In this article, we will discuss the 11 best cryptocurrencies to invest in for beginners according to Reddit. If you want to see more cryptocurrency options for beginners, check this out Top 5 cryptocurrencies to invest in for beginners according to Reddit.
Cryptocurrencies became a multi-billion dollar industry in 2017 when the average price of Bitcoin rose from a few cents in 2009 to $15,000. Cryptocurrencies have seen huge volatility over the past few years. Bitcoin was the first cryptocurrency that shifted focus towards secure and anonymous digital transactions without the involvement of financial institutions.
According to the US International Trade Commission, an estimated 13.7% of the US population was reported to own cryptocurrencies in 2022, and there were over 420 million global crypto users as of April last year. Cryptocurrency transactions occur freely across borders thanks to the anonymous global user base and decentralized framework. Therefore, major financial companies and payment service providers such as PayPal Holdings, Inc. (NASDAQ:PYPL) and Mastercard Incorporated (NYSE:MA) facilitate purchases using Bitcoin and other cryptocurrencies, with PayPal Holdings, Inc. facilitating purchases using Bitcoin and other cryptocurrencies. (NASDAQ:PYPL) Purchases using Bitcoin and other cryptocurrencies. $604 million worth of cryptocurrencies to its customers in 2022.
Bitcoin crypto predictions 2024
The recent rise in Bitcoin and Ethereum prices, driven by the introduction of Bitcoin ETFs, has captured the attention of investors around the world. This significant growth, coupled with optimism surrounding the impact of ETFs and the upcoming Bitcoin halving, has led to a 45% increase in Bitcoin prices and a 47% rise in Ethereum prices since February. Notably, Bitcoin reached a new record high of $72,968 in March before seeing a slight decline. The influx of $2.7 billion into crypto assets, especially Bitcoin, has fueled this increase.
Expectations of increased institutional demand for Bitcoin in the United States, coupled with analyst expectations of a potential new record high of $80,000, point to a promising future for the cryptocurrency. Although growth in millionaires' portfolios has slowed, emerging demand for ETFs, scarcity of supply, and loose monetary policy expectations continue to fuel optimism in the cryptocurrency market.
A recent Bloomberg article highlights Bitcoin's price movements, focusing on the rise in value attributed to increased investment in new ETFs. These ETFs, approved by the Security and Exchange Commission in January, have accumulated nearly $50 million in assets spread across ten ETFs. Among them, BlackRock's iShares Bitcoin Trust generated $10 billion in assets faster than any other new ETF. Despite concerns about Bitcoin volatility, market sentiment has turned positive due to confidence in economic resilience and expectation of interest rate cuts by the Federal Reserve.
Our methodology
In our methodology, we initially used trackers to identify popular cryptocurrencies based on the frequency of mentions of them on Reddit. Next, we conducted manual research to ensure that these coins are showing positive sentiment and Redditors are actively buying them and then selected the 11 best cryptocurrencies to invest in for beginners.
11. Ripple
Ripple, a blockchain-based payment network founded by Chris Larsen and Jed McCaleb in 2012, has introduced its own cryptocurrency, XRP, that facilitates efficient cross-border transactions. XRP is a token that enables seamless exchanges between different currencies and one of the best cryptocurrency stocks to invest in.
10. Binance Coin
Binance Coin has emerged as one of the most prominent cryptocurrencies in the digital market. It is a compelling option to invest in the best cryptocurrency stocks for beginners due to its connection to the Binance exchange. BNB can mitigate risks and maximize potential returns through its diversified investment portfolio. Binance conducts regular token burns which results in the scarcity and value of BNB increasing over time, making it the best cryptocurrency to invest in for beginners according to Reddit.
9. Shiba Inu
SHIBA INU is a cryptocurrency token inspired by and named after the SHIBA INU dog bread. It is a decentralized platform focused on community management. It has attracted many individual investors due to its low price and potential for higher returns but caution is necessary for investors due to its speculative and volatile nature.
8. Ventrox Network
The FintruX network aims to improve the security of unsecured loans by implementing cascading credit improvements. It is a profitable investment to take advantage of best cryptocurrency stocks to buy for beginners because it reduces the risk of rising interest rates associated with unsecured loans and also makes it attractive to borrowers and lenders.
FintruX is unique unlike other cryptocurrencies because it is also a lending platform that uses blockchain technology and this makes it stand out in the best cryptocurrency stocks to buy for beginners. Additionally, being backed by a well-established company in the financial software industry adds more credibility to it.
7. Rope
As of March 2024, Tether has a market cap of about $100.2 billion, and is often referred to as a stable and reliable option for investors wary of extreme volatility. The company saw record net profits of $2.85 billion in the fourth quarter of 2023 and plans to invest in the mining industry in 2024.
6. Judgment
Arbit is a cryptocurrency developed for the augmented reality industry that aims to provide payment solutions for developers and users. It is a great choice regarding the best cryptocurrency stocks to invest in for beginners according to Reddit because of its low transaction fees and high liquidity rates.
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Disclosure: None. 11 Best Cryptocurrencies to Invest in for Beginners According to Reddit Originally published on Insider Monkey.
