17 Best Cryptocurrency to Invest in 2024 – Compare Top Crypto to Buy Now

Are you looking to gain exposure to cryptocurrencies but unsure which projects to invest in? 

There are more than 25,000 cryptos available to purchase and while many offer the potential for massive gains, others turn out to be total failures or outright scams.

For both new and experienced crypto investors, the sheer size of the market can be overwhelming.

In this guide, we analyze the best crypto to buy now and over a wide range of projects to suit both short and long-term investors, from upcoming projects still in their presale stage to established favorites such as Bitcoin and Ethereum.

Read on to discover the top crypto assets for 2024. 

A Closer Look at the Best Cryptocurrency to Invest in 2024

In the sections to follow, we evaluate the best cryptos for 2024. 

1. Smog – Overall Best Meme Coin on Solana, Airdropping 490 Million Tokens

Smog is the new meme coin on Solana, riding the hype wave of its predecessors like Bonk, Myro, Pepo and Dogwifhat. Bonk returned over 12,000% to investors in just a few months in 2023, and Smog aims to beat that.

For that purpose, the team will airdrop 490 million tokens and use 50% of the total token supply for marketing purposes to bring new eyes to the project and build hype. If successful, this could be the best cryptocurrency to buy this year.

To participate in the airdrop and earn a piece of the pie, you need to buy $SMOG tokens and hold them in your wallet. This way you earn airdrop points. Earn more points by completing quests in the Zealy campaign.

$SMOG is a Solana-based token, meaning you need a specific wallet to buy and hold the token. Choose from Phantom, Solflare and Backpack, and connect the wallet to Jupiter, which is the largest aggregator on Solana. Buy $SMOG tokens with USDC, USDT or SOL and hold it for the airdrop.

Read the Smog whitepaper for more details about the project. Also, follow Smog on X and join the Smog Telegram channel to get the latest information.

2. Green Bitcoin – Green Crypto Offers Rewards for Predicting the BTC Price, Get 167% Staking APYs

Green Bitcoin ($GBTC) is a top new green cryptocurrency and claims to be more sustainable than Bitcoin. With $GBTC, investors can earn gaming rewards and high staking yields. 

While Bitcoin uses the more energy-intensive proof-of-work (PoW) concept, Green Bitcoin is built using the proof-of-stake (PoS) algorithm. Green Bitcoin is approximately 10,000 times more eco-friendly than Bitcoin. 

Investors can also earn $GBTC tokens by taking part in the daily BTC price prediction games. You can stake $GBTC, predict the daily price of Bitcoin, and earn free tokens. Bonuses are offered depending on the staking periods. 

For instance, if you stake $GBTC for a week, you earn a 5% bonus on your daily rewards. A 20% bonus is offered if $GBTC has been staked for over six months. By locking-in $GBTC, you can also earn annual staking yields as high as 167%. 

$GBTC has a total supply of 21 million – 50% is allocated for the ongoing presale. This top cryptocurrency has raised over $2.3 million on presale. The token is currently priced at just $0.6882. Read the Green Bitcoin whitepaper and join the Telegram channel to stay updated with this cryptocurrency. 

3. Scotty the AI – Get High Staking Yields and Swap Tokens with a New AI Crypto

The next best cryptocurrency is Scotty the AI ($SCOTTY), a project leveraging artificial intelligence to bring more safety to the cryptocurrency space. $SCOTTY, the native token, can be staked to generate passive income and swapped on a token-swapping mechanism. 

According to the Scotty the AI whitepaper, the platform will use advanced AI algorithms to detect patterns and identify threats on the blockchain. The platform will also be able to track every block and hash to identify suspicious transactions and network anomalies. 

Using AI tools such as Natural language processing (NLP), Scotty the AI will build an AI chatbot. NLP is a tool that allows the program to respond to your questions just like a human would. Thus, you can learn detailed information on the blockchain space. 

