The post 10 Best Cryptocurrencies of June 2024 by Caden Pok appeared first on Benzinga. Visit Benzinga to get more great content like this.
Benzinga’s top cryptocurrency picks for June include Bitcoin, Ethereum and Solana, which are available on exchanges like eToro, Coinbase and Kraken.
The cryptocurrency market has seen significant growth in 2024, marked by increased Institutional adoption, surging prices, and heightened confidence. Key events, including the approval of spot Bitcoin ETFs in January, and Ethereum ETFs in May, alongside the Bitcoin halving and memecoin mania, have driven the market to unprecedented levels. While the markets have performed well year-to-date, many believe there is a possibility of further gains in the remainder of the year and into 2025. Let’s look at some of the best tokens to invest in for June 2024.
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eToro supports the following currencies: BTC, ADA, DASH, DOGE, EOS, ETH, LTC, NEO, XLM, XTZ, TRX, ZEC. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. T&Cs apply. *The bonus is available to Benzinga readers in the US for open states only. Served by eToro USA LLC.
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Top Cryptocurrencies to Buy Now
The landscape of best cryptocurrencies evolves as the crypto market continually changes. However, here are some of the top tokens for June 2024.
1. Bitcoin (BTC)
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Price: ~$67,000
Market cap: ~$1.3 trillion
Year-over-year return: ~150%
Bitcoin has been the leader in the cryptocurrency sector, setting the stage for all other projects. Acting as a form of payment and a store of value, it has performed strongly in 2024, reaching new all-time highs (ATHs) and surpassing previous records set in 2021. Sentiment on bitcoin remains predominantly bullish, with many anticipating the price rally will continue. In 2024, primary catalysts included approving spot exchange-traded funds (ETFs) and the bitcoin halving in late April. ETFs have attracted new investors, while the halving is expected to decrease the daily token supply.
2. Ethereum (ETH)
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Price: ~$3,700
Market cap: ~$450 billion
Year-over-year return: ~100%
Ethereum is the most prominent blockchain, providing users access to decentralized finance (DeFi) applications. It accommodates various projects, from AI startups to leading meme coins. Its robust development platform and easily usable innovative contract system make this possible. It is a versatile chain, allowing users to access all aspects of Web3 easily. The chain switched from a proof-of-work (PoW) system to a more efficient proof-of-stake (PoS) system in 2022. In 2024, some significant events have been upgrades to the chain that increased speeds and lowered costs, as well as the approval of spot ETFs, which could launch later this year.
3. Solana (SOL)
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Price: ~$165
Market cap: ~$75 billion
Year-over-year return: ~700%
Solana had a rough start in 2023 because Sam Bankman-Fried and FTX were some of the largest investors in the project. This resulted in the token losing over 96% of its value within 11 months of the FTX collapse. At the time, many thought that SOL was a dead project. However, 2023 and 2024 have seen a revival of the project. Many new tokens have started on Solana recently. These projects include staking protocols, storage, AI and many others. However, memecoins have been one of the driving forces behind Solana’s comeback. These new tokens have skyrocketed in popularity, causing investors to buy and swap SOL for these new tokens.
4. Ripple (XRP)
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Price: ~$0.50
Market cap: ~$30 billion
Year-over-year return: 0%
Ripple is a centralized company hoping to bring crypto’s possibilities to the banking sector. Its business model uses its native token, XRP, to facilitate transactions. Ripple can use the XRP token as an intermediary between other assets. For example, BTC and ETH are not directly interchangeable. However, Ripple can convert BTC to XRP and then convert the XRP into ETH. This concept can be applied to any currency swap or transaction a bank may have to make daily. XRP is particularly useful in this case because it is fast and has transaction fees that are a tiny fraction of a cent. If financial institutions start using XRP on a larger scale, the price could increase. Additionally, discussions of a spot XRP ETF have surfaced. If this were to happen, it could increase the token’s price.
5. Dogecoin (DOGE)
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Price: ~$0.16
Market cap: ~$22 billion
Year-over-year return: ~110%
DOGE has been able to stick around in the top 20 tokens by market cap for some time and has gone up with the rest of the market in 2024. Additionally, new use cases in the future could send the token even higher. Elon Musk said he would consider allowing users to buy a Tesla car with DOGE, enabling people to buy Tesla merch with DOGE. If this were to happen, it could increase demand for the token and send the price higher. DOGE has also held its spot as the top meme coin in past bull and bear markets, performing particularly well in 2024.
6. Avalanche (AVAX)
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Price: ~$35
Market cap: ~$14 billion
Year-over-year return: ~150%
Avalanche is a chain focused on high speeds and low costs. It hopes to make interacting with DeFi as straightforward and inexpensive as possible. The project saw relatively low volatility in 2023 but has performed exceptionally well in 2024. Its success has resulted from new projects making a home on the chain. Most of these projects revolve around exchanges and trading. For example, one of the most popular protocols is Trader Joe, which allows users to trade, stake, yield farm and provide liquidity for a handful of Avalanche-based projects. If Avalanche can attract a more diverse range of projects, it could continue its upward momentum throughout the remainder of the year and into 2025.
7. Quantum Resistant Ledger (QRL)
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Price: ~$0.25
Market cap: ~$18 million
Year-over-year return: ~110%
One of the defining characteristics of computing is exponential growth. Computers are becoming increasingly faster and take up less space, and advances in quantum computing could pose a risk to some of the larger blockchains. For instance, a quantum computer could overthrow the current mining system on bitcoin through a 51% attack, or the computer could bypass the current cryptographic protocols and access anyone’s wallet address. While these may seem like distant threats, researchers already use quantum computing in various contexts. Quantum Resistant Ledger (QRL) is looking to solve this issue by creating a new security protocol called the eXtended Merkle Tree Signature Scheme (XMSS). The blockchain is designed to resist quantum computing attacks, potentially allowing it to survive if other blockchains go down from quantum attacks.
