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11 best cryptocurrencies 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 it out The 5 best cryptocurrencies to invest in for beginners according to Reddit.
Cryptocurrencies became a multibillion-dollar industry in 2017, when the average price of Bitcoin rose from a few cents in 2009 to $15,000. Cryptocurrencies have seen tremendous volatility in recent years. Bitcoin was the first cryptocurrency to shift focus towards secure and anonymous digital transactions without the involvement of financial institutions.
According to the US International Trade Commission, it is reported that an estimate 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 thanks to its anonymous global user base and decentralized structure. Therefore, major financial companies and payment service providers such as PayPal Holdings, Inc. (NASDAQ:PYPL) and Mastercard Incorporated (NYSE:BUT) have facilitated purchases with Bitcoin and other cryptocurrencies, with PayPal Holdings, Inc. (NASDAQ:PYPL) facilitating $604 million in cryptocurrency for its customers in 2022.
Bitcoin Crypto Outlook 2024
The recent rise in prices of Bitcoin and Ethereum, led by the introduction of Bitcoin spot ETFs, has captured the attention of investors around the world. This significant growth, combined with optimism surrounding the impact of ETFs and the impending Bitcoin halving, has led to a 45% increase in Bitcoin prices and a 47% increase in Ethereum prices since February. Notably, Bitcoin reached a new record high of $72,968 in March before experiencing a slight decline. The influx of $2.7 billion in crypto assets, primarily Bitcoin, further fueled this surge.
Projections of greater institutional demand for Bitcoin in the United States, coupled with analysts predicting a potential new record high of $80,000, point to a promising future for the cryptocurrency. Despite slower growth in millionaire portfolios, emerging demand for ETFs, tight supply, and expectations of lenient monetary policies continue to drive optimism in the cryptocurrency market.
A recent Bloomberg article highlights Bitcoin’s price movements, highlighting the increased value attributed to increased investments 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. Between them, BlackRock’s iShares Bitcoin Trust reached $10 billion in assets faster than any other new ETF. Despite concerns about Bitcoin volatility, market sentiment has turned positive amid confidence in economic resilience and anticipation of a Federal Reserve interest rate cut.
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The best cryptocurrencies to invest in for beginners according to Reddit
Our methodology
In our methodology, we initially used trackers to identify popular cryptocurrencies based on the frequency of mentions on Reddit. Next, we conducted manual research to confirm that these currencies show positive sentiment and that Redditors are actively buying them, then we 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 that facilitates efficient cross-border transactions. XRP is a token that allows seamless trading 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 the best cryptocurrency stocks for beginners thanks to its association with the Binance exchange. BNB can mitigate risk and maximize potential returns through its diversified investment portfolio. Binance conducts regular token burn operations, which results in increased scarcity and value of BNB over time, thus making it the best cryptocurrency 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. It is a profitable investment for beginners to buy the best cryptocurrency stocks because it reduces the risk of high interest rates associated with unsecured loans, making them attractive to borrowers and lenders as well.
FintruX is unique compared to other cryptocurrencies because it is also a lending platform that uses block chain technology and this distinguishes it among the best cryptocurrency stocks to buy for beginners. Additionally, having the backing of an established financial software company adds further credibility.
7. Ligature
As of March 2024, Tether has reached a market capitalization of approximately $100.2 billion and is often called a stable and reliable choice for investors wary of extreme volatility. The company reported record net profit of $2.85 billion in the final quarter of 2023 and plans to invest in the mining sector in 2024.
6. Arbitrage
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 a compelling choice to make when it comes to the best crypto stocks to invest in for beginners, thanks to the low transaction fees and high liquidity rates.
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Disclosure: None. 11 best cryptocurrencies to invest in for beginners according to Reddit is originally published on Insider Monkey.