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Bitcoin and the altcoin market overall have begun to recover after a period of consolidation following Bitcoin’s April 2024 halving. Consequently, many investors are seeking the next cryptocurrency poised for a significant surge, especially with the market yet to reach its peak.
Several coins appear primed for substantial growth this month and throughout the year. Here are the top cryptos to consider buying in July.
#1 Bitcoin (BTC)
Launched by the mysterious Satoshi Nakamoto in 2009, Bitcoin is widely regarded as the first crypto. It is a decentralized digital currency that can be bought, sold, and exchanged without an intermediary like a bank. It is now widely accepted as a viable investment option and a mode of exchange, i.e., a currency and a store of value.
Being one of the first cryptos, Bitcoin has always been in the headlines regarding its price surges and dips. Although, later in June, the coin dipped below $60,000, as the new month started, the crypto community showed optimism. Want to know what the key reasons for this optimism are? Click here.
Why Choose Bitcoin?
Despite fluctuations, Bitcoin’s resilience in maintaining above the $60,000 mark highlights its robust market presence. Government movements, such as the U.S. transferring $240 million worth of seized Bitcoin and Germany selling tens of millions, significantly impact its price. Despite these sell-offs, Bitcoin remains strong.
Additionally, with the upcoming distribution of $9 billion in Bitcoin from the collapsed Mt. Gox exchange, Bitcoin’s market dynamics continue to evolve. These factors showcase Bitcoin’s importance and potential in the financial world.
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Relatable Read: How to Buy Bitcoin (BTC) In India? [2024]
#2 Kaspa (KAS)
Kaspa aims to tackle the ongoing challenges related to the scalability and speed of decentralized transactions. Traditional blockchains often face issues such as network congestion as they expand, leading to slower transaction processing times and higher fees. Kaspa introduces innovative solutions to address these challenges by fundamentally redesigning blockchain functionality. One of its key innovations is the GhostDAG protocol, which incorporates a novel algorithm allowing for parallel transaction processing instead of the traditional sequential approach. This approach significantly increases the blockchain’s capacity and transaction throughput, enabling instantaneous transactions at a fraction of the usual cost.
Why Choose Kaspa?
Kaspa emerged as a top cryptocurrency performer last week, surging 19.5% against the U.S. dollar. This growth was primarily driven by Marathon Digital’s announcement of its Kaspa mining operations in September 2023.
Marathon acquired 60 petahash of Kaspa mining hardware, including Bitmain’s KS3, KS5, and KS5 Pro miners. Currently, only half of these miners are operational, but the firm expects to control 16% of Kaspa’s global hashrate once fully deployed. Marathon praised Kaspa’s fair launch, advanced technology, and market strength, emphasizing portfolio diversification as a key factor for their investment.
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Relatable Read: How To Buy Kaspa (KAS) In India? [2024]
#3 Toncoin (TON)
Toncoin, commonly denoted as TON, serves as the inherent digital currency for a decentralized Layer-1 blockchain that originated from the endeavors of the well-known messaging platform Telegram in 2018. Initially launched as the “Telegram Open Network,” the project underwent a transformation when Telegram disengaged from its involvement. Subsequently, the TON Foundation, an enthusiastic and autonomous community, assumed leadership, rebranding the initiative as “The Open Network.” The native cryptocurrency within this network, Toncoin (TON), was formerly recognized as Gram.
Why Choose Toncoin?
Toncoin is gaining significant attention, with Pantera Capital actively raising capital for a Toncoin-focused fund, seeking a minimum of $250,000 from each investor. Pantera Capital’s enthusiasm is evident, as their investment in Toncoin is their largest ever. Partner Ryan Barney highlights Toncoin’s vast user base, scalable infrastructure, thriving ecosystem, and native stablecoin transactions as key strengths. The success of mini-apps like Hamster Kombat and Yescoin on Telegram and their planned token launches on the TON Blockchain further underscore Toncoin’s growth potential.
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Relatable Read: How To Buy Toncoin (TON) In India? [2024]
#4 Solana (SOL)
Founded in 2017 as an open-source project, Solana is a Layer-1 blockchain platform designed to host decentralized, scalable applications. SOL, the crypto that runs on the Solana blockchain, soared as high as 12,000% in 2021. It has a market capitalization of over $79,565,041,623 and ranks 5th in the list of largest cryptos.
Solana is a Proof-of-Stake (PoS) blockchain that uses another consensus mechanism, Proof-of-History (PoH), in combination with PoS. The PoH consensus is proof for verifying order and the passage of time between instances. It also encodes a trustless passage of time into a ledger.
Why Choose Solana?
Two major asset management firms, VanEck and 21Shares, have applied to launch a spot Solana ETF in the U.S., aiming to list on the CBOE BZX exchange. 21Shares plans to use Coinbase as the custodian, with funds stored in segregated wallets on the Solana blockchain. Although the ETF will not stake SOL due to regulatory concerns, 21Shares already offers a SOL-backed ETP in Europe. Despite regulatory challenges in the U.S., these developments highlight Solana’s growing institutional interest and potential for significant market impact.
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Relatable Read: How To Buy Solana (SOL) In India? [2024]
#5 Ethereum (ETH)
Ethereum is an open-source, decentralized blockchain platform that allows the building and execution of smart contracts. Vitalik Buterin first proposed it in late 2013 and finally launched in 2015. It also serves as a platform for developers to build Decentralized Applications (DApps) and deploy smart contracts, which are self-executing contracts with predefined rules and conditions.
ETH is the native token of the Ethereum network, which is used to reward participants for computational efforts in executing smart contracts and as a means of value transfer within the Ethereum ecosystem.
Why Choose Ethereum?
With Ethereum ETFs set to launch soon in the U.S., ETH stands out as a key crypto asset to watch. Anticipation of SEC approval for 19b-4 filings led to a rally, pushing ETH to around $3,900. Currently, ETH has gained 21.5% against the U.S. dollar over the last 30 days. Despite stabilizing between $3,700 and $3,850, the market’s reaction to the ETF launch will be crucial. Analysts predict lower demand for Ethereum ETFs compared to Bitcoin, citing Bitcoin’s first-mover advantage and the lack of staking rewards for ETF holders.
Buy Ethereum at WazirX here.
Relatable Read: How to Buy Ethereum (ETH) In India? [2024]
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
