The cryptocurrency market is highly volatile, with prices changing rapidly. Despite this, some investors have seen significant long-term returns. Crypto bulls believe prices could continue to rise dramatically.
Among the 8,000 cryptocurrencies, the crypto market is valued at around $2.25 trillion. Bitcoin and Ethereum are still popular choices in the crypto world.
In this guide, you will learn about the top 10 cryptocurrencies to invest in July 2024.
Quick Insights
What is cryptocurrency?
Cryptocurrency is a type of digital money that allows users to manage their finances without relying on banks or governments. It enables secure and private transactions without needing a middleman.
Here’s how it works
Cryptocurrency uses complex encryption to ensure security and privacy. A network of computers works together to verify each transaction, making sure they are secure and anonymous. Unlike fiat currencies, which are issued and regulated by governments and central banks, cryptocurrency operates on decentralized networks based on blockchain technology.
There is no physical money involved; transactions are entirely virtual, meaning you can use cryptocurrency to make purchases wherever it’s accepted as payment. With the increasing shift toward digital payments, cryptocurrency might become a new standard in the global economy.
What is blockchain
Blockchain is a decentralized digital ledger that records transactions across a network of computers. It’s secure because each transaction must be verified by multiple computers (nodes). This technology ensures transparency and prevents tampering.
How blockchain is used for cryptocurrency
For cryptocurrencies like Bitcoin, blockchain records transactions, prevents fraud (like double-spending), and rewards miners who verify transactions.
Beyond crypto, blockchain can be used for smart contracts, supply chain tracking, digital identity verification, and secure voting systems. Its potential spans many industries by offering secure, transparent, and efficient ways to manage data and transactions.
Top 10 cryptocurrencies to invest in July 2024
Here are the best 10 crypto to consider
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Solana (SOL)
- U.S. Dollar Coin (USDC)
- XRP (XRP)
- Toncoin (TON)
- Dogecoin (DOGE)
- Cardano (ADA)
Bitcoin (BTC)
Price: $58,116.84
Market Cap: $1.15 trillion
Bitcoin is the first cryptocurrency, launched in 2009, and it still leads in many aspects. It operates on a blockchain, a type of digital ledger that records transactions across many computers. To keep Bitcoin secure from fraud, new transactions are verified through a process called proof of work, which involves solving complex puzzles.
It has the largest market capitalization and the highest liquidity, which shows strong investor confidence. It’s available on almost all crypto exchanges, making Bitcoin a popular investment choice for both people and institutions.
Bitcoin’s main purpose is to act like digital money and store value. Despite its wide adoption, its price can be volatile, which makes it challenging for everyday transactions.
However, its limited supply of 21 million coins, strong community, and expected performance boost from the upcoming Bitcoin halving event keep it at the top of the best cryptocurrencies list.
Ethereum (ETH)
Price: $3,187.75
Market Cap: $383 billion
Ethereum is a global software platform using blockchain technology. Investors know it for its native cryptocurrency, ether (ETH), while developers use it to build blockchain and decentralized finance (DeFi) apps. It’s widely used in finance, gaming, and art.
It’s easy to trade Ethereum because it’s widely available and has a lot of daily trading. But like Bitcoin, it has issues like slow transactions and high fees. To fix this, Ethereum is getting upgrades called Ethereum 2.0. These include big changes like the “Ethereum Merge” in 2022 and new updates in 2024.
One big change in 2021 made Ethereum’s money system go from making more coins to making fewer over time. This helps make Ethereum more valuable.
People who work on Ethereum, led by Vitalik Buterin and the Ethereum Foundation, are always making it better. Ethereum has a big community that’s always thinking of new ideas. Overall, Ethereum is a strong cryptocurrency, but it’s facing more competition from new ones.
Tether (USDT)
Price: $0.9996
Market Cap: $112 billion
Tether (USDT) is different from most cryptocurrencies because it’s a stable coin. This means it’s backed by real money like U.S. dollars and Euros, so its value stays close to one of these currencies.
In theory, this makes Tether’s value more stable compared to other cryptocurrencies, which can change a lot. That’s why investors who don’t like big price swings prefer Tether.
Binance Coin (BNB)
Price: $531.99
Market Cap: $79 billion
BNB is a big cryptocurrency linked to Binance, one of the world’s largest cryptocurrency exchange platforms to trade cryptocurrencies. It is the native cryptocurrency of Binance and secures the top 10 positions in a long run.
Since the start of 2024, BNB’s worth has doubled, almost reaching its highest point in 2021. It’s really easy to trade because it’s mainly on Binance but also other exchanges.