To generate passive income, $SCOTTY token holders can lock their tokens on the smart contract. At the time of writing, Scotty the AI is offering over 53% in annual yields. The platform will also support token swaps through an upcoming swapping tool. 

To enter this project early, interested investors can participate in the $SCOTTY presale. Currently, $SCOTTY is priced at just $0.00805 on presale – which has raised $3.7 million. Join the Scotty the AI Telegram channel to stay updated with this cryptocurrency. 

4. Sponge V2 – New Version of Explosive 100x Meme Coin, Aiming for Binance and OKX Listings

Summer this year saw $SPONGE emerge as a major meme coin sensation, skyrocketing over 100x to reach a market cap of $100 million following its launch. This meteoric rise minted new crypto millionaires and created a buzz in the cryptocurrency community.

Currently, $SPONGE is making a comeback with its new V2 token, aiming to surpass its predecessor in scale, efficiency, and appeal.

According to the $SPONGE whitepaper, the new V2 token is setting the stage for a play-to-earn crypto game in which players can race Spongebob Squarepants and earn $SPONGE.

In addition, the project is setting its sights on major Tier-1 exchange listings, including Binance and OKX. It’s already listed on exchanges like Gate, MEXC, Bitget, Poloniex, and CoinW, so these Tier-1 exchanges appear close within reach.

A listing on Binance would likely set off an avalanche of buying activity in $SPONGE. Binance recently listed meme coins including $MEME and $BONK and both tokens saw their prices skyrocket afterwards.

The only way to get $SPONGEV2 right now is by bridging from the V1 token. Investors who stake and permanently lock their V1 tokens will earn $SPONGEV2 rewards for the next 4 years.

Investors who buy new $SPONGE V1 to stake will also receive an equivalent amount of V2 tokens right away as a bonus for their purchase. So, now is the best time to make the jump to $SPONGEV2.

This project is moving fast, so be sure to follow $SPONGE on X, Telegram, and Discord to get all the latest updates about the bridge to V2 and upcoming listings.

5. eTukTuk – Creating a Network of Electric Tuk-Tuks and Charging Stations in the Emerging Markets  

eTukTuk is also one of the best new crypto to invest in for long-term sustainability. Put simply, the project will reduce carbon emissions in the emerging markets through electric tuk-tuks.

Not only will this help overpopulated cities reduce their carbon footprint but also make transportation more affordable. 

eTukTuks are developed with locally sourced materials and with sustainability and safety in mind. What’s more, the project will also power a network of charging stations. This will further reduce costs for drivers. We also like that the eTukTuk ecosystem is being developed on the blockchain. 

This offers many benefits for eTukTuk drivers, such as transparent pricing and the ability to tokenize ownership. The blockchain will also allow eTukTuk drivers to tokenize their identities, enabling them to remain compliant with local transportation bodies. eTukTuk also has its own native token, TUK. 

TUK comes with many utilities, including payment for electric charging services. It can also be used by passengers when paying eTukTuk drivers.

TUK is currently being sold on presale, where more than $1.6 million has been raised so far, with more than 143% staking APY available. 

6. PEEN – Trending Meme Coin With Massive Uniswap Launch and Fair Distribution

Next on our list of the best crypto to buy is PEEN (PEEN). It is a new Ethereum-based meme coin that differentiates itself with a ‘teenage humor’ theme, distinguishing itself from the typical dog and frog-themed tokens.

Providing equal access to all investors, PEEN has just listed on Uniswap DEX their entire supply of 800,813,569 PEEN. They avoided the traditional presale approach to show a commitment to democratic participation. 

Their strategy reflects the project’s commitment to fairness as it aims to reach a market cap of up to $100 million through more investor support and strategic growth.

With a project team that reportedly comes from successful projects like SMOG and has seen some pretty impressive post-launch gains, there’s talk that their track record could make PEEN one of the best meme coins in 2024.

Their emphasis on ‘crude humor’ is meant to draw in the broad teenage audience and distinguish PEEN from the other meme coins in the market.

