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Best Crypto to Buy Now For 2024 [According To Social Media]
Investing 101
Dec 22, 2023

Best Crypto to Buy Now For 2024 [According To Social Media]

As we head into 2024, the question on most people's mind is whether the crypto market will fare any better than in 2023, and if certain cryptocurrencies will experience a significant rise in price. This not only revolves around the big players like Bitcoin (BTC) and Ethereum (ETH), but also extends to various altcoins and blockchains with smaller market caps. 

More specifically, people within the crypto space are constantly looking for investment advice for the best cryptocurrencies to buy, and many use analyses and predictions found on social media in order to make a decision. But the truth is that this isn't a fool-proof method for success, as there's simply no way to accurately predict how certain crypto assets will perform. 

However, although buying cryptocurrency off the back of influencer predictions is not recommended, there is indeed a benefit to be gained here, and that is being exposed to projects and technologies that people wouldn't have found otherwise. 

Therefore, rather than endorsing any prediction or recommendation, this article will instead present a list of cryptocurrencies that are currently generating a lot of attention on social media so that readers can look further into them if their value propositions catch their attention.

In this article, we’ll highlight: 

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Solana (SOL)
  • Avalanche (AVAX)
  • Arbitrum (ARB)
  • Optimism (OP)
  • Chainlink (LINK)
  • Thorchain (RUNE)

Let's get right into it!

Best Crypto to Buy According to Social Media

Not surprising, Bitcoin and Ethereum are the two crypto assets that are generating the most buzz on social media, and the overall sentiment appears to be highly bullish for 2024. Let's into some possible reasons why some are saying this is one of the best crypto pairings to invest in.

This is not an endorsement. There is no foolproof method for predicting the future performance of the crypto market, and any indicator should still be considered as speculative. 

1. Bitcoin (BTC)

Bitcoin BTC

Below are some bullish indicators that are being proliferated on social media, and which some people believe bode well for Bitcoin in 2024:

Bitcoin Halving and Price Surge: Some analysts believe that Bitcoin may hit $160,000 by 2024 due to the much anticipated halving event, which some speculate will cause prices to shoot up due to a reduction in Bitcoin's supply. 

Spot ETF and Institutional Interest: Talks about a Bitcoin spot ETF have been gaining momentum with players like BlackRock and the SEC coming into play. According to some commentators, this could attract huge institutional investment.

Global Regulatory Shifts: More than 42 countries have either discussed or implemented cryptocurrency regulations in 2023, and this may show a shift towards mainstream acceptance that could boost Bitcoin's growth.

2. Ethereum (ETH)

Ethereum ETH

Underneath are some developments which have brought about a lot of excitement for Ethereum, and which some analysts are using to prop up their bullish predictions for ETH in 2024: 

Advances in Decentralization: Lido’s ‘Distributed Validator Technology’ plans on improving Ethereum’s decentralization by addressing power concentration concerns, thus strengthening the network’s security.

Technological Upgrades: Ethereum has embraced Layer-2 solutions and smart contract advancements such as Stellar’s ‘Soroban’ smart contracts, enhancing scalability and efficiency.

Tokenization of Real-World Assets: Ondo Finance’s tokenized treasury offerings is one example of asset tokenization on Ethereum merging traditional and decentralized finance, thereby enhancing Ethereum's utility and adoption.

These are just a few developments and updates that have made crypto investors excited about the two main powerhouse cryptocurrencies. Now, what is the crypto community saying about other crypto tokens?

Best Cryptocurrencies To Invest in — Layer 1s

Given the importance and market dominance of Bitcoin and Ethereum, traders and analysts are naturally looking for Layer 1s that they believe can compete in the future; both in terms of technology and market share.  

Below are some Layer 1 crypto projects that appear to be getting a lot of attention according to influencers and analysts on social media.

This is not an endorsement. There is no foolproof method for predicting the future performance of the crypto market, and any indicator should still be considered as speculative. 

1. Solana (SOL)

Solana SOL

Solana (SOL) is a highly scalable Layer 1 blockchain which has been built with mass adoption in mind. The blockchain is known for its high benchmark throughput capabilities, estimated to be around 65,000 transactions per second (TPS). It operates on a hybrid proof-of-stake (PoS) and proof-of-history (PoH) consensus model.

Below are some developments which have led to some on social media to uphold SOL as the best cryptocurrency to buy outside of Bitcoin and Ethereum:

1. Solana Permissioned Environments (SPEs): Following the release of SPEs in 2023, enterprises and institutions can now build customizable Solana Virtual Machine environments. This is especially noteworthy as what this does is allow Solana's tech to be used within more internal infrastructures, thereby making it more likely to be used within enterprise applications. This in turn increases the likelihood of the project's technology being used by institutional users.

