Bitcoin was launched in January 2009. Since then, Bitcoin outperformed all major asset classes including S&P 500, bonds and Gold. Today thousands of Cryptocurrencies are traded in the market. Here I am giving a list of the top Best Buy Cryptocurrencies For The Year 2024.
1) Bitcoin
What is Bitcoin?
Bitcoin (BTC) is a cryptocurrency. It is a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.
As we know Bitcoin was launched in January 2009, and since then many investors have been investing and trading in Bitcoin. It is rewarded to blockchain miners for verifying transactions and can be purchased on several exchanges.
On 10 January 2024, the US Securities and Exchange Commission issued the Statement on the Approval of Spot Bitcoin Exchange-Traded Products.
Investors can already buy and sell or otherwise gain exposure to Bitcoin at several brokerage houses, through mutual funds, national securities exchanges, peer-to-peer payment apps, and non-compliant crypto trading platforms.
US Securities and Exchange Commission said:
“First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Investors in any Bitcoin ETP listed and traded will benefit from the disclosure in public registration statements and required periodic filings.”
“Second, these products will be listed and traded on registered national securities exchanges. Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules. Furthermore, the Commission will fully investigate any fraud or manipulation in the securities markets, including schemes that use social media platforms. Such regulated exchanges also have rules designed to address certain conflicts of interest as well as to protect investors and the public interest.”
Existing rules and standards of conduct will apply to the purchase and sale of the approved exchange-traded products (ETPs).
“Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.”
This affirmation from the Securities and Exchange Commission is expected to usher in a wave of new capital from retail and institutional investors, causing demand for bitcoin to rise.
Further, it is expected to reduce the mining of Bitcoin to half in Year 2024. It will create more demand and less supply, which will boost the price of Bitcoin to an all-time High.
Bitcoin Price Chart March 2024
2) Ethereum (ETH) / Ether
What is Ethereum (ETH)?
Ethereum (ETH) is a decentralized blockchain with smart contract functionality. It is also known as Ether. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.
Bitcoin doesn’t generate cash flow in a traditional sense but blockchains like Ethereum do.
Ethereum functions like a global supercomputer, hosting thousands of crypto applications that people use every day.
To use those applications, application users have to pay a fee using the Ethereum crypto asset. That’s cash flow.
Ethereum is one of the fastest-growing large-scale tech platforms in the world.
Ethereum (ETH) Price Chart March 2024
The average cost per transaction of the various cryptocurrencies shows that Ethereum (ETH) is a cash cow, that will help investors to keep investing in Ethereum (ETH) and the price may get doubled in the Year 2024-2025. Hence, Ethereum (ETH) could be the Best Buy in the year 2024.
Disclosure:
The information provided here is for discussion purposes only and no representations, guarantees or warranties are given or implied. Before making any financial decision consult your financial advisor.
Question and Answers:
Is Bitcoin a Good Investment?
Bitcoin has a short investing history filled with very volatile prices. It could be a good investment depending on your financial profile, investing and risk tolerance, and investing goals. You should always consult a financial professional for advice before investing in cryptocurrency.
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