Users can read the ‘PEEN Paper’ for a detailed overview of what the project is looking to achieve. You can also follow them on X (Twitter) for the latest news and join their Telegram channel to engage and participate with their community.

7. Meme Kombat – Unique Meme Coin with Play-to-Earn Wagering

Meme Kombat ($MK) is an exciting new meme coin that has huge utility and offers two major ways for holders to generate additional returns.

The first is through its staking mechanism, with presale buyers able to immediately stake $MK and earn a huge 88% APY during the presale, which has now raised more than $9 million.

Its biggest feature, however, is the Battle Arena – a play-to-earn game where players bet on the outcome of battles between loved meme characters.

That includes player-vs-player and player-vs-game matches, with 11 characters available in season one, with the likes of Pepe to face Shiba Inu and Floki vs Sponge.

The Battle Arena is powered by blockchain technology and artificial intelligence and means that all results and outcomes are immutable, transparent, secure and fair, while winners will be paid their tokens immediately.

As well as betting outright on the result of the battle, there will be lots of side bets available, as well as long-term trends to wager on to add depth and intrigue to the game.

The developers – who are doxxed and public-facing, a rarity in the meme space – have taken a seasonal approach to the game which means that new characters, themes, and even game modes will be added to the Battle Arena over time.

$MK tokens are currently available for $0.279 per token. For more information on the project read the Meme Kombat whitepaper or join the Telegram group.

Interested crypto enthusiasts and meme degens can find out more about how to buy $MK tokens in our dedicated beginner’s guide.

8. Bitcoin Minetrix – New Crypto Offering a Unique Stake-To-Mine Mechanism

Bitcoin Minetrix offers a unique protocol that tokenizes the Bitcoin mining space – which has long been the preserve of multi-million-dollar companies.

With Bitcoin Minetrix, users can stake native token $BTCMTX to generate cloud mining power and earn BTC directly to the wallet on a dedicated mobile app, removing the high barrier for entry.

The project has become a hit with investors as it opens up cloud mining to retail investors from just $10.

More than $11.4 million has been raised since the project launched, while buyers are also able to immediately add their tokens to the staking pool and earn 59% annual percentage yield (APY).

The average cost to mine 1 BTC is currently over $30,000 given the advanced computer hardware, processing power and energy consumption, meaning it is largely in the hands of huge companies.

Cloud mining – where users or groups rent hardware or processing power – emerged as an alternative but has not been that successful due to scammers insisting on long contracts and huge up-front fees.

By tokenizing the process, Bitcoin Minetrix allows BTCMTX token holders to mine BTC safely and autonomously – as they are able to withdraw their tokens at any time.

The process works by staking BTCMTX, which generates cloud mining credits, a non-transferable ERC-20 token. The credits are then burnt to purchase cloud mining power, with mined BTC then distributed to stakers via the Bitcoin Minetrix app.

The project has already been a huge success with over $911.4 million raised and over 600 million tokens added to the staking pool. $BTCMTX is currently priced at $0.0137 during the presale.

9. Scorpion Casino – Online Casino Tokenization With a Presale Upside of Over 200%

Scorpion Casino has developed a unique concept; a decentralized casino site that is backed by crypto tokens. Its casino is also live, allowing players to gamble cryptocurrencies anonymously.

Scorpion Casino hosts everything from blackjack, video poker, and slots to live dealers and sports betting and has now raised around $6 million in its presale.

The project’s native token, SCORP, is currently being sold at presale prices. There are many perks to buying SCORP early. First and foremost, the current presale price is just $0.017. Compared to the exchange listing price of $0.05, that’s an immediate upside of over 200%. Not only that but early presale investors will also be eligible for an exclusive NFT. 

There are four NFT types available, Bronze, Silver, Gold, and Platinum. Scorpion Casino NFTs come with many benefits. This includes a presale bonus of up to 40%, not to mention 25% in free casino credits. The specific NFT received depends on the amount invested and requires a presale purchase of at least $1,000. 

