The world of cryptocurrency is expanding. Will 2024 be the year when you invest? The industry is hardly over a decade old, but it’s rapidly establishing itself as a lucrative investment option.
Cryptocurrencies aren’t limited by foreign exchanges or affected by inflation. Furthermore, major credit card providers like VISA and MasterCard are venturing into the virtual currency market. This means investing will be more accessible for less experienced individuals in the future.
While the future looks bright for cryptocurrencies, it’s critical to note that not all virtual currencies reign equal in the market. Some cryptocurrencies demonstrate high market volatility, which is why it’s important to research your investment before making any major decisions.
Below you’ll find ten profiles for cryptocurrencies to watch in 2024.
Cryptocurrencies to Watch in 2024:
1. Bitcoin (BTC):
The reigning champion of cyber currency. Currently occupying 65% of the market cap, this company is a reliable contender for future growth.
2. Litecoin (LTC):
Litecoin was developed in 2011 and led the way in shortening block generation from ten minutes to 2.5. This currency exhibits high volatility. However, it’s price rose 500% in 2019, showing potential for lucrative gains.
3. Ethereum (ETH):
This company experienced major growth in 2024, its market cap swinging from $25bn to 40.5bn over the course of a few weeks. It’s one of the few companies that’s remained unaffected by the 2024 pandemic, which is a good sign of its future stability.
4. Tether (USDT):
Pegging its value to the US dollar, Tether assures it’s investors that their money will stay backed by real cash and equivalents in the US reserve. This allows investors to protect their assets from a fluctuating market while benefiting from the perks of cyber currency.
5. Tron: (TRX)
Founded in 2017, Tron recently changed to an independent blockchain platform. This sets Tron apart from other companies, which will begin adopting their highly secure proof-of-stake (PoS) algorithm in the coming years. While its stock price is known to fluctuate, it has recently stabilized, making it a strong option for investing in 2024.
6. Ripple (XRP)
This company turned heads in 2017 with a growth of approximately 36,000%. It’s an amazing opportunity for new investors, offering low start prices of just $0.27.
7. Cardano (ADA)
Cardano’s market cap is growing rapidly, and it’s predicted to continue doing so in 2024. This company provides short and long-term investment options, making it a good choice for low-risk ventures.
8. Binance Coin (BNB)
This cyber currency acts as a discount on the Binance exchange, which is currently the world’s largest in terms of cryptocurrency. Users can expect discounts of up to 50%.
9. Bitcoin Cash (BCH)
Splitting off from Bitcoin, this option provides greater scalability for investors. Since its founding, the price has remained fairly stable, making it a sound option for investing in 2024.
10. Tezos (XTZ)
This company is on a slow-burn to success in 2024. Despite losses and management issues since its founding in 2018, it showed strong and stable growth in Autumn 2024.
Blockchain technology is the infrastructure which is used to create cryptocurrencies. In essence, all cryptocurrencies are mined and then uploaded to a ledger. This ledger contains the unique sequencing code of each financial “unit” which can be a digital cent, dime, and so on. The recent statement by Paypal and the fact that regulation is “kicking in” is legitimizing what many have perceived to be a scam currency used by hackers and criminals only.
Digital currencies are decentralized, which means no bank or financial institution can control them and charge fees. On the downside, there is more risk involved in these types of transactions as there is no way to get a refund if you don’t receive the service or product you paid for. This is something that has deterred many people from opening crypto wallets and starting to purchase online using Bitcoin. Paradoxically, from a technological standpoint, cryptocurrencies are much more secure than standard money and definitely more suited for the future than paper money which is slowly becoming obsolete.
This trend is also gaining momentum since institutional investors like Paul Tudor Jones are also making the news and flatly endorsing Bitcoin as a kind of “digital gold” which is “the next big thing”. There is also much hype associated with Bitcoin especially, but also other cryptocurrencies. Various get-rich-quick schemes are using the media hype which was created among certain individuals like the Winklevoss Twins or Erik Finman who have become Bitcoin millionaires. This trend has gained momentum as we start to see more fake celebrity-endorsed trading systems that promise to help you become a millionaire overnight. It truly seems like this trend will not abate any time soon since Bitcoin is considered a very hot commodity these days. To inform yourself more about topic visit bitcoinevolution.co.
As is the case with every investment, it’s always smart to do your research before you risk your money. As we have previously stated, there are many websites these days that are claiming that certain automated trading apps like Immediate Edge generate massive profits for you on auto-pilot and without any effort. These claims are obviously unfounded and designed to attract unwitting investors. In this context, we have recently noticed an Immediate Edge Review on a website named scamcryptorobots.com which has exposed this software as well as the idea that you can become a millionaire overnight. In any case, investing using these types of schemes is not something that is recommended in any scenario and a definite way to lose money very quickly.
