With over 21,000 cryptocurrencies in circulation, choosing the best cryptos to buy can be overwhelming for any investor. We will provide a breakdown of the 10 best cryptos to buy now that our analysts and industry experts recommend as top investment choices in 2024 based on growth potential, functionality, mainstream adoption and other key factors.
Summary
The crypto assets highlighted below have been selected based on a combination of factors, including track record, real-world adoption metrics, innovative capabilities, long-term growth outlooks and overall risk-return profiles. The 10 best cryptos to buy now highlighted here include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- Cardano (ADA)
- Polkadot (DOT)
- Polygon (MATIC)
- Uniswap (UNI)
- Chainlink (LINK)
- Aave (AAVE)
- THORChain (RUNE)
Key details provided for each include market cap, 2022 returns, brief background, main use cases and reasons to consider buying.
What is Cryptocurrency?
A cryptocurrency is a digital currency that utilizes cryptography to secure and verify financial transactions on a decentralized blockchain network. Because cryptos operate independently of governments and banks, advocates promote them as a hedge against fiat currency devaluation and inflation. There are now over 21,000 different cryptocurrencies in circulation, with Bitcoin accounting for nearly half the $1 trillion total market cap.
Overview of the 10 Best Cryptos to Buy Now
1. Bitcoin (BTC)
As the first and largest cryptocurrency by market valuation, Bitcoin stands out as the pioneering decentralized digital currency underpinning the blockchain economy. Launched in 2009, BTC enables peer-to-peer electronic cash transactions without relying on banks or financial intermediaries.
Key metrics:
- Market Cap: $375 Billion
- 2022 Return: -65%
- Background: Launched in 2009, Bitcoin pioneered the use of blockchain to enable peer-to-peer digital cash transactions without banks or financial intermediaries. Its fixed supply of 21 million BTC also makes it attractive as a long-term store of value.
- Use Cases: Store of value, inflation hedge, payments, transactions
- Why Buy: Market leader status, increasing institutional adoption, proven track record over 13+ years
2. Ethereum (ETH)
Dominating market share as the leading smart contract platform, Ethereum powers decentralized applications ranging from DeFi to NFTs and metaverse projects via its global computing infrastructure. Originally launched in 2015, Ethereum completed a major consensus mechanism upgrade in 2022 to enhance scalability and energy efficiency.
Key Metrics:
- Market Cap: $152 Billion
- 2022 Return: -66%
- Background: Launched in 2015, Ethereum allows developers to build and deploy dApps, NFTs, DeFi apps and more on its global computing network. It transitioned to the more energy-efficient proof-of-stake consensus in 2022.
- Use Cases: dApps, NFTs, metaverse platforms, transactions
- Why Buy: Dominant developer network effects, major protocol improvements, growth outlook
3. Solana (SOL)
Offering lightning-quick speeds and ultra-low transaction fees, Solana has quickly emerged as one of the fastest-growing and most high-performance layers 1 blockchains. Launched in 2020, Solana leverages a unique proof-of-history verification method to support 50,000 TPS throughput.
Key Metrics:
- Market Cap: $10.9 Billion
- 2022 Return: -82%
- Background: Launched in 2020, Solana utilizes a unique hybrid proof-of-history/proof-of-stake consensus to support 50,000 TPS speeds while averaging just $0.00025 transaction fees.
- Use Cases: dApps, NFTs, DeFi, transactions, smart contracts
- Why Buy: High-performance capabilities plus growing developer adoption
4. Cardano (ADA)
Built by Ethereum co-founder Charles Hoskinson and backed by peer-reviewed research, Cardano aims to realize a sustainable, scalable smart contract platform through innovations like its Ouroboros proof-of-stake consensus mechanism.
Key Metrics:
- Market Cap: $13.5 Billion
- 2022 Return: -57%
- Background: Founded in 2017 by Ethereum co-founder Charles Hoskinson, Cardano launched its smart contract functionality in 2021. Its Ouroboros proof-of-stake consensus aims to be environmentally sustainable.
- Use Cases: Smart contracts, dApps, transactions, staking, governance
- Why Buy: Innovative tech development, major protocol upgrades on the horizon
5. Polkadot (DOT)
Envisioning an internet of interconnected blockchain networks, Polkadot’s architecture stitches together private, public, consortium chains, oracles, dApps and more using its Relay Chain backbone and sophisticated governance.
Key Metrics:
- Market Cap: $5.5 Billion
- 2022 Return: –63%
- Background: Conceived in 2016 and launched in 2020, Polkadot connects public, consortium, and private blockchains, oracles, dApps, systems and more using its Relay Chain architecture.
- Use Cases: Cross-chain transfers, multi-chain dApps, linking with external data
- Why Buy: Next-gen technological vision plus strong developer activity
6. Polygon (MATIC)
Polygon bolsters Ethereum’s capabilities by offering faster and cheaper transactions via a Proof-of-Stake security sidechain and set of scaling solutions purpose-built for Ethereum asset interoperability.