Additionally, SCORP tokens can be staked to earn passive rewards. These are paid daily and can be used to gamble on Scorpion Casino games. Scorpion Casino is also running a $250,000 giveaway.

Presale investors are automatically entered into the giveaway after completing their purchase. Do note that once the current presale batch sells, the price of SCORP will increase. 

10. Poodl Inu – New Dog-Themed Meme Coin, Raised Over $470K on Presale

The next top cryptocurrency to watch in 2024 is $POODL, the native token of Poodl Inu. This is a dog-themed meme cryptocurrency, that has recently launched on presale.

Poodl Inu takes inspiration from other popular meme coins like Dogecoin and Shiba Inu. Compared to these tokens, it has a limited supply of just 6.9 billion. Currently, the meme platform is allocating 3.45 billion tokens (50% of the total supply), for the ongoing presale.

At the time of writing, $POODL is priced at only $0.000467 per token. Since the presale launched, Poodl Inu has raised over $470K. Early investors can also benefit from high staking yields through the Poodl Inu smart contract. Currently, the staking mechanism is offering 276% annual yields.

With more than 750 million tokens staked, the Poodl Inu staking mechanism is a hit among early presale investors. In the long run, 30% of the total supply will be distributed through staking rewards. Thus, Poodl Inu can be one of the best cryptos for earning passive income.

Another 10% of the token supply will be used for marketing purposes, while the remaining tokens will be set aside to maintain liquidity. Interested investors can stay updated with this project by going through the Poodl Inu whitepaper and joining the Telegram channel. 

11. 5th Scape – VR Crypto Gaming Platform Offers Discounts to Token Holders

5th Scape is the world’s first virtual and augmented reality cryptocurrency ecosystem. Through the $5SCAPE token, investors can access a suite of VR-themed gaming experiences, blockbuster movies, and educational content.

$5SCAPE token holders get lifetime access to a curated collection of VR gaming experiences. These include Cricket and Soccer simulations – which give you a live matchday experience. Through the MMA-themed game called ‘Cage Conquest,’ you can engage in strategic training sessions and take part in online tournaments.

5th Scape offers hyper-realistic gameplay by using VR gaming headsets and chairs. These products use precise motion tracking and visual realism to provide top-quality VR experiences. All products are offered at discounted priced to $5SCAPE token holders.

The $5SCAPE token can be one of the best cryptos due to its direct exposure in the VR and AR gaming landscape. The token has a total supply of 5.21 billion, 80% of which is currently being distributed through the presale.

The presale consists of 12 rounds, and has a hard cap target of $15 million. At the time of writing, $5SCAPE is priced at just $0.00187 per token. Read the 5th Scape whitepaper and join the Telegram channel to learn more about this project.

12. Polygon – Layer 2 Solution for Ethereum – Increasing Scalability to 65,000 Transactions per Second 

Polygon was launched in 2019 with a simple objective – to help Ethereum-based projects to increase scalability, speed, and cost-effectiveness.

In a nutshell, ERC20 projects ‘bridge’ to the Polygon network, while remaining on the Ethereum blockchain. This increases the efficiency of ERC20 projects considerably. 

For instance, Polygon can handle up to 65,000 transactions per second. While the Ethereum network can currently handle just 12 transactions per second. Additionally, Polygon transactions take just two seconds to process. What’s more, Polygon transaction fees are much lower than Ethereum. 

In light of this, the Polygon ecosystem now boasts over 200 ERC20 projects. This includes everything from Chainlink, Render, and Decentraland to Aave, Dai, and Gala. To operate within the Polygon ecosystem, projects pay fees in MATIC. This is Polygon’s native token and it currently has a market capitalization of $6.3 billion. This is 70% lower than its all-time high. 

13. Chainlink – Connecting Blockchains and the Real-World With Reliable Data  

Chainlink is an established crypto project that connects blockchains with real-world data. Ordinarily, blockchains can only obtain data from within their respective ecosystems.