8. Shiba Inu (SHIB)
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Price: ~$0.000025
Market cap: ~$15 billion
Year-over-year return: ~190%
SHIB is among the few meme coins that will survive the 2022 bear market. The project is a meme coin based on the Shiba Inu dog breed, akin to the DOGE meme. The project has spent several years building an ecosystem that gives the token utility beyond just a meme coin. For example, it has created NFT projects, a layer 2 blockchain called Shibarium, a separate token for staking rewards and a biweekly magazine. These new uses have helped the token survive the bear market and perform well in the current market. The token has sustained a strong community over the years, allowing it to cement itself as a meme coin worth the hype.
9. NEAR Protocol (NEAR)
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Price: ~7
Market cap: ~$7.5 billion
Year-over-year return: ~350%
NEAR hopes to solve one of the most significant issues many see with Ethereum and other chains. These chains require vast computing power to operate and to provide services to their users. This requirement puts lots of strain on the chain, resulting in slow speeds and high costs. NEAR utilizes sharding and a novel consensus mechanism called Nightshade to improve speeds and scalability. Developers can benefit from others’ projects, as everything on the platform is open source. These are optimal conditions for developers, as it is much easier to make faster applications. If NEAR can attract more projects that lead to more use cases, the price has room to keep increasing.
10. Binance Coin (BNB)
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Price: ~$590
Market cap: ~$87 billion
Year-over-year return: ~90%
Binance Coin was hit in late 2023 when its former CEO, Changpeng Zhao (CZ), was allegedly involved in money laundering charges. Many wondered if Binance could continue as a company, as the charges were severe. However, the dust has settled from the incident, and BNB has been on a solid upward trajectory in 2024. This is mainly driven by Binance’s exchange listing new tokens, which makes the platform attractive to investors looking to stay ahead of the latest crypto trends and purchase the hottest tokens as soon as they are available. If Binance can continue to move forward from the scandal with CZ and bring in new users with interesting new tokens, there is room for the price to continue increasing.
What is Cryptocurrency and How Does It Work?
Cryptocurrency is a token-based way of transacting online. Tokens are stored on an unchangeable ledger that anyone can view. The data is also stored on an extensive computer network, allowing for much easier scalability.
Most cryptocurrencies are processed by other users on the blockchain. These users can verify transactions in exchange for rewards, usually through staking (PoS) or mining (PoW).
Since the basic framework for technology has been developed by previous projects such as bitcoin and ethereum, it is easy for new developers to create a blockchain of their own. Projects like ethereum allow users to create their tokens with little effort. Because of this, tens of thousands of cryptocurrencies are available to invest in.
How to Invest in Cryptocurrency
To invest in crypto, you first have to create an account on a cryptocurrency trading platform. Some of the top firms are Coinbase, Kraken, Webull, and eToro. These sites are well known for their low fees, security, and ease of use.
To make an account, you can simply navigate to one of the trading platforms and enter an email and password to create your account. You will then have to provide documentation (e.g. passport, driver’s license, etc.) to verify your account. Once your account is verified, you can link a bank account using various methods and fund the trading account.
Some platforms, such as Coinbase, only offer crypto trading. This can be beneficial for those looking to invest in crypto alone and niche tokens. However, other sites, such as Robinhood, allow stock and crypto trading on the same account, though they have fewer crypto offerings. This is just one of the many differences between platforms, so it is important to understand the pros and cons of each before investing.
How to Report Crypto on Taxes
The IRS treats cryptocurrency as a form of property. Because of this, you must pay capital gains tax on crypto sales. Crypto exchanges send Form 1099s, which report capital gains and losses for the year. You can use this form to report your taxes on crypto transactions.
The forms are in your account information and are easily accessible. Additionally, they are not too complicated and are easy to report when you file your taxes.
What Are Cryptocurrency Exchange-Traded Funds (ETFs)?
In January 2024, the U.S. Securities and Exchange Commission (SEC) approved a handful of spot ETFs to begin trading. These investment instruments allow equity investors to access a variety of underlying assets. They work by the sponsoring firm acquiring a pool of assets (in this case, bitcoin) and then packaging them into shares, which are then distributed to investors. For the bitcoin ETFs, the sponsors bought lots of bitcoins and then packaged them into shares, which traders can buy and sell.
As of right now, only Bitcoin ETFs are trading. However, the SEC recently approved spot Ethereum ETFs, which require more due diligence from the SEC before they can officially begin trading. However, some speculate that the ETH ETFs could start trading within a few months.
Top Cryptocurrencies: Lots of Options
There are countless cryptocurrencies to invest in, and new tokens are created daily. While this can make it difficult to hone in on a specific token to buy, it can also mean many opportunities in the markets. However, it is essential to understand your own risk tolerance and investment objectives before investing. The crypto market is notoriously volatile, leading to large profits and significant losses.
Disclosure
²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
Frequently Asked Questions
Which crypto will boom in 2024?
While it is hard to tell, cryptocurrencies with potential catalysts may be more likely to boom if the events play out in their favor.
What is the highest-rated cryptocurrency?
Bitcoin is the highest-rated cryptocurrency because of its longevity and size.
What is the safest cryptocurrency?
All crypto is potentially susceptible to hacking, but larger projects are generally considered to be safer. Quantum Resistant Ledger (QRL) is a blockchain that emphasizes safety.
The post 10 Best Cryptocurrencies of June 2024 by Caden Pok appeared first on Benzinga. Visit Benzinga to get more great content like this.
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- Source: https://www.benzinga.com/money/top-10-cryptocurrencies
