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11 Best Cryptos to Invest in for Beginners According to Reddit
In this article, we will discuss the 11 best cryptocurrencies to invest in for beginners according to Reddit. If you want to see more crypto options for beginners, check out 5 Best 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 pennies in 2009 to $15,000. Crypto has seen massive volatility over the past few years. Bitcoin was the first cryptocurrency to focus on secure and anonymous digital transactions without the involvement of financial institutions.
According to the United States International Trade Commission, it is estimated that approximately 13.7% of the US population owned cryptocurrency in 2022 and there were more than 420 million cryptocurrency users worldwide as of April last year. Cryptocurrency transactions are carried out freely across borders due to its anonymous global user base and decentralized framework. Therefore, major financial companies and payment providers such as PayPal Holdings, Inc. (NASDAQ:PYPL) and Mastercard Incorporated (NYSE:MY) have made purchases with Bitcoin and other cryptocurrencies easier, with PayPal Holdings, Inc. (NASDAQ: PYPL) having facilitated $604 million in cryptocurrency for its customers in 2022.
Bitcoin Crypto Outlook 2024
The recent surge in Bitcoin and Ethereum prices, driven by the introduction of spot Bitcoin ETFs, has attracted 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% increase in Ethereum prices since February. Notably, Bitcoin hit a new all-time high of $72,968 in March before experiencing a slight decline. The $2.7 billion inflow into crypto assets, primarily Bitcoin, further fueled this rise.
Projections of increased institutional demand for Bitcoin in the United States, as well as analysts forecasting a potential new all-time high of $80,000, indicate a bright future for the cryptocurrency. Despite the slower growth of millionaire wallets, emerging demand for ETFs, scarcity of supply, and expectations of lenient monetary policies continue to drive optimism in the crypto market.
A recent Bloomberg article highlights Bitcoin’s price movements, highlighting 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 across ten ETFs. Among them, Black Rock iShares Bitcoin Trust reached $10 billion in assets faster than any other new ETF. Despite concerns over Bitcoin volatility, market sentiment has turned positive due to confidence in economic resilience and anticipation of an interest rate cut from the Federal Reserve.
The story continues
Best Crypto to Invest in for Beginners According to Reddit
Our methodology
In our methodology, we initially used trackers to identify highly popular cryptocurrencies based on the frequency of mentions on Reddit. Subsequently, we conducted manual research to confirm that these currencies show positive sentiment and that Redditors are actively buying them, then selected the 11 best cryptocurrencies to invest in for beginners.
11.XRP
Ripple, a blockchain-based payment network founded by Chris Larsen and Jed McCaleb in 2012, has introduced its own cryptocurrency XRP which facilitates efficient cross-border transactions. XRP is a token that allows for seamless trading between different currencies and one of the best cryptocurrency stocks to invest in.
10. Binance Coin
Binance Coin has become one of the most important cryptocurrencies in the digital market. It is a compelling choice for investing in the best cryptocurrency stocks for beginners due to its association with the Binance exchange. BNB can mitigate risks and maximize potential returns through its diversified investment portfolio. Binance regularly conducts token burns, leading to increased scarcity and value of BNB over time, making it the best crypto 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 that focuses on community governance. It has attracted many retail investors due to its low price and potential for higher returns, but investors should exercise caution due to its speculative and volatile nature.
8. FintruX Network
FintruX Network aims to improve the security of unsecured loans through the implementation of cascading credit enhancements. This is a lucrative investment to make from the best cryptocurrency stocks to buy for beginners because it reduces the risk of high interest rates associated with unsecured loans, which also makes it attractive to borrowers and lenders.
FintruX is unique from other cryptocurrencies because it is also a lending platform that uses blockchain technology, making it stand out among the best cryptocurrency stocks to buy for beginners. Additionally, the backing of an established company in the financial software industry gives it added credibility.
7. Attachment
As of March 2024, Tether has reached a market capitalization of approximately $100.2 billion and is often considered a stable and reliable choice for investors wary of extreme volatility. The company reported a record net profit of $2.85 billion in the final quarter of 2023 and plans to invest in the mining industry in 2024.
6. Arbitration
Arbit is a cryptocurrency coin developed for the augmented reality industry that aims to provide payment solutions to developers and users. According to Reddit, it is an exciting choice to make regarding the best crypto stocks to invest in for beginners due to its low transaction fees and high liquidity rates.
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Disclosure: None. 11 Best Cryptos to Invest in for Beginners According to Reddit is originally published on Insider Monkey.