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Top 10 Cryptocurrencies to Buy

TABLE OF CONTENTS

Top 10 Cryptocurrencies to Buy

Top 10 Cryptocurrencies to Buy

Vantage Updated Updated Mon, June 3 09:46

The crypto market has been in quite a frenzy in 2024. Bitcoin touched its all-time high of $73,835.57 on 14 March 2024, a month before the hyped halving event [1]. The market has been volatile ever since and the currencies have been flirting with their support and resistance levels. 

Every crypto bull cycle brings a myriad of investors interested in the space. 2024 has been special as the ETF approval has brought more adoption and belief in the space compared to the previous runs. These investors, however, see a steep learning curve due to differing fundamentals and the overall dissimilarity with the conventional financial markets. 

While the overall crypto market is booming, tens of thousands of currencies will be left to ashes after a few market cycles. The brief history of the crypto market suggests that only a handful of projects survive and thrive. So, to help investors avoid hype cycles and pumps & dumps, we’ve curated a list of the best cryptos to buy. The list is made considering the projects’ fundamentals, community, and prospects. 

Key Points

  • Bitcoin remains a top cryptocurrency due to its decentralised nature and limited supply, making it a digital gold with strong growth potential.
  • Ethereum is favoured for its smart contracts, driving significant developer and investor interest.
  • Binance Coin has expanded beyond exchange fee discounts, with broad utility across Binance’s platforms, maintaining strong value growth.

1. Bitcoin (BTC)

Bitcoin was the first ever blockchain-based digital currency to come into being. The mystery founder, Satoshi Nakamoto, announced the currency in 2009 with the idea of a peer-to-peer currency that isn’t controlled by any centralised party. The blockchain ledger facilitates decentralised transaction verifications, laying the ground for a trustless, secure, decentralised financial system.

Bitcoin, due to its limited supply of 21 million coins, is also called digital gold. This scarcity has kept Bitcoin growing to a CAGR of 63.3% over the past 10 years [2]. Bitcoin has also amassed a cult-like following over the years, these maximalists believe that Bitcoin is the only valuable currency that creates a financial system for the people, by the people. 

2. Ethereum (ETH)

If you’re somewhat aware of the crypto space, chances are that you’ve heard of Ethereum. Ethereum is the most popular network for developers and decentralised application (dApp) builders. Ethereum revolutionized the crypto space by creating programmable blockchain networks. This was done by the introduction of smart contracts, which essentially are programmable contracts that can be used to automate centralized processes. This opened doors for derivative tokens and projects to be built on top of the network. 

The native token of the network is ether (ETH) which is the second biggest cryptocurrency by market cap. The token was launched via an ICO sale in August 2014 for a price of $0.31 per token [3]. Less than a decade later, the token surpassed the $4,000 mark in March of 2024 [4].

3. Binance Coin (BNB) [5]

Binance coin (BNB), as the name suggests, is the native token of the Binance exchange. While this cryptocurrency was initially used to trade and pay discounted fees on the exchange, the use case has grown way past. 

Binance coin was launched in 2017 on Ethereum but as of today, Binance has its own blockchain. Due to the extensive network of Binance, BNB is used across all its platforms for trade settlements. The token is also used for payments and is supported by services like:

  • Canva
  • BitTorrent
  • Trip.io
  • Storm
  • Monetha, etc.

Binance is one of the biggest exchanges in the world. Although Binance has suffered some image issues in the past year, the coin has managed to hold its value. The token was launched at a price of $0.10 in 2017 and reached an all-time high of $686.31 in May 2024, showcasing the 7-year growth [6]

4. Solana (SOL)

Solana was founded back in 2017 and has been one of the most rapidly growing crypto ecosystems. Due to its ability to support decentralised applications with faster transactions and lower costs, it has always been referred to as the “Ethereum Killer”. While this might not be true for the entire DeFi ecosystem, Solana has definitely given Ethereum fierce competition in the NFT and meme coin space.

The scalability potential has also invited a tsunami of projects to build over Solana. Some of these projects include:

  • Orca
  • Circle 
  • Mango 
  • Pyth

SOL token was launched in 2020 and it found immediate success due to the protocol’s popularity. The token that was launched for a few cents went on to hit its all-time high of $259.96 in a year in November 2021 [7]. As for now, the token is regaining momentum and projects have started to flow in once again. 

5. XRP (XRP)

XRP, formerly known as Ripple, is one of the oldest cryptocurrencies that have stood the test of time. The cryptocurrency has avoided hype trains to focus on real use cases and hence maintained a steady growth trajectory. 

XRP has managed to create a lot of value through its RippleNet payment solution by allowing instant cross-border payments. XRP is used as the bridge currency in these transactions to facilitate the quickest fiat transactions. This creates a system of fiat transactions with the speed and costs of cryptocurrencies. Ripple also acts as a liquidity provider to enterprises and businesses. 

XRP is in the market to revolutionise payments by disrupting old-school methods. However, the coin’s growth is tied to its legal battle with the SEC. A conclusive end to the case could lead to a breakthrough in the product as well as the coin price. However, the opposite is equally possible. 