People use BNB to pay less when they trade on Binance, to buy new coins during sales, and even to pay in some stores. It’s popular because Binance keeps growing and making new things. Sometimes Binance takes some BNB out of use to make it rarer and more worth more. They want to take away half of all the BNB tokens eventually.
Binance is run by a team led by Changpeng Zhao (the former CEO), who’s known a lot in the cryptocurrency world. Even though he was accused on money laundering activities and stepped down from his position, lots of people still like Binance. But BNB relies a lot on Binance. If the rules change or someone does bad things, it could all change. So, it’s important to trust it when you decide if you want to invest in BNB.
Solana (SOL)
Price: $134.59
Market Cap: $62 billion
Solana (SOL), a native currency of the Solana blockchain, has grown a lot in early 2024, but it hasn’t yet reached its highest price of $260. Investors seem confident because it has a big market value and lots of trading happening.
Solana is made for fast transactions at low costs, handling tens of thousands of transactions every second. It’s competing with Ethereum for apps, DeFi (decentralized finance), and NFTs (non-fungible tokens).
More people are using Solana because it’s fast and cheap. As more uses are found, its popularity keeps growing. The team behind Solana, led by Anatoly Yakovenko, has a strong background from big companies like Qualcomm. They’re known for quickly making new apps and tools for Solana.
However, Solana has had issues like network outages and problems with how well it works. Users and developers worry about how reliable it is. If Solana can fix these problems and deliver on its promises, like making it easy to use on smartphones, its value could go up a lot.
U.S. Dollar Coin (USDC)
Price: $0.9999
Market Cap: $33 billion
USD Coin (USDC) is the second-largest stable coin. Like USDT, it’s centralized and backed by cash and US Treasury bills (T-bills). You can see the assets backing USDC, which are about 20% cash and 80% short-term T-bills.
Ripple (XRP)
Price: $0.4542
Market Cap: $25 billion
Developed by Ripple Labs, Ripple is a global payments network designed to be an alternative to SWIFT, which is the system banks use for international money transfers.
Ripple claims its technology is faster, cheaper, and more transparent than SWIFT. The cryptocurrency used on Ripple’s blockchain is called XRP. In 2023, Ripple had a partial win in a legal battle with the SEC (Securities and Exchange Commission) when a court decided that XRP was “not necessarily a security.”
However, the SEC is still pursuing a nearly $2 billion penalty against Ripple, arguing that the company violated securities laws by selling XRP to large investors.
Toncoin (TON)
Price: $7.30
Market Cap: $18 billion
Toncoin was created as a blockchain for Telegram’s messaging platform. However, the project was later abandoned and taken over by the TON Foundation. The name was changed from “Telegram Open Network” to “The Open Network,” but both are still called TON.
Toncoin, initially named Gram, is the main cryptocurrency used on the TON network. It lets users buy, send, and store money quickly and in an environmentally friendly way.
Dogecoin (DOGE)
Price: $0.1121
Market Cap: $16 billion
Dogecoin started as a joke in 2013 but quickly became popular because of a dedicated community and fun memes. Unlike many other cryptocurrencies, there is no cap on how many
Dogecoin’s can be made, which can cause its value to drop as more are created.
In 2017, the price of Dogecoin was $0.0002. By May 2024, it had increased dramatically to $0.13, a rise of 65,709%. As of July 4, 2024, the price of Dogecoin is $0.1121.
Cardano (ADA)
Price: $0.394
Market Cap: $14 billion
Cardano (ADA) entered the crypto world a bit later but stood out for using proof-of-stake validation early on. This method speeds up transactions and reduces energy use by not requiring intense problem-solving like Bitcoin does.
Similar to Ethereum, Cardano supports smart contracts and decentralized apps, powered by its native coin, ADA. Compared to other major cryptocurrencies, Cardano’s ADA has seen modest growth.
In 2017, ADA was priced at $0.02. By May 2, 2024, it had risen to $0.45, a 2,171% increase. As of July 4, 2024, ADA is trading at $0.394.
Conclusion
Based on the analysis of the top 10 cryptocurrencies to invest in July 2024, Bitcoin and Ethereum remain dominant due to their market capitalization and widespread adoption. Stable coins like Tether provide stability amid market volatility, while coins like Binance Coin and Solana show strong growth potential in trading and decentralized applications.
Ripple and Toncoin face legal and developmental challenges, whereas Dogecoin’s popularity continues despite its volatility. Cardano, focusing on third-generation blockchain capabilities, aims to compete with Ethereum in smart contracts and interoperability.
Investors should consider these factors alongside market trends and personal risk tolerance when making investment decisions.
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