Bitcoin briefly dropped below $54,000 on Friday, July 5, 2024, marking its lowest point since February, before rebounding. This occurred as the bankrupt Mt. Gox exchange began repayment, triggering a sell-off.
The cryptocurrency industry’s rapid growth is highlighted by Bitcoin hitting a new high of $73,750 on March 14, 2024. Promising altcoins are also experiencing significant market capitalization growth.
Digital currencies are not only investment opportunities but also facilitate online transactions and cross-border money transfers. Selecting the right cryptocurrency is crucial for investment success.
Top 5 Cryptos to Own in 2024
Bitcoin
Market cap: $1.1T
Bitcoin is a classic option, offering minimal risk for long-term investment. Since its inception in 2009, Bitcoin has shown resilience, with high liquidity and widespread trading availability.
Ethereum
Market cap: $355.58B
Ethereum, the second most popular crypto, serves as a platform for smart contracts. Its value increases with the adoption of smart contracts by major companies, making it a cheaper alternative to Bitcoin.
Solana
Market cap: $61.48B
Solana stands out for its scalability, handling thousands of transactions per second efficiently. It combines Proof of History with Proof of Stake, supporting decentralized applications and smart contracts.
Dogecoin
Market cap: $14.66B
Dogecoin attracts long-term investors due to its strong community and lower cost compared to many other cryptocurrencies, making it accessible for market entry.
Avalanche
Market cap: $9.75B
Avalanche is recognized for supporting DeFi projects and corporate networks. Its market value is steadily growing, backed by investment funds and entrepreneurs.
Basic Strategy for Owning Cryptos
Cryptocurrencies are often viewed as vehicles for capital growth. The "Buy and Hold" strategy involves buying crypto at a low price and holding until its value peaks. This method aims to capitalize on long-term price appreciation.
Best Ways to Own Crypto
Securely buy crypto on trusted exchanges like Binance, Coinbase, or Bybit, and store it in a digital wallet. Due to market volatility, diversify your crypto portfolio to mitigate potential losses.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
FAQs
Should I invest in crypto in 2024?
Cryptocurrencies offer great investment opportunities. Before investing, assess market conditions and consider risk levels. Make informed decisions.
What is the best crypto to own?
Investing in established cryptocurrencies like Bitcoin, Ethereum, Solana, Dogecoin, and Avalanche offers strong long-term potential.
How to invest in crypto?
The safest way to invest in crypto is to buy it on trusted exchanges like Binance or Coinbase.
