With the cryptocurrency markets still in an uncertain position, many crypto investors are wondering if it’s time to sell in order to secure their profits, or continue to hold, or even accumulate, to benefit from a potential price rally that could be in the store in the short to medium term.
Even though the crypto markets have always recovered from their bearish periods so far, every bear market has its “casualties” that never make a strong recovery. Therefore, it’s important to choose quality crypto projects that have a good chance of surviving the bear market and thriving in the future.
We’ve analyzed 200 of the top cryptocurrencies based on their liquidity and availability, technology, sector leadership, tokenomics and more key factors. You can read more about our criteria a bit further down in the article.
By doing so, we’ve narrowed the list down to a dozen cryptocurrencies that present the most compelling opportunities at the moment. The top three coins on our list are updated weekly to reflect the most up-to-date developments in the crypto and blockchain sector.
List of the best cryptocurrencies to invest in August 2024:
- Bitcoin – Decentralized peer-to-peer cryptocurrency
- Maker – A key decentralized finance project
- Celo – Mobile-first blockchain specialized for efficient payments
- Ethereum – The leading blockchain for smart contracts
- Solana – High-performance blockchain platform for smart contracts
- Toncoin – A blockchain closely integrated with Telegram
- Aptos – Highly scalable blockchain with Move smart contracts
- Uniswap – The biggest DEX on Ethereum
- XRP – Highly efficient digital currency
- Kaspa – Scalable layer1 blockchain based on BlockDAG architecture
- BNB – A popular cryptocurrency utilized in the Binance ecosystem
- Arbitrum – The leading layer 2 ecosystem for Ethereum
Examining the best cryptos to buy right now
Let’s start off by highlighting three cryptocurrency projects that have seen important developments recently or have big events coming up in the near future. We update these highlighted coins on a weekly basis to reflect the latest developments in the world of crypto and blockchain.
Before we dive into our list of the best cryptos to buy, we should note that choosing which crypto to buy is only the first step in your crypto investment journey. It’s also important to choose the right platform to buy crypto, and you also have to decide how you will be storing your cryptocurrency.
In our opinion, the best way to invest in crypto is to transfer your coins to a hardware wallet after you buy it on an exchange. A great starting point is to buy cryptocurrency on KuCoin and store it in a Ledger hardware wallet.
1. Bitcoin
Bitcoin is a decentralized peer-to-peer cryptocurrency that was initially described in 2008 and launched in early 2009. Bitcoin was invented by a person using the pseudonym Satoshi Nakamoto, whose real identity is still unknown.
Bitcoin introduced the concept of a blockchain and provides a fully decentralized digital currency that’s extremely secure. It implements Proof-of-Work to make it very difficult to alter the history of transactions or double spend coins. The network is secured by miners, who are rewarded with BTC coins for adding blocks to the Bitcoin blockchain.
BTC can be sent anywhere in the world on a 24/7 basis, and transactions cannot be blocked by any intermediaries. By holding their own private keys, users can self-custody their Bitcoin without requiring institutions such as banks.
Even though countless cryptocurrencies and blockchain platforms have been released after Bitcoin, BTC is still easily the largest cryptocurrency by market capitalization.
Why Bitcoin?
The Bitcoin price has seen 3 consecutive weeks of growth for the first time since January, as the last 3 weekly candles all closed in the green.
One of the main indicators that investors are more bullish on Bitcoin are inflows into Bitcoin ETFs, which have picked up substantially. Bitcoin ETFs saw $365 million in inflows last Thursday and $494 million last Friday, according to data from Farside Investors. In total, $1.1 billion was invested into Bitcoin ETFs last week.
GM.
US spot #Bitcoin ETFs alone have scooped up more than a month of new mined $BTC supply in a single week.
Let that sink in. pic.twitter.com/66NSoBlljv
— André Dragosch, PhD | Bitcoin & Macro ⚡ (@Andre_Dragosch) September 30, 2024
In the Bitcoin options markets, there has been increased buying of calls with a strike price of $75,000 and above, as well as put selling. Greg Magadini, the director of derivatives at Amberdata, said that this patterns “suggests a bullish outlook for spot prices (due to the put selling) while also anticipating an acceleration in price movement”.
