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Decentralization in the crypto market has been a significant offering for participants, with loads of perks to maximize. User control, anonymity, and transparency are some of the advantages of this system. However, the sector has also been accompanied by some regulatory oversight. Investing in a cryptocurrency today takes a high level of trust, considering how volatile and unpredicted some crypto projects can be. Some tokens have cracked this hack and have built the assurance of long-term profitability for investors. Today, we’ll examine ten cryptocurrencies and why you should have them in your portfolio in 2024.
Bitcoin (BTC)
There are reasons Bitcoin is regarded as the father of cryptocurrencies, and this goes beyond the fact that it was the first established project in the space. Bitcoin is the most significant crypto token and a first-generation blockchain.
Debuting in 2009, Bitcoin was the first ever coin and investment opportunity in the digital asset class. At launch, BTC didn’t have a price tag. It has been over a decade, and the project is valued at over $60,000. It also tops the chart in terms of market cap and trading volume. The BTC price movement controls the market, and other altcoins are known to move similarly to this cryptocurrency. If just one token has earned its place and is here to stay, it surely would be Bitcoin.
Ethereum (ETH)
Ethereum, popularly called the second-generation blockchain, is a favorite for creators and developers. Over 10,000 projects, ranging from dApps to DEXs, NFTs, and more, have been built on the blockchain.
Ethereum is an open-source and decentralized distributed network that allows users to create and deploy smart contracts and other decentralized applications. The project has maintained its position as the second-largest and built a widespread community that solidifies its longevity. ETH’s value grew by over 40% in the last year and could be on to some good gains in the present bull market.
Tether (USDT)
Tether (USDT) is the most used stablecoin in the crypto market. Unlike crypto tokens, stablecoins can maintain a constant value and are not swayed by market volatility. USDT is what investors and market traders convert their assets to when they’re not engaged in one investment or the other.
The token is pegged to the U.S. dollar, keeping its value in line with the regular USD denomination. USDT was launched in 2014 and has maintained a long record of stability.
USD Coin (USDC)
USDC is the fourth largest crypto token by market capitalization, at $54 billion. Like Tether, it is backed by stablecoin and is as stable as the U.S. dollar. It is used to complete global transactions and has made a name for itself globally.
Binance Coin (BNB)
The Binance Coin is the utility token of the Binance crypto trading platform. The centralized crypto exchange is the largest market today, closely followed by Bybit and Coinbase. It occupied this position because it dominates the daily trading volume of digital assets. Binance has more than 170 million users worldwide today and is another project investors fully trust.
Solana (SOL)
Solana is a third-generation blockchain and one of the few that have overcome the limitations of the first cryptocurrencies: scalability, interoperability, and security. The blockchain trilemma states that no three blockchains can beat all three limitations without sacrificing one for the other.
Solana is one of the most scalable blockchain networks, and it still thrives in its decentralization and security. Solana had the most explosive gains in this year’s bull market and accumulated over 450% in the last year. It is also home to the most significant crypto projects, dApps, and NFTs.
Ripple (XRP)
Despite the many battles with the Securities and Exchange Commission, Ripple is still strong. Ripple is a digital technological innovation and a payment processing company. It entered the market selling at 1 cent and is selling around 50X of that value today. XRP is valued at over $0.5 and is still strong despite its regulatory challenges. It is also one of the leading projects based on market capitalization.
Dogecoin (ADA)
While Bitcoin is the father of crypto Projects, Dogecoin is the father of all meme coins. It started as a joke in 2013 but had one of the most explosive gains after hitting the market. The coin posted a 9,884% profit from January to May 2021, which was the beginning of its most notable surges. The renewed interest of Tesla CEO Elon Musk has also contributed to Dogecoin’s credibility and long-term value on the market.
Cardano (ADA)
Cardano is next in line as a third-generation blockchain, following Solana. Cardano is famous for its early adoption of the proof-of-stake validation system. This method of transaction verification is more embraced for its positive environmental impacts than the proof of work consensus on Bitcoin. Cardano is also a popular network for lightning-fast transactions, making it one of the most scalable blockchains.
Avalanche (AVAX)
Avalanche is a new-generation blockchain but has done enough to get ranked among the OGs in the market. It was launched in 2021 and has over USD 12 billion in market capitalization. In addition, it offers a high-fidelity and secure network that helps users shuttle between ultra-fast speed and cost-effective transactions. Avalanche is a project with some potential and could be an excellent addition to your portfolio.
Prioritizing Trust in Crypto Investment
Considering how volatile crypto assets are, one can never be too careful. Daily, we see hundreds of new projects hit the market. Some mean well, and some can be a quick rug pull from a few bad apple developers. The projects highlighted above are a few of those that have stood the test of time and have some promises for the long term. You can look into these coins and consider adding them to your portfolio after careful research.