Key Metrics:
- Market Cap: $6.3 Billion
- 2022 Return: -50%
- Background: Activated in 2017 as the Matic Network, Polygon utilizes a Proof-of-Stake sidechain to offer scalability and interoperability solutions for Ethereum.
- Use Cases: Scaling Ethereum dApps, NFTs, metaverse projects, payments
- Why Buy: Compelling value proposition as a key Ethereum scaling solution
7. Uniswap (UNI)
As a decentralized trading protocol, Uniswap pioneered automated market making powered by on-chain liquidity pools to enable users to effortlessly exchange crypto assets in a trustless manner without intermediaries.
Key Metrics:
- Market Cap: $4.3 Billion
- 2022 Return: -33%
- Background: Launched in 2018, Uniswap utilizes on-chain liquidity pools and math-based pricing functionality to enable users to trustlessly trade crypto assets without intermediaries.
- Use Cases: Decentralized trading, lending, staking
- Why Buy: First mover status as the largest DEX protocol driving Web3 adoption
8. Chainlink (LINK)
Providing reliable tamper-proof inputs and outputs for complex smart contracts, Chainlink has established itself as the leading decentralized oracle network for connecting blockchain apps with real-world data and computations.
Key Metrics:
- Market Cap: $3.2 Billion
- 2022 Return: -26%
- Background: Founded in 2017, Chainlink integrates real-world data into smart contracts in a secure, reliable manner via its extensive network of nodes and open-source protocols.
- Use Cases: Price feeds, verified randomness, connecting off-chain data/APIs to on-chain apps
- Why Buy: Critical crypto infrastructure with proven value to blockchain networks
9. Aave (AAVE)
Aave drives innovation in decentralized finance as a pioneer in flash loans and crypto-backed lending/borrowing, allowing users to earn yield as lenders or tap into DeFi liquidity via its non-custodial liquidity protocol.
Key Metrics:
- Market Cap: $1.1 Billion
- 2022 Return: -33%
- Background: Launched in 2020, Aave allows users to lend and borrow dozens of crypto assets via liquidity pools while earning yield through its open-source, non-custodial protocol.
- Use Cases: Crypto-backed loans, yield opportunities, flash loans
- Why Buy: Rapid growth trajectory as it innovates new DeFi lending products and services
10. THORChain (RUNE)
Employing a unique consensus method based on Tendermint BFT, THORChain allows swapping across platforms in a permissionless, non-custodial manner to enable frictionless multi-chain transactions.
Key Metrics:
- Market Cap: $476 Million
- 2022 Return: -89%
- Background: Activated mainnet in 2021 after several years in development, THORChain allows trustless swapping across platforms via its non-custodial liquidity protocol based on Tendermint BFT consensus.
- Use Cases: Cross-chain swapping, multi-chain transactions
- Why Buy: Novel architecture and tech for navigating multi-chain future
How to Buy Cryptocurrency
Follow these basic steps to purchase your first cryptocurrency:
- Open an account with a licensed crypto exchange platform like Coinbase, Kraken or Gemini. You’ll need to provide identity verification.
- Connect your bank account or card to fund your exchange account balance. Popular payment methods include bank transfer (ACH), debit card, Apple Pay, and wire transfer.
- Use the exchange interface to search for the crypto asset you want to buy, input your order amount in dollars or currency, then preview and confirm the transaction details before submitting your purchase order.
- Your crypto balance will show in your exchange wallet once the order executes. Optional: Withdraw to a private crypto wallet or hardware wallet for enhanced security.
Looking for step-by-step recommendations on funding crypto purchases through a mainstream financial service provider? Check out our separate guides explaining processes for buying crypto using Standard Bank, Western Union, or Bank of Ireland:
- How to Buy Crypto with Standard Bank
- How to Buy Crypto with Western Union
- How to Buy Crypto with Bank of Ireland
These articles walk through selecting an appropriate exchange, connecting your bank/remittance account, choosing payment methods, and completing buy orders specifically for each institution.
Conclusion
While volatile price swings make crypto investing risky, the transformative potential of blockchain technology continues to attract investors, developers and institutions worldwide. As the crypto space matures, established crypto assets and emerging innovators alike have opportunities to capture expanding market share across payments, decentralized finance, NFTs, metaverse, Web3 and other use cases.
For long-term investors, the highlighted 10 best cryptos to buy now offer standout choices based on their capabilities, adoption outlook and risk-return profiles.
FAQs
What are the best cryptos to buy now for long-term investment?
Based on track record and future growth outlook, Bitcoin and Ethereum rank as top long-term holds. Investors also recommend altcoins like Solana, Cardano and Polkadot for their technological capabilities and development roadmaps.
How many cryptos should I own?
Most experts suggest holding 3-5 cryptos to start out. This allows adequate diversification without overcomplicating your portfolio. Focus on a blend of majors like BTC and ETH combined with 1-2 mid or small-cap picks offering higher return potential.
What will be the next big crypto?
Up-and-coming “Ethereum killer” blockchains that aim to improve on Ethereum’s deficiencies while capturing its network effects have breakout potential, including Solana, Cardano, Polkadot and Polygon. Interoperability projects enabling cross-chain transactions also have strong growth runways.
