5 best cryptocurrencies to buy in 2024

Analysts and traders are on the same page: 2024 is gearing up for a robust bull market. Most coins are anticipated to see substantial growth, potentially hitting new price highs, and maybe even doing it multiple times throughout the year.

While the market is currently in the accumulation zone, now’s the best time to freshen up your crypto wallet for the long hold, which means storing assets with subsequent sales when they rise in price. But before you buy anything, let’s take a closer look at the best cryptocurrency to invest in 2024.

Surely, we’re skipping the talk about bitcoin or ethereum. Those are basic assets that should be part of every crypto portfolio, no matter what’s going on in the market. Instead, this year, we suggest focusing on the currently undervalued so-called fundamental coins — ones with a solid technical foundation and an innovative development team.

Best cryptocurrency to buy now

Cardano (ADA)

What makes Cardano the best cryptocurrency to buy in 2024 are its strong, seasoned team, a robust ecosystem, advanced technology and a massive community. Cardano consistently ranks among the top ten platforms in terms of developer activity, showing it’s on a fast-paced development track.

Cardano is on top when it comes to developer activity. Source: santiment.net

Long-term investors, often referred to as the “strong hands,” are also recognising these advantages. According to data from Santiment, they’ve been actively acquiring ADA in recent months, while the “weak hands” (investors who lack confidence or resources for their trading strategies) have been offloading the coin. Historically, this kind of movement is seen as a bullish signal – experienced investors shifting their capital into the asset.

Due to these moves, the price of ADA has soared by over 150% in the past few months of 2023, reaching beyond $0.6 per coin. As of 9th January 2024, its price was $0.54.

On 9th January 2024, at 09:11 PM (UTC), ADA was priced at $0.54. Source: exmo.com

However, analysts at EXMO.com believe its fair value is even higher – somewhere between $1-1,2. There’s a chance that in the midst of a bullish market, the asset will surpass its previous highs.

By the way, we’ve recently added ADA to our Earn program, so you can start earning on this asset right now, without waiting for prices to rise.

Polkadot (DOT)

Polkadot is a unique platform that facilitates interaction between different blockchains without intermediaries. Similar to Cardano, the developers behind Polkadot are among the most active in the market, as you can see in the ranking above.

Moreover, based on the Nakamoto coefficient, this blockchain holds the second position among all Proof of Stake networks. This coefficient indicates the minimum number of nodes that attackers would need to control to disrupt the network. The higher the indicator, the more decentralised and resistant the blockchain is considered. In the case of Polkadot, it boasts a substantial 92 nodes. To put it in perspective, Ethereum doesn’t even crack the top ten, and Solana, sitting in fifth place, has just 21 nodes!

Polkadot holds the 2nd position among Proof of Stake networks by the Nakamoto coefficient. Source: chainflow.io

Additionally, the platform can introduce new features and address issues without the need for major upgrades, significantly expediting blockchain development. These are just some of the advantages, but the bottom line is clear: Polkadot is an exceptionally promising project, making it a worthy cryptocurrency to invest in.

Like ADA, DOT is currently undervalued in the market. According to our analysts, its price was $7,72 on 9th January 2024, while its fair value was estimated to be between $15-17 per coin.

On 9th January 2024, at 09:16 PM (UTC), the value of DOT was $7.72. Source: exmo.com

Cosmos (ATOM)

While trying to find the best cryptocurrency to buy right now, take a look at Cosmos. This is a project with a big vision: to become the “internet of blockchains,” and it’s making solid strides in that direction. Cosmos allows different networks to interact, exchange data and assets, ultimately improving the overall cohesion of the blockchain system.

Cosmos is also tackling other challenges faced by blockchains. For example, its “Tendermint” technology ensures speedy transaction execution at low fees. According to the project’s official website, all transactions are confirmed within 7 seconds, with a fee as low as one cent.

Cosmos quickly processes transactions with low fees and is environmentally friendly. Source: cosmos.network

From a technical perspective, ATOM is currently in a “sideways trend” that started in the summer of 2022 – meaning its price isn’t experiencing significant ups or downs.It is a good opportunity for long-term investments at an affordable price.

As of 1st January 2024, the actual price of ATOM was $10,39, while our analysis indicated a fair value for this asset at $20.

On 9th January 2024, at 09:17 PM (UTC), the value of ATOM was $10.39. Source: exmo.com

Chainlink (LINK)

The Chainlink network is on a mission to enhance the functionality and real-world applicability of smart contracts, which are computer protocols for automating the execution of transactions. It grants them direct access to off-chain data – information referenced in a transaction but not directly stored on the blockchain. This is crucial for the smooth operation of smart contracts and fostering interaction between different blockchains.

Chainlink stands out for its high trustworthiness and reliability. It is possible due to its adoption of technological innovations, including mechanisms ensuring the integrity of data.

The network’s solutions are already making waves in various sectors, from blockchain games and decentralised finance to NFTs, showcasing its practical use.

Some of the projects that use Chainlink solutions. Source: chain.link

Unlike some other coins mentioned earlier, LINK isn’t undervalued. It moved out of its “sideways trend” when investors actively purchased it in the $5-8 range.

Nevertheless, these crypto enthusiasts are clearly anticipating more than just a two to threefold increase. If positive sentiments take over the crypto market, there’s a strong possibility that the coin could reach new all-time highs.

Shiba Inu (SHIB)

A meme token among fundamentals might seem odd, but lately, Shiba Inu is becoming a more serious project thanks to its Shibarium blockchain. It is designed to tackle the issues of slow speed and high transaction costs on the Ethereum network. It also forms the basis for the Shiba Inu ecosystem, which includes a metaverse, decentralised exchanges, and blockchain games.

Looking at it technically, SHIB is still in the accumulation phase, similar to the other coins mentioned. So, right now is considered a prime time to get involved.

Best cryptocurrency to invest in 2024: bottom line

Of course, this list doesn’t cover everything. There are plenty of promising coins in the crypto market, like SOL, ALGO, SUI, TON, NEAR and more. But if you’re interested in a specific asset, make sure to do your own thorough research and carefully assess the risks before making any purchases.