6. Dogecoin (DOGE)

Dogecoin (DOGE) was the official origin of meme tokens when two software engineers Billy Markus and Jackson Palmer created the coin as a joke. The coin was based on a Shiba Inu meme and a dig into the hype around cryptocurrencies. 

The meme coin has an unlimited supply but it derives its value from retail payments, social media hype, and influencer support. The acceptance by major brands has also driven the coin price and the associated sentiment exponentially. These brands include [8]:

  • Tesla
  • Gucci
  • Gamestop
  • Airbnb

Dogecoin last hit its all-time high of $0.74 right before Elon Musk mentioned the meme coin on SNL [9]. Apart from the DogeFather (Elon), several Twitter and YouTube influencers have emerged in support of the token as they believe that it accurately depicts a financial system for the people by the people. Whether or not you should invest in DogeCoin is solely dependent on your risk tolerance. Since it is more speculative than some other cryptocurrencies, it can be a good asset for swing trade or a part of a diversified portfolio. 

7. Toncoin (TON) [10]

Toncoin (TON) was initially conceptualised by Telegram, the global encrypted messaging service. However, due to concerns raised by the SEC, Telegram stopped developing Toncoin and handed over the project to the community. As of now, TON is operated by the TON (The Open Network) Foundation, a non-profit organisation in Switzerland.

Toncoin is a layer 1 blockchain project that, like Solana, aims to compete with Ethereum by letting decentralised apps and contracts build on their platform. The coin has seen unparalleled growth due to Telegram’s announcement last September related to the token. According to the messaging platform, they will integrate the token and associated wallet in their platform as a part of their “official web3 infrastructure”. This has the potential of exposing Telegram’s estimated 900 million users to the cryptocurrency giving it a further chance to grow.  

8. Cardano (ADA)

Cardano (ADA) has been among trader whispers since its inception. The project was developed by Ethereum co-founder Charles Hoskinson in 2014 as a competition against Ethereum. Cardano is known to be an early adopter of Proof of Stake, a scalable algorithm that removes the energy requirements of solving cryptographic puzzles.

After going to all lengths to ensure the security, efficiency, and scalability of the platform, Cardano pushed out its native token ADA in 2017. While the platform behind aimed to focus on Ethereum’s shortcomings, the Layer 2 networks have solved the issues temporarily removing the need for Cardano’s innovation. However, the foundation continues its focus on building new wallets, programming languages, and multi-chain solutions, making the roadmap interesting. 

The project’s vision and team have enough potential to propel Cardano to a future of developer adoption, which makes it an interesting project to look at. 

9. Shiba Inu (SHIB)

SHIB brought the summer of meme coins after being launched in 2020. This dogecoin spin-off quickly squeezed its way into the top 10 cryptocurrencies by market cap. The token currently boasts a market cap of over $14 billion, astonishing for a meme coin [11]

Like Dogecoin, SHIB also has an infinite supply, making it suitable for retail payments and other use cases. As for now, SHIB is a meme coin that rides social media hypes and trends. The recent propulsion of SHIB’s price was due to the meme coin trend resurfacing as well as the approval of multiple BTC ETFs. 

Since Shiba Inu is a speculative project, new investors generally invest trace amounts to enjoy the risk-to-reward ratio of this coin.,   

10. Avalanche (AVAX)

Avalanche is a blockchain platform that aims to address the limitations of earlier networks by offering high throughput, low latency, and security. Launched in September 2020 by Ava Labs, Avalanche’s main net is designed to be a highly scalable and efficient smart contract platform, facilitating the creation and deployment of decentralised applications (dApps). The Layer 1 platform is also a contender in the “Ethereum Alternative” race with Solana, Cardano, and other blockchains.

One of Avalanche’s distinguishing features is its compatibility with Ethereum, allowing developers to easily port their Ethereum dApps to Avalanche with minimal adjustments. This compatibility leverages the robust Ethereum ecosystem while offering improved performance. 

Avalanche uses its native token, AVAX, for transaction fees, governance, and staking, enhancing the network’s security and decentralisation. The protocol’s innovative consensus mechanism, Avalanche Consensus, allows for thousands of transactions per second (TPS) with sub-second finality, making it one of the better-performing chains. 

How to Buy Cryptocurrencies

Based on a survey conducted by Swyftx, Australia has one of the highest crypto adoption rates in the world [12]. So, buying and selling these assets only requires creating an account on an exchange or brokerage platform.  

As someone new to the space, it is essential to understand the importance of registering with a reputable exchange. Crypto is an unregulated market and involves a lot of risk. One of the risk mitigation factors involves trading on licensed and reputable exchanges.

The onboarding process of these exchanges involves creating an account followed by a brief KYC process to ensure security and avoidance of illicit activities. 

The Australian Securities and Investment Commission (ASIC) tries its best to protect customer funds by only letting exchanges with a valid license operate within the region. Once a broker is licensed, they are scrutinised and expected to comply with customer fund protection laws. 

That being said, Australian citizens not only enjoy spot trading but they can also trade CFDs. Contracts-for-Difference or CFDs allow traders to speculate on price movements of financial products without owning the underlying assets. CFDs also give traders the ability to trade long and short using margins, doubling the opportunity but increasing the risk proportionate to the margins. 