2. Helium's Upgrade to Solana: A major move in 2023, the crypto project Helium transitioned to the Solana blockchain, sending shockwaves throughout the industry. This involved around one million hotspots going onto the Solana network, with each being represented by an NFT; making it the largest mint to date. What this migration demonstrated is Solana's ability to scale with ease, which has arguably made it one of the preferred platforms for large-scale blockchain integrations.

3. Solana Firedancer: The announcing of Firedancer (developed by Jump Crypto) was a big update for the Solana community, as this solution purports to significantly improve upon the network's performance and consistency; which give Solana's past network outage problems, is a welcome update for the project.

2. Avalanche (AVAX)

Avalanche AVAX

Avalanche (AVAX) is a Layer 1 blockchain that is known for its high throughput and scalability. It operates on a unique consensus mechanism that combines the benefits of both classical and Nakamoto consensus models, offering a blend of security, decentralization, and speed.

Here are some key developments in 2023 that have been generating buzz for Avalanche on social media:

1. J.P. Morgan's Onyx Collaboration: Onyx by investment banking giant, J.P. Morgan, utilized Avalanche for a proof-of-concept under Singapore's Project Guardian. This initiative showcased how blockchain can automate portfolio management, and Avalanche's Evergreen Subnets was leveraged to demonstrate the network's capability to meet the rigorous demands of big financial institutions.

2. Introduction of Avalanche Evergreen Subnets: To add what was mentioned in the previous section, these subnets are customized blockchains designed for enterprise use, featuring EVM compatibility, advanced permissioning, and network privacy. Some are banking on this potentially attracting more users from institutional backgrounds.

3. Avalanche Vista: A $50 million fund dedicated to RWA research and development was announced by the Avalanche Foundation. This focus on RWAs and GameFi sectors ahead of 2024 is driving significant growth in Avalanche's ecosystem, as evidenced by a $634 million increase in Total Value Locked, and a $10 billion addition to its market cap.

It's important to note, that although Layer 1 projects have historically gotten the most attention behind Bitcoin and Ethereum, their Layer 2 counterparts have also generated a lot of interest and investment in recent times.

Cryptocurrencies to Buy — Layer 2s 

Due to the ever present problem of scalability within the world of cryptocurrency, Layer 2s have emerged as a solution for scalable and affordable infrastructure. This has made Layer 2s really appealing to investors, who believe these innovative scaling solutions make them projects with high growth potential. Let's have a look at a couple that have generated a lot of optimistic analyses on social media.

This is not an endorsement. There is no foolproof method for predicting the future performance of the crypto market, and any indicator should still be considered as speculative. 

Arbitrum (ARB)

Arbitrum ARB

Arbitrum (ARB) is a leading Layer 2 scaling solution that facilitates a unique way of improving transaction efficiency on the Ethereum blockchain. It is built using optimistic rollup technology, allowing for faster and cheaper transactions compared to using Ethereum's network on its own.Below are some developments that have made some enthusiasts optimistic for the project's future in 2024 and beyond:

1. ARB Airdrop: In 2023, Arbitrum introduced its own native token called ARB, and conducted a large-scale airdrop for community members in order to transition the project into a decentralized autonomous organization (DAO). This was done in order for the ARB community to vote on important governance decisions, making it a monumental step for the project's road towards decentralization. 2. Total Value Locked (TVL) Dominance: One indicator that has been used repeatedly is Arbitrum's TVL dominance, which with an approx figure of $2.5 billion locked into its network, makes it the largest Layer 2 solution according to this metric. Outside speculators have used this to uphold the project's credibility as a reputable technology provider with cutting edge scaling solutions.

3. Arbitrum Orbit Tech Stack Proposal for Celo: 2023 also saw Arbitrum propose its Orbit tech stack as a potential solution for Celo's new Layer 2 blockchain. Based on Arbitrum’s optimistic rollup technology, the project's proposal to provide Layer 2 and Layer 3 chains for the likes of Celo highlights its expanding interoperability and scaling capabilities.

Optimism (OP)

Optimism OP

Optimism (OP) is the other prominent Layer 2 scaling solution for Ethereum, and is also known for its low-cost and high-speed capabilities. Like Arbitrum, it utilizes optimistic rollup technology to enhance transaction efficiency while leveraging the robust security of the Ethereum mainnet.

Some developments that have peaked people's interest include:

1. Significant Growth in Total Value Locked (TVL): In 2023, Optimism’s TVL grew by over $900 million dollars (second only to Arbitrum), leading many to proclaim that is due to an increase in demand for Optimism’s Layer 2 scaling solutions. This has been used to support bullish predictions for the scaling solution. 

2. Bedrock Upgrade: There was a major Optimism upgrade in 2023 called Bedrock, and this aimed to reduce transaction costs, increase transaction speeds and ensure the Layer 2's compatibility with Ethereum Virtual Machine (EVM). In terms of Optimism's trajectory, this update has been widely viewed as an important step towards it becoming a go-to scaling solution for Ethereum.

