What Are Cryptocurrencies?
Cryptocurrencies are digital currencies which operate independently without a central authority. Users have unique addresses for transactions, providing an extra level of privacy and security. It can be used for various purposes such as, online purchases, investment, and other purposes.
Why investing in Cryptocurrencies could be beneficial in 2024?
Investments in Cryptocurrencies has gained significantly in recent decades, with the rise of Bitcoin there are lots of investment opportunities. However, choosing right one will be daunting for beginners. To help you to pick up right one in this complex landscape, we’ve mentioned a list of some of the best cryptocurrencies in which you can invest in May 2024.
1. Bitcoin (BTC)
- Market cap: $1 trillion
- Year-over-year return: 114%
It was invented by Satoshi Nakamoto in 2009, It is the origin of virtual currency called ‘Crypto Currency”. Since, it was first virtual currency that’s why it is dominating and influncing the virtual currency world. It operates on a decentralized peer-to-peer network, with transactions verified by network nodes through cryptography and recorded on a public ledger called a blockchain. From may 2016 to till now it accelerate its value from $500 to Approximately $50000, So I recommend to invest in it.
2. Ethereum (ETH)
- Market cap: $387.3 billion
- Year-over-year return: 67%
Ethereum is based on decentralized and open-source blockchain system. It was invented by Vitalik Buterin in 2013. Recently, it upgraded to Ethereum 2.0 to improve scalability, security, and sustainability. It allow developers to create decentralized applications (dApps) and smart contracts. Ethereum is now a bull of investment than bitcoin, but its blockchain functionality is its key differentiator.
Ethereum has also gained tremendous growth Between April 2016 and November 2023, its price Rise from about $11 to around $2,036, increasing 18,409%.
3. Binance Coin (BNB)
- Market cap: $86.9 billion
- Year-over-year return: 83%
Binance Coin (BNB) is the native cryptocurrency which is issued by Binance exchange, one of the largest and most popular cryptocurrency exchanges company in the world. it has been actively expanding its reach, including various features like, ventures into NFTs, gaming, and other blockchain-based projects.
BNB’s price in 2017 was just $0.10. By late November 2023, its price had risen to around $230, a gain of 229,847%.