The Bitcoin markets have likely been boosted by the U.S. Federal Reserve announcing a 0.5% interest rate cut and the People’s Bank of China considering a major fiscal stimulus plan which would lower interest rates and permit banks to increase lending in an effort to boost the country’s economy.
However, it’s worth keeping in mind that Bitcoin has started the week off with a pullback, as the BTC price fell from $66,000 to $63,500. It remains to be seen whether Bitcoin bulls will jump in to support the price here or whether we will see a more substantial price correction in the next few days.
2. Sky
Sky is a decentralized finance protocol that issues and manages USDS, a decentralized stablecoin pegged to the US dollar. Users that hold assets that are supported as collateral (for example, ETH) can lock their coins into Sky’s smart contracts in order to issue USDS. The protocol also incorporates the SKY token, which facilitates decentralized governance.
The system is overcollateralized—in order to mint USDS, users need to provide collateral that exceeds the value of minted USDS, and users are required to monitor the value of their collateral in order to avoid liquidation.
Sky was founded under the name Maker in 2014, and the platform’s stablecoin was first launched in late 2017 under the name Dai. Initially, the protocol only supported ETH as collateral. With the launch of Multi-Collateral Dai in 2019, it also became possible to use other forms of collateral. Today, Sky’s stablecoin USDS is backed by a diverse range of assets.
Why Sky?
The recent rebranding of Maker to Sky has brought renewed attention to the highly established DeFi project, and their new stablecoin USDS has seen a rapid increase in supply. At the time of writing, there’s already $493 million worth of the stablecoin in circulation.
How DAI’s stablecoin rebrand hit $490m in five dayshttps://t.co/84iLWHwfT8
— DL News (@DLNewsInfo) September 23, 2024
According to Sky co-founder Rune Christensen, the project is looking to position USDS as a stablecoin for users who are already familiar with Tether, but would like to access a straightforward way of earning rewards on their holdings. Currently, USDS holders are earning a 6.25% APY, and the yield is sourced from the revenue generasted by the Sky protocol.
In a post on X (formerly known as Twitter), Christensen outlined the next steps for the Sky project. This includes the Sky Aave Force partnership with DeFi lending protocol Aave, in which USDS holders will be able to receive both the USDS Savings Rate and the regular Aave interest rates.
The Sky protocol will also be launching on Solana, bringing the first decentralized stablecoin with integrated rewards to the high-performance blockchain platform.
3. Celo
Celo is a mobile-first blockchain focused on enabling fast and low-cost payments worldwide. Its primary aim is to enable financial inclusion, especially for unbanked populations around the world. Celo supports smart contracts and decentralized applications, and utilizes stablecoins to provide cheap and fast transactions.
The Celo is currently in the project from transitioning from its current EVM-compatible layer 1 blockchain towards a layer 2 that will function on top of the Ethereum blockchain. The testnet for the layer 2 platform was launched in July of 2024.
The platform’s native CELO token is designed to provide multiple utilities. The token serves as the main reserve asset in the stability mechanism for Celo’s native stablecoins such as cUSD and cEUR. In addition, the token can be staked to earn rewards or used in Celo’s governance process.
Why Celo?
The Celo blockchain has been seeing impressive growth in stablecoin usage, recently reaching a 7-day average of around 700,000 active addresses involved in stablecoin transactions. Thanks to its rapid growth, Celo is now beginning to challenge Tron as the most broadly used blockchain platform for stablecoin transactions.
@Celo recently passed @trondao in daily active addresses for stablecoin usage.
-What’s behind this meteoric rise?
-Is Africa undergoing a stablecoin breakout?A 🧵 pic.twitter.com/6Xn8CF6DfO
— Artemis (@artemis__xyz) September 16, 2024
There’s currently $213 million worth of USDT on the Celo platform, and Tether has pre-minted an additional 200 million USDT tokens on Celo in anticipation of future demand. Tether first launched its USDT stablecoin on Celo in March of this year.
The demand for stablecoin transaction on Celo is driven by apps such as Minipay and Valora, which are aimed at users in developing countries where access to the banking system is difficult.
Recently, Ethereum founder Vitalik Buterin praised Celo’s progress on X, sparking renewed investor interest in the CELO token.
