Cryptocurrencies are a great way to make money and have become increasingly popular among investors around the globe. They are easy to access and invest in.
All one needs is a smartphone or computer with an internet connection to invest in cryptos. While putting money in crypto is risky, it can be profitable when carefully done. Outlined below are five cryptocurrencies to explore in 2024.
1. Bitcoin
Bitcoin continues to be among the most popular cryptos even in 2024. The crypto’s price history indicates that it’s a worthy investment. In spite of the crypto market uncertainties, Bitcoin is still among the top-performing assets, having surpassed its all-time high this year. Bitcoin’s limited supply is among the primary reasons for its supply. Only 21 million Bitcoins will ever exist.
This means that as demand rises, so will the price of Bitcoin. In addition, Bitcoin is decentralized, meaning it isn’t subject to the market forces that affect traditional investments.
Nevertheless, crypto is still very speculative. Its worth can fluctuate drastically within a short period, meaning you must be ready to overcome the uncertainties. Bitcoin has shown significant growth potential, which makes it an attractive investment alternative for those seeking to spread investment risks. Before you buy Bitcoin, do your due diligence and evaluate your risk tolerance.
2. Solana
Solana is branded an Ethereum killer because it can resolve some of the Ethereum network’s limitations such as slower transactions and high fees. It uses proof of history and brags of a throughput of up to 65,000 transactions per second while maintaining scalability and security.
PayPal added its stablecoin (PYUSD) to Solana only last month. PYUSD was originally launched on the Ethereum blockchain. With PYUSD now available on Solana, PayPal users can choose which blockchain they want to use, giving them more flexibility.
Solana’s speed and low costs are particularly good for businesses that need to handle a lot of transactions. It’s a big vote of confidence for the Solana platform and the native token, SOL.
3. Cardano
The Cardano blockchain is designed to ensure fast and efficient digital transactions. Cardano focuses on comprehensive scientific research and solid security measures that make it a secure investment for this year. ADA is the digital currency used on the Cardano network, and you can utilize it to:
- Send money
- Earn rewards by assisting in securing the network
- Take part in Cardano network’s decision-making
Cardano uses the proof-of-stake mechanism, which is energy-efficient and can process more transactions than Bitcoin and Ethereum platforms at a more cost-effective price. It provides a platform for creating smart contracts and developing decentralized applications.
4. Binance coin
Binance coin is the cryptocurrency that drives the Binance chain ecosystem and has become one of the most popular digital assets. It offers multiple rewards that make it an attractive investment.
Binance is among the most well known crypto exchanges, providing BNB with a strong foundation and more credibility in the crypto market, in my opinion.
BNB isn’t just a trading asset. One can use it to access various services, pay trading fees, and more. Binance holds regular token burns where a part of the BNB tokens is removed from circulation permanently.
This deflationary measure raises BNB’s scarcity over time, pushing prices upwards.
5. Avalanche
Avalanche is a top Layer 1 network that seeks to challenge Ethereum in:
- Scalability
- Smart contract functionality
- Transaction speed
AVAX, Avalanche’s native token, is used to authenticate network transactions and for governance. Its expected constant price rise makes it a worthy consideration for this year.
Avalanche’s focus on affordability, eco-friendliness, and affordability places it well to maximize the rising demand for dApps and blockchain technology’s extensive adoption. As a result, the crypto’s potential for growth remains optimistic.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
