It's the dawn of 2024, the cryptocurrency market will have grown beyond our wildest dreams, opening up new avenues and revolutionizing the financial sector. We will look into the top cryptocurrencies of 2024 in this blog post. These coins have been gaining popularity and have the potential to completely change how we invest, transact, and accumulate wealth.

In terms of market value and usage, Bitcoin leads the field, but there are currently millions of assets available, including utility-based tokens, tokens backed by real assets, and even NFTs, or digital artwork.

Therefore, our guide to the top cryptocurrencies of 2024 will provide you with expert knowledge and insights, regardless of whether you're a fervent cryptocurrency lover or a curious newcomer eager to dip your toes into the world of digital currencies.This new asset class has the advantage that anyone with an internet connection can access it.

Things Take Into Account Before Making a Cryptocurrency Investment.

🟠Market capitalization

Market cap is calculated by multiplying the total number of coins or tokens in circulation by the price per coin or token.

It's common in the cryptocurrency world to need to distinguish between "Fully Diluted Market Cap" and "Current Market Cap." All coins and tokens that are currently in circulation are included in the first, and all coins and tokens that are still locked but will become accessible eventually through processes like crypto mining or cry but through future procedures such as cryptocurrency mining or staking.

If there is a significant discrepancy between those two figures, it is quite probable that the price will decrease in the future as more tokens (supply) become available to meet demand (market).

🟢Trading volume

An asset is more accessible when there is a high trading volume.

With over 400 billion dollars changing hands in a single day during its crash in November 2022, Bitcoin—widely regarded as the best cryptocurrency—reached its peak trading volume.

🟠Liquidity

Trade volume and liquidity are related since price changes and trade volume both suggest liquidity in some way. large liquidity is often defined as low price fluctuations and large trading volume, though there may be intentional outliers.

If a cryptocurrency has great liquidity, buying and selling it is simple. One aspect that can raise liquidity is increased adoption. The greatest cryptocurrency for you to invest in is one with increased liquidity.

🟢Tokenomics

How the token actually functions is one of the most important things to know.

Even if the product and team are outstanding, tokenomics can immediately expose an unstable investment because it describes the economics of a token.

The price of a token is determined by supply and demand; therefore, the relationship between the two and its future trajectory demonstrate the investment's potential. Consider this:

Why is the token necessary for me? If the product is successful, is there a market for the token?

In the future, will fresh tokens be created? If yes, when and how will that happen?

When will tokens that are reserved for the team and early investors become accessible?

Are tokens burnable, and if so, what causes the quantity to be reduced?

🟠Transparency and Security

These two elements, if poorly implemented, have the potential to destroy a project and its value in a matter of seconds, as we have seen time and time again.

Security lapses, whether from careless coding or a lack of governance, typically happen at the human level rather than on a blockchain or technological level.

The majority of the time, security flaws are not deliberate, but real scams are. Enough transparency improves the likelihood of identifying fraudulent activity at an early stage. Pose inquiries such as:

Who is the primary code access person? What would be the worst situation?

Does a single point of failure, such as a single individual possessing the private keys necessary to modify a smart contract?

Does there exist any hazy information that needs to be clarified?

🟢Performance/ Longevity

While it's not always a guarantee, past success is a great predictor of future performance. While the market value of successful ventures may be bigger than that of unproven ones, the risk may be significantly smaller.

Searching for businesses with a solid track record that have seen a significant decline in token value can be a wonderful strategy, especially during bear markets and difficult times like the ones we are currently experiencing.

The team may be a good investment if they have adequate funding and are able to deliver on their product during difficult times.

A cryptocurrency's prospects increase with duration of operation.

Not that we should rule out taking on new initiatives. But investing in them needs to be done very carefully. One example that comes to mind is the Squid Game token, which turned out to be a fraud.

At some point, Bitcoin even got its humble beginnings. When it was first released on January 3, 2009, the price of Bitcoin was only about $1. However, data show that by 2021, it had increased by 60,000%.

🟠Tolerance for Risk

To what extent can you take risks? This can assist in choosing the type of coin to invest in or the amount to invest in, as certain currencies are more volatile than others.

Currently, Which Crypto Is The Best To Invest In?

Cryptocurrency adoption rises in tandem with blockchain's general adoption. There are more projects available for investment than you can possibly recall. Selecting the best site to purchase cryptocurrency and determining how to store it are equally significant decisions.

The greatest method to invest in cryptocurrency, in our opinion, is to move your coins from an exchange to a hardware wallet. These wallets include, for instance, Blockchain.com, Safepal, Bitget wallet, Metamask, Trustwallet, and Solflare.

In response to the aforementioned query, the top 7 cryptocurrencies in 2024 as determined by market capitalization are highlighted below. Among them are ADA, SOL, BTC, ETH, BNB, USDT, and XRP.

1. Bitcoin (BTC)

Market cap: $832.0 billion

Yearly ROI- 98%

As of 2024, Bitcoin is still the most promising cryptocurrency for investment. It is simple to conclude from its endurance that this cryptocurrency is the most well-known and largest in terms of market capitalization and price.

Additionally, it has become the most widely accepted asset class, with banks accepting bitcoin investments as part of their investment portfolios and several nations designating it as legal money. Additionally, a lot of shops and establishments now use Bitcoin as payment. Bitcoin Cash and Bitcoin are not the same thing. Thus, be careful to select the appropriate type.