This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it’s great to see @Celo getting traction.
See also their recent posts:
* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s
*… https://t.co/Qq7vcmZ6e3— vitalik.eth (@VitalikButerin) September 25, 2024
This helped drive a rally in the market for the CELO token, which is up 21.1% in the last 7 days.
4. Ethereum
Ethereum is a blockchain that supports smart contracts, enabling more complex use cases such as decentralized lending protocols and non-fungible tokens. The Ethereum project was founded by Vitalik Buterin, who published the Ethereum whitepaper in late 2013. The Ethereum blockchain launched in July 2015.
One of the first use cases enabled by Ethereum that gained a lot of traction was the ability to issue custom tokens that could be transacted over the Ethereum blockchain. This feature was utilized by many projects to conduct fundraising through Initial Coin Offerings (ICOs) and other types of token sales.
Today, Ethereum has an extremely vibrant ecosystem of decentralized applications – including decentralized financial services, NFT marketplaces, publishing platforms, decentralized cryptocurrency exchanges, and more – which makes it a good investment in 2023, in our opinion.
ETH is the native asset of the Ethereum blockchain, providing an incentive for users to secure the network. The Ethereum network originally implemented a Proof-of-Work consensus mechanism but switched over to Proof-of-Stake in September of 2022.
Why Ethereum?
With Ethereum ETFs expected to start trading in the US market soon, ETH is certainly among the most interesting crypto assets to keep an eye on in the short term.
After the SEC’s approval of 19b-4 filings from exchanges that are looking to list Ethereum ETFs, ETH saw a substantial rally that took the ETH price to roughly $3,900. Since then, the price has dipped into the $3,000 range. However, once ETFs actually start trading, we could see another dose of bullish activity take over the ETH markets.
Remember that the first Bitcoin spot ETFs started trading in the US just earlier this year. When they first launched, BTC was trading at about $45,000. However, in the days and weeks following the launch, BTC shot up all the way to a new all-time high above $73,600.
While it’s impossible to say whether spot ETFs will have the same outsized impact on ETH as they did on BTC, it’s difficult not to be at least somewhat optimistic about the whole thing. According to the latest news coming from Bloomberg analysts, the SEC could approve Ethereum spot ETFs for trading on July 15th.
5. Solana
Solana is a smart contracts platform with a unique architecture that allows it to process thousands of transactions per second while keeping costs extremely low. Solana achieves this by utilizing a unique Proof-of-History algorithm and a Proof-of-Stake consensus mechanism. SOL is among the cheapest cryptos to transfer on the market, as users pay less than $0.001 per transaction on average.
Solana was founded in 2018 by Anatoly Yakovenko. The platform’s mainnet launched in March 2020 and saw a huge boost in adoption in 2021. While SOL has lost a lot of its value in the 2022 bear market, Solana still has one of the most impressive ecosystems in the cryptocurrency sector and is potentially still one of the next cryptos to explode.
Why Solana?
It has been a very exciting week for Solana thanks primarily to the Breakpoint conference, which took place in Singapore from September 20 to September 21. At the conference, we saw several major announcements that show the Solana ecosystem continues to thrive and will be worth following closely in the weeks and months to come.
Arguably the most notable news from the event is that a prototype of the Firedancer Solana client has launched on the mainnet. Dubbed “Frankendancer”, the prototype is setting the stage for a mainnet rollout of Firedancer, which is poised to significantly improve the already impressive scalability of the Solana blockchain.
BREAKING NEWS: Kevin Bowers announces that Frankendancer is now live on Solana mainnet — and the full @jump_firedancer client is on testnet 🔥💃 pic.twitter.com/piZUEuVYnE
— Solana (@solana) September 20, 2024
In addition to “Frankendancer” launching on mainnet, the full Firedancer client has been launched on testnet.
Another exciting piece of news for Solana is that Solana Mobile has announced a new crypto-friendly phone called Seeker. The phone, which is the successor of the Saga phone launched in 2023. The Seeker is expected to release in mid 2025, and there are are already 140,000 pre-orders for the phone. The phone can currently be pre-ordered for $500, although the price is expected to increase during the next phase of pre-orders.
