai is in the market.
I didn’t include the DOGE coin in this list because this currency doesn’t seem reliable. The memers are engaged in boosting it, which is probably why it goes up a little bit, and goes down again.
FAQs
What is a cryptocurrency?
A cryptocurrency is an innovative payment network, and the first use of cryptocurrencies was for trading between individuals in different countries who had to deal with high exchange rates. Bitcoin, Ethereum, and Litecoin are the three most popular cryptocurrencies.
How do cryptocurrencies work?
Cryptocurrencies are decentralized – they exist on open source networks like the internet, which means there’s no one person in charge and no company or organization that controls them. As such, you can’t go to the bank or use PayPal to get a cryptocurrency, so it’s also not a credit card.
How do I buy cryptocurrency?
You can use exchanges to buy cryptocurrencies like bitcoin, ethereum, and litecoin. You can also find exchanges where you don’t have to deposit money – you can buy directly using a credit card, debit card, or Paypal.
What is a wallet?
A wallet is simply software that holds your cryptocurrency and allows you to carry out transactions using them. It’s similar to your mobile phone – it has all your information on it, including private keys and passwords that are secret.
Does the wallet have to be open to do online transactions?
Yes, it has to be used online. That’s why most wallets are installed on computers and mobile devices. It can also be on a website if it’s an online wallet.
What are private keys?
Private keys are another name for passwords or PIN numbers, and they control access to your funds. They allow users to do transactions online from anywhere in the world using electronic devices. They are what prove that you own your cryptocurrency, and they should never be shared with anyone else or electronically copied. If they are compromised, all of your assets could be taken away by someone else.
What are public keys?
Public keys are a cryptographic code that allows others to send cryptocurrency to a wallet. They are not related to private keys and do not have any monetary value – they can be seen by anyone. They are like your email address, and the public key is used to deliver currencies from one person to another via the internet.
Is it possible to hack wallets?
Yes, hackers can exploit vulnerabilities in software, gain access or steal data from your devices to steal funds from the wallets. It’s also possible for people with access to your login details for online wallets or exchanges to get into your account and move coins out of them without you knowing.
Disclaimer
I am not a financial advisor. In fact, I am a recent college graduate with zero experience in the world of finance whatsoever, and my background is in computer science. That being said, it’s quite likely that you will do as well or even better than me with this guide if you are more experienced in finance already or have studied economics or anything operating at the intersection of law and economics.I am not claiming that this is the “best” way. I am not claiming that following these guidelines will get you anywhere near as good an ROI as someone with more experience in this field would. I am just offering you some tools and tips to help you get started and to tell you what strategies seem to be working for me so far.
This guide is for “investors”, not day-traders or those looking to make a quick buck off of a pump and dump scheme. So please use your mind, and use this post as a guide. I will not be responsible for the loss of any perfidy.
You should take everything in this guide with a grain of salt. That being said, the information below represents my current plan for investing in cryptocurrency, and it has been profitable so far. My plan is to continue to follow these guidelines in the future and update this guide accordingly if I find that any of it is unprofitable.
Conclusion
As we saw in our cryptocurrency article, cryptocurrencies are emerging as a popular asset and investment option.
Cryptocurrency is also the name of digital money which you can use to pay for various goods and services and to purchase other currencies. It is your best bet if you want to take advantage of the decentralized currency system, which uses peer-to-peer transactions without a central authority or middleman such as a bank or government.
There are many different types of cryptocurrencies that offer varied benefits. Bitcoin is one type of cryptocurrency developed as an alternative to centralized banking systems with no middlemen, low transaction fees, international access, and ease of transfer. Cryptocurrencies are the future of money.
As you can see, the use of cryptocurrency is expanding, continuing to do so. Cryptocurrencies could become a viable mainstream form of payment in the near future. Financial institutions are trying to create their own cryptocurrencies for them to be more competitive against bitcoin. Cryptocurrency is here to stay and will keep growing as newer generations get interested in this way of making transactions.
The comment section is open for any queries regarding this post, you can also share your thoughts on cryptocurrency.
