Best Crypto to Buy Now: What to Invest in 2024?
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Cryptocurrency, a digital revolution in the ever-changing financial landscape, has emerged as a prominent player. Operating independently of governments and financial institutions, it relies on the innovative technology of blockchain.
Leading the pack in this digital frontier is Bitcoin, firmly established as the leader in the world of crypto.
As Wall Street continues to embrace cryptocurrency, it opens up a realm of exciting possibilities. While it can be utilized for everyday transactions, many view it as more than just currency. Instead, they see it as a long-term investment.
In this dynamic environment where knowledge is key, Bisq may just be your best starting point for venturing into crypto. This decentralized and peer-to-peer platform has been gaining attention as one of the top choices for purchasing the best cryptocurrencies.
So before you take the plunge into this exhilarating domain, let’s delve into what drives cryptocurrency and why embarking on the path to digital wealth might hold more thrills than you anticipate.
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7 Best Cryptocurrencies
Bitcoin (BTC)
Cryptocurrency is a relatively new type of asset that emerged in 2009. The year 2022 demonstrated the high unpredictability associated with this asset class, making it crucial for investors to choose established cryptocurrencies to protect themselves from potential losses.
Among all the best cryptocurrencies, Bitcoin stands out as the oldest and most widely recognized, holding the largest market capitalization at approximately $500 billion, which accounts for almost half of the entire cryptocurrency market.
BTC has gained widespread acceptance and is supported by various publicly traded financial instruments that track its performance. Companies like MicroStrategy Inc. (ticker: MSTR) and Tesla Inc. (TSLA) have invested in Bitcoin and include it on their balance sheets alongside their publicly traded stocks.
Despite experiencing a significant decline of 64% in 2022, Bitcoin has made an impressive recovery in 2023 by rallying up to 56.1% as of September 10th.
In the early months of 2023, BTC was already performing quite well. However, in March, the leading cryptocurrency experienced a resurgence in gains when the government ensured that depositors at Silicon Valley Bank would have full access to their funds despite the bank’s failure. This decision by the federal government not only restored confidence in cryptocurrencies but also strengthened trust in the banking sector as a whole.
In terms of profitability, crypto has been leading all asset classes this year. The overall market rebound and growing skepticism toward traditional financial institutions have contributed to increased confidence in assets like Bitcoin. Bitcoin emerged as a response to both the global financial crisis and subsequent bank bailouts, which eroded public trust.
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Ether (ETH)
Ranked second in terms of market capitalization is Ether, the native token of the widely utilized Ethereum blockchain. Commonly referred to as Ethereum, ETH currently holds a market cap of approximately $190 billion and represents about 19% of the overall cryptocurrency market.
Diverging from Bitcoin, which primarily serves as a speculative asset and store of value, Ether’s underlying network offers much more than just peer-to-peer payment capabilities.
The Ethereum blockchain is purposefully designed to facilitate smart contracts, decentralized finance tools, Web 3.0 applications, and the trading of non-fungible tokens (NFTs). Ether possesses inherent utility due to its status as a native token within an immensely popular network.
Ethereum’s transition from the energy-intensive proof-of-work protocol to the significantly more efficient proof-of-stake system positions it advantageously against BTC in an increasingly environmentally conscious society. As of September 10th, 2023, alone, ETH has experienced a notable increase of 35.1%.
Avalanche (AVAX)
When engaging in cryptocurrency investments, investors must recognize that Bitcoin and Ether hold a distinct position compared to other cryptocurrencies. AVAX and the alternative coins listed here carry higher levels of risk, which investors should consider when making decisions.
This disparity in quality has been evident throughout 2023, with BTC and ETH performing well while the rest of the market has struggled to keep pace. It’s important to view AVAX and the other mentioned coins as purely speculative bets.
The AVAX token on the Avalanche network deserves attention due to the ambitious objectives set by the Avalanche blockchain. The feature of subnets on Avalanche enables users to deploy their own mini-blockchains on top of its network. Ava Labs, as a developer, envisions a future where numerous mainstream commercial entities and even individuals will seek their own blockchains.
In this scenario, Avalanche subnets provide an advantageous solution for such needs. If this vision becomes reality, AVAX could potentially emerge as a successful long-term investment after experiencing a significant decline of 90% during bear market conditions in 2022. As of September 10th, AVAX has recorded a decrease of 13.1%.