This prevents blockchains from accessing real-world information – something that will be crucial in the Web 3.0 space. 

Chainlink solves this issue through ‘Oracles’. Put simply, Oracles obtain data from online sources and feed it back into blockchain smart contracts. Chainlink Oracles are decentralized and data is only considered after it has reached consensus. This ensures that data is free from manipulation and inaccuracies. 

For example, suppose Chainlink provides flight information to an insurance-based smart contract. It will check thousands of data providers in real-time to ensure the information is correct beyond doubt. Developers pay fees to use Chainlink Oracles, settled in LINK tokens. LINK is currently valued at $3.8 billion – 80% below its former peak. 

14. Ethereum – Large-Cap Smart Contract Ecosystem Supporting Over 450,000 ERC20 Tokens  

Launched in 2015, Ethereum is the most valuable cryptocurrency after Bitcoin. As per CoinMarketCap data, Ethereum currently has a market capitalization of over $220 billion.

Its decentralized framework enables developers to build and execute smart contracts. More than 450,000 ERC20 tokens have built their ecosystems on top of Ethereum. 

Some of the most recognized ERC20 projects include Tether, USD Coin, Shiba Inu, Dai, the Sandbox, Decentraland, and Enjin. Whenever an ERC20 transaction goes through the Ethereum network, fees are paid in ETH. This creates demand for ETH, making it one of the best cryptocurrency to buy now for utility. 

Ethereum also has a solid investment thesis – especially at current prices. For instance, while investors will currently pay around $1,800 per ETH, this is over 60% below its all-time high. Additionally, the Ethereum Foundation is working on many core improvements to the network. This includes a significant increase in scalability and a decrease in GAS fees.    

15. Cosmos – Market Leader in Interoperability – Enabling Blockchains to Communicate and Share Data 

Cosmos is the best coin to invest in preparation for Web 3.0. After all, blockchains are expected to play a major role in the next generation of the internet.

But currently, blockchains can only share data within their own networks. This limits the real-world use cases for blockchain. 

This is where Cosmos comes in. It has developed the Inter-Blockchain Communication protocol, which supports blockchain ‘Interoperability’. Put simply, this enables multiple blockchains to communicate and share data. This means Web 3.0 technologies – like crypto, NFTs, and the metaverse, can operate across multiple networks. 

For example, an Ethereum NFT can obtain data from the Solana ecosystem. Or XRP tokens can transfer data to Cardano. Cosmos is fueled by ATOM, its native crypto token. ATOM currently has a market capitalization of just under $3 billion. That said, during the prior bull market, ATOM was valued at over $10 billion. This offers a discounted price of over 70%.

16. Bitcoin – Long-Term Store of Value With a Discounted Entry Price of Over 55%

Bitcoin is the most recognized crypto asset globally. According to CoinMarketCap data, Bitcoin has generated gains of over 4.7 million percent since 2011.

At its peak, Bitcoin was valued at over $1.2 trillion. Currently, Bitcoin is trading over 55% lower, giving it a market capitalization of approximately $565 billion. 

This offers a great entry price for investors. After all, the next Bitcoin halving event is expected in April 2024. This is often the catalyst for a new, extended rally – considering the Bitcoin mining reward is reduced by 50%. Bitcoin is also considered a great store of value. Its supply is predictable and limited – capped at 21 million BTC. 

Unlike other stores of value – such as real estate and gold, Bitcoin is easily transferred. It can also be fractionalized into small units, making it accessible to all budgets. Bitcoin is also used as a hedge against hyper-inflationary currencies, such as the Turkish lira and Argentine peso. Most importantly, Bitcoin is completely decentralized and is not controlled by any government.

17. Stellar – Financial Inclusivity for the Unbanked With Fast and Low-Cost Global Transfers 

Stellar is an established cryptocurrency that was launched in 2014. It has its own blockchain network, which is one of the most efficient in the market.

For instance, Stellar can handle up to 1,500 transactions per second. It has an average block confirmation time of 5-6 seconds and fees cost just 0.00001 XLM (about $0.0000013).

