As 2024 is gradually coming to an end, the crypto markets keep surging higher and giving some proof of the continuation of the bull run. Using bitcoin as an example, it has been ranging within the average of $68,000 to $56,000. After selling for as low as $48,000, bitcoin has gained a massive bullish movement to as high as $66,800 within one month.
In this article, I will be giving a detailed analysis on the best cryptocurrency that has a higher probability to make a good return from now until December if invested on. I will be writing this article based on its strong promises and the innovative technology that is backing them up.
If you’re looking to take strategic steps in crypto before the year ends or a good crypto asset to add to your watchlist, you’re in the right place. Let’s dive into the top 5 best cryptocurrencies to buy before December 2024.
CRITERIA FOR SELECTING THIS COINS:
As a trader and a crypto investor who has been in the industry for more than five (5) years, I have a criteria for selecting and investing in any crypto assets that have a higher tendency to yield a good amount of profits. This is to prove that I did not just wake up and start writing without a thorough insight into the market. Some of these criteria include:
- Market capitalization (market cap): signifies the overall value and popularity of any crypto assets. Coins with higher market caps, like Bitcoin and Ethereum, are generally considered safer investments. Any crypto that I wish to invest in must have at least a $1B market cap.
- Liquidity: this indicates how easily the asset can be bought or sold. A higher trading volume means the cryptocurrency is more liquid, making it easier to enter and exit positions.
- Team’s Development Activity: The success of any crypto project is often tied to the team behind it. I always check out the coin background and credibility of the project’s developers and founders, and I avoid any projects whose founders are anonymous. Additionally, I always pay attention to development activity, and this activity can be tracked through platforms like GitHub.
- Strong Social Presence: Before proceeding to invest in any potential cryptocurrency, it is very important to take a look at all their social media handles and check out how engaging it looks like. Having a large community that is loyal and passionate about a particular coin can have a positive impact on the growth of that particular coin.
- Good Future Plans: I always aim for a coin that has a well-defined plan for future developments. This ensures that the team is committed to achievements and long-term growth. This plan ensures the project remains relevant and competitive.
BITCOIN (BTC):
Bitcoin is the most dominant coin in the crypto market. It was found in 2009 by Satoshi Nakamoto and runs on a blockchain, which means that all the transactions made are publicly documented. As 2024 is gradually coming to an end, bitcoin has been bullish with so many fundamentals that are backing it up. This fundamental includes.
- During the first quarter of this year, an event called bitcoin halving took place. This event involves reducing the quantity of bitcoin supply to the miners; this creates scarcity and increases demands. It is built into the bitcoin code, and it helps to control inflation. This halving event, which occurred earlier this year, will aid in the massive increase in the price of bitcoin before the end of 2024.
- I noticed that since this year, so many financial institutions, hedge funds, and some trading companies have developed more interest in bitcoin and have added it to their portfolios and balance sheets. This financial institution and hedge fund recognition didn’t just help bitcoin to attain a stable consolidation within the year; it will also help it to attain a bullish movement before the year ends.
- Bitcoin has noticed so many technological advancements within the year. This year, we noticed some developments in Layer 2, such as the lighting of the network to help in fast transactions and reduction of transaction fees. This technological improvement makes more individuals use bitcoin for their daily transactions; therefore, it will increase the value of bitcoin as the year keeps coming to an end.
ETHEREUM (ETH):
Ethereum, as another best cryptocurrency after bitcoin, has made so much influence in the blockchain and decentralized finance sectors. Ethereum possesses a special feature called Ethereum Virtual Machine, which gives room for developers to execute and run codes on the blockchain. These are the few technical and fundamental reasons why Ethereum will likely close this year with a bullish movement.
- Ethereum having tremendously migrated from Proof of Work (PoW) to Proof of Stake (PoS) through the Ethereum 2.0 has caused a positive impact on Ethereum sustainability. This migration has improved its security and network migration; these improvements made more people stake their coins, and this will definitely make Ethereum increase in price before December 2024.
- The decentralized finance sector has made significant growth within the year using Ethereum smart contract functionality. Almost all the Defi projects are developed under the Ethereum network, which made investors and institutions invest in the Ethereum network. This will likely push the value of Ethereum towards the bullish direction before December.
- Within the year, I’ve noticed a surge in NFT and Metaverse ecosystems, and Ethereum has continued to be the major backbone in these spaces. The Decentraland platform made some expansions this year, and this platform was built on Ethereum Blockchain. NFTs, gaming, and Metaverse have inculcated more people into the spaces, which have caused more demands for Ethereum. I know this will make Ethereum surge high before the year runs out.
