Cryptocurrencies are decentralized digital currencies that businesses and individuals can use to trade. They help protect your investment, particularly when inflation causes many currency values to decline. As more users continue embracing digital currencies, more cryptocurrency options are being released. Selecting the cryptocurrencies to invest in then becomes overwhelming, particularly when starting out in the digital currency world. This article discusses five trending cryptocurrencies to buy in 2024.
Solana, a blockchain platform, was created to host scalable, decentralized apps (dApps). Its open-source infrastructure helps ensure greater scalability. You can transact globally within seconds for a portion of the most accepted cryptos’ costs. Staling your SOL on the Solana blockchain earns you a passive income. Analyzing Solana’s price history and trends is the easiest way to spot investing opportunities, helping you trade like a pro.
Ethereum is the second-largest cryptocurrency by market capitalization after Bitcoin. It’s both a cryptocurrency and blockchain platform. Its possible applications, such as Non-Fungible Tokens (NFTs) and smart contracts that only execute when conditions are met, make it a favorite for program developers. This cryptocurrency has experienced massive growth over the last couple of years. ETH to USD in October 2023 was over $1,500, up from $11 in April 2016.
3. Binance coin
Binance coin (BNB) is a crypto supplied by the Binance Exchange. Originally, the BNB coin was established on the Ethereum blockchain, but it is now the Binance chain’s native coin. The BNB crypto asset falls and rises in value just like other digital assets as people trade and use it. You can hold the Binance coin in a compatible wallet off a crypto exchange and send it directly to other people for payments or other things like buying lottery tickets or virtual gifts. Using BNB, users can invest in ETFs (exchange-traded funds), stocks, and other assets on different platforms.
Avalanche is a blockchain platform and crypto whose native token is AVAX. It provides almost instant transaction finality. You can use AVAX to obtain the avalanche network and pay for the transaction processing fee. The avalanche network provides a feasible alternative to platforms like Ethereum, combating centralization. Avalanche is great for individual and corporate users.
Its token can be a representation of financial instruments like bonds and equities. If you’re making a significant AVAX investment or wish to hold the crypto for an extended period, a hardware wallet would be the perfect option because it keeps your tokens offline, making it hard for online risks to reach your holdings.
Polygon is a layer-two scaling solution framework that’s quite user-friendly and organized for developing dApps operating on Ethereum. It’s a venture supported by Coinbase and Binance. Polygon uses a decentralized platform of proof-of-stake validators. It enables dApp transactions that are safe, quick, and cost-free. The polygon blockchain’s aim is to resolve Ethereum network concerns, including network congestion and high transaction fees while maintaining security. It also addresses the scalability issues most blockchains struggle with to encourage increased cryptocurrency use.
Tether, a blockchain-based crypto, is pegged on stable assets like the U.S. dollar and gold, meaning the digital currency tries to keep the same peg value. As a crypto trader, you can use a stablecoin such as a tether to ascertain steady and reliable liquidity to join and leave crypto trades without experiencing unforeseeable losses associated with volatile price fluctuations.
As more investors and businesses embrace crypto, new digital currencies are released into the market. This makes it overwhelming to pick the options to purchase. Familiarize yourself with the trending cryptocurrencies in 2024 to determine if they’re worth investing in.