EN 
ID As we go into 2024, the crypto market continues to captivate investors worldwide. In recent years, cryptocurrencies have evolved from a niche interest into a significant player in the financial landscape. Their revolutionary potential in transforming how we view and use money has made them a hot topic. This shift is not just about market capitalization or smart contracts; it's about the dawn of a new era in finance.
This article, “6 of the Best Crypto to Invest in 2024,” is tailored for those eager to navigate the dynamic world of cryptocurrencies. Whether you're a seasoned investor or new to the crypto market, understanding which cryptocurrencies to buy is crucial. We will explore the best cryptocurrencies, considering factors like market cap, technology, and potential for growth.
Our focus isn't just on well-known names like Bitcoin or Ethereum. We're going to explore a variety of promising cryptocurrencies, offering insights into why they stand out in the crypto market. From the fundamentals of decentralized finance (DeFi) to the nuances of market capitalization, we've got you covered.
Daftar Isi.
Best Cryptos to Buy Right Now in 2024
Bitcoin (BTC)
Market Cap: $836,009,744,460
Technology: Proof-of-Work (PoW)
Bitcoin, as we approach 2024, stands out as a promising investment in the cryptocurrency market for several reasons. Firstly, the significant recovery of Bitcoin's price, rallying from $16,000 at the beginning of 2023 to nearly $44,000 by year's end, showcases its robustness and potential for growth. This rebound signifies an end to the previous year's “crypto winter,” positioning Bitcoin as a resilient asset in the volatile crypto market.
Further boosting Bitcoin's appeal is the rising optimism about the approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission. This development, expected in early 2024, has already contributed to a 49% price increase since October 2023. The approval of a Bitcoin ETF would provide a more accessible and regulated investment avenue, attracting a broader range of investors, including those from traditional financial markets.
The involvement of institutional investors in the Bitcoin market is another crucial factor. The CME Group's BTC futures open interest, a significant indicator of institutional investment, reached $4.55 billion, accounting for about 25% of total BTC open interest. This high level of interest from asset managers and leveraged funds suggests a strong belief in Bitcoin's long-term value.
Ethereum (ETH)
Market Cap: $276,162,168,943
Technology: Proof-of-Stake (PoS)
In 2024, Ethereum stands out as a prime investment in the crypto market. JPMorgan analysts project that Ethereum will outperform Bitcoin, primarily due to the anticipated Ethereum EIP-4844 upgrade, also known as the Proto-Danksharding upgrade.
This upgrade, expected in the first half of 2024, is a step towards more efficient sharding on the Ethereum chain. It aims to enable larger group analysis of shards rather than splitting Ethereum into multiple shard chains. This improvement is significant for Layer 2 solutions like Polygon and Optimism, as it will increase network power access, boosting throughput and reducing transaction costs.
Ethereum's advancements are not solely about increasing its market cap; they are about enhancing its technological foundation. These upgrades are expected to attract more investors, helping Ethereum regain its market share in the crypto sphere. While JPMorgan analysts are cautiously about the overall crypto market in 2024, they view Ethereum as one of the stronger tokens for the year.
Binance Coin (BNB)
Market cap: $47,158,896,346
Technology: Proof of Stake (PoS) and Proof of Authority (PoA)
BNB's price performance has been noteworthy, with its price reaching its highest in April 2023 and continuing to show bullish trends. Such market performance indicates strong investor confidence and a healthy market sentiment towards BNB.
Moreover, cryptocurrency experts have predicted a significant rise in BNB's per coin price by January 2024, potentially reaching $548. This forecast is based on an analysis of various factors such as market sentiment and historical price movements, providing a comprehensive outlook on BNB's financial trajectory.
Another pivotal development for BNB is the technical roadmap for its layer-2 network, opBNB. This plan includes more than doubling the transaction speed and significantly reducing network fees, aiming to process 10,000 transactions per second and cut costs to $0.0005 within six months. Such improvements in transaction speed and cost efficiency are essential for the mainstream adoption of BNB, particularly in applications like on-chain games and decentralized finance (DeFi).
Solana
Market cap: $44,218,224,011
Technology: Proof-of-History (PoH), Proof-of-Stake (PoS)
From its inception in March 2020, Solana's price trajectory has been remarkable. Starting at just $0.98 per coin, it experienced an astronomical 12,000% increase in 2021, hitting an all-time high of $175. This surge was fueled by its unique features, growing popularity, and the introduction of new applications such as blockchain gaming.
Despite facing setbacks like the FTX crash and a prolonged crypto bear market, Solana demonstrated resilience, rebounding with a significant price surge as 2023 came to a close. A key factor in Solana's favor is its performance in network developments and the DeFi space. In 2023, Solana achieved 100% uptime and outperformed Ethereum in 24-hour NFT sales volume.
Its growth in the DeFi sector, highlighted by the launch of protocols like Jito, has also contributed to its rising price, indicating a potential further rally. These attributes make Solana not just a strong contender in the crypto space, but also a promising investment option for 2024.
Its continuous price rise throughout 2023, especially in the latter months, signifies robust market conditions and investor confidence. Solana's innovative Proof-of-History (PoH) consensus mechanism facilitates an impressive throughput of 50,000 transactions per second, significantly enhancing transaction speed while maintaining network security and scalability. This features positions Solana as an “Ethereum Killer,” challenging Ethereum's dominance.
