16 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. 

The Best Crypto to Buy Now Shortlisted

Here’s an overview of the best crypto to buy now:

  1. Dogeverse (DOGEVERSE) – Overall best crypto to buy now; multi-chain meme token with staking rewards.
  2. 5th Scape (5SCAPE) – Virtual reality cryptocurrency platform. Over $2.6M raised on presale.
  3. Dogecoin20 (DOGE20) – Popular meme coin with high staking yields; $3 million raised already.
  4. Sponge V2 (SPONGEV2) – New token plans to launch a P2E game and list on Binance and OKX.
  5. Smog (SMOG) – Solana meme coin, doing a 490 million token airdrop for holders.
  6. eTukTuk (TUK)New crypto fights climate change with electric tuk-tuk vehicle, offers 143% APY.
  7. Bitcoin Minetrix (BTXMTX) – Crypto with a stake-to-mine utility, raised more than $11.4 million.
  8. Scorpion Casino (SCORP)Casino token that offers many perks, raised over $6 million.
  9. Poodl Inu (POODL) – Dog-themed meme cryptocurrency offers 267% staking yields.
  10. InsanityBets (IBET) – Top CasinoFi platform offers regular yields, deflationary tokenomics.
  11. Polygon (MATIC) – An established layer-2 for the Ethereum ecosystem.
  12. Chainlink (LINK) – Collects and distributes real-time data for smart contracts.
  13. Ethereum (ETH) – Leading network to build on and enables developers to create smart contracts.
  14. Cosmos (ATOM) – ‘Blockchain interoperability’ chain, expected to play a major role in Web3.
  15. Bitcoin (BTC) – The largest cryptocurrency in the world, $1.2 trillion market cap.
  16. Stellar (XLM) – Stellar has formed many notable partnerships, including MoneyGram, IBM, and Circle.

A Closer Look at the Best Cryptocurrency to Invest in 2024

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

1. Dogeverse – Best Multi-Chain Meme Coin to Invest In In 2024

Dogeverse is a viral new dog-themed meme token looking to transform the meme coin universe. Designed as the world’s first multi chain meme token, Dogeverse has been built on Ethereum but is also available through the Binance and Polygon networks. Plans are also currently being developed for the token to launch on the Avalanche, Base and Solana networks.

dogeverse tokenomics

This multi chain functionality gives Dogeverse something of a cutting edge over its competitors. Through adopting this network structure, you can not only purchase Dogeverse through multiple avenues but you can stake from different chains too. 10% of total tokens (20 billion) are ear marked for staking with 15% reserved for the presale (30 billion). Stakers can expect to earn estimated rewards of 600,000% in their first year.

Dogeverse has been launched to coincide with Doge Day on April 20th which, along with the Bitcoin halving, is sure to bring mainstream focus on the cryptocurrency market once again. It goes without saying that it pays to get in early.

For more information on Dogeverse, you should head over to the official website. To keep up to date on all the latest news and developments, you can follow the project on X and join the exclusive Telegram channel.

Hard Cap N/A
Total Tokens 200 billion
Tokens available in presale 30 billion
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase None
Purchase with USDT, ETH, BNB, MATIC

2. 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 homepage

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 $0.00248 per token. Read the 5th Scape whitepaper and join the Telegram channel to learn more about this project.

Token symbol 5SCAPE
Presale supply 4,164,175,455 SCORP
Token type ERC-20
Payment methods ETH, USDT, BNB, MATIC, Card
Listing price $0.01

3. Dogecoin20 – Popular ERC-20 Meme Token with 304% APY

One of the most popular cryptocurrencies to buy in 2024 is Dogecoin20. This new meme coin features crypto’s favorite dog, the Shiba Inu. The token is currently listing at $0.0002 in a presale that’s raised over $3 million in just a week.

dogecoin20

Dogecoin20 describes themselves as Dogecoin if Elon Musk had made it. Rather than using energy-intensive mining methods, Dogecoin20 is an ERC-20 token allowing it to use a fraction of the energy while enjoying the higher speed and increased security of the Ethereum network.

An additional benefit is that this means holders can also stake their $DOGE20 tokens for passive income in the form of rewards. Currently, the staking yield for investors is at 304% but this can decrease as time goes on. Those who join the Dogecoin20 community early will reap the highest rewards.

With the current buzz surrounding meme coins – and especially doge meme coins – this is crypto to watch out for.

Find out all the latest developments by following Dogecoin20 on X – formerly known as Twitter – and joining their Telegram discussion channel.

Hard Cap N/A
Total Tokens 140 billion
Tokens available in presale 35 billion
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase None
Purchase with USDT, ETH, BNB, Card

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.

Sponge V2 Presale

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.

Sponge V2 Miss 100x Pump

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.

Hard Cap N/A
Total Tokens 150 billion
Tokens available in presale N/A
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase None
Purchase with USDT, ETH, Card

5. Smog – Solana Meme Coin Airdropping 490 Million Tokens with High Staking Yield

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.

Smog token page

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.

SMOG tokenomics

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.

Hard Cap N/A
Total Tokens 1.4 billion
Tokens available in presale Not a presale
Blockchain Solana
Token type SPL
Minimum Purchase None
Purchase with USDT, USDC, SOL or any other Solana-based token

6. 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. 

eTukTuk network

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. 

eTukTuk presale

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. 