1/ We’ve been deep in build mode for months, and we’re excited to show you what we’ve been working on.
Introducing the next chapter of Solana Mobile: the Solana Seeker 🧵👇 pic.twitter.com/2UW3Wqhymw
— Seeker | Solana Mobile (@solanamobile) September 19, 2024
6. Toncoin
Toncoin is a blockchain project that’s continuing the development of a blockchain platform that was initially designed by the team behind the Telegram messenger. While Telegram was forced to abandon the project due to legal trouble with securities regulators in the United States, community members saw potential in Telegram’s blockchain vision and resumed development under the name Toncoin.
The development of Toncoin is led by an organization called the TON Foundation, which has no formal association with Telegram. However, the Telegram team is integrating various solutions powered by the Toncoin blockchain into their messenger. For example, the Telegram app now allows users to access the TON Space wallet.
From a technical perspective, Toncoin is a scalable blockchain with smart contracts functionality and a Proof-of-Stake consensus mechanism. However, the initial distribution of TON was performed through a Proof-of-Work model to ensure a fair launch.
Why Toncoin?
The Toncoin ecosystem is booming at the moment thanks to the viral popularity of Telegram games, many of which are getting ready to conduct token airdrops to their players using the TON Blockchain.
The most notable example of this is Hamster Kombat, which is getting ready to launch its token very soon. On September 26, the Binance cryptocurrency exchange will launch the project’s HMSTR token after the conclusion of Hamster Kombat campaign on Binance Launchpool.
On September 20, we saw the launch of CATI, a token tied to the Telegram-based mini game Catizen. The token is now live on the TON Blockchain as well as on the Mantle layer 2 platform.
Another interesting development for Toncoin is that the Bitget cryptocurrency exchange and Foresight Ventures recently announced that they purchased $30 million worth of Toncoin from whales. A spokesperson told CoinDesk that the purchased TON tokens have a vesting period to ensure long-term commitment to the TON ecosystem.
“All TON tokens acquired have a lock-up period and will be gradually released according to the vesting scheme to ensure that all parties are committed to the TON ecosystem for the long term.”
7. Aptos
Aptos is a layer 1 blockchain that aims to provide a highly scalable platform for smart contracts. Aptos utilizes the Move smart contracts programming language, which was initially developed for the Libra blockchain project. In addition to its strong performance, the Move language includes safeguards that help prevent unpredictable bugs in smart contracts.
According to developers, the Aptos protocol is capable of handling up to 100,000 transactions per second (TPS). This is possible thanks to a pipelined and modular approach to transaction processing, in which the different stages of processing a transaction are performed concurrently.
Why Aptos?
Aptos has been displaying an impressive amount of activity, with the number of monthly active accounts on the Aptos blockchain recently surpassing 3.6 million. In the last 30 days, the Aptos blockchain peaked at 435,000 daily active accounts, although this figure has dropped to around 145,000 at the time of writing. In the last months, Aptos has been seeing between 75,000 and 100,000 new accounts on a daily basis.
This activity is reflected in various decentralized applications on the Aptos blockchain – for example, decentralized exchange aggregator Panora recently hit the $1 billion trading volume milestone. According to data by DeFi Llama, Aptos is ranked 10th among all blockchains (including Ethereum layer 2s) when it comes to 24-hour trading volume, and 17th when it comes to TVL (total value locked).
In addition to the growth in activity, Aptos developers recently announced Move 2.0, a release that will add multiple new features to the Move programming language to make it more flexible and powerful.
In tech updates for the ecosystem 💻
An extension of the Move programming language, Move 2, was announced at #ExperienceAptos to bring several new features designed to make writing DeFi applications easier with Move on Aptos.
➕ Raptr—the next-generation BFT consensus… https://t.co/kPss3WlBX4
— Aptos (@Aptos) September 14, 2024
In terms of market performance, APT has been lackluster recently, losing -1.3% in the last month, which is on par with Bitcoin’s price action in the same time period. However, with all the activity surrounding the Aptos ecosystem, APT could have what it takes to stage an impressive rebound, especially if the overall sentiment in the altcoin markets goes on an upswing.
