🌎 Top 5 Cryptocurrencies to Invest in for Long-Term Gains in 2024

Warning: On Friday, July 5, 2024, Bitcoin briefly dropped below $54,000, its lowest since February, before rebounding just above that mark. The bankrupt Mt. Gox exchange had started paying back its creditors, triggering a selling spree. During that period, the values of other cryptocurrencies also dropped in response to Bitcoin.

The cryptocurrency industry is one of the fastest-growing markets globally. On March 14, 2024, Bitcoin hit a new high price of $73,750. Simultaneously, numerous promising altcoins are experiencing rapid market capitalization growth. This shows how much cryptos are growing in popularity and development. Digital currencies not only provide investment opportunities but also facilitate online transactions and domestic and cross-border money transfers.

Selecting the right cryptocurrency is pivotal for successful investments. With so many choices available, making a decision can be challenging. This article aims to help you choose the best crypto to own for the long term to maximize your profits.

Top 5 Cryptos to Own in 2024

How do you choose the best crypto to buy and hold for the long term? Check out projects that catch your eye, research the development team and the technologies they’re using. Also, analyze their financial performance and their position in terms of market capitalization. If you have no time for research and trust our team, here is a list of the top 5 cryptos to own in 2024 that we have prepared for you.

Bitcoin

Market cap: $1.1T

Which cryptocurrency to invest in with minimal risk? Bitcoin is a classic, fail-safe option. Investing in it for the long term is particularly profitable. BTC emerged in 2009, and despite its fluctuations over the years, investing in it remains secure. It boasts high liquidity and is traded on all exchanges. You don’t have to buy the entire BTC; it’s possible to buy just a part of the coin on crypto exchanges.

Ethereum

Market cap: $355.58B

Another optimal and proven option is Ether – the second most popular crypto after Bitcoin. Ethereum is not just an altcoin; it serves as a platform for creating smart contracts. As more smart contracts are deployed, the value and stability of ETH increase. Its price is also bolstered by the increasing adoption of smart contracts by major IT companies. Moreover, Ethereum is much cheaper compared to Bitcoin.

Solana

Market cap: $61.48B

Investing in Solana is a smart move for several reasons. It boasts impressive scalability, capable of handling thousands of transactions per second efficiently. Solana’s innovative approach, blending Proof of History (PoH) with Proof of Stake (PoS), ensures fast confirmation times and robust support for decentralized applications (dApps) and smart contracts. The growing ecosystem and active community further solidify Solana’s potential for long-term growth and value in the blockchain and DeFi sectors.

Dogecoin

Market cap: $14.66B

Investing in Dogecoin for the long term appeals to many because of its strong community and active social media presence. Its lower cost than many other cryptocurrencies makes it appealing for investors looking to enter the market without a large initial investment.

Avalanche

Market cap: $9.75B

The Avalanche ecosystem is well-regarded for launching DeFi projects and supporting extensive corporate networks, using its native token AVAX for transactions. The platform’s market value is steadily increasing. Investment funds and prominent private entrepreneurs actively support the ecosystem’s growth, recognizing its promising potential.

Basic Strategy for Owning Cryptos

While cryptocurrencies are used by some as a form of payment, many investors regard them as vehicles for capital growth. Despite the rising popularity of cryptocurrency trading, mastering this market can be quite daunting. Here’s a practical long-term strategy for handling cryptocurrencies:

“Buy and Hold” Strategy

The “Buy and Hold” strategy is popular among both crypto enthusiasts and investors. The idea is to buy the crypto when its price is low and hold onto it until it reaches its peak value. This strategy aims to capitalize on potential price increases over time. To execute this strategy effectively, start by identifying cryptos showing promising growth potential. Look to purchase when the digital currency is undervalued based on its historical performance. Once you’ve bought in, keep your digital assets and wait for their value to appreciate. When the cryptocurrency reaches its highest point, sell it to lock in your profits.

What is the Best Way to Own Crypto?

The safest way to buy crypto is to use trusted exchanges and then securely store it in a digital wallet.

Cryptos are volatile assets. Before you start investing, take a close look at your budget and consider how much you’re ready to lose. Do not invest in only one coin. Try to diversify your crypto portfolio to limit 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 provide investment opportunities. However, before investing, assess the market situation and consider the risks you’re ready to accept. Whether to invest or not invest, your decision should be well-informed.

What is the best crypto to own?

Considering the rapid growth and development in the cryptocurrency market, investing in established cryptocurrencies like Bitcoin, Ethereum, Solana, Dogecoin, and Avalanche can offer strong long-term investment potential.