Halfway through 2024, cryptocurrency continues to evolve at an exponential rate. While Bitcoin remains the granddaddy of digital currencies, thousands of alternative coins have emerged on the market in recent years. For those looking to dip their toes into crypto investment in the short term, focusing on the most popular and promising currencies makes the most sense.
Let's take a look at some of the top cryptocurrencies that are likely to perform well in the remainder of 2024.
What are the Most Purchased Cryptocurrencies in 2024?
According to market data and analysts, Bitcoin, Ethereum, Solana and Dogecoin are among the most purchased cryptocurrencies in 2024.
Bitcoin has cemented its place as the most well-known cryptocurrency and continues to account for around 50% of the total crypto market.
As the biggest and most established blockchain network, Bitcoin provides a safe short-term investment option for those just starting out in crypto.
Although it faces scaling challenges, Ethereum is still the dominant platform for running decentralized applications and issuing NFTs and tokens. The merger to proof-of-stake in 2022 improved Ethereum's sustainability, and further upgrades are expected to boost its performance.
The ultra-fast Solana blockchain has seen enormous growth since its launch in 2020. With transaction speeds 100 times faster than Bitcoin, Solana is attracting major investment from institutions and is well-positioned for further adoption of decentralized apps and services.
Despite its lighthearted dog meme origins, Dogecoin has proven to be a surprisingly durable currency. High-profile endorsements from business magnates like Elon Musk have helped push Dogecoin into the mainstream spotlight and make it one of the more frequently purchased cryptocurrencies.
Which Cryptocurrencies Should You Prefer for Short-Term Investment?
Shiba Inu and Avalanche also show strong potential as short-term crypto investments heading into 2025.
Shiba Inu, known by its SHIB token, exploded in popularity in 2021 with gains of over 45,000%. Aimed at becoming the "Dogecoin killer," Shiba Inu has cultivated a loyal community around its cute dog-themed coin.
With plans to expand into the metaverse and launch a scaling solution, SHIB could surge again with the next bull market hype cycle.
The Avalanche blockchain platform has quietly become one of the top 15 cryptocurrencies by market cap thanks to its blazing speed of over 4,500 transactions per second.
Avalanche's Ethereum compatibility makes it well-positioned for further adoption by decentralized finance projects and non-fungible token artists seeking faster and more affordable transactions than Ethereum currently provides.
Short Term Cryptocurrency Advice for Beginners
For complete beginners just getting started with cryptocurrency investment, the safest and most prudent options for 2024 would be Bitcoin and Ethereum.
As the dominant and most proven assets in the crypto economy, they are far less vulnerable to drastic short-term volatility compared to smaller and newer tokens.
Additionally, one should always remind themselves that despite potentially incredible percentage returns forecasted above, cryptocurrency investment remains highly risky.
No one can predict with certainty how markets will perform, so prudent portfolio management and proper risk assessment are crucial. Some additional tips for short-term crypto beginners include:
- Only speculate with money you can afford to lose. Never risk funds needed for essential expenses.
- Diversify across more than one cryptocurrency to mitigate project-specific risk. Consider blue-chip altcoins in addition to Bitcoin.
- Set target exit prices when the investment thesis breaks or upside seems limited to lock in profits. Take some profits on the table regularly.
- Research technical analysis indicators like RSI, MACD and moving averages to trade off momentum. Read expert analyst opinions too.
- Understand taxes apply to crypto trading profits the same as traditional investments in many regions. Plan accordingly.
- Be wary of ‘get rich quick’ schemes and tactics on social media not backed by fundamentals.
By following prudent risk management with a long-term education approach, beginners stand the best chance of profiting from cryptocurrency's growth in the next year without suffering losses that could sour them on this burgeoning asset class.
Which is the Most Popular Cryptocurrency in 2024?
If we had to name just one cryptocurrency that will likely remain the most popular among investors, traders and the general public alike in 2024 based on current trends, that would be Bitcoin. As the granddaddy of digital currencies that spawned this entire industry, Bitcoin continues entrenching itself as a mainstream store of value and investment asset.
More nations are also permitting it as legal tender, with El Salvador leading the charge. Thanks to Bitcoin's scarcity and proven track record, its brand power and first-mover advantage show no signs of diminishing.
With just 21 million Bitcoin that will ever be created and millions still left to be mined, its supply dilution remains much lower than inflationary fiat currencies.
This sets the stage for Bitcoin's purchasing power to appreciate significantly over the long run. As more institutions and individuals gain exposure to this uncorrelated asset, its importance and popularity within global finance will keep growing.
So while alternative cryptos may deliver higher price action percentage-wise, none command the same widespread name recognition, trust and liquidity of Bitcoin just yet. For the average consumer just starting their crypto journey, it remains the safest default first choice.
Best Digital Bank to Invest in Cryptocurrency
Now that we've covered some of the most promising cryptocurrencies to potentially generate strong short-term returns, the next important question is: where should you store and invest them securely?
Crypto banking at institutions like Jetonbank provides an attractive alternative approach with additional benefits.
Jetonbank is a fully licensed digital private bank based in Dominica that caters to high-net-worth individuals and institutions participating in the cryptocurrency economy.
As a regulated financial institution, it adheres to strict compliance and oversight standards for Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, offering peace of mind.
In the fast-moving world of cryptocurrency investment, having the right reliable partners makes all the difference.
As the clear top choice in crypto banking services, Jetonbank is perhaps the single best way for newcomers and professionals alike to confidently navigate the opportunities that will arise in 2024.
