Know Your Cryptos: The Coins to Keep an Eye on in 2024

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When it comes to investing, knowledge is power. You can’t simply choose the assets to invest in randomly and jump head-first into a market without doing your due diligence. Or you can, but the results are almost always disastrous.

You need to have a good grasp of what investing in a specific asset class implies and the risks associated with it before you take the leap; otherwise, you risk losing everything in one fell swoop.

While investing is not an exact science, there are certain rules, principles, metrics, and strategies that can guide people on their investment journey and help them make safer and better-informed decisions, increasing their chances of success.

This is all the more important in highly volatile markets, troubled by frequent and dramatic price swings, like crypto.

Savvy traders and investors always take their time to analyze market conditions, consult the latest Bitcoin prediction data, track the price performance of different assets, and examine the factors that might influence the price action to devise a solid investment strategy and keep risks to a minimum.

So, if you intend to invest in crypto, you should not minimize the importance of doing your own research. To this end, we’ve created a roundup of crypto assets that you might want to keep an eye on this year – and potentially include in your investment portfolio.

Bitcoin

As the first and biggest cryptocurrency available by market capitalization, Bitcoin has managed to gain massive popularity among investors over the years, so it’s no surprise that it remains a favorite in 2024 as well.

However, popularity alone is not enough to deem an asset investment-worthy, so let’s see why Bitcoin is still a notable option. As already mentioned, Bitcoin tops the crypto hierarchy, boasting the largest market cap and the highest value of all digital currencies.

At the time of writing, Bitcoin was trading at $65,115, with a market cap of $1,283.71B.

The fact that Bitcoin has been in the lead ever since its launch and has managed to weather numerous bear markets and crypto winters during this time, reaching astounding highs, has turned the asset into a sought-after investment option.

Apart from its positive track history, Bitcoin’s decentralized nature, along with its limited supply, enhanced security, high liquidity, and growing institutional adoption, have also contributed to the asset’s appeal as a store of value.

But that’s not all. In 2024, Bitcoin took a major leap toward mainstream acceptance with the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission.

The launch of these products is bound to make it easier for investors to gain access to Bitcoin and thus cement the asset’s standing in global finance.

And let’s not forget that Bitcoin has experienced gains of over 155% in 2023 and has appreciated by more than 47% since the beginning of the year, reaching a new record of $73,750 in March.

These figures alone paint quite a bright outlook for Bitcoin, suggesting that the crypto might be poised for further appreciation in the months and years to come.

Ethereum

While Bitcoin tends to get most of the media attention, Ethereum also enjoys its fair share of popularity, and for good reason. The second-largest crypto in the market after Bitcoin and the dominant altcoin is constantly on investors’ radar and carving its way into their portfolios.

Ethereum’s price action in 2024 has been less spectacular than Bitcoin’s, and many have criticized it for not keeping up with the leading coin.

However, one should not ignore the fact that Ethereum has several aces up its sleeve, given its unique characteristics that make it stand out from the rest of the players in the crypto sphere.

Unlike other cryptos, which mostly serve as an alternative to fiat money, Ethereum has established itself as a programmable blockchain platform that enables smart contract deployment and provides the necessary resources for the development of decentralized applications (dApps).

These innovative features and the multitude of use cases stemming from them have led to the development of a thriving ecosystem around the platform, providing reassurance and enhancing investors’ confidence in the network’s native crypto, Ether.

Moreover, the surprising approval of a rule change that allowed for the listing of eight spot ETFs tied to the price of Ether back in May has created a lot of buzz around the altcoin and improved sentiment towards it.

Once these products are launched, which might happen sometime in the next weeks or months, Ethereum’s price is expected to rise, fueled by the inflows into spot ETH ETFs.

Solana

Most investors never bother to look beyond the two leading coins. However, this might cause them to miss important opportunities as there are other promising tokens in the market, such as Solana.

Although obviously less popular than its predecessors, Bitcoin and Ethereum, Solana is a noteworthy contender in the crypto scene due to its smart contract capabilities, fast speed, and transactional efficiency, which many argue are superior or at least akin to that of Ethereum.

In 2023, Solana managed to top Bitcoin’s performance with 520% gains, rallying among crypto heavyweights. The backing it got from renowned investor Cathie Wood and its performance over the years has kept Solana in the game and helped it gain a lot of attention from investors.

Cardano and Polygon are two other notable mentions that you might want to check out. While the first is known for its sustainability, flexibility, and scalable blockchain platform underpinning real-world applicability, the latter is praised as a highly effective Layer-2 scaling solution for Ethereum.

This makes ADA and MATIC, the native coins of these platforms, two excellent investment options to explore.

Claire S. Allen
Claire S. Allen
Hi there! I'm Claire S. Allen, a vibrant Gemini who's as bold as my favorite color, red. I'm a fan of two cool things: strolling the streets in a red jacket and crafting articles that connect with readers. With my warm and friendly personality, Claire is sure to brighten up your day!
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