If you are looking for an investment opportunity, digital currencies are the best option. Cryptocurrencies have experienced the most volatility from the year 2017.
The fast-moving market of digital currencies marks volatility. With the pandemic in 2024, it has been a roller coaster ride for investors.
Various cryptocurrencies offer unmatchable gains, while some might make you massively loose. In maintaining the approach, it is imperative to research the situation of digital currencies before you invest your capital in them. This article contains the top 4 digital currencies you can hold on a long-term basis for 2024.
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1. Bitcoin
We consider the famous Bitcoin the bull run of digital currencies. Anyone holding track of how bitcoin has been making a price pattern since 2017 understands the benefits that it can provide when invested. Although bitcoin has taken its time in establishing itself in the industry, the credibility it has created in such a short amount of time is unformidable.
Here are some of the reasons which depict the price fluctuations characterizing the growth of the currency for the investors:
- In the year 2017, Bitcoin had a high of $20,000.
- While it crashed in the year 2018, introducing Libra cryptocurrency by the famous Meta (Facebook) hugely assisted in boosting the price of the currency.
- Bitcoin maintained its record in 2020, with various payment providers introducing the feature of allowance of cryptocurrencies to its customers. It is constantly showing signs of development.
- With an economic currency during this time, people who have no access to the banking system have started using bitcoin
- People are adding bitcoins to their balance sheet and El Salvador is trying to make the currency bitcoin a legal tender. It is the new future of cryptocurrency.
With the economy emerging from the effects of the global pandemic, various market experts predict the further popularity of bitcoin. People will start investing in bitcoin when they soon realize that the stock market has taken a hit and the only option of making a profit is bitcoin.
2. Ethereum
Ethereum is a free-source public blockchain that allows users to use the custom code contract features according to their choice. The currency ether has gained a surge of over 900% over the past years. It is undoubtedly one of the best-performing investment options. It started with a price of $1 in 2015 and is at $4,850 in 2024.
Here are some of the features as to why it is beneficial to invest in Ethereum:
- Ethereum is the second-largest cryptocurrency after Bitcoin.
- According to professional market experts, the price of Ethereum shall reach up to over 200%. We expect the price in 2025 to rise by $15,477.
- Even now, the cryptocurrency, Ethereum, is in a bullish trend. The reason volatility functions in favor of the investors are the Ethereum ETF. The option traders have high expectations from the currency because of the feature of the ETF coming up.
- Ethereum is moving to a proof of stake model, considering giving it a positive edge in the future. Most experts are predicting a price increase because of the shift.
3. Litecoin
Litecoin is one of the oldest digital currencies in the market. It is showing impressive price hikes in the past 11 years. If you are looking for an established and profitable investment option, Litecoin is a good option.
The price of Litecoin is around $133 currently. The currency was a game-changer when the first altcoin was on the market in 2011. Due to its consistency in the market, merchants and investors prefer it.
Here are some of the features which show why investing in Litecoin is a good choice.
- Litecoin is a lite version of bitcoin which was released to simplify the technology for the users. It was faster and easier to use.
- It is the 25th largest cryptocurrency determined under market capitalization. The charts of litecoin show prospects of price hike and consistency over the long term.
- Litecoin has a scarce supply which works efficiently for the investors. It is a safe harbor for depreciation and inflation. Hence, storing capital in the currency can be very beneficial in the long run.
- The currency is available on various payment platforms like PayPal and Revolut, through which people can easily access the use.
- If we pay heed to the predictions of various market experts, the price of the currency is going to achieve new heights in the coming years.
Compared to other cryptocurrencies, litecoin has a vibrant past. People prefer this currency because of its performance, even when there is a negative underlying trend in the market.
4. Cardano
We consider Cardano the future cryptocurrency that shall remain unbound when other currencies fade. It was a famous altcoin in the year 2017. The prices dropped after the year, but the loyal investors did not sell it. It rewarded them with an all-time high in 2024. Cardano runs on a proof of stake blockchain.
Despite the economic breakdowns of 2024-22, the currency has shown upside trends in the past two years. It is still on the bull run. According to the forecasts of the professionals, it is going to achieve a double-digit soon. Currency Cardano was trading at $2.12 last November.
Here are some of the features that convince you to invest in Cardano:
- They feature the currency with interchangeability and scalability. In January, it reached the third phase of its network. The Basho phase delivers improved performance for the users.
- The currency is the first model to introduce the proof of stake model.
- Soon, the currency is planning to release the Hydra model, which allows the platform to handle billions of transactions in seconds.
Conclusion
The famous introduction of digital currencies is replacing the impotence of physical cash. When looking for investment options, you have a limitless amount of options. Although there are risks in cryptocurrencies, what investment is good without some stakes attached.
