10 Best Cryptocurrencies To Invest In July 2024
From Bitcoin and Ethereum to Dogecoin and Tether, thousands of different cryptocurrencies can make it overwhelming when you’re first getting started in the crypto world. To help you get your bearings, these are the top 10 cryptocurrencies to invest in based on their market capitalization or the total value of all the currently circulating coins.
What Are Cryptocurrencies?
A cryptocurrency is a digital asset based on blockchain technology that can circulate without the centralized authority of a bank or government. As of June 25, 2024, more than 8,000 cryptocurrencies are in the market, representing a $2.25 trillion market capitalization.
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Top 10 Cryptocurrency
1. Bitcoin (BTC)
- Market cap: $1.20 trillion
- YTD: 100.19%
Bitcoin (BTC) is the original cryptocurrency created in 2009 by Satoshi Nakamoto. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure from fraudsters.
Bitcoin’s price has skyrocketed as it has become a household name. In May 2016, you could buy one bitcoin for about $500. As of June 25, 2024, a single bitcoin is $60,981.
Related: How To Buy Bitcoin
2. Ethereum (ETH)
- Market cap: $404.09 billion
- YTD: 76.01%
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, such as so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the end of April 2024, its price went from about $11 to around $2,983, increasing 27,019%. As of June 25, 2024, the ETH price is $3,367.
Related: How To Buy Ethereum
3. Tether (USDT)
- Market cap: $112.87 billion
- YTD: -0.10%
Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning fiat currencies back it like U.S. dollars and the Euro and hypothetically keep a value equal to one of those denominations. In theory, this means Tether’s value is supposed to be more consistent than that of other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of different coins. As of June 25, 2024, the price of USDT is $0.9994.
4. Binance Coin (BNB)
- Market cap: $84.10 billion
- YTD: 138.22%
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform. Now, it can be used for trading, payment processing, or booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By late April 2024, its price had risen to around $560, a gain of 560,394%. As of June 25, 2024, BNB is trading at $570.56.
Related: How To Buy Binance Coin
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5. Solana (SOL)
- Market cap: $62.49 billion
- YTD: 698.75%
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps), and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price was $0.77. By late April 2024, it was around $137.43, a gain of 17,748%. As of June 25, 2024, Solana is trading at $135.32.
6. U.S. Dollar Coin (USDC)
- Market cap: $32.73 billion
- YTD: -0.01%
Like Tether, USD Coin (USDC) is a stablecoin, meaning U.S. dollars back it. It aims for a 1 USD to 1 USDC ratio. Ethereum powers USDC; you can use USD Coin to complete global transactions. As of June 25, 2024, USDC is trading at $0.9999.
7. XRP (XRP)
- Market cap: $26.43 billion
- YTD: -3.88%
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of May. 2, 2024, its price reached $0.52, equal to a rise of 8,497%. As of June 25, 2024, XRP is trading at $0.4757.
8. Dogecoin (DOGE)
- Market cap: $17.75 billion
- YTD: 82.10%
Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By May 2024, its price was at $0.13, up 65,709%. As of June 25, 2024, DOGE is trading at $0.1223.
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9. Toncoin (TON)
- Market cap: $18.63 billion
- YTD: 415.38%
Developed initially as a layer-1 blockchain for Telegram’s encrypted messaging platform, Toncoin was soon abandoned before being taken over by the TON foundation. The project name was even changed to “The Open Network” from “Telegram Open Network,” both referred to by their acronym: TON.
Toncoin—first known as Gram—is TON’s native token. It is an application that allows users to buy, send, and store funds on TON’s incredibly fast, environmentally friendly network. As of June 25, 2024, TON is trading at $7.58.
10. Cardano (ADA)
- Market cap: $13.92 billion
- YTD: 30.41%
Somewhat later in the crypto scene, Cardano (ADA) was notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing transaction verification’s competitive, problem-solving aspect in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of May. 2, 2024, it was $0.45, an increase of 2,171%. As of June 25, 2024, ADA is trading at $0.3898.
*Market caps and pricing sourced from coinmarketcap.com, current as of June 25, 2024.
What Are Cryptocurrencies?
Cryptocurrency is a form of currency that exists solely in digital form. Cryptocurrency can be used to pay for purchases online without going through an intermediary, such as a bank, or it can be held as an investment.
How Does Cryptocurrency Work?
Cryptocurrencies are various forms of digital money usually based on blockchain technology. Blockchain technology allows most cryptocurrencies to exist as “trustless” transactions. This means no centralized authority oversees the transactions on a cryptocurrency’s blockchain.
Why Are There So Many Cryptocurrencies?
Cryptocurrency is an emerging area with over 9,000 crypto projects in existence as of March 2024.
While some cryptos function as currencies, others are used to develop infrastructure. For instance, in the case of Ethereum or Solana, developers are building other cryptos on top of these platform currencies, which creates even more possibilities (and cryptos).
How To Choose the Best Crypto To Invest In
When choosing the best cryptocurrency to invest in, it is essential to consider your individual goals, timeline, and risk profile, just as you would with any investment. Additionally, it would help if you did your due diligence to ensure that any crypto project you are interested in is legitimate and secure.
In general, investors should consider the following when evaluating a crypto:
- Market capitalization
- Liquidity
- Security
- Use case
“When exploring cryptocurrency investments, first consider the exchanges where the token is listed. Tokens featured on major exchanges generally offer better liquidity, attracting larger investors and reaching a broader audience, increasing the potential buyer base.” – Maksym Repa, an analyst at Symbolic Capital.
How To Invest in Cryptocurrency?
You can buy cryptocurrencies through crypto exchanges like CoinDCX, WazirX, or Coinswitch.
How To Report Crypto on Taxes
If you buy and sell coins, paying attention to cryptocurrency tax rules is essential.
Cryptocurrency is treated as a capital asset, like stocks, rather than cash. That means you’ll have to pay capital gains taxes if you sell cryptocurrency at a profit. This is the case even if you use your crypto to pay for a purchase. If you receive a more excellent value for it than you paid, you’ll owe taxes on the difference.
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