3. Increased User Activity and Marketing Efforts: Optimism's development team implemented effective marketing strategies in 2023, leading to increased user activity on the platform. This rise in user engagement contributed to higher yields within the Layer 2 network, attracting more participants and fostering a more vibrant ecosystem.

As can be seen, both projects have impressive TVL, which indicates that these are two widely respected value propositions which investors believe will play an important part in making blockchain technology more scalable for the masses. 

Best Cryptocurrencies To Buy — DeFi

Last but not least, projects within decentralized finance (DeFi) have garnered a lot of attention ever since they first burst onto the scene, and this is primarily due to their innovative yield mechanisms which have attracted many investors wanting to make additional yield on their investments.

Here are two DeFi projects that have been generating significant interest on social media.

This is not an endorsement. There is no foolproof method for predicting the future performance of the crypto market, and any indicator should still be considered as speculative. 

Chainlink (LINK)

Chainlink LINK

Chainlink (LINK) is a decentralized oracle network that is arguably one of the most important tech offerings within the world of DeFi, as it provides robust and tamper-proof data for smart contracts that can be used on any blockchain. As a trusted third-party, LINK ensures that smart contracts can interact with data from the real-world in a secure and efficient manner, which is fundamental for most  decentralized applications (dApps).

1. Expansion of Chainlink's Decentralized Oracle Network: In 2023, Chainlink expanded its decentralized oracle network significantly by incorporating new data providers and increasing the variety of data available. This expansion has empowered the network to deliver accurate and reliable data to smart contracts, thereby making it more robust for various blockchain applications. 

2. Introduction of New Chainlink Services: In 2023, several services were launched by Chainlink, including CCIP, a cross chain interoperability protocol that is enabling highly secure cross-chain transactions. Through these services, it is argued that Chainlink is expanding its value offering, making it more than just a price feed.

3. Strategic Partnerships and Integration with Major Players: Chainlink formed strategic partnerships with several major blockchain platforms and DeFi projects in 2023. But what has been even more exciting for many supporters of the project, was Chainlink's use by Swift, which used the Web3 oracle to efficiently facilitate the transfer of tokenized value over a range of public and private blockchain networks. 

Thorchain (RUNE) 

Thorchain RUNE

Thorchain (RUNE) is a decentralized liquidity protocol that has revolutionized the way in which assets are exchanged on various blockchain platforms. It differentiates itself from other DeFi protocols by making it possible to directly switch between assets without any wrapping or pegging, ensuring that assets preserve their original form.

In 2023, the following developments have made people take notice:

1. Cross-Chain Expansion: Thorchain made significant improvements in its cross-chain capabilities by integrating with major blockchain networks like BSC. Analysts say this expansion has brought about more tradable assets, and increased the overall liquidity of the protocol; all of which has positioned Thorchain as a leading player in cross-chain technology.

2. Security Upgrades: Thorchain significantly bolstered its security by taking steps to fix vulnerabilities exposed by past incidents. These included stronger smart contract audits and sophisticated cryptographic measures, and it has been this emphasis on security that has helped rebuild and enhance user trust in the protocol. 

3. Reaching Highest Monthly Volume: Thanks to the Streaming Swaps launch (a newly introduced feature enabling protocol users to divide an individual swap into multiple sub swaps), Thorchain experienced its highest monthly volume in over twelve months, surpassing the $1 billion mark. Many believe this growth is a sign that RUNE is just starting off, and can possibly have a bigger breakout in 2024.

The Rest Is up to You

There you have it. 

Rather than come up with our own list, we have instead presented you with a list of the top cryptocurrencies to buy according to various different influencers, analysts and enthusiasts. As mentioned previously, although buying crypto based upon their investment advice is not a foolproof recipe for success, the benefit that can be derived here is being exposed to various different cryptocurrency projects, and gauging the sentiment of the cryptocurrency market. 

So what now?The truth is that there is no way of knowing what cryptocurrency will skyrocket in 2024, so you should never buy or sell based upon the recommendations of others. What is a much better use of your time is to conduct further research into any cryptocurrency you find appealing, and this can be done by going onto the project's website, reading their whitepaper/docs, or using an array of deep-dive resources (articles, videos) provided by third-party sources.

Once you feel you are in a position to make a crypto portfolio, rather than assuming that the best exchanges to buy crypto are Coinbase or Binance, it is recommended that you do your own research on what the ideal crypto exchange is for you. Some exchanges will be more optimal for buying and selling certain tokens, and some will have better fees. Either way, if you want to invest in crypto in an efficient manner, then this is an important step to take so you can invest in cryptocurrency stress free.

We wish you the best of luck in finding the best crypto to invest in!

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