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Polygon (MATIC)
With a market capitalization of approximately $4.7 billion, MATIC now stands as the 11th-largest cryptocurrency (excluding stablecoins).
However, it still represents less than 1% of the total market size, leaving ample room for growth for Polygon. The success of Polygon’s future is closely tied to the acceptance and continued usage of the Ethereum network.
As a scaling platform, Polygon aims to enhance Ethereum’s capabilities and enable it to support an unlimited number of decentralized applications (dApps).
Similar to most other tokens, MATIC experienced a decline in value throughout 2022, losing 70% over the year. Initially benefiting from the overall recovery in crypto prices until early June, MATIC saw a temporary increase of around 20%.
Unfortunately, this boost was short-lived due to a lawsuit filed by Coinbase Global Inc., alleging that MATIC and several other altcoins were operating as unregistered securities. As a result, MATIC suffered from negative sentiment surrounding this news and has since declined by 31% year-to-date as of September 10th.
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Cardano (ADA)
Cardano, a proof-of-stake blockchain founded in 2017 by Charles Hoskinson, co-founder of Ethereum, stands out as one of the largest blockchains successfully implementing a more energy-efficient protocol. Its primary objective is to establish an ecosystem that’s developer-friendly for decentralized applications (dApps).
In contrast to Ethereum, Cardano has set a limit on the maximum number of coins it will ever produce, capping it at 45 billion. Fortunately for investors, approximately 35 billion, or roughly 78% of this supply, is already in circulation. This means that the potential dilution remaining is both quantifiable and relatively constrained.
Among the top cryptocurrencies worth considering today, Cardano experienced an 81% decline in value in 2022 but has maintained stability throughout most of 2023. As of September 10th, it has achieved a modest year-to-date gain of just over 1%.
Excluding stablecoins from consideration, Cardano currently holds the fifth position based on market capitalization among all cryptocurrencies, with an estimated valuation standing at around $8.6 billion.
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Cosmos (ATOM)
The Cosmos Hub blockchain’s native token, ATOM, holds the least value in terms of market capitalization.
Beyond its role in securing the network, ATOM also functions as a governance token, granting holders influence over the future development of the Cosmos ecosystem. One challenge faced by the emerging cryptocurrency industry is its multitude of independent blockchains.
Cosmos seeks to address this issue by simplifying inter-blockchain communication, making it quicker and more cost-effective. The ultimate goal of Cosmos is to enhance accessibility to blockchain technology for both developers and end-users.
This could prove beneficial if blockchain technology becomes as widely adopted as some optimistic individuals anticipate.
Currently valued at approximately $2.3 billion, ATOM experienced a 71% decline during the bear market of 2022. Unfortunately, things haven’t been favorable for speculative investors in ATOM coin throughout 2023 either, with prices dropping by 28.7% until September 10th.
Chainlink (LINK)
According to CoinMarketCap, Chainlink utilizes a decentralized Oracle network to facilitate secure interactions between blockchains and external data feeds, events, and payment methods. The developers aim for smart contracts to become the dominant form of digital payment with the help of this technology.
A key advantage for Chainlink is its strategic partnership with Google. Benzinga reported that Google employs Chainlink’s protocol to connect users to its cloud services. In addition, Truflation, a decentralized finance company, has chosen Chainlink as the platform for its new inflation index.
This index serves as an alternative to the Consumer Price Index (CPI). Unlike the CPI, which relies on survey data, Truflation’s index uses over 10 million data points from more than 40 sources. This approach allows for a more dynamic, accurate, objective, and transparent measurement of inflation.
Chainlink Labs benefits from advisory support by industry leaders such as former Google CEO Eric Schmidt, DocuSign founder Tom Gonser, and former LinkedIn CEO Jeff Weiner.
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Best Crypto to Buy Now – Buyer’s Guide
What Are Cryptocurrencies?
Digital currencies, known as cryptocurrencies, utilize encryption for security and function on decentralized blockchain technology. Unlike traditional currencies, they’re not governed by governments or central banks and have a limited supply. Individuals store and manage their cryptocurrencies in digital wallets.
The prices of cryptocurrencies are extremely volatile, and their applications range from serving as digital assets to facilitating decentralized applications. While they provide global accessibility, they also encounter regulatory obstacles in numerous jurisdictions.
