While cryptocurrency investing is risky, it can be lucrative. Most digital currencies have made significant returns throughout the years. However, thanks to the volatility associated with cryptos, past returns aren’t a guarantee for future returns. Putting your money in different cryptos can help minimise risk while maximising returns. Investing in digital coins now can provide promising protection against inflation because these assets have a finite supply. Their decentralised nature offers enhanced transparency and autonomy. To make the most of cryptos, you must invest in the right digital coins. Discussed below are the top nine cryptocurrencies to buy now.
1. Bitcoin (BTC)
Bitcoin, the oldest digital coin, is a valuable crypto to buy now. The halving that took place on April 19, 2024, is expected to reduce the number of Bitcoins released into the market. This translates to a significant decline in supply and a rise in demand. Scarcity gives Bitcoin value, and with fewer Bitcoins being circulated, prices are likely to increase. Demand is also likely to keep rising in the coming years, creating an extreme demand-supply imbalance that drives Bitcoin to new heights. The approval of the Bitcoin ETF is another reason to buy Bitcoin in 2024. It makes the crypto more transparent and accessible for investors. Besides being one of the safest cryptos, countries are increasingly adopting Bitcoin, expanding its market and strengthening its underlying value.
2. Binance coin (BNB)
Binance coin is a digital coin developed by a popular crypto exchange. Since its inception, Binance coin has become remarkably popular and top crypto with regard to market capitalization. BNB offers several benefits, including:
- Investment opportunity: As BNB demand rises, its value may also increase. Binance’s buyback and burn program cuts BNB’s circulating supply, potentially increasing the coin’s value over time
- Improved liquidity and market access: BNB offers improved liquidity, making it easier to trade it for other cryptos, which enhances market access
- Transactional and payment uses: Besides investment and trading, Binance coin can be used for transactions and payments beyond the Binance ecosystem
- Staking: Binance provides financial products like staking to BNB holders, letting them earn rewards or interest on their holdings
3. Tether (USDT)
Based on market capitalization, Tether is one of the biggest stablecoins. Stablecoins, such as Tether, offer low volatility and maintain a stable valuation. Tether tokens provide fiat currency’s simplicity and stability combined with blockchain technology’s innovative nature. They’re built on numerous blockchains, providing easy adoption and integration. Tether tokens are part of the most traded digital assets with regard to daily volume, providing unparalleled liquidity. Tether maintains first-class standardised compliance procedures for:
- Anti-money laundering
- Countering terrorism financing
- Know your customers’ laws and regulations
- Sanctions
4. Solana (SOL)
Solana’s blockchain platform provides swift, scalable, and secure dApps (decentralised applications). Unlike other blockchains that experience difficulties with network congestion at peak hours, Solana provides high throughput abilities without compromising cost efficiency or transaction speed. Several trustworthy crypto exchanges support SOL token trading pairs. Regardless of price fluctuations, SOL has a solid foundation and provides multiple use cases, adding to the coin’s long-term potential. In addition, Solana’s constant growth in dApps, rising adoption, and NFT sales capacities demonstrate a promising future, making SOL worth buying. Nevertheless, it’s important to consider market volatility and evaluate your risk tolerance before investing.
5. Ethereum (ETH)
Since its inception, Ethereum has gained a lot of popularity in the crypto industry. It’s a decentralized blockchain network supported by the Ether (ETH) token that lets users:
- Stake to earn interest on their investments
- Conduct trades
- Trade cryptos
- Use and keep non-fungible tokens
- Play games and more
The Ethereum blockchain is the pioneer of smart contracts, which are tamper-proof, self-executing agreements with pre-decided rules that execute automatically once specific conditions are met. These contracts facilitate automated and trustless transactions which eliminates the need for banks and other intermediaries. Since Ethereum is a decentralized platform, it isn’t controlled by any authority, meaning it’s resistant to manipulation and censorship. Another reason to buy Ethereum is the platform’s security and transparency. Ethereum’s smart contracts and transactions are recorded in public ledgers, ensuring unmatched transparency. This openness reduces the risk of fraud because anyone can confirm the validity of transactions
6. Ripple (XRP)
Ripple, a currency exchange platform and payment settlement system, processes transactions around the globe. It acts as a reliable agent between people in a transaction because the network can swiftly verify that the exchange happened properly. The Ripple network is the same as the SWIFT system banks and financial institutions globally use. Buying Ripple offers the following benefits:
- Facilitates low-cost cross-border payments: XRP facilitates swift, more affordable international transactions than conventional banking systems, which are slow and costly
- Helps diversify portfolios: If you’re a crypto investor holding digital assets in your portfolio, buying Ripple can help minimise risk
- It’s a versatile exchange network: Besides processing transactions using XRP, you can also use the ripple network for other cryptocurrencies and fiat currencies
7. Avalanche (AVAX)
Avalanche is a blockchain network that uses the Proof of Stake mechanism to ensure decentralization, security, and scalability. The network’s token is in AVAX, and users can use it to vote, get rewards for supporting the network, and perform transactions. Anybody can purchase, sell, receive, send, and hold AVAX. As an advanced user, you can interact with dApps (decentralized applications) on the Avalanche platform. Decentralised applications facilitate DeFi use cases such as:
- Borrowing and lending
- Trading
- Crypto derivatives
- NFTs
- Predictive markets
- Synthetic assets and more
Avalanche provides infinite scalability without compromising decentralization. The platform provides fast transaction speeds at affordable costs and is compatible with apps from other blockchains. Also, Avalanche has multiple use cases, such as ticketing, insurance, gaming, and more.
8. Dogecoin (DOGE)
Dogecoin, a decentralized, peer-to-peer, open-source digital token, lets users receive and send money cost-effectively. The crypto has lately gained popularity because of its:
- Swiftly-expanding user base
- Fast transaction speeds
- Low transaction costs
Unlike centralized, third-party payment providers, Dogecoin’s proof-of-work mechanism is less prone to hacking. This crypto runs on an inflationary model, meaning there’s always a limitless amount of Dogecoins in the market without a maximum supply like most other cryptos. Monitoring the Dogecoin price helps users stay informed about market trends, ensuring smarter decisions in trading or investment. Dogecoin also has an active, engaged community, which is vital to the digital currency’s success and adoption.
9. Cardano (ADA)
Cardano, a blockchain network meant to process transactions using ADA, can handle every transaction. However, its primary objective is to create an ecosystem that promotes flawless interchangeability between various blockchains. Cardano allows consumers to make smart contracts without depending on third parties. Also, investing in Cardano is easy and safe because ADA is listed on reliable, regulated trading platforms.
Endnote
Investing in the right digital tokens can be quite lucrative. Familiarise yourself with the top cryptocurrencies to buy now.
