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The crypto market is looking good after a rollercoaster ride in 2023. The US Securities and Exchange Commission (SEC) recently approved spot Bitcoin ETFs from eleven organizations, including heavyweights like BlackRock and Fidelity.
The SEC approval has naturally got retail investors curious about cryptos. They are now asking: “What cryptos should you invest in?” This article delves into the ten most promising cryptos to invest in April 2024. Established titans like Bitcoin, Solana, Ripple, and Shiba Inu must be portfolio mainstays. But rising stars like dogwifhat are also vying for a piece of the digital future.
Prepare yourself, as 2024 promises to be a profitable year for crypto investors.
Note: All the information provided here is from Coinmarketcap as of 8th April 2024.
#1 Bitcoin (BTC)
Market Cap: $1,334,537,250,256
Circulating Supply: 19,674,731 BTC
Launched by the mysterious Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first crypto. It is a decentralized digital currency that can be bought, sold, and exchanged without using an intermediary such as a bank. It is a mode of exchange, i.e., a currency, a store of value, or an alternative investment.
No matter whether you buy Bitcoin (BTC) in India or anywhere in the world, the transaction undergoes verification through a process called “mining,” which relies on computational power. Unlike traditional stock markets, you can invest in Bitcoin in India at any time of the day. Bitcoin is among the earliest and most widely recognized cryptos, gaining immense popularity worldwide. However, it has also experienced significant price fluctuations, creating a captivating narrative of ups and downs. The success of Bitcoin has paved the way for the emergence of other high-value cryptos, such as Ethereum, Cardano, Solana, Dogecoin, and more, which now dominate the market based on their market capitalization.
Also, Bitcoin has gained momentum and has been responsible for bullish sentiments in the crypto market due to the impending Bitcoin halving event in April 2024.
Buy Bitcoin (BTC) at WazirX here.
#2 Solana (SOL)
Market Cap: $78,762,137,746
Circulating Supply: 445,576,504 SOL
Founded in 2017 as an open-source project, Solana is a Layer-1 blockchain platform designed to host decentralized, scalable applications. San Francisco-based Solana Labs built the blockchain, which is currently managed by the Solana Foundation, which is based in Geneva.
Solana is a Proof-of-Stake (PoS) blockchain that uses another consensus mechanism, Proof-of-History (PoH), in combination with PoS. The PoH consensus is proof for verifying order and the passage of time between instances. It also encodes a trustless passage of time into a ledger.
Solana can process up to 50,000 transactions per second (TPS) and charges substantially lower transaction fees than many rival blockchains. It displays a theoretical upper limit of 710,000 TPS on a standard gigabit(GB) network and 28.4 million TPS on a 40 GB network. Solana’s architecture ticks all three boxes of desirable attributes in a blockchain. It is scalable, secure, and decentralized.
Also, memecoins have been everyone’s favourite type of crypto, and recently, many of them have been launched on the Solana blockchain, making Solana reach greater heights.
Buy Solana (SOL) at WazirX here.
#3 Ripple (XRP)
Market Cap: $32,783,840,890
Circulating Supply: 55,051,549,471 XRP
Created and developed by US-based tech company Ripple Labs, XRP is a real-time gross settlement system, currency exchange, and remittance network. Ripple and XRP are frequently used interchangeably, whereas, in reality, Ripple is the company’s name and network underlying the XRP. In contrast, XRP is the native crypto token for Ripple Labs’ products.
Ripple advertises itself as a global payments network with major banks and financial institutions as customers. XRP is utilized in Ripple’s products to allow instant settlements between different currencies that last no more than 3-5 seconds. Rather than using blockchain mining to authenticate transactions, the Ripple network employs a unique distributed consensus method in which participating nodes conduct a poll to verify the transaction’s validity.
Consequently, XRP stays decentralized and outperforms many of its competitors in terms of speed and reliability. Powered by a decentralized network of more than 150 validators worldwide, XRP is also highly scalable and can handle 1,500 transactions per second, 24 hours a day, seven days a week, meeting the same throughput as the Visa payments network.
In the past few months, Ripple has been in the news because of its lawsuit with the US SEC about whether XRP is a security. Also, Ripple has made a mega move of launching its own stablecoin, which has contributed to its price surge in the crypto market.
Buy Ripple (XRP) at WazirX here.
#4 Shiba Inu (SHIB)
Market Cap: $16.68B
Circulating Supply: 589.29T SHIB
SHIB stands as a decentralized and community-driven currency embraced by millions globally. Originating in late 2020 on the Ethereum blockchain, the SHIB token has evolved into a global sensation, gaining acceptance as a payment method at numerous locations, either directly or through intermediaries. Shiba Inu coin, launched anonymously in August 2020 under the pseudonym “Ryoshi,” holds a mystique around its creator, who dismisses personal importance and suggests that any attempt to unveil their identity would yield underwhelming results.
There has been tremendous growth in the Shiba Inu ecosystem in recent times. This growth is majorly attributed to the recent bullish trend in the crypto market and the approval of Bitcoin ETFs.
Buy Shiba Inu (SHIB) at WazirX here.
#5 dogwifhat (WIF)
Market Cap: $4,042,694,307
Circulating Supply: 998,920,173 WIF
dogwifhat (WIF) stands out as a Solana-based meme coin centered around a Shiba dog adorned with a pink knitted hat. Unlike projects boasting grand symbols of progress or futuristic ideals, WIF takes a lighthearted approach. Essentially, it’s a meme featuring a Shiba dog wearing a pink-knitted hat, and even the intentional misspelling of “wif” instead of “with” adds to its playful nature.
Despite its simplicity, dogwifhat has captivated the crypto community, surpassing established meme coins like SHIB and PEPE in 24-hour trading volume. The coin’s success is a testament to its whimsical charm and community-driven enthusiasm.
Buy dogwifhat at WazirX here.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