Stellar has many use cases, especially for people living in the developing world who do not have access to basic financial services. According to the World Bank, more than 1.4 billion people are still without access to a bank account. This means that people rely on third-party remittances more than ever. 

The Stellar network cuts out the middleman and drastically reduces fees and transfer times. In other words, beneficiaries receive the vast majority of their remittance payments. Stellar is also suitable for companies needing to make cross-border payments. IBM and MoneyGram, for instance, have already partnered with Stellar. 

Stellar’s native cryptocurrency, XLM, currently has a market capitalization of $3.8 billion. This is over 75% below its former all-time high. As such, XLM is the best crypto to buy now for a hugely discounted entry price.

How to Decide Which Cryptocurrency is Best for You

It is important to know that not all cryptocurrency investments will generate profits. Bitcoin, for example, has shown incredible gains over its lifecycle but investors who bought during the 2021 bull run now hold an asset that is more than 50% down from its all-time high.

BTC may well recover to reach new all-time highs but it is not guaranteed – cryptocurrency is a highly volatile asset class and many projects see huge gains only to fall away and fail to ever recover. 

Therefore, research is absolutely crucial when selecting the best crypto to buy now and investors should also be aware of their own tolerance for risk and budget before investing in any token.

Here’s what to consider when searching for the best upcoming ICOs. 

Does the Token Have Utility?

A good starting point is to evaluate the utility of a crypto token. In simple terms, utility refers to the token’s use case. For example, TUK tokens are used for payment at eTukTuk charging stations – this incentivizes drivers to buy and hold TUK. 

Over time, a token’s utility can increase demand, especially for non-crypto investors.  

In contrast, some crypto tokens do not have any utility. While they can still generate investment gains, the target market is smaller. This is because people will only buy the respective token for speculation, rather than any identifiable use cases.  

Meme coins are the most obvious example of this, with that particular crypto niche existing solely on hype, community interest and FOMO (fear of missing out).

Several meme coins such as Pepe, Wojak and Sponge have made incredible headlines in 2023 after returning thousands of percent in profits for early buyers. There are dozens more, however, that have failed and left investors with nothing.

Does the Project Have a Sizable Community? 

Some crypto projects have had unparalleled success because of a large community following. After all, token holders are incentivized to promote their crypto investments to the broader market. 

This means sharing and liking posts on social media and spreading the word on Reddit and other forums – this can quickly create hype and FOMO, meaning more people invest in the project.

Shiba Inu is a great example of a cryptocurrency that witnessed huge growth without any identifiable use cases. Due to the size of its community, Shiba Inu became a multi-billion dollar cryptocurrency within a year of its presale. 

Does the Crypto Project Solve Any Existing Problems? 

When choosing the best crypto investments, investors should research what problems the project solves, if any. This can help the project grow as more people become aware of the solution. 

Word of caution – many crypto projects have highly ambitious objectives and while they might claim to have a solution for a real-world problem, this isn’t always the case.

The project might need several years to achieve its goals, if they ever achieve them at all, which increases the risk significantly. 

Again, proper research and due diligence comes into play. Even if a project promises to solve a major issue, does it have a plan and the capability to do so?

What is the Upside Potential of the Crypto? 

The upside potential is extremely difficult to ascertain with any certainty, after all, the crypto markets are unpredictable and often irrational. 

For instance, at its peak, Shiba Inu had a market capitalization of $38 billion. This means Shiba Inu was worth more than the majority of US-listed companies, despite its limited real-world utility.

Shiba Inu has since added various utilities to its ecosystem – including its own layer-2 blockchain, decentralized exchange, NFT collection and metaverse – but its price has struggled to recapture those highs of early 2021.

Nonetheless, the market capitalization is one of the most effective ways to assess the upside potential of a crypto. 

For example, while Bitcoin is one of the best crypto to buy now, it is already valued at over $500 billion. Similarly, Ethereum is currently valued at over $200 billion.