8. Uniswap
Uniswap is a decentralized cryptocurrency exchange that introduced and popularized the AMM (automated market maker) model. This unique design removes the need for order books, providing an elegant way for swapping between different tokens directly on the blockchain without relying on intermediaries.
The Uniswap protocol is decentralized, and anyone can create liquidity pools for any token. This means that the newest crypto assets are often traded on Uniswap before they make their way on centralized cryptocurrency exchanges.
The model introduced by Uniswap has been adopted by many decentralized exchanges on different blockchain platforms. However, Uniswap remains the most active decentralized exchange in terms of trading volume.
Uniswap is governed by holders of the UNI token, who can submit and vote for proposals. UNI was distributed to past users of the Uniswap protocol via an airdrop in 2020, and the token is now available for purchase on a variety of both decentralized and centralized trading platforms.
Why Uniswap?
Uniswap’s UNI token has been a pleasant surprise as of late, gaining 11% in the last 7 days despite the price of Bitcoin dropping by roughly 4.5% in the same time period.
One of the catalysts for UNI’s strength could be the Uniswap V4 protocol upgrade, which has been tentatively set for Q3 2024, although there is no firm date for the upgrade at the moment. Uniswap V4 aims to improve user experience and offer more developer control, making the platform more versatile for decentralized finance applications.
Most notably, The V4 version of the Uniswap protocol is introducing hooks, which are “plugins to customize how pools, swaps, fees, and LP positions interact.” They allow developers to create customized AMM pools and integrated V4 smart contracts.
One encouraging development for Uniswap V4 is that the protocol has been audited by renowned smart contracts auditing firm OpenZeppelin.
Uniswap v4 is coming soon. Core contracts were audited by OpenZeppelin 🦄
Uniswap v4 builds on v3 with new features like flash accounting, dynamic fees, native asset support, and the highly anticipated hooks feature, allowing for more custom logic, and providing more flexibility… pic.twitter.com/PHjfnMV2If
— OpenZeppelin (@OpenZeppelin) September 5, 2024
Despite the fact that there’s plenty of positives for Uniswap, the project has also been the subject of regulatory scrutiny. U.S. regulator CFTC (Commodity Futures Trading Commission) charged Uniswap Labs with illegally offering leveraged trading to retail investors and levied a $175,000 fine against the company.
9. XRP
XRP is a cryptocurrency that was launched in June of 2012. It was developed by David Schwartz, Jed McCaleb and Arthur Britto, who started a company called OpenCoin together with Chris Larsen. 80% of the XRP supply was gifted to the company by the developers of XRP. OpenCoin has since been renamed to Ripple, and the company has put the majority of its XRP holdings into escrow.
XRP provides very fast and low-cost transfers, making it suitable for use-cases like remittances. It uses neither Proof-of-Work nor Proof-of-Stake, but instead implements the XRP Ledger Consensus Protocol. Every participant in the XRP network can choose a set of validators that they trust to behave honestly.
Ripple has implemented the XRP cryptocurrency into its products, most notably On-Demand Liquidity (ODL). ODL works in partnership with cryptocurrency exchanges uses XRP to provide efficient cross-border money transfers.
Why XRP?
Fintech company Ripple has announced that it will invest $10 million into tokenized treasury bills (T-bills) on the XRP Ledger. The tokens are backed by short-term US Treasury bills and reverse repurchase agreements, which are supported by US Treasuries.
News alert – tokenization platform @OpenEden_Labs is bringing tokenized US Treasury bills (T-bills) to the #XRPL! What’s more, Ripple is creating a fund to invest in tokenized T-bills, and will allocate USD$10M to OpenEden’s TBILL tokens as part of it. https://t.co/8GsG1Mk3ER
— RippleX (@RippleXDev) August 1, 2024
The tokenization of T-bills on the XRP Ledger is enabled by OpenEden, a platform designed for the tokenization of real-world assets (RWAs). In addition the to XRP Ledger, the platform also supports the tokenization of RWAs on the Ethereum and Arbitrum One blockchain platforms. At the time of writing, OpenEden’s T-bill Vault has a total value locked of $91.7 million and an estimated APY of 4.95%.
