Gamdom: The best crypto investments for 2024

As we step into a new year, there are new market trends to follow for crypto investors. Analyse all assets and discuss your thoughts with other traders to see potential or lack thereof so you can identify which assets will yield the best profit. 

Gamdom recommends focusing on the top cryptocurrencies by market capitalization. There are the obvious ones like Bitcoin (BTC) and Ethereum (ETH) because of their prominence in the crypto market, especially with new trends shaking up the industry. Here are the top cryptocurrencies to track in the new year and what makes them great investments in 2024:

Bitcoin continues to make waves with new market demands

Bitcoin is without a doubt the top crypto to invest in 2024 primarily thanks to the new exchange-traded funds (ETFs) approved by the Securities and Exchange Commission (SEC). It opened BTC to investors who were previously wary of its lack of regulations. 

There are Bitcoin ETFs outside of the SEC’s jurisdiction but their approval of 11 offerings is bound to make a big splash on the BTC market. The prime reason is that the US has some of the largest asset management companies in the world like BlackRock and GreyScale.

Opening US investors to the Bitcoin market through issued ETFs greatly raises demands across various crypto markets. Some of the top custodians include Coinbase, Gemini, and Fidelity. Traders are anticipating a new rally to happen on these platforms between 2024 and 2025. 

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Ethereum is both a mode of payment and a project platform

Ethereum remains one of the most essential crypto to invest in of all time because of its role as the largest smart contracts platform. The ETH has nigh universal applications like mode of payment and store of value on top of its ultimate function as the gas token for its network. It also means that it’s vital for all the blockchain projects built on top of Ethereum. 

The sheer number of layer 2 blockchains built on Ethereum gives it a major advantage over similar layer 1 platforms. Among its closest rivals are Cardano (ADA), Solana (SOL), and Avalanche (AVA). However, none of them are close to overthrowing ETH as the second-most valuable crypto asset after BTC. 

What further cements ETH as one of the best crypto 2024 is its upcoming ETFs. Proposals to offer it were submitted at the same time as Bitcoin throughout 2020 to 2023. Now that Bitcoin ETFs are approved, the SEC is likely to greenlight Ethereum ETH next.

What is a good crypto to invest in besides BTC or ETH?

Bitcoin and Ethereum are the obvious investment choices but what about alternatives? There are so many others to choose from and each one has made a significant impact and captivated many investors. All of them are major contributors to the ever-growing decentralised finance (DeFi) economy. Here are the top digital assets to consider in 2024: 

Polygon Ecosystem Token (POL)

This is a major upgrade from the original Polygon (MATIC) which came with many changes. The most notable of which is replacing MATIC tokens with POL. Another major revision includes a superstructure enabling near-instant finality. This change makes processing so much easier and faster for all Ethereum-based projects, significantly boosting productivity between developers.

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Solana (SOL)

Solana is one of the biggest rivals to Ethereum as a layer 1 smart contract blockchain. Though it lacks its rival’s market confidence and market value, it is regarded as having the better structure for Web3 applications. What made it even better for 2024 is Juniper (JUP) launching on the 31st of January 2024. It is a liquidity aggregator handling the majority of Solana’s DeFi exchange volume.

Chainlink (LINK)

Cross-chain communication is crucial for the future of the DeFi ecosystem. Chainlink is the leading Oracle network that provides that service between both private and public blockchains. It’s an essential tool for finding new ways to adopt blockchain technology across all industries in the world. 

You can find these cryptocurrencies listed on all the top exchanges and brokerages. They have been available for years at Binance, Coinbase, and Kraken to name a few. Most wallets also support each network, allowing you to store and manage all of them at once in one platform. 

Dominant stablecoins throughout the years

Stablecoins also have a special place in expert traders’ portfolios. Their value being pegged to the United States dollar (USD) gave so many companies confidence in accepting them. On top of that, they also have the benefits of using blockchain technology, giving users stronger securities, cheaper money transfer options, and near-instant transactions. 

The most successful stablecoin is the Tether (USDT) in terms of applications in DeFi. It has retained this advantage because it’s one of the first of its kind. Following it close second is between two contending stablecoins named USD Coin (USDC) and Dai (DAI). 

However, if safety is the measurement of value then USDC is the best over USDT because it is backed by cash reserves and security bonds. The latter, on the other hand, is backed by a variety of fiat and crypto assets which makes it a little more volatile than its rival. 

USDC and USDT are both centralised stablecoins. If that’s a turn-off for you as a DeFi investor, then DAI is the best investment. It rivals USDC in applications and it is the safest decentralised stablecoin in the market following the MakerDAO autonomous organisation. It is the popular choice for smart contract arrangements on the Ethereum network.

Diversify your portfolio across these crypto

Every digital asset has its core appeal in the market. It’s good to invest in one or two at a time if you are trading with a small budget. However, if you can afford it, you should diversify your portfolio. Invest in more than one cryptocurrency to benefit on spots or margins of multiple assets at once. 

Alternatively, a diversified portfolio also helps cover losses because these asset trends can be independent of one another. Balance your funds on several of these top-performing cryptocurrencies. They all have promising futures in 2024 with the potential to push even further to 2025.

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