There is still an upside on these large-cap cryptocurrencies, and they are considered much safer than newer coins, but gains will be limited when compared to smaller projects.

This is why presales are so attractive to crypto investors. After the presale finishes, the majority will be listed on exchanges with a market capitalization of under $10 million. If the project then takes off, it can appreciate rapidly.  

As an example, BTC20 recently launched on exchanges having sold out its $6 million presale in just two weeks – the token then pumped 500% from $1 to almost $6 within three days of its listing.

Bitcoin, on the other hand, would need to reach a price of around $160,000 to make a 500% gain.

While that’s definitely possible in the future, it could take years because of the sheer size and volume needed for a move to that price, before even considering the resistance it would face on the way up as other investors took profits.

Are There Any Bear Market Discounts Available? 

Bear market discounts are highly attractive. They enable investors to ‘buy the dip’ when the broader markets are down. In other words, the best cryptocurrencies to invest in can be purchased at a huge discount. 

This strategy is also used in the stock market. For example, in early 2020, the S&P 500 declined from 3,380 points to just 2,304 points in a week. Those buying the dip would have secured a discount of over 30%. Since then, the S&P 500 has hit highs of 4,607 points, translating to growth of almost 100%. 

Currently, the majority of cryptocurrencies are also trading at a huge discount. This has been the case since the markets peaked in late 2021.

Bitcoin and Ethereum, for instance, are trading at over 55% and 60% below their all-time highs. In turn, now could be a smart time to start buying quality cryptocurrencies while prices are still low. 

Does the Project Have Notable Partnerships or Endorsements? 

The cryptocurrency markets are very reactive – especially when a positive news development is announced. For example, if a project secures a promising partnership with an established company. Or if a public figure endorses a specific cryptocurrency.  

Crucially, this often gives a crypto project credibility. For example, Stellar has formed partnerships with IBM and MoneyGram, which highlights that its payments network offers real-world value and is valued by globally recognizable firms. 

Important Considerations When Looking for the Best Cryptocurrency to Invest in

The risk-reward spectrum of cryptocurrencies is much higher than the stock market, which means that while the upside potential is high, so are the risks. 

Before investing, consider the important points discussed below.

Evaluate Affordability  

After choosing the best crypto to buy right now, one of two things can happen, the investment can either yield a profit or a loss.

Investors should, therefore, ensure that they are only investing money they can afford to lose. 

So before investing, it’s wise to do some calculations on everyday expenses, such as rent, food, and taxes and take all of that into account before setting an investment budget.

As outlined in the risk profile box above, some investors will have more spare cash than others based on wide variety of factors and financial responsibilities.

Independent Research is Crucial  

Never buy a cryptocurrency because of third-party advice. While analysts can help with insights and predictions, these should be taken with a grain of salt, with many influential players in the industry being paid to offer positive opinions.

Instead, take these recommendations as a prompt to look further into a project and then carry out independent research. 

This will ensure that the crypto investment is made in an informed manner. There are many ways to research the viability and potential of a cryptocurrency. This includes the project’s whitepaper, which should outline its goals and unique selling points. 

If the cryptocurrency is already established, consider reading relevant news stories. CoinMarketCap can also be used to analyze the financials, such as market capitalization and real-time pricing.

Create a Diversified Portfolio  

Seasoned investors will need to build a diversified portfolio as it reduces project-specific risks. In essence, do not put all your eggs in one basket.

• For example, consider an investor who went all-in on FTX Token near its peak of $77. 
• Currently, the investor’s crypto portfolio would be down 98%. 
• An experienced investor might have allocated just 5% of their portfolio to FTX Token. 
• The balance would have been made up of other cryptocurrencies. 
• This means that the FTX collapse wouldn’t have had a major impact on their overall portfolio. 

The specific breakdown of a portfolio will depend on the investor’s risk profile. For example, some investors will allocate a small percentage to cryptocurrencies and the rest to other assets. This might include index funds and stocks. 

