What is Cryptocurrency?
Cryptocurrency is a kind of digital or virtual money that uses cryptographic methods to control the creation of new units, ensure asset transfers are verified, and secure financial transactions. Cryptocurrencies function on decentralized networks based on blockchain technology, a distributed ledger that logs every transaction made over a network of computers, in contrast to traditional currencies issued by governments and central banks. Although Bitcoin is the most well-known cryptocurrency, there are thousands of other cryptocurrencies—also known as altcoins—each with distinct features and uses. While cryptocurrencies present challenges related to regulatory concerns and price volatility in the rapidly changing digital economy, they also allow peer-to-peer transactions without the need for intermediaries, potentially increasing financial inclusivity, security, and transparency.
Top Cryptos to watch in 2024
1. Bitcoin (BTC)
The year 2024 began on a high note for all cryptocurrencies, including Bitcoin and Ethereum, as well as crypto enthusiasts. BTC, the world’s largest cryptocurrency, has lost approximately 65% of its market value in the last year. A series of unexpected events, such as the Terra Luna crash, the FTX fall, macroeconomic conditions, and Binance’s guilty plea, caught crypto enthusiasts off guard.
The beginning of the year 2023 was promising for cryptocurrencies, as the crypto world showed signs of recovery. Bitcoin even increased by 0.39 percent on average in July, reaching around $31,000 in 2023. As of October, November, and December, the crypto world is showing significant recovery, with BTC rising to high levels. BTC is worth $45,203 as of January 3, 2024, with a market capitalization of $886.64 billion and a market volume of $31.76 billion. Bitcoin continues to rise in value, as expected.
We are all aware that Bitcoin has increased by more than 80% since the beginning of this year. With massive and unexpected gains, it has undoubtedly surpassed several other major assets and established massive returns for those who purchased Bitcoin at a discount.
The crypto industry is thrilled to see BTC reach a new high and hopes for more. According to Marshall Beard, chief strategy officer at cryptocurrency exchange Gemini, Bitcoin will break all-time highs this year. He even stated that “$100,000 price figure is a “interesting number if bitcoin gets to its previous record high of near $69,000.”If Bitcoin does indeed reach this magical figure, it must show a 270% increase to reach the $1 lakh level.
2. Ethereum (ETH)
Ethereum, the world’s second largest cryptocurrency and the largest altcoin, is more than just a crypto token that is popular even outside the crypto community due to its powerful features and intriguing blockchain solutions.
Ethereum has a bright future because it is more than just a transactional currency; it is gradually establishing itself as a “store of value” for entities looking to maximize their wealth. Ethereum functionality integrates seamlessly with NFTs, DApps, DeFi, smart contracts, and the list continues to grow year after year.
As long as the Ethereum network continues to strengthen and the team continues to develop innovative features, ETH and its investors are likely to grow and prosper in the coming years. Let’s look at Ethereum’s long-term price predictions.
According to recent technical charts, Ethereum may remain in the $1,800-$1,900 range in 2023. The currency may encounter resistance at $1,760 before falling to a low of $1,600. The expected average trading price is $1,880.75, with a potential return on investment (ROI) of 5%.
According to Crypto news, by 2025, Ethereum is expected to reach a maximum price of $6,500 and a minimum price of $4,500. In 2030, the token is expected to reach a maximum price of $20,500, with a minimum price of $14,000.
3. Binance Coin (BNB)
Binance Coin is expected to rise by 9.37% to $ 327.54 by January 13, 2024, according to our current Binance Coin price prediction. Our technical indicators indicate that the current sentiment is Bullish, with the Fear & Greed Index reading 71 (Greed). Binance Coin has had 17/30 (57%) green days in the last 30 days, with 11.29% price volatility. According to our Binance Coin forecast, now is a good time to invest in Binance Coin.
Binance Coin’s 200-day simple moving average (SMA) will rise over the next month, reaching $ 267.78 by February 7, 2024. Binance Coin’s 50-Day Simple Moving Average (SMA) is expected to reach $369.26 by February 7, 2024.
The momentum oscillator Relative Strength Index (RSI) indicates whether a cryptocurrency is oversold (below 30) or overbought (above 70). The RSI is currently at 58.23, indicating that the BNB market is in a neutral position.
4. Dogecoin (DOGE)
Dogecoin famously began as a joke in 2013 but quickly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes. Unlike many other cryptocurrencies, there is no limit to the number of Dogecoins that can be created, making the currency vulnerable to devaluation as supply grows.
In 2017, the value of Dogecoin was $0.0002. By January 2024, its price had risen 46,239% to $0.09.
5. Cardano (ADA)
Cardano (ADA), which arrived on the crypto scene later, is notable for its early adoption of proof-of-stake validation. By removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin, this method reduces transaction time, energy usage, and environmental impact. Cardano, like Ethereum, enables smart contracts and decentralized applications, which are powered by ADA, the native coin.
Cardano’s ADA token has grown at a slower rate than other major crypto coins. The price of ADA in 2017 was $0.02. Its current value was $0.62 as of January 2, 2024. This is a 3,018% increase.
6. Tether (USDT)
Tether (USDT), in contrast to certain other cryptocurrency versions, is a stable coin—that is, it is backed by fiat currencies such as the US dollar and the euro and maintains a theoretical value equivalent to one of those denominations. Tether is preferred by investors who are apprehensive about the extreme volatility of other coins because, theoretically, its value is meant to be more stable than that of other cryptocurrencies.
7. XRP (XRP)
XRP is a cryptocurrency that can be used on the Ripple network to enable the exchange of various currencies, including fiat currencies and other prominent cryptocurrencies. Ripple is a digital technology and payment processing company founded by some of the same individuals.
The price of XRP was $0.006 at the start of 2017. By the time it closed on January 2, 2024, the price had increased by 10,406% to $0.63.
8. Solana (SOL)
Solana was created to support the use of decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. It processes transactions fast and securely using a special hybrid proof-of-stake and proof-of-history mechanism. The platform is powered by Solana’s native token, SOL.
SOL’s initial price at launch was $0.77 in 2020. Its price had increased by 14,496% by late January 2024, to about $112.39.
9. Avalanche (AVAX)
Two key features that Avalanche offers are quick transaction times and inexpensive transaction costs. Additionally, AVAX has a sizable amount of money deposited in decentralized finance, or total value locked, or TVL. The total value of cryptocurrency assets deposited in lending, staking, or liquidity pools within a decentralized finance (DeFi) protocol is known as TVL.
A protocol’s popularity and a cryptocurrency’s rate of adoption are both indicated by a high TVL. The current price of Avalanche is $42.
10. U.S. Dollar Coin (USDC)
The current US dollar coin price as of Monday, January 8, 2024, is 0.9995 USD. Our price prediction system estimates that the closing price of USD Coin could be approximately 0.9999 USD tomorrow based on the most recent price fluctuations. We estimate that by the end of 2024, the price of USD Coin could be 0.9995 USD based on historical price data. It might also be 0.9995 USD exactly one year from now. The price of US dollars could go as high as 1.38131 USD in the next three years, or as low as 0.61769 USD.
