With the potential for significant returns, more people are looking to add digital currencies to their investment portfolios. Here, we highlight five of the best cryptos to consider in 2024, each offering unique benefits and growth potential.
Bitcoin (BTC)
Market Cap: $1.3 trillion
Year-Over-Year Return: 145%
Bitcoin, created in 2009 by the mysterious Satoshi Nakamoto, is the original cryptocurrency. It operates on a blockchain, a digital ledger of transactions distributed across thousands of computers. This decentralized nature, combined with the need for complex cryptographic puzzles to validate transactions (a process known as proof of work), ensures Bitcoin’s security.
Bitcoin’s price has surged dramatically. In May 2016, one Bitcoin cost around $500. As of late May 2024, it’s valued at approximately $68,335—a staggering growth of 13,567%.
Ethereum (ETH)
Market Cap: $469.1 billion
Year-Over-Year Return: 105%
Ethereum, both a cryptocurrency and a blockchain platform, was founded by Vitalik Buterin. Launched in 2015, Ethereum supports smart contracts, which automatically execute when conditions are met, and non-fungible tokens (NFTs). Its vibrant ecosystem includes decentralized financial services, NFT marketplaces, and more.
From April 2016 to May 2024, Ethereum’s price jumped from $11 to about $3,905, reflecting a 35,397% increase. With Ethereum ETFs expected to start trading in the US soon, it’s an exciting time for ETH investors. Recent market activity has pushed ETH’s price to around $3,900, showcasing its potential for growth.
Solana (SOL)
Market Cap: $77.7 billion
Year-Over-Year Return: 733%
Solana is designed for decentralized finance (DeFi), decentralized apps (DApps), and smart contracts. Its unique hybrid proof-of-stake and proof-of-history mechanisms allow for quick and secure transactions. Since its 2020 launch, SOL’s price has soared from $0.77 to around $172.85, an impressive gain of 22,348%.
Recent developments highlight Solana’s growth. The LayerZero protocol now supports Solana, enabling asset transfers between Solana and seven other blockchain networks. Additionally, PayPal’s USD stablecoin has launched on Solana, citing its fast transactions and low costs as ideal for commerce.
XRP (XRP)
Market Cap: $29.5 billion
Year-Over-Year Return: 11%
XRP, created by some of Ripple’s founders, facilitates exchanges of various currencies on the Ripple network. From $0.006 in early 2017, XRP’s price has climbed to $0.53 by May 2024, marking an 8,772% increase.
XRP’s rapid, low-cost transfers make it suitable for remittances. Ripple’s On-Demand Liquidity (ODL) service leverages XRP for efficient cross-border payments. Ripple’s new USD-pegged stablecoin, launching on the XRP Ledger and Ethereum, promises to boost liquidity and open new opportunities for the XRP ecosystem.
Toncoin (TON)
Market Cap: $17.4 billion
Year-Over-Year Return: 300%
Toncoin continues the blockchain vision initially developed by the Telegram team. Though Telegram had to step back due to legal issues, the project is now spearheaded by the TON Foundation. Telegram is integrating Toncoin-powered solutions, like the TON Space wallet, into its messenger.
Toncoin’s recent collaboration with the mobile payment app Oobit expands its utility. Users can now make TON payments at millions of retailers worldwide. The recent issuance of $200 million in USDT on the TON Blockchain further enhances its practical applications, allowing for instant crypto payments.