Either way, the crypto-portion of the portfolio should be well diversified. For instance, if the investor has $1,000 to invest, they could buy 20 different cryptocurrencies at $50 each. Or 10 cryptocurrencies at $100 each, etc.  

Create a Suitable Investment Strategy  

There are many different ways to buy and sell cryptocurrencies. Investors should choose a suitable strategy for their goals and risk tolerance. 

For example, some investors prefer buying and holding crypto tokens long-term. This often means ignoring short-term trends and buying more tokens when prices are cheap. This strategy is ideal for beginners and those looking to invest passively. 

Alternatively, some investors prefer trading cryptocurrencies, taking advantage of market volatility.

However, this requires knowledge of chart analysis and technical indicators, which won’t suit newbies and takes a while to master.

Get Ready for Volatility and Unpredictability   

Cryptocurrencies are still a new concept, especially when compared to stocks and other assets. This makes it a lot more difficult to predict market cycles. The speculative side of cryptocurrencies is also an issue. 

The markets are extremely volatile, which can be intimidating for novice investors. Irrespective of the crypto being purchased, volatility cannot be avoided.

Investors must be prepared to see their portfolio rise and fall rapidly, and over short periods of time. 

While timing the markets is often impossible, investors should have an exit strategy in place – cashing out a percentage of gains once the crypto hits a specific price to ensure some gains are earned.

Is Now a Good Time to Buy Crypto? 

Similar to other financial markets, even the most successful investors find it difficult to predict broader cycles. This is especially the case in the volatile crypto markets. For example, Bitcoin peaked at over $68,000 in late 2021. 

It has since hit lows of around $16,500 in December 2022, a decline of approximately 75%, but in July 2023 returned to almost $32,000, a gain of 90% in those seven months.

The key point is that predicting these wild highs and lows is beyond realistic for most, even industry experts make poor calls and are unable to confidently pick when Bitcoin and other cryptos will improve or decline.

With this in mind, rather than trying to time the market, it might be best to dollar-cost average (DCA) crypto investments. 

This is a strategy where investors buy a small amount of crypto every week or month. When the markets are declining, the investor will buy crypto at a lower price point. And when the markets are rising, the investor will see their portfolio grow.    

It will mean that short-term volatility has a lesser affect on a portfolio and is more in line with a longer-term strategy. This strategy should be used in conjunction with diversification.

Another option is to fully capitalize on the crypto bear market. For instance, some investors will ‘double down’ when prices are low, as they are right now. This enables investors to buy the best cryptos at a huge discount. 

This strategy will pay off if the chosen cryptocurrencies regain their prior highs during the next bull run. But of course, there are no guarantees that this will happen and prices can always drop lower than they currently are.

Conclusion 

In summary, we have cleared the mist on the best crypto to invest in in 2024. However, investors should still do their own research and ensure they create a well-diversified portfolio.

In our view, Smog ($SMOG) is the best crypto coin to buy now. This meme coin offers huge airdrop rewards and staking yields. The token conducted its fair launch in February 2024, listing straight to the Jupiter DEX. 

References

• https://coinmarketcap.com/view/polygon-ecosystem/
• https://crypto.com/company-news/global-cryptocurrency-owners-grow-to-425-million-through-2022
• https://dashboard.stellar.org/
• https://twitter.com/elonmusk/status/1636924379086077954
• https://www.independent.co.uk/news/business/gamestop-share-price-reddit-hedge-fund-melvin-capital-b1793543.html
• https://coinmarketcap.com/currencies/polygon/
• https://blockchair.com/ethereum/charts/transactions-per-second
• https://coinmarketcap.com/view/polygon-ecosystem/
• https://coinmarketcap.com/currencies/chainlink/
• https://coinmarketcap.com/currencies/ethereum/
• https://www.worldbank.org/en/news/feature/2022/07/21/covid-19-boosted-the-adoption-of-digital-financial-services
• https://coinmarketcap.com/currencies/shiba-inu/

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