Hard Cap $120,000
Total Tokens 2,000,000,000
Tokens available in presale 5,000,000
Blockchain Binance
Token type BEP20
Minimum Purchase 100 tokens
Purchase with USDT

7. 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.

Bitcoin Minetrix presale

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.

Bitcoin Minetrix roadmap

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.

Hard Cap $33 million
Total Tokens 4 billion
Tokens available in presale 2.8 billion
Blockchain Ethereum Network
Token type ERC-20
Minimum Purchase 100 tokens
Purchase with USDT, ETH, BNB, Card

8. 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.

Scorpion Casino homepage

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. 

Scorpion Casino

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. 

Hard Cap $1,000,000
Total Tokens 200,000,000
Tokens available in presale 480,000,000
Blockchain Binance
Token type BEP20
Minimum Purchase 100 tokens
Purchase with USDT, ETH, Bank Card

9. 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.

Poodl Inu 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

Token symbol POODL
Presale supply 3,4500,000,000 SCORP
Token type ERC-20
Payment methods ETH, USDT, BNB, Card
Listing price N/A

10. InsanityBets – Top CasinoFi and Deflationary Cryptocurrency, Earn Competitive Yields 

InsanityBets ($IBET) is the next best cryptocurrency to buy in 2024. This innovative CasinoFi platform allows users become the house and earn high yields with the $IBET token. 

To become the house, users can deposit different cryptos such as USDT and BTC on InsanityBets. These tokens are used to mint $ILP, which is used as the house fund to collect 90% of all wins and losses. 

Stake and burn IBET

Furthermore, InsanityBets offers high yields to $IBET token stakers and burners. Notably, 85% of all trading fees collected is distributed back through private pools if you stake and burn the native cryptocurrency. 

Through InsanityBets’ VIP program, token holders can also get discounts on trading fees and early access to casino games. The discounts depend on how many $IBET tokens you stake on the ecosystem. 

For developers, InsanityBets supports plug-and-play options. You can create your own games using CasinoFi smart contracts. Gamers can play provably fair games like Plinko, Coin Flip, and access slot machines. 

This top new cryptocurrency has recently launched on presale, where 50% of the total 5 billion token supply is being distributed. Currently, $IBET is priced at $0.0015 per token. Read the InsanityBets whitepaper and join the Telegram channel to find out more about this CasinoFi project. 

Token symbol IBET
Presale supply 2,500,000,000
Token type ERC-20
Payment methods ETH, USDT, BNB, Card
Listing price $0.0180

11. 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. 

Polygon price chart

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. 

12. 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 price

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. 

13. 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. 

Ethereum price chart

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.    

14. 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. 

Cosmos price chart

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%.

15. 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. 

Bitcoin price chart

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.

16. 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 price chart

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.

shibarium

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.

Different Types of Investors and Understanding Risk Tolerance

Investors are not built equally and each individual person will have a different appetite and tolerance for risk, based on various internal and external factors.

This can come down to the make-up of their personality – with some people naturally more cautious or risky than others – as well as influences such as their overall financial situation and investing goals.

There are three general profiles for an investor – conservative, moderate and aggressive – and it is vitally important for individuals to understand where they fit into those descriptions before they begin their investment journey.

Furthermore, it is important to fully grasp your current individual financial situation. $1,000 can be pocket change to some or a month’s wages to another, so investing those funds appropriately is wiser than chasing huge gains that may never come.

We would always suggest keeping a diverse investment portfolio not only within crypto niches but also one that has stocks, real estate and so on.

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%. 

S&P 500 price

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.

How to Conduct Crypto Coin Research and Spot Red Flags

Once you have found an interesting project or one that looks like it may have potential, it is important to conduct research.

The first step should be a project’s website, where a whitepaper and roadmap should be available to view. The whitepaper should essentially be a comprehensive manual of everything the project is setting out to do, including information on its utility, developing team, tokenomics and more. The roadmap is a plan of action that shows how the project will achieve its aims – any project can promise a $1 billion market cap, but showing how it plans to get there is another thing.

Next, investors should look at the developers behind the project. Having a doxxed and KYC-verified team is a major advantage, which usually means the project will not be a scam. Anonymity should be seen as a red flag with many projects, but is common with meme coins – in that case, it is important to look at the past track record of developers.

Partnerships and collaborations are also a good way to measure if a project has potential. If they have managed to secure partnerships with major brands or venture capital funds, that can be a huge seal of approval.

Check the sentiment around a project on social media, decide whether it is positive or negative and that there is sufficient community support for the project to grow. As outlined earlier, having a large number of followers in itself is not always necessarily a great sign, posts need to have high engagement as well.

Finally, check that a project has had its smart contract audited by reputable third-party firms. Legitimate projects will have nothing to hide in that regard, while nefarious ones will make them difficult to find.

Again, even following these steps does not guarantee that a project will be a success – ultimately, the market decides.

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. 

CoinMarketCap cryptos

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, Dogeverse ($DOGEVERSE) is the best crypto coin to buy now. This multi-chain meme coin offers huge staking yields and an exciting presale that raised $300,000 in the first 24 hours alone. It’s a welcome addition to the world of meme coins with an interoperable slant. 

References

FAQs

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About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Alan Draper
Managing Editor

Alan is the Chief Cryptocurrency & Blockchain Editor for ReadWrite. He has worked in the industry for many years and has been featured on a wide range of publications, including sites like Techopedia and FXStreet.

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