Cardano (ADA)
Market Cap: $21,116,375,982
Technology: A Decentralized Proof of Stake (PoS)
Cardano (ADA) is emerging as a standout choice for investors in 2024, with several key factors underscoring its potential. Firstly, advanced predictive models and top analysts in the crypto ecosystem are bullish on ADA. Predictions indicate a possible surge of over 380% within six months of the next Bitcoin halving, potentially pushing its price to over $1.75 per coin.
This optimism is further reflected in diverse price estimates from various sources. Finbold predicts an average price of about 51 cents, while Digital Coin Price sets a bullish target of $1.28. Furthermore, some analysts foresee an even more ambitious future, with projections reaching an average of $10.
Cardano's appeal lies in its unique blend of technology and market potential. As a blockchain platform, it stands out for its robust security and scalability, underpinned by a research-driven approach.
This positions it as a strong competitor in the realm of decentralized finance (DeFi) and smart contracts, which are key growth areas in the crypto market. Additionally, Cardano's ongoing developments and community engagement add to its attractiveness as a long-term investment.
How we choose the best cryptocurrencies to buy
When choosing the best cryptocurrencies to invest in for 2024, several critical factors were considered to ensure a well-rounded and strategic selection. These factors are crucial for any investor looking to make informed decisions in the dynamic world of cryptocurrencies.
Market Capitalization
Market capitalization is a fundamental indicator of a cryptocurrency's market value and liquidity. It represents the total market value of the cryptocurrency's circulating supply. A higher market cap often implies greater liquidity, making it easier to buy and sell the cryptocurrency, which in turn attracts more investors and traders. This factor is essential because it reflects the cryptocurrency's stability and investor confidence.
Team
The people behind a cryptocurrency play a pivotal role in its success. Their background, expertise, and vision for the cryptocurrency are vital. A strong, experienced team with a clear vision can navigate challenges and innovate, driving the cryptocurrency towards long-term success. The team's ability to solve real-world problems and their commitment to the project are also crucial factors to consider.
Utilities
Utility refers to the real-world applications and usefulness of a cryptocurrency. It's important to assess whether the cryptocurrency addresses a real-world problem and the scale of that problem. Cryptocurrencies that provide solutions to tangible issues, such as Ethereum's implementation of smart contracts, tend to have more intrinsic value. This utility not only serves as a means of exchange but also enhances business efficiency and provides a platform for various applications.
Price History
While we cannot use profits as a measure of value in cryptocurrencies, analyzing the price history can offer insights into the cryptocurrency's performance and potential. It's important to differentiate between price and value. For example, in Bitcoin's case, one can assess its value by looking at the number of transactions, akin to using a price-to-earnings ratio in stock markets. This approach helps in understanding the actual usage and value of the cryptocurrency as a medium of transactions.
The bottom line: What crypto to buy now?
Key factors for choosing these cryptocurrencies include market capitalization, team expertise, utility, and price history, helping investors make informed decisions. The crypto landscape is ever-changing, and staying informed is crucial for successful investment.
Our guide, “6 of the Best Crypto to Invest in 2024,” has provided a comprehensive overview of promising cryptocurrencies, each with unique advantages. From the resilience and potential growth of Bitcoin, the technological advances of Ethereum, to the robust performance and upcoming developments in Binance Coin, Solana, and Cardano, these cryptocurrencies demonstrate significant potential for investors.
Frequently Asked Questions (FAQs)
Why is Bitcoin the Most Valuable Crypto?
Bitcoin's value stems from its liquidity, stability, and reputation as the premier cryptocurrency, with a capped supply of 21 million enhancing its scarcity. Its pioneering decentralized design and utility in transactions and as a safe haven further solidifies its dominance and worth in the crypto world.
Why Are There So Many Cryptocurrencies?
There are many cryptocurrencies due to the versatility of blockchain technology, allowing for the creation of various virtual currencies with different functions. Their growing popularity, increasing prices, and high demand also contribute. Entrepreneurs often launch new cryptocurrencies to solve specific problems or offer innovative projects, each aiming to fulfill a unique niche in the digital economy.
How To Report Crypto on Taxes?
In Indonesia, cryptocurrency profits are subject to two types of taxes: Income Tax (PPh) article 25/29 and Value Added Tax (VAT). The PPh rate is 0.2%, while VAT is 0.22%. Payment of these taxes is facilitated by third parties, known as Trade Operators Through Electronic Systems (PPMSE), who act as VAT collectors for crypto asset transactions.
Are There Cryptocurrency Exchange-Traded Funds (ETFs)?
Yes, there are cryptocurrency exchange-traded funds (ETFs). In 2023, several cryptocurrency-related ETFs have been noted for their performance, including the Amplify Transformational Data Sharing ETF and others, some achieving gains close to or above 100%. These ETFs offer traditional investors an accessible way to gain exposure to the cryptocurrency market.
Which Coin Will Reach $1?
In 2023, promising cryptocurrencies under $1 include Bitcoin ETF Token with its high staking APY, Ripple (XRP) revolutionizing global banking, Dogecoin (DOGE) with a growing following, and Cardano (ADA), Stacks (STX), Fantom (FTM), Meta Masters Guild (MEMAG), Fight Out (FGHT), and RobotEra (TARO) show strong potential.
