Top 10 Best Cryptocurrency to Invest in 2024 | Next Cryptocurrency to Explode in 2024

Cryptocurrency is the talk of the town. Starting with Bitcoin and not ending on Dogecoin, we have thousands of varieties of currencies. The different currencies can be overwhelming if you are new to this term. Allow us to tell you some basics about cryptocurrency.

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What Is Cryptocurrency? 

Cryptocurrency is a digital currency. These cryptocurrencies can buy goods and services. Many companies use their currencies to avail their goods or services. These currencies are similar to casino chips used to play in a casino.

You need to buy cryptocurrency by giving real money. The transactions with cryptocurrency use strong cryptography to secure online transactions. This currency is based on blockchain technology.

This technology is a decentralized one that can be managed by many computers. The main USP for this currency is the security of transactions. However, the primary interest of this currency is to trade off for profits.  

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Why Cryptocurrencies Are Popular?

Many are looking are cryptocurrency as the currency of the future. Hence, the demand is more than people are rushing to buy the currency. People like the currency.

They can manage currency directly without a bank, which tends to reduce the value through inflation. Blockchain technology makes these currencies safer. Inflation does not affect these currencies, as it does not involve central banking.

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Is Cryptocurrencies Good For Investment?

Many people believe that the value of cryptocurrencies would go up. However, this remains speculation and has no sanctity. Cryptocurrency is also not a real investment. These currencies are like the money we use.

You can earn a profit if someone pays more for the currencies you have. This theory is called “the greater fool.” This concept is opposite to the well-managed business, as it increases its value with time and improves cash flow operations.

Now that you have a fair enough idea about cryptocurrencies. We have chosen this list based on the approximate capitalization of the market. Here is the:

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Top 10 Best Cryptocurrency to Invest in 2024

1. Bitcoin (BTC)

Market Valuation: Approx. $856 billion

Bitcoin was created in 2009. This currency was created under the pseudonym, Satoshi Nakamoto. Bitcoin is the first cryptocurrency. Bitcoin also indicated as BTC works on blockchain or ledger transaction logging.

This is distributed across various computers. The addition to the distributed ledgers is verified by solving the cryptographic puzzle. This process is known as proof of work.

This process keeps Bitcoin safe and secure. In the past five years, Bitcoin has skyrocketed by 8900% as it became a popular currency. The rough cost of Bitcoin has increased from $500 in 2016 to $45,000 in 2021.

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2. Ethereum (ETH)

Market Valuation: Over $357 billion

Ethereum is a popular program for all developers because of its potential application. If the conditions are met, then the contract is executed automatically.

This is both a cryptocurrency and blockchain platform. Ethereum has also increased by 27000% in five years. The price of this cryptocurrency was $11 in 2016, which has shot to $3000.

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3. Binance Coin (BNB)

Market Valuation: Approx. $70 billion

Binance Coin is a cryptocurrency as well as crypto exchange platform in the world and one of the largest exchanges in the world. Binance was launched in 2017.

It has grown just by providing trades on Binance’s exchange platform. This cryptocurrency is used for payment processing, trading, as well as booking travel. This currency can be exchanged with other forms of cryptocurrency.

This currency was just $0.01 in 2017 and did not shoot up to $419 in 2021. The increase is almost 419,000%.

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4. Cardano (ADA)

Market Valuation: Approx. $69 billion

Cardano is known for its proof-of-stake validation. By using this method, you can improve transaction time and decrease energy usage.

Just removing the problem-solving aspect for transaction verification can positively impact the environment. This currency works similarly to that of Ethereum concerning contract completion. The native coin of Cardano is ADA.

This coin had a modest growth compared to other cryptocurrencies. ADA was a mere $0.02 in 2017 and has now shot to $2.11 in 2021. The increase is almost 10,000%.

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5. Tether (USDT)

Market Valuation: Approx. $64 billion

Tether is a stablecoin. This is a cryptocurrency that is backed by fiat currencies such as US Dollar and Euro. Hence, hypothetically, the value of this coin is equal to one of these denominations.

Therefore, as per books, Tether’s value is more consistent and stable than any other cryptocurrencies. Hence, this currency is favored by many people for its stability and lack of volatility compared to other coins. 

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6. Xrp (XRP)

Market Valuation: Approx. $52 billion

A payment processing company and digital technology, Ripple, has created this cryptocurrency. The network provided by Ripple can be used to exchange the XRP with other currencies.

The exchange can be done for fiat currencies as well as other cryptocurrencies. In 2017, the XRP was $0.006, while in 2021, the value was $1.14. The rise is almost equal to 19,000%.

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7. Dogecoin (DOGE)

Market Valuation: Approx. $40 billion

Dogecoin has become famous after celebrities and billionaires, such as Elon Musk, mentioned the currency. This coin was created as a joke in 2013. Soon, Dogecoin became an important cryptocurrency option.

The credit for this shift goes to the dedicated community, and the meme created. For Dogecoins, there is no limit for the amount to be created, which is the case for most other cryptocurrencies.

However, this condition brings in the doubt of devaluation as the supply increases. This currency was $0.0002 when it was created in 2017. Now the price has risen to $0.31, which is an almost 154,900% jump.

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8. Usd Coin (USDC)

Market Valuation: Approx. $23 billion

USD Coin is another stablecoin. The reasons remain the same as Tether. This coin, too, is backed by fiat currency US dollars. The creators aim to make the currency equivalent to US Dollar, which means 1 USD is equal to 1 USDC.

USDC is exchanged through the Ethereum platform. USDC can be used to pay for any of the global transactions. 

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9. Polkadot (DOT)

Market Valuation: Approx. $25 billion

As per the theory, cryptocurrency can use any number of blockchain for transactions. However, Polkadot aims to coagulate all these by creating a cryptocurrency network.

This network connects so that all these can work together. If this integration works, then the way cryptocurrencies are managed will change. This has spurred impressive growth.

Polkadot was launched in 2020. In just a time frame of one year, the price has increased from $2.93 to $25.61, which is almost a jump of 774%.

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10. Solana (SOL)

Market Valuation: Approx. $20 billion

Solana was developed to help with decentralized apps and smart contracts. It would also power decentralized finance. Solana is a platform that works on a unique hybrid model.

This model is based on proof-of-stake and proof-of-history. This unique model helps to have faster transactions with higher security. SOL is the native coin of Solana.

SOL powers this platform. This coin was launched in 2020 when it was $0.77, and in a year, it has gained 9405% and reached $73.19.

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10 Best Cryptocurrency to Invest: FAQ

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