To begin trading Crypto CFDs at Vantage, you may follow the steps below:

1. Open the browser of your choice and log in to your Vantage account at https://protrader.vantagemarkets.com/. Alternatively, you can open a Vantage account to begin trading.

2. After opening the trading account, navigate to the right side of your screen to see available assets. Use the dropdown menu to navigate to cryptocurrencies.

3. Right-clicking on the charting area lets you open trades through a menu as shown below:

4. The trading menu lets you trade using different order types like market, limit, and stop. 

The trading panel lets you add take profit and stop loss limits based on your trading strategy and analysis. Users can also use indicator presets to check the performance of the asset over time to make decisions about upcoming trades. 

Cryptocurrencies Trading Strategies

Crypto is a volatile market. While this volatility presents immense opportunity, it also comes with its risks. To maximize returns, it is essential to be aware of the trading strategy that suits your risk appetite. Depending on your tolerance, you may want to choose one of the following strategies.

  • Day trading — Day trading is a strategy that capitalizes on the volatility of the market. Traders look to make small profits on trades made in the short term by opening and closing their positions on the same day.
  • Swing trading — Swing trading is a similar strategy to day trading. The only difference is that the swing traders hold their position for two days to a few months. Swing and day traders generally rely on their technical analysis to predict short-term price movements. 
  • Position trading — This approach involves holding a position for a long period of time (A few months to years). Position traders generally use fundamental analysis techniques to figure out the potential for growth in the long term. 

Frequently Asked Questions

What are Cryptocurrencies?

Cryptocurrencies are decentralised digital money that can be exchanged over the internet. The foundation of these currencies was laid by Satoshi Nakamoto through the creation of Bitcoin. Thousands of cryptocurrencies have been formed ever since. 

What is the best crypto to trade?

There is no “best” crypto to trade as it totally depends on the trader’s investment capital, risk tolerance, goals, and trading strategy. 

Is cryptocurrency safe to trade?

Traders should understand the risks related to Cryptocurrencies including but not limited to volatility and slippage (In case of low liquidity). Some events involving exchange hacks have also been reported in the past, but these issues can potentially be solved through self-custody wallets or cold storage.

References

  1. “Bitcoin price today: BTC is up 47.78% year to date – USA Today”. https://www.usatoday.com/money/blueprint/investing/cryptocurrency/bitcoin-price-today-05-20-2024/. Accessed 21 May 2024.
  2. “Historical performance of the Bitcoin index – Curvo”. https://curvo.eu/backtest/en/market-index/bitcoin?currency=usd. Accessed 21 May 2024.
  3. “Ethereum (ETH) ICO – Coincodex”. https://coincodex.com/ico/ethereum/. Accessed 21 May 2024.
  4. “Ethereum Price Breaks Past $4,000 — Will It Reach All-Time High? – CCN”. https://www.ccn.com/news/crypto/ethereum-price-breaks-past-4000-will-reach-all-time-high/. Accessed 21 May 2024.
  5. “Binance Coin (BNB) Uses, Support, and Market Cap – Investopedia”. https://www.investopedia.com/terms/b/binance-coin-bnb.asp. Accessed 21 May 2024.
  6. “BNB Price – Bybit”. https://www.bybit.com/en/coin-price/binancecoin/. Accessed 21 May 2024.
  7. “Solana Price – Bybit”. https://www.bybit.com/en/coin-price/solana/. Accessed 21 May 2024.
  8. “Is Dogecoin a Good Investment in 2024? – Cryptonews”. https://cryptonews.com/cryptocurrency/is-dogecoin-a-good-investment/. Accessed 21 May 2024.
  9. “Dogecoin Soars Past 70 Cents To Record High After Elon Musk SNL Tease – Forbes”. https://www.forbes.com/sites/nicholasreimann/2021/05/07/dogecoin-soars-past-70-cents-to-record-high-after-elon-musk-snl-tease/?sh=3910b7371efa. Accessed 21 May 2024.
  10. “Cryptoverse: TON takes off on Telegram tie-up – Reuters”. https://www.reuters.com/markets/currencies/cryptoverse-ton-takes-off-telegram-tie-up-2024-04-30/. Accessed 21 May 2024.
  11. “Shiba Inu Price – Binance”. https://www.binance.com/en/price/shiba-inu. Accessed 21 May 2024.
  12. “Australian Crypto Survey 2023: Women Continue to Profit More From Crypto Than Men – Swyftx”. https://swyftx.com/blog/australian-crypto-survey-2023/. Accessed 21 May 2024.

Disclaimer: The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our client. No representation or warranty is given as to the accuracy or completeness of this information and therefore it shouldn’t be relied upon as such. Any research provided does not have regard to specific financial situations, needs or investment objectives. Vantage accepts no responsibility for any use that may be made of these comments and for any consequences that result. Consequently, any person acting on it does so entirely at their own risk. We advise any readers of this material to seek professional advice where necessary. Without the approval of Vantage, reproduction or redistribution of this information isn’t permitted.

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