CARDANO (ADA):
Cardano has a higher tendency as one of the cryptocurrencies that will surge higher within the remaining months of the year. It was founded by Ethereum co-founder Charles Hoskinson. Cardano was created to provide a secure blockchain that is scalable in different sectors such as finance, politics, education, etc. Cardnao channels more concentration on scientific and academic research and other peer-reviewed development.
These are a few reasons why the cardano will make a good upward movement before December.
- Just like Ethereum, Cardano has also introduced a smart contract that has helped in the development of decentralized applications (dApps). I won’t argue the fact that Ethereum still remains the highest blockchain for the development of decentralized applications, but its charges and gas fees are way too high. Cardano took advantage of this loophole and reduced its gas fees, and this so far has attracted more developers, investors, and some financial institutions to use and invest with Cardano.
- Cardano has attained strong global adoption and has secured good partnerships with every government and institution around the globe. In Africa, Cardano is working tirelessly to achieve blockchain-based solutions that will be used for identity verification, supply chain transparency, and education. This global partnership has made Cardano seen as a blockchain solution provider for settling some global challenges. This is why many investors keep investing in Cardano, thereby making it keep gaining some profitable value.
- We all know that in the crypto ecosystem, most blockchains operate independently on their separate apps, making the movement of coins, tokens, and data uneasy. This made Cardano work and achieved their goal of interoperability, which now helps to create bridges between different blockchains to enable the free movement of coins, data, and tokens within any blockchain like Ethereum, Bininace (BNB), etc. This achievement has attracted more developers and investors because they can easily network with many blockchains. This can also be called “bridging” or “cross-chain compatibility.”
BINANCE COIN (BNB)
Binance Coin as a cryptocurrency has one of the largest exchanges in the world. It was created as a utility token, but so far, it has diversified to a blockchain network called Binance Smart Chain (BSC) used for creating decentralized applications. Decentralized finance protocols and non-fungible tokens (NFTs). Both long-term and short-term investors can make substantial amounts of profits from Binance with these few positive fundamentals.
- As Binance still remains one of the largest cryptocurrency exchanges in the world, it has given the BNB coin more advantage to surge higher as more people keep using the Binance exchange. The exchange offers very little or no trading fees, which has attracted more traders and investors. The Binance exchange has a launchpad, which requires BNB coins for participation. BNB coin powers the blockchain called “binance smart chain,” which is known for its popularity in decentralized finance development. Investors and institutions prefer using the Binance coin because of its low charges.
- BNB always practices the burning mechanism, which helps to reduce excessive supply and increases its demand, which in turn increases its value. Binance does this mechanism by using a portion of its profits to buy and burn the BNB coin at least twice in a year. Within this year, more BNB tokens were burned to reduce its supply. And this has been driving the value of binance towards the bullish trends. This consistent burning is good as it aids BNB to keep increasing in value to attract more investors and traders.
- The BNB coin has been making massive growth outside the Binance ecosystem. Many platforms, sites, entertainment, and e-commerce websites are now adopting BNB as their mode of payment. This utility expansion will increase the tendency of the BNB to increase positively before the end of 2024.
SOLANA (SOL)
Solana is the last on my list as one of the cryptocurrencies that will surge massively before the end of 2024. Solana still stands out as one of the fastest, scalable, with incredible low fees. Solana transactions are so fast that they can handle thousands of transactions within a second; this speed attracted developers and investors to create Defi, NFTs, etc., making it a serious competitor with Ethereum. These are my few reasons why I believe that Solana will surge bullishly before the year ends.
- The main feature and key selling point of Solana that attracts investors and institutions towards it is its ability to process transactions faster than other blockchains. Solana has the proof of stake and also the proof of history; both of them combined together facilitate quick transactions. As more dApps, NFTs, and DeFi keep coming out into the crypto community, investors and developers will keep looking for blockchain networks with lower gas fees and faster processing than ethereum blockchain; this will increase the value of Solana as more people keep using it.
- The Salona ecosystem has grown into a large community, making the coin attain and maintain a strong value as more people keep joining the community.
Conclusion
These five cryptocurrencies highlighted in this article have a good potential for both long-term and short-term growth. They are all backed with good fundamentals, a strong community, investors, and developers.
Although investing in cryptocurrency is based on risk tolerance as the markets are volatile in nature, with good risk management, you will make a reasonable amount of profit from the market.
Coins like Ripple, Doge, Tron, and Toncoin still present a high chance of making a massive bullish movement with bigger profits, but the first five, which I listed, maintain a stable price action as they make their own bullish movement.