Cryptocurrencies became a multibillion-dollar industry in 2017 when the average price of Bitcoin rose from a few cents in 2009 to $15,000. Crypto has seen massive volatility over the past few years. Bitcoin was the first cryptocurrency that shifted the focus towards secure and anonymous digital transactions without the involvement of financial institutions.
According to the US International Trade Commission, it has been reported that an estimated 13.7% of the US population owned cryptocurrency in 2022 and there are over 420 million global cryptocurrency users as of April last year. Cryptocurrency transactions are conducted freely across borders due to its anonymous global user base and decentralized framework. Therefore, major financial firms and payment providers such as PayPal Holdings, Inc. (NASDAQ:PYPL) and Mastercard Incorporated (NYSE:MA) have facilitated purchases with Bitcoin and other cryptocurrencies, with PayPal Holdings, Inc. (NASDAQ:PYPL) having facilitated $604 million in cryptocurrency for its clients in 2022.
Bitcoin Crypto Outlook 2024
The recent surge in Bitcoin and Ethereum prices, driven by the introduction of spot Bitcoin ETFs, has captured the attention of investors worldwide. This significant growth, coupled with the optimism surrounding the impact of ETFs and the upcoming Bitcoin halving, has led to a 45% increase in Bitcoin prices and a 47% rise in Ethereum prices since February. Notably, Bitcoin reached a new record high of $72,968 in March before experiencing a slight dip. The influx of $2.7 billion into crypto assets, primarily Bitcoin, has further fueled this surge.
Projections of increased institutional demand for Bitcoin in the US, along with analysts predicting a potential new record high of $80,000, indicate a promising future for the cryptocurrency. Despite the slower growth in millionaire wallets, the emerging demand for ETFs, scarcity of supply, and expectations of lenient monetary policies continue to foster optimism in the crypto market.
A recent Bloomberg article highlights Bitcoin's price movements, emphasizing the surge in value attributed to increased investment in new ETFs. These ETFs, approved by the Security and Exchange Commission in January, have amassed nearly $50 million in assets spread across ten ETFs. Among them, BlackRock’s iShares Bitcoin Trust has achieved $10 billion in assets faster than any other new ETF. Despite concerns about Bitcoin's volatility, market sentiment has turned positive due to confidence in economic resilience and anticipation of a Federal Reserve interest rate reduction.
Best Crypto To Invest In For Beginners According To Reddit
Our Methodology
In our methodology, we initially utilized trackers to identify highly popular cryptocurrencies based on the frequency of mentions on Reddit. Subsequently, we conducted manual research to confirm that these currencies exhibit positive sentiment and that Redditors are actively purchasing them and then selected 11 best crypto to invest in for beginners.
11. XRP
Ripple, a block chain based payment network founded by Chris Larsen and Jed McCaleb in 2012, introduced its own cryptocurrency XRP that facilitates efficient cross border transactions. XRP is a token that enables seamless exchanges between various currencies and one of the best cryptocurrency stocks to invest in.
10. Binance Coin
Binance Coin has emerged as one of the most prominent cryptocurrencies in the digital market. It is a compelling choice to invest in out of the best cryptocurrency stocks for beginners due to its association with Binance exchange. BNB can mitigate risk and maximize potential returns through its diversified investment portfolio. Binance conducts regular token burns which results in increased scarcity and worth of BNB over time thus making it a best crypto to invest in for beginners according to Reddit.
9. SHIBA INU
SHIBA INU is a cryptocurrency token inspired and named after the SHIBA INU dog bread. It is a decentralized platform that focuses on community governance. It enticed many retail investors due to its low price and potential for higher returns but exercising caution is necessary for investors due to its speculative and volatile nature.
8. FintruX Network
FintruX Network aims to improve the security of unsecured loans through implementation of cascading credit enhancements. It is a lucrative investment to make out of the best cryptocurrency stocks to buy for beginners because it reduces the risk of high interest rates associated with unsecured loans also making it attractive for borrowers and lenders.
FintruX is unique as opposed to other cryptocurrencies because it is also a lending platform that utilizes block chain technology and this makes it stand out in the best cryptocurrency stocks to buy for beginners. Additionally, backed by an established company in the financial software industry adds further credibility to it.
7. Tether
As of March 2024, Tether has achieved a market capitalization of around $100.2 billion and is often referred to as a stable and reliable choice for investors who are wary of extreme volatility. The company has witnessed a record breaking net profit of $2.85 billion in last quarter of 2023 and is planning to invest in the mining industry in 2024.
6. Arbit
Arbit is a cryptocurrency coin developed for the augmented reality industry that aims to provide payment solutions to developers and users. It is an enthralling choice to make regarding the best crypto stocks to invest in for beginners according to Reddit because of its low transaction fees and high liquidity rates.