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Views: For a trader, the main indicator of a cryptocurrency's prospects is its speculative potential. A cryptocurrency may carry the perfect technology for digital finance, but for a trader such a cryptocurrency will have no prospects if no one is interested in these solutions, no one buys this cryptocurrency, and its rate is steadily falling.
This is roughly what the chart of the rate of most alternative cryptocurrencies to bitcoin looks like, if you take the interval of a year or several years. Hence, we can conclude that the list of “best cryptocurrencies 2024” should be headed by bitcoin.
Bitcoin (BTC)
Bitcoin's security is proven by its fifteen-year history and the immense computing power used to keep its blockchain running.
The complexity of the network is steadily increasing and the probability of it being hacked is close to zero. Therefore, there is no more secure means of storing savings and making transfers than the Bitcoin network.
With the current international tensions, even state assets can be easily frozen in foreign banks. What to speak of private ones! So the need for a way to store funds where no one can take them away will only increase. And Bitcoin fulfills this need better than anyone else.
The more people realize this, the higher the demand for bitcoins. Along with the demand, their price grows. Therefore, the best answer to the question “what crypto to buy” is bitcoin.
Ethereum (ETH)
Efirium is sometimes referred to as second best in the cryptocurrency industry. But the problem with the Etherium blockchain is that it has many competitors. All the “Efirium killers” that appear on the market are creating technical platforms compatible with it. Which means all the unique products created on the Ethereum network can be easily replicated on other networks, with lower fees and higher speed.
But in 2024, there are several breakthrough solutions being created on the Ethereum network that won't be transferable to other networks. These include, for example
TLSNotary confidential data authentication,
private email transfers via emailwallet,
private crypto-fiat gateways.
If such solutions find a consumer, it will increase the demand for ETH as the only way to pay for gas for their use.
Tether (USDT)
USDT is the cryptocurrency that holds the number one spot in terms of daily trading volume (according to Coinmarketcap).
USDT is a stablecoin, so in the context of trading prospects, it can only be considered as a profit currency. That is, if we choose a trading pair when setting up a bitcoin bot on the Veles platform, we may be faced with this choice:
BTC/EUR,
BTC/FDUSD,
BTC/USDT.
How justified is the choice of USDT in this case?
On the one hand, it is in USDT that traders pay remuneration to the Veles platform for profits generated by trading bots. And it is convenient if the income and expenses will be in the same asset. In addition, USDT is very much in demand in the market, and it can always be profitably sold.
On the other hand, de jure USDT tokens represent Tether's obligations to pay dollars to their holders. And the company is ready to fulfill these obligations only to the users of the Tether.to website who have been verified on this site. And the verification process there is long, and not everyone manages to pass it. Moreover, even after verification, Tether can close accounts without explanation. And if suddenly confidence in Tether is shaken and market participants are not ready to exchange USDT tokens at an acceptable rate, token holders may suddenly find out that they have obligations that Tether is not going to fulfill.
However, rumors of Tether's collapse have been circulating since at least 2017, but throughout that time USDT has generally remained pegged to the dollar. Therefore, we can hope that even in the long run, using this asset for trading will remain more or less a safe option.
USD Coin (USDC)
USD Coin token, unlike USDT, can be easily redeemed. The term “redemption” means presenting the token for exchange for dollars. Both issuers, Circle and Coinbase, are licensed financial companies, and their liabilities look more secure than Tether's. At least if they refuse to issue dollars in exchange for USDC tokens, the refusal can be challenged in a U.S. court.
Therefore, in long-term trading strategies, using USDC as an alternative to USDT may be preferable.
Another promising trading option could be the exchange of USDC for USDT on the Bybit exchange. This trading pair has zero commission and you can configure the trading bot on the Veles platform to place a grid of orders at the levels of 0.9998, 0.9999, 1.0000, 1.0001, 1.0002 and so on. Each time the rate fluctuates by one point, a deal will be opened, which will bring a profit of 0.01% of the allocated capital at virtually no risk.
Ten deals per day will bring a profit of 36% per annum. Such passive income - with the help of a bot trading without your participation - is a very profitable opportunity
Ripple (XRP)
The XRP cryptocurrency looks particularly promising in the context of its use by the Veles trading bot. For several years now, the Ripple rate against the dollar has been fluctuating in a limited price channel, but in short-term segments it demonstrates quite high volatility. These are ideal conditions for trend-neutral grid bots.
This trend makes Ripple look like the most profitable cryptocurrency for bot trading.
Toncoin (TON)
Many people had high hopes for Toncoin because of its integration with Telegram. But serious integration is still not in sight: even within Telegram itself, Toncoin can't be used much for payments. In addition, in September 2024, BNB Chain announced integration with Telegram.
And the projects released on the TON blockchain are mostly meme-coins that lose their value immediately after listing on exchanges. And this reduces user interest in the TON ecosystem.
Thus, Toncoin looks promising only for shorting. But shorting is a rather risky trading method. The rate cannot fall below zero, so the potential profit from shorting is strictly limited. And the rate can rise as high as you want, so the losses can be many times higher than the expected profit.
Solana (SOL)
Solana's rate has been growing during 2024 mainly on the background of interest in meme-coins and NFTs issued in this network. But such a source of interest tends to dry up, meme-coins are less and less perceived as promising coins, and to assess future demand for SOL we need to see if developers can offer new narratives. For now, with this cryptocurrency we can count on a sideways move at best, which, however, is a very promising scenario for Veles bots operating in a given price corridor.
TRON (TRX)
Over 2024, the Tron blockchain has become the network with the most USDT tokens issued, the cryptocurrency with the highest daily trading volume. This contributes to the steady demand for TRX, as the coin is needed to pay for gas in USDT transactions.
In turn, the demand for the coin supports its exchange rate, and TRX looks like a very promising asset in the current environment.
Dogecoin (DOGE)
The DOGE market is recovering in 2024. Previously, the exchange rate of this coin reacted very nervously to any statements about it coming from opinion leaders (first of all - from Ilon Musk). But when Musk once again mentioned DOGE in his microblog on September 7, 2024, it did not affect the rate at all.
Consequently, you can now safely trade DOGE with a small leverage, without fear that the position will be liquidated because of a careless word of some celebrity.
What are the criteria for choosing a cryptocurrency for investment?
When deciding which cryptocurrency to buy for investment, you must first answer the question, “Who can I sell it to?”
Bitcoin can be sold to those who need the most secure means of storing their savings.
Stablecoins can be sold to their issuers (exchanged for dollars), but not always.
Native blockchain coins (altcoins or alts) can be sold to those who are actively transacting on those blockchains and need funds to pay for gas.
Exchange tokens are required by traders who want to save money on the fees of the respective exchanges.
Mem-coins probably shouldn't be used for investment at all, because it's not easy to answer the question of who will agree to buy them and why.
Once you understand who might become a future buyer, you need to assess the prospects of demand growth. And if you come to the conclusion that there are reasons for the growth of demand, then you can invest in the selected cryptocurrency.
Conclusions
Different cryptocurrencies have the potential for growth. However, in trading, not only the stability of the growth of assets, but also their volatility is important. Many bots on the Veles platform are most effective with assets whose rates often return to the mean. This creates more opportunities for successful trades and profits due to repeated price fluctuations.
