Explore the 10 promising cryptocurrencies for May 2024 to invest
We are welcoming the month of May; the crypto ecosystem is swiftly adapting and changing. As technology evolves, the use of digital currencies in various sectors increases, including retail businesses, real estate, and others. Thus, the potential for development and evolution is limitless. Whether you have a long experience in investing or are just in the inception, this article aims to make your navigation in a very dynamic cryptocurrency world much more accessible. In this article, we will look at the 10 best cryptocurrencies for May 2024. We have opted for this portfolio because of its tech innovation, market capitalization, liquidity, future performance, and others.
Bitcoin
Bitcoin is a digital currency that connects people directly. It’s a kind of online money that removes the need for intermediaries. It was that which was first told to the public in 2008, with its release early in 2009. It has a pseudonymous developer behind it who names himself Satoshi Nakamoto; this person is still an individual for most people. Satoshi Nakamoto unveiled the genesis of blockchain, and he introduced the concept of a highly secure and empowered digital currency without anyone’s control. Bitcoin uses a procedure called Proof of Work (PoW) to verify that previous transactions don’t get invalidated or fictitious money can’t be created. Bitcoin ETFs saw net outflows for three consecutive days ending last week. According to SoSo Value, the most notable net outflows from Bitcoin ETFs occurred on Thursday, April 24, when investors pulled out $217 million.
Toncoin
The Top-100 network of the TON blockchain is one of the most promising crypto ecosystems right now. Toncoin is a walking piece of art. It is a new blockchain project that is made on the original blockchain platform constructed by the team and first assembled by Telegram messenger. Hence, the Telegram team folded and failed because of American securities issues managers. On the other hand, community members of Telegram were quick to appreciate the potential of the blockchain vision. After rebranding the project as TON coin, they started working on it again. Unlike many other projects that began as mere Telegram games, Notcoin has attracted quite a number of Telegram players and, so, has come to be a project in its own right. Notcoin token is going through the last technical test and is expected to be launched on the ton blockchain.
Helium
Helium is an open-source project that develops decentralized wireless networks. Users are rewarded for creating and maintaining these networks. Helium currently has two operational networks. One is designed for Internet of Things (IoT) devices, and the other is intended for mobile 5G devices. Helium recently marked its first anniversary after migrating to Solana. The team shared some exciting adoption stats to show how far the project has come. According to the team, Helium has burned over $550k in Data Credits since the migration to Solana, demonstrating the demand for its wireless networks.
Ethereum
Ethereum is an innovative contract-based blockchain that allows for more complex use cases like decentralized lending protocols and fungible tokens. The Ethereum project was established in late 2013 with the publication of the whitepaper titled “Ethereum: Proof of Stake.” The Ethereum blockchain was released in July 2015. BlackRock, one of the world’s largest asset management firms, has released a tokenized fund based on the Ethereum blockchain called BUIDL. BUIDL is a BlackRock USD Institutional digital liquidity fund. Investors can access BUIDL through BlackRock’s Securitize Tokenization platform.
Solana
Solana is an open-source smart contract platform whose architecture allows it to handle thousands of transactions a second while maintaining a meager cost. It does this by using its unique proof-of-work algorithm and proof-of-stake consensus algorithm. The Solana blockchain has been at the forefront of the meme token boom. With its low fees and easy-to-use interface, it has become one of the most popular places for people to trade new meme tokens on decentralized exchanges.
XRP
XRP is a cryptocurrency launched in June of 2012. It was created by David Schwartz, Jed McCaleb, and Arthur Britto, who co-founded OpenCoin along with Chris Larsen. The XRP developers donated 80% of the total XRP supply to the company. U.S. fintech company Ripple, a major XRP Ledger participant, has announced the launch of a new dollar-based stablecoin on the platform. The latest stablecoin will be supported by USD deposits, short-term U.S. government treasuries, and other cash equivalents, according to Ripple.
Tether (USDT)
Unlike some other cryptocurrencies, USDT is a stablecoin. This means that it is backed by fiat currencies, such as US dollars and the Euro, and will, in theory, hold a value equivalent to one of these denominations. This means that Tether’s value should be more stable than that of other cryptocurrencies, and it is popular among investors who are concerned about the extreme volatility of different cryptocurrencies.
Binance Coin (BNB)
BNB (short for Binance Coin) is a cryptocurrency that can be traded and paid for on Binance, one of the biggest crypto exchanges worldwide. It was launched in 2017 and has grown beyond trading on Binance’s exchange platform, which also processes payments and is used to book travel. Binance Coin can also be used to trade or exchange for other types of cryptocurrencies, including Ethereum and Bitcoin.
U.S. Dollar Coin (USDC)
USDC, like Tether, is a “stablecoin,” meaning US dollars back it, and aims to maintain a 1USD to 1USDC ratio. Ethereum powers USDC and can be used for global transactions.
Dogecoin (DOGE)
Dogecoin was initially created in 2013 as a joke but quickly gained traction as a popular cryptocurrency thanks to a devoted community and popular meme-based content. Unlike many other cryptocurrencies, there is no cap on how many Dogecoins can be created, making the currency prone to devaluation as the supply grows.
