The best crypto for a particular investor depends on his particular situation, but here are 9 of the best cryptocurrencies in terms of returns this year.
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2024 has been an exciting year for the cryptocurrency, with Bitcoin hitting a new all-time high of over 70,000 in March.
Bitcoin may be the largest cryptocurrency by market capitalization, but it's not the best crypto this year in terms of performance.
And the most powerful ones are not just meme coins-there is a growing selection of cryptocurrencies that are established with long-term predecessors.
Is cryptocurrency a good long-term investment?
Malcolm Ethridge, financial advisor to Maryland-based registered investment advisor CIC Wealth, said in an email interview that a small crypto investment, while not "absolutely necessary," can help diversify a portfolio over the long term, as long as investors put a few smart guards around it and limit their exposure.
"I think investors could limit their allocation in crypto to 5%, and in the long run they could still reap the benefits of exposure to the asset class if it's 10x what its biggest backers hope, but also reduce the likelihood of being wiped out by it if the asset class goes to zero tomorrow, which is also possible," Ethridge said.
What is the best Crypto to buy right now?
The best crypto that you can buy right now for a particular investor depends on his situation and goals. If you use extra money to speculate on cryptocurrencies for fun, you may be inclined to look for small altcoins with high volatility.
However, if you want to make a long-term investment in cryptocurrency for diversification purposes, you may be more interested in mature coins such as Bitcoin and Ethereum, which have a longer track record, a larger market capitalization and a greater acceptance among large financial institutions.
Looking at the parts in the table above, it is important to remember that the yield is not everything. Many of the cryptocurrencies outperforming Bitcoin this year have significantly more limited use matters.
For example, Toncoin (TON) is an acquisition of an old blockchain-based web hosting system ("the Open Network" or "TON"), which was originally developed by the social media app Telegram. Dogecoin (DOGE) and Shiba Inu (SHIB) are meme coins—amusement altcoins that represent Internet memes. And BNB (BNB) is the native coin of the competitive cryptocurrency exchange Binance.
These types of coins can sometimes generate triple-digit returns within a few months, but investors should note that they are significantly smaller, less mature, more specialized and more volatile than "blue chip" cryptos like Bitcoin and Ethereum.
2024 has been an exciting year for the cryptocurrency, with Bitcoin hitting a new all-time high of over 70,000 in March.
Bitcoin may be the largest cryptocurrency by market capitalization, but it's not the best crypto this year in terms of performance.
And the most powerful ones are not just meme coins-there is a growing selection of cryptocurrencies that are established with long-term predecessors.
Is cryptocurrency a good long-term investment?
Malcolm Ethridge, financial advisor to Maryland-based registered investment advisor CIC Wealth, said in an email interview that a small crypto investment, while not "absolutely necessary," can help diversify a portfolio over the long term, as long as investors put a few smart guards around it and limit their exposure.
"I think investors could limit their allocation in crypto to 5%, and in the long run they could still reap the benefits of exposure to the asset class if it's 10x what its biggest backers hope, but also reduce the likelihood of being wiped out by it if the asset class goes to zero tomorrow, which is also possible," Ethridge said.
What is the best Crypto to buy right now?
The best crypto that you can buy right now for a particular investor depends on his situation and goals. If you use extra money to speculate on cryptocurrencies for fun, you may be inclined to look for small altcoins with high volatility.
However, if you want to make a long-term investment in cryptocurrency for diversification purposes, you may be more interested in mature coins such as Bitcoin and Ethereum, which have a longer track record, a larger market capitalization and a greater acceptance among large financial institutions.
Looking at the parts in the table above, it is important to remember that the yield is not everything. Many of the cryptocurrencies outperforming Bitcoin this year have significantly more limited use matters.
For example, Toncoin (TON) is an acquisition of an old blockchain-based web hosting system ("the Open Network" or "TON"), which was originally developed by the social media app Telegram. Dogecoin (DOGE) and Shiba Inu (SHIB) are meme coins—amusement altcoins that represent Internet memes. And BNB (BNB) is the native coin of the competitive cryptocurrency exchange Binance.
These types of coins can sometimes generate triple-digit returns within a few months, but investors should note that they are significantly smaller, less mature, more specialized and more volatile than "blue chip" cryptos like Bitcoin and Ethereum. 