2. Ethereum (ETH)

Market cap: $302.1 billion

Yearly ROI: 58%

As the second-largest cryptocurrency in the world, Ethereum is inexpensive when compared to Bitcoin in terms of trading value. According to reports, Bitcoin was first traded on January 3, 2009, at a price of $1 per bitcoin. Six years later, its greatest value is currently $454.36 per bitcoin. While Ethereum is currently trading at $4628.89/ETH, it was introduced in August 2015 at a price of $2.83/ETH. Its enormous expansion has raised awareness of it and led to multiple adoptions of various systems, including the decentralized crypto ecosystem of NFTs. The significant increases have attracted investors' attention, prompting them to take action.

The first blockchain to use smart contracts—code that powers decentralized apps, or dApps—was Ethereum's. There are over 1,400 applications on the Ethereum blockchain and development tools.The proof-of-stake transaction verification technique on Ethereum replaced the proof-of-work consensus process in 2023, using significantly less energy. Although Ethereum's blockchain capability is its primary differentiator, it is now a greener investment than bitcoin.

3. Binance Coin(BNB)

Market cap: $46.7 billion

Yearly turnover: 3%

Cheap Trading is Cheaper with Binance Coin.The objective of the Binance Smart Chain is to establish a decentralized financial (DeFi) ecosystem through the use of smart contracts in a blockchain network. Binance (BNB) is a prominent cryptocurrency exchange globally. The greatest cryptocurrency to invest in is BNB if you trade and invest on the Binance platform.

If you'd want to invest in a significant cryptocurrency other than Bitcoin or Ethereum, Binance Coin might be a great option. The reason is that it has emerged as the most well-organized cryptocurrency programme because of its cheap transaction costs using the Binance token, which enables customers to swap currencies for less money. Furthermore, Binance Coin gives investors the chance to diversify their holdings by purchasing exchange-traded funds (ETFs) like the Valkyrie Bitcoin Strategy ETF (BTF), the ProShares Bitcoin Strategy ETF (BITO), and the VanEck Bitcoin Strategy ETF (XBTF). Without actually holding the underlying cryptocurrencies, these well-known cryptocurrency exchange-traded funds (ETFs) provide exposure to the cryptocurrency market.

4. Tether( USDT)

One stablecoin is Tether (USDT); a kind of cryptocurrency that seeks to maintain the stability of cryptocurrency values. It was intended to always have a $1 value. With a market value of $83.8 billion and a token value of $1 on July 22, 2023, Tether was the third-largest cryptocurrency by market capitalization. All this entails is overcoming the volatility that has been the main drawback for investing in and trading cryptocurrencies. Because of its architecture, which outperforms the volatility system, it is a wise investment.

The greatest cryptocurrency to invest in stablecoins is always USDT since all investors have a tendency to lodge their winnings there.

5. Solana (SOL)

Market cap: $42.7 billion

Yearly turn over: 328%

Based on the Proof of History (PoH) and Proof of Stake (PoS) consensus, Solana is a high throughput blockchain that seeks to become the blockchain infrastructure for contemporary internet applications.

After integration, scale will never be a concern. As the network grows, Solana preserves a single global state to guarantee composability among ecosystem projects. Dealing with sharded chains or broken Layer 2 systems is never advisable. Because of Solana's scalability, transactions for both users and developers are guaranteed to be less than $0.01.

Citing faster transaction speeds and cheaper related costs, Bloomberg journalist Joanna Ossinger referred to Solana as “a potential long-term rival for Ethereum” in 2021.

6. Cardano (ADA)

Market cap: $18.2 billion

Yearly ROI: 47%

Recently, the public blockchain platform Cardano (ADA) released a test version of AdaSwap, a platform where developers may create decentralized finance apps. Proof of stake is used to reach consensus in this decentralized, open-source system. Peer-to-peer transactions using Ada, its internal coin, are made possible. Charles Hoskinson, a co-founder of Ethereum, established Cardano in 2015. After first- and second-generation blockchains, Ethereum and Bitcoin, Cardano is positioned as a third-generation blockchain. Cardano claims to be a more scalable, safe, and effective alternative to Ethereum and other decentralized application platforms, and it intends to actively compete with them. A number of strategic alliances announced by the Cardano Foundation are expected to increase the Cardano blockchain's uptake and application.

7. XRP (XRP)

Market cap: $30.5 billion

Yearly return: 43%

XRP is a global payments network that was developed by Ripple as a substitute for the Society for Worldwide Interbank Financial Telecommunications. The international system used by banks and other financial institutions for money transfers is called SWIFT. However, Ripple asserts that its technology outperforms the SWIFT system in terms of speed, cost, and transparency. The native coin for the XRP Ledger blockchain and the Ripple network is called XRP. When a court in the Southern District of New York decided that XRP is "not necessarily a security" in some situations, potentially putting it outside the SEC's authority, the cryptocurrency received a major boost in July.

$49.97 billion, or 33.53% less, has been traded in the cryptocurrency market in the last 24 hours. At $4.13 billion, the total volume in DeFi is presently 8.26% of the 24-hour volume in the cryptocurrency market. At $45.61 billion, the total 24-hour volume of the cryptocurrency market is made up of all stable coins, or 91.26% of the total.

The dominance of Bitcoin is at 50.43%, up 0.05% from the previous day.

Market caps and pricing sourced from coinmarketcap.com, current as of Jan. 25, 2024.