3 Cryptocurrencies to Buy: Bitcoin, Ethereum, and Chainlink are three types of digital money that might increase a lot in value in 2024. Many experts believe that the next big rise in cryptocurrency prices has begun. People are getting excited about new ways to invest in cryptocurrencies, and the most popular ones are going up in price. The time when cryptocurrency values were low for a long time now seems far away.
Bitcoin
In 2024, Bitcoin is the obvious choice for a good cryptocurrency investment. Despite a rough start when its value briefly dropped below $40,000, Bitcoin has been doing really well since then. It’s gone up by 35% this year and is staying steady above $50,000.
Most of the recent increases in Bitcoin’s value are because the Securities and Exchange Commission approved new ways to trade Bitcoin in January. This made it easier for people to include Bitcoin in their investment plans. As a result, lots of money has been pouring into these new Bitcoin investments, which is likely to keep driving up the price of Bitcoin.
That’s just the beginning, because Bitcoin has another big thing coming: the upcoming halving in April. There have been three halving events before, and each time, the price of Bitcoin reached a new record high.
While what happened before doesn’t promise the same in the future, investors are eager about how Bitcoin might keep rising after April. Now, reaching Bitcoin’s highest price ever of $69,000 seems very possible, and lots of investors think Bitcoin could reach $100,000 or even more by the end of the year.
Ethereum
With all the excitement about the new Bitcoin ETFs, Ethereum’s value is also going up. People are talking about Ethereum possibly getting its own ETF soon. Some big Wall Street companies have applied for it, and the SEC might approve it by May.
The big question is whether Ethereum will follow the pattern of “buy the rumor, sell the news,” like Bitcoin did in January. Put simply, Ethereum’s impressive rise in 2024 might slow down in May when new ETFs are released. However, Ethereum still has a lot of potential to grow, especially since it’s being upgraded to a top-notch blockchain.
Chainlink
Since Bitcoin and Ethereum make up almost 70% of the $2 trillion crypto market, it’s smart to think about spreading out your investments beyond just those two. Out of all the top 20 cryptos by market value, my favorite is Chainlink.
Chainlink is unique compared to Bitcoin and Ethereum because it’s a network that provides real-world data to smart contracts, which are important for decentralized finance. Chainlink is the largest and most well-known of its kind, making it very valuable. Right now, its market value is $11 billion, putting it at number 12 among all cryptocurrencies.
Chainlink is intriguing because it’s a bet on a new trend called real-world asset tokenization. This means turning regular financial assets like stocks and bonds into digital ones on the blockchain.
These investments need information to be priced correctly, and Chainlink helps with that. Currently, Chainlink is a top player in turning real-life assets into digital tokens, which could be worth trillions by 2030.
Portfolio diversification and risk factors
The future seems bright for Bitcoin, Ethereum, and Chainlink, but be sure to research before investing. Cryptocurrency can be very unstable, and there’s always a chance of government regulation affecting it. It’s safer to invest in well-known cryptocurrencies with support from both regular people and big organizations.
If I had to choose, I’d pick Bitcoin as my top crypto. But, it’s smart to spread out your investments. Diversifying your portfolio is important, and Ethereum and Chainlink are two other cryptos worth considering for this.
Should you invest $1,000 in Bitcoin right now?
The Motley Fool Stock Advisor experts have picked out 10 top stocks they think are great to buy right now. Surprisingly, Bitcoin didn’t make it onto their list.
They believe these 10 stocks could make huge profits in the future. For example, when Nvidia was recommended on April 15, 2005, if you invested $1,000, you’d now have $522,227!
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.