Individuals must comprehend the risks and advantages before engaging with cryptocurrencies.
How Does Cryptocurrency Work?
Cryptocurrencies encompass different types of digital currencies that typically rely on blockchain technology. Utilizing blockchain technology enables most cryptocurrencies to function as decentralized and trustworthy means of conducting transactions. Thus, there’s no need for a central authority to supervise the transactions occurring within a cryptocurrency’s blockchain.
The inception of the world’s inaugural cryptocurrency, Bitcoin, occurred in 2009 through the efforts of an anonymous computer programmer known as Satoshi Nakamoto.
Why Are There So Many Cryptocurrencies?
The realm of cryptocurrency is a rapidly growing field, boasting over 22,000 crypto projects that have come to life as of June 2023. While certain best cryptocurrencies operate as traditional forms of currency, others serve the purpose of constructing essential infrastructures.
Take Ethereum or Solana, for instance; developers utilize these platform currencies as a foundation for building additional cryptocurrencies, thereby expanding the realm of possibilities within this ever-evolving industry.
How to Report Crypto on Taxes?
If you engage in the buying and selling of coins, it’s crucial to be mindful of the tax regulations surrounding cryptocurrencies. Cryptocurrencies are considered capital assets, similar to stocks, rather than cash. If you sell cryptocurrency for a profit, you must pay capital gains taxes.
This holds true even if you use your crypto funds to make a purchase. If the value of what you receive exceeds what you initially paid, taxes will be owed on the difference.
Where to Buy, Sell, and Trade Crypto?
Cryptocurrency exchanges refer to online platforms or marketplaces that enable individuals to purchase, sell, trade, and oversee cryptocurrencies.
These exchanges act as intermediaries by facilitating the transfer of digital assets among users. Below are a few recommended crypto exchange platforms for conducting trades:
Bisq
Bisq distinguishes itself as a decentralized platform for trading cryptocurrencies, boasting an unwavering commitment to safeguarding privacy and enhancing security. Unlike traditional exchanges, Bisq operates without a central authority, which ensures heightened protection against censorship and unauthorized access.
What sets Bisq apart from its competitors is its strong emphasis on privacy. Utilizing end-to-end encryption for communication and eschewing the need for user accounts or personal information, Bisq offers users an unparalleled level of anonymity. Remarkably, unlike many other platforms, Bisq doesn’t require Know Your Customer (KYC) verification.
Despite prioritizing robust privacy measures, Bisq also provides a user-friendly interface that caters to traders of all experience levels.
This makes it an ideal choice for those who value their privacy and seek a secure and decentralized platform for cryptocurrency trading. With its dedication to ensuring convenience and confidentiality in every transaction, Bisq stands out as the go-to option in the market.
Cash App
Cash App, created by Square Inc., is a flexible mobile payment application that offers an array of financial services. It streamlines everyday monetary transactions with its efficient money transfer function, allowing users to send and receive funds rapidly.
What distinguishes Cash App is its seamless integration of Bitcoin capabilities, granting users the ability to directly buy, sell, and invest in the cryptocurrency from within the app. This user-friendly platform has gained recognition for its simple interface, making it accessible to a wide audience, including individuals new to the realm of digital currencies.
In addition, Cash App grants users the option to request and utilize a physical Cash Card linked to their account for convenient purchases and ATM withdrawals. These features contribute further convenience.
For those seeking an uncomplicated and versatile mobile payment app with effortless access to Bitcoin functionality, Cash App emerges as an optimal choice.
eToro
eToro has gained a reputation as a comprehensive online platform for trading and investing that offers a wide range of financial assets, including cryptocurrencies. What sets eToro apart is its unique social trading feature, which allows users to follow and automatically replicate the strategies of experienced investors.
This makes it an attractive choice for those seeking passive investment opportunities and the chance to learn from seasoned traders. eToro provides access to traditional asset classes like stocks, commodities, and indices. This enables users to create diversified investment portfolios tailored to their specific goals.
Furthermore, the platform cultivates a lively community of users who engage in discussions, analysis, and the exchange of valuable insights among fellow traders and investors.