According to Ripple, the $10 million investment is part of a larger fund that will make allocations into tokenized treasury bills on OpenEden and other tokenization platforms. RippleX senior vice president Markus Infanger had the following to say about the purchase of T-bills on OpenEden:
“Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”
Per OpenEden co-founder Jeremy Ng, users will be able to buy tokenized treasury bills on OpenEden using the Ripple USD stablecoin after it launched later in 2024.
10. Kaspa
Kaspa is a decentralized cryptocurrency project focused on high scalability and fast transactions. Utilizing a blockDAG rather than a traditional blockchain, Kaspa aims to offer fast block confirmations for a more efficient and user-friendly experience.
The layer-1 blockchain makes GPU mining processes more efficient, combining a proof-of-work (PoW) consensus mechanism with a DAG (directed acyclic graph) to optimize block finality. This makes the Kaspa network more efficient than alternative PoW chains, not just in terms of energy expenditure for miners, but also in terms of processing transactions.
Why Kaspa?
Kaspa was one of the best cryptocurrency performers last week, gaining 19.5% against the US dollar in the seven-day period.
Arguably the biggest catalyst for this growth was the news that cryptocurrency mining firm Marathon Digital announced that it had been mining Kaspa since September 2023.
The company has purchased 60 petahash worth of Kaspa mining hardware (Bitmain’s KS3, KS5, and KS5 Pro miners), although only half of Marathon Digital’s Kaspa miners are operating at the moment. The firm estimates that it will have 16% of Kaspa’s global hashrate once all its Kaspa mining hardware is deployed.
For even more context on Kaspa, as well as how we continue to support Bitcoin and proof-of-work ecosystems, read our blog for more details: https://t.co/6MxgVxowEa
— MARA (@MarathonDH) June 26, 2024
Marathon cited Kaspa’s “fair launch, technology and strong market position” as the main reasons why they decided to start mining it in addition to Bitcoin. The company also said that diversification of its digital assets portfolio was a key reason for launching Kaspa mining operations. It’s worth noting that KAS is the most profitable crypto to mine as of July.
Marathon Digital’s chief growth officer Adam Swick stated:
“Integrating Kaspa into our digital asset compute portfolio enables us to diversify our revenue streams and improve our profitability per kilowatt-hour. Bitcoin is Bitcoin, and nothing will ever take away its unique value proposition. However, Kaspa’s innovative technology and dedicated community present a valuable opportunity for us to support and nurture proof-of-work innovation.”
11. BNB
BNB is a token that was launched by the Binance cryptocurrency exchange in 2017. BNB serves two primary functions. Holders of the token get access to special benefits when using Binance – this includes lower trading fees, access the exchange’s Launchpad and Launchpool programs, cashback on Binance Visa card purchases, and more.
The token is also used as the native asset of the BNB Chain blockchain. BNB Chain is a variant of Ethereum that offers significantly lower transaction fees to users, and it allows developers to easily deploy EVM-compatible decentralized applications. Previously known as Binance Coin, BNB has now gone through an extensive rebranding.
Why BNB?
The Binance cryptocurrency exchange recently announced a new initiative called “HODLer Airdrops”, which will provide airdrops to users who have their BNB tokens in Binance’s Simple Earn lending products.
According to Binance, the tokens that will be airdropped through HODLer Airdrops will be sourced from projects that already have a large circulating token supply and will soon be listed on Binance. The exchange says it will be prioritizing “small to medium projects with strong fundamentals, a large circulating supply, and strong and organic communities”.
HODLer Airdrops will apply to BNB holders who have their tokens in Simple Earn products, including flexible and locked lending products. The airdrop allocations will be determine according to each user’s hourly average balance in Simple Earn, and Binance will also be taking historical snapshots of users’ Simple Earn BNB balances at randomly selected intervals.
The HODLer Airdrops initiative is yet another incentive for users to hold BNB tokens, as BNB tokens committed to Simple Earn products will also be eligible for other benefits such as Launchpool and Megadrop initiatives, as well as Binance’s VIP program.
12. Arbitrum
Arbitrum is a project that is creating layer 2 scalability solutions for Ethereum with the goal of giving users access to faster and cheaper transactions while still benefiting from the security of the Ethereum network.
