The Best Cryptocurrencies to Buy in 2024
If you’ve ever considered investing in cryptocurrency, then you know the crypto market is a daunting place. There are so many different types of blockchains and coins, available at a wide range of prices. So, which do you pick to buy when you are looking to expand your portfolio?
We’ve got the answer in this blog article, so read on to discover the best cryptocurrencies to buy in 2024 as well as some that you should stay far away from.
The 3 Best Cryptocurrencies to Buy in 2024
1. Bitcoin
We stand by our position that there is never a bad time to buy Bitcoin, and if you haven’t invested already, it's best to do so before the halving event, which is predicted to happen on April 20th, 2024. After this event, it is expected that Bitcoin will jump quickly in value possibly reaching over $100k per coin by the end of the year.
Of course, this isn’t guaranteed, and an investment in Bitcoin isn’t cheap, so we understand if you just want to buy a few Satoshis, after all, something is better than nothing!
Related: The Upcoming Bitcoin Halving Event
2. Ethereum
After Bitcoin, the next biggest cryptocurrency is Ethereum, and we expect that it will become even more popular in 2024. Not only are the EVM creators working to expand the platform, but they are also pushing improvements, a major one which is expected to happen later this year.
Of course, a major upgrade did already happen in March (the Dencun upgrade) and the price for Ethereum didn’t change much (technically it went down). But this is because Ethereum upgrades aren’t the same as Bitcoin halving events and shouldn’t be treated as such. Regardless of this recent price drop, Ethereum is relatively stable for a cryptocurrency and is an excellent choice for beginning investors who are looking to hold a cryptocurrency for a long period of time.
Related: The Upcoming Ethereum Pectra Fork
3. Solana
Solana is a blockchain project which has been taking the charts by storm. If you ignore Tether (a stablecoin), Solana is the 3rd largest cryptocurrency project, which has been showing steady growth despite the current economic downturn.
While Solana hasn’t quite reached its previous highest price point yet, it is a good project with a reputable company behind it. While we can’t guarantee a return, it is a decent choice for experienced cryptocurrency investors, and we believe that it truly has potential as a technology and rival to Ethereum.
Related: Solana Overtakes Binance Coin in Popularity
The 3 Worst Cryptocurrencies to Buy in 2024
Just as there are some amazing projects on the crypto scene, there are also some terrible ones that you should not buy. We will discuss which projects they are, and why you shouldn’t buy them, below.
1. Binance Coin
Many enthusiasts like to point out Binance Coin, a utility token for the Binance crypto exchange, as a good investment, but honestly, we wouldn’t touch it with a ten-foot pole.
If you are a current user of the Binance exchange, then by all means buy the coin for use on the platform, but not as an investment vehicle, because in this regard, Binance is terrible. First of all, they have been investigated by the SEC and fined for money laundering—two things that should not mix with a financial service.
Secondly, while Binance has shown growth and potential, remember that it is tied to a trading platform that is subject to regulations and will eventually hit a ceiling. This means that Binance's growth is not unencumbered like Bitcoin or Ethereum's.
But of course, we aren’t financial analysts, so there is a chance we are wrong on this one. Just know a Binance investment is currently extremely risky.
2. Tether
To be honest, we aren’t really sure why Tether is still sold, or why people are still buying it, as it has come out that the creators of Tether are extremely dishonest.
If you don’t know, Tether is a stablecoin, meaning it is supposed to be backed by an equal number of physical assets to keep it pegged to a certain currency. However, it has been known for a long time that Tether only backs a significant portion of their coin and not all of it. In fact, only 74% of Tether coins are backed by actual fiat dollars, despite the fact that Tether was originally advertised as a 100% backed stablecoin.
This means that the creators lied. Not only that, but this has gotten them in trouble with the SEC, and gotten the token banned from the state of New York.
If that isn’t enough for you, know that a stablecoin isn’t really capable of making you investment returns, and one which isn’t backed 100% isn’t actually stable, so stay far away from Tether.
3. Dogecoin
Last but not least, we do not recommend a Dogecoin investment at any point in time. Dogecoin is a meme coin that got famous from the image of a Shiba Inu during the peak internet meme days. While the dog is certainly adorable, the blockchain behind Dogecoin leaves much to be desired.
While investing in Dogecoin isn’t inherently bad, the memecoin is known for its constant instability, and it doesn’t have the hard-core following that Bitcoin does. Even though Dogecoin prices will rise at some point in time due to its infamy, they always crash again, making them a horrible choice for investing.
So, if you find yourself interested in Dogecoin, know you are better off putting that money in Bitcoin or Ethereum, despite what the internet hype may tell you. In fact, we would rather you invest in Binance Coin rather than sacrifice your money to the Dogecoin trends.
Overall, we hope this article has helped you to make a decision about what cryptocurrencies you should look into buying in 2024. Just keep in mind that this is not official investing advice and that you should do your own complete research before buying.