How We Choose the Best Cryptocurrencies to Buy
Narrowing down the selection of cryptocurrencies from a vast array of options can be challenging. Our goal in curating this list was to present a diverse range of cryptocurrency projects, encompassing established ventures and more speculative ones that hold potential for significant growth.
To determine which cryptocurrencies deserved inclusion, we carefully evaluated several key factors.
Availability
For a cryptocurrency to gain widespread accessibility, it’s crucial that it can be readily found on various crypto exchanges, whether centralized or decentralized. The ability to directly trade cryptocurrency with fiat currencies simplifies the buying and selling process significantly.
Market capitalization
The cryptocurrencies listed as the top choices for investment in 2023 all belong to the group of 100 largest crypto assets based on their market capitalization. Note that a high market capitalization doesn’t automatically guarantee a project’s quality, but it indicates significant community interest.
Furthermore, the best cryptocurrencies with larger market caps are less susceptible to manipulation attempts since influencing the market would require substantial amounts of capital.
Sector leadership
The realm of cryptocurrencies encompasses various sectors, each with its own distinctive characteristics. Take, for instance, Proof-of-Work and Proof-of-Stake cryptocurrencies, which are two prominent methods employed to achieve decentralized consensus.
Additionally, there are other sectors worth mentioning: decentralized finance, non-fungible tokens (NFTs), layer two projects, meme coins, and more.
To demonstrate the vast range within the crypto and blockchain space, we have highlighted leading projects from each sector. This serves as a testament to the diverse opportunities available in this dynamic industry.
Working products
In our selection process, we prioritize cryptocurrencies that have already developed a functional product rather than relying solely on promises for the future.
When it comes to cryptocurrencies, we avoid showcasing coins that have not yet established a working mainnet. In the case of tokens, our focus is on those used as utility tokens within operational products or as governance tokens in actively utilized decentralized protocols.
On occasion, we may feature coins that are preparing to launch their mainnet or key product in the near future. However, this is limited to top-tier projects highly anticipated by the crypto community.
Team and development
The majority of reputable crypto and blockchain initiatives openly disclose information about their team members and their qualifications. Our preference lies in showcasing projects that are led and executed by experts with impressive credentials.
We emphasize the level of activity demonstrated by a project. If a project is actively being developed, it stands a higher chance of being featured compared to one that receives occasional improvements.
However, the anonymity surrounding a project’s team or founders doesn’t necessarily disqualify it from consideration. After all, the creator(s) of Bitcoin remains unknown to this day.
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Best Crypto to Buy Now – FAQs
What Are Altcoins?
When considering cryptocurrencies, Bitcoin is often the first that comes to mind. This is because Bitcoin accounts for over 45% of the entire cryptocurrency market.
Therefore, any other cryptocurrencies besides Bitcoin are referred to as altcoins. Among these altcoins, Ethereum stands out as one of the most widely recognized and popular options.
Why Are Cryptocurrencies Important?
Thanks to the creation of the blockchain, a plethora of utility cryptocurrencies have emerged, which were initially intended to address the shortcomings of traditional currencies.
Are There Cryptocurrency Exchange-Traded Funds (ETFs)?
With the vast number of cryptocurrencies available, along with their tendency for extreme price fluctuations, they prefer a diversified investment strategy to reduce the risk of financial loss.
While there are Exchange-Traded Funds (ETFs) that deal in Bitcoin futures, there are currently no ETFs that directly trade Bitcoin or other cryptocurrencies due to regulatory challenges. BlackRock recently suggested a Bitcoin spot trading ETF in June 2023. However, it still awaits regulatory approval.
Final Thoughts – Best Crypto to Buy Now
Determining the best cryptocurrency to purchase at this moment greatly depends on your personal risk tolerance and investment objectives. If you have a long-term perspective and seek cryptocurrencies with substantial potential, established options like BTC and ETH are likely the most suitable selections.
Should you possess a higher appetite for risk, exploring investments in cryptocurrencies valued at less than one cent or participating in recent crypto presales may be of interest, particularly if you’re feeling daring.
Nevertheless, remember that the cryptocurrency market exhibits significant volatility, and investing in digital currencies involves substantial risk. It’s imperative that you conduct thorough research and evaluate your financial circumstances before making any investment decisions. It’s advisable not to invest more capital than what you’re prepared to lose.
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Disclaimer: The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We don’t recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.