The project’s most popular platform is Arbitrum One, which is a general-purpose layer 2 that’s based on Optimistic rollups technology. Arbitrum has also launched the Arbitrum Nova layer 2, which is optimized for applications that require a high transaction output and ultra-low transaction fees, but doesn’t provide the same level of decentralization as Arbitrum One.
The technology stack powering Arbitrum’s products is known as Arbitrum Nitro, and consists of Arbitrum Rollup, Arbitrum Orbit and Arbitrum AnyTrust.
The Arbitrum One mainnet launched in August 2022 and quickly became one of the most popular layer 2 solutions for Ethereum. The platform’s efficient transactions have allowed it to support unique decentralized applications, perhaps most notably the GMX decentralized derivatives exchange.
In addition, many protocols that made a name for themselves on Ethereum, for example Uniswap, Aave and SushiSwap, are now also deployed on Arbitrum.
Despite being a relatively recent entrant on the cryptocurrency scene, the Arbitrum platform has become one of the biggest blockchains in terms of the TVL (total value locked) in its DeFi ecosystem.
Why Arbitrum?
The Arbitrum DAO has approved a temperature check proposal which aims to increase the utility of the ARB token by implementing an ARB staking system. Under the proposed system, ARB token holders would have the ability to delegate their holdings to active governance participants and earn rewards in return.
Arbitrum governance approved ARB token staking ✅ pic.twitter.com/bOtwsIvYUm
— ethdaily.eth (@ethdaily) August 15, 2024
From a technical perspective, the proposal would introduce a liquid staked token called stARB, which would be implemented through the Tally protocol. This would give ARB stakers access to auto-compounding rewards and allow them to participate in DeFi even while staking their tokens.
Per the proposal, one of the main reasons for the STAKING proposal is the fact that the ARB token is “struggling to accrue value”. Indeed, ARB has been one of the worst performers in the cryptocurrency top 100 this year, as it’s currently posting a very disappointing -65.4% year-to-date performance.
In total, 145 million ARB tokens were used to vote in favor of the proposal, 13 million ARB token were used to vote for “Abstain”, while only around 13,000 ARB were used to vote against the proposal. This shows considerable support for introducing ARB staking, which might be just what the token needs to get out of its slump.
| Native asset | Launched in | Description | Market cap* | |
|---|---|---|---|---|
| Bitcoin | BTC | 2009 | Decentralized peer-to-peer cryptocurrency | $1.27 trillion |
| Sky | SKY | 2015 | A key decentralized finance project | $1.43 billion |
| Celo | CELO | 2020 | A mobile-first blockchain specialized for efficient payments | $351 million |
| Ethereum | ETH | 2015 | The leading blockchain for smart contracts | $317 billion |
| Solana | SOL | 2020 | High-performance blockchain for smart contracts | $73.6 billion |
| Toncoin | TON | 2021 | A blockchain closely integrated with the Telegram messenger | $14.7 billion |
| Aptos | APT | 2022 | Highly scalable blockchain with Move smart contracts | $4 billion |
| Uniswap | UNI | 2020 | The biggest decentralized exchange protocol | $4.5 billion |
| XRP | MATIC | 2012 | Highly efficient digital currency | $35.9 billion |
| Kaspa | KAS | 2021 | Scalable layer1 blockchain based on BlockDAG architecture | $4 billion |
| BNB | BNB | 2017 | BNB Chain’s native asset and token used in Binance ecosystem | $85.2 billion |
| Arbitrum | ARB | 2022 | Leading Ethereum layer 2 project | $2.3 billion |
*Data as of September 30, 2024, at 13:00 UTC.
Best crypto to buy for beginners
If you’re a new entrant in the cryptocurrency space, it’s probably best to stick to cryptocurrencies that have been around for a longer period of time and have a well-developed ecosystem of resources for users. This will make it easier for you to set up your wallet and find answers if you encounter any problems along the way.
If you’re a beginner, consider sticking to cryptocurrencies that satisfy the following criteria:
- The coin has a significant market capitalization ($1 billion and up)
- The coin is listed on many cryptocurrency exchanges and can easily be exchanged against fiat currencies
- The coin has solid liquidity (at least $100 million in 24-hour trading volume)
- The coin is already a working product and is not based on future promises
If you stick to coins that meet these criteria, you’ll automatically be filtering out a lot of low-quality projects and reducing your chances of falling victim to scams. You will also easily be able to sell your coins and convert them to fiat currency if you ever decide to do so.
Here are a few examples of cryptocurrencies that are worth considering for beginner investors in crypto. These coins have a lot of liquidity, well-developed ecosystems and a lot of educational resources and tools that will help beginners get up to speed.
Please note that cryptocurrencies are risky investments and typically display a lot of price volatility. This is true even for established cryptocurrencies with multi-billion dollar market capitalizations. Never invest more than you are willing to lose.
Best crypto to buy for long-term investors
Many crypto investors prefer to passively hold their cryptocurrencies over the long term instead of actively trading them. Frankly, this is a good decision if you don’t want to put a lot of time and effort into following everything that’s happening in the crypto and blockchain space.
If you’re trying to invest in crypto for the long term, we recommend that you only stick to the most established cryptocurrencies such as Bitcoin and Ethereum. While they are still risky, their fundamentals are much more robust than projects that heavily depend on just a few developers and community leaders.
In order to invest in crypto successfully over the long term, we recommend that you store your coins safely using a hardware crypto wallet. Although there are plenty of high-quality hardware wallets out there, Ledger’s devices stand out as the best choice overall, in our opinion.
How we chose the best cryptocurrencies to buy
With thousands of different cryptocurrencies on the market, it can be challenging to narrow down the list to only about a dozen coins. When creating this list, we aimed to showcase a variety of cryptocurrency projects, ranging from well-established projects to more speculative projects that could potentially have a lot of upside. Here are the factors we considered when deciding which cryptocurrencies to feature.
Availability
It’s important for a cryptocurrency to be easily available across a variety of cryptocurrency exchanges, including both centralized and decentralized options. We also considered whether the cryptocurrency can be traded directly against fiat currencies, which makes the process of buying and selling much more straightforward.
Market capitalization
The coins featured on our list of the best cryptocurrencies to buy in 2023 are all among the 100 largest crypto assets by market capitalization. By itself, a large market capitalization doesn’t mean that the project is of high quality. However, it is a good indication that there’s a lot of community interest in the project, and coins with a larger market cap are more resilient to market manipulation attempts, as moving the market requires large amounts of capital.
Sector leadership
The cryptocurrency market can be divided into several sectors. For example, we have Proof-of-Work cryptocurrencies and Proof-of-Stake cryptocurrencies, which represent two of the main approaches towards achieving decentralized consensus. We can further identify other sectors such as decentralized finance, non-fungible tokens, layer 2 projects, meme coins and others.
We attempted to highlight projects that are leaders in their respective sectors in order to showcase the variety that can be found in the crypto and blockchain space.
Working products
It’s important that the cryptocurrency we’re featuring has a working product already and isn’t simply based on future promises. When it comes to cryptocurrencies, we generally avoid highlighting coins that don’t have a working mainnet yet. When it comes to tokens, we try to focus on tokens that are used as utility tokens in a working product or as governance tokens in an actively used decentralized protocol.
Occasionally, we will highlight coins that are about to launch their mainnet or key product soon. However, we try to limit this only to top-tier projects that are highly anticipated by the crypto community.
Team and development
Most high-quality crypto and blockchain projects are transparent about their team and their credentials. We prefer to highlight projects developed and managed by highly qualified individuals. In addition, we put a lot of value on activity. If a project is being developed actively, we’re much more likely to feature it over a project that is only improved occasionally.
Of course, a project’s team or founders being anonymous is not a dealbreaker in every single case. After all, we still don’t know who created Bitcoin.
The bottom line: What crypto to buy now?
What is the best crypto to buy now is mostly dependent on your own individual risk profile and investment goals. If you are interested in cryptocurrencies that have long-term potential, then staples like BTC and ETH are probably the right choice for you.
If your risk appetite is greater, you can try to pursue investments in cryptos under 1 cent or participate in the latest crypto presales if you are feeling especially frisky.
In any case, please keep in mind that the cryptocurrency market is highly volatile and that investing in cryptocurrency is subject to considerable risk. Always do your research and consider your financial situation before making any investment, and never invest more than you are willing to lose.
