Best Cryptos to Invest In August 2024 For Long Term Gains

Digital currencies have come a long way in the past few years as people now recognize Bitcoin and Ethereum. As the market gets more recognition, many financial professionals have said the crypto market will only keep on growing.

Thus, the new financial systems that are to replace the current financial systems will present notable long-term investment decisions. While venturing into the possibilities of cryptocurrency markets it is imperative to look for cryptocurrencies that have strong fundamentals for long-term growth.

This guide will give an insight into the best cryptocurrencies to invest in for the long-term, the reasons behind the investors’ interest in these particular cryptocurrencies as well as tips that can help in long-term investment in the crypto market.

Factors to Consider When Investing in a Crypto Coin

First of all, one has to understand how investment in the cryptocurrency market works. The following are some of the things that should be considered before investing in a cryptocurrency.

 

1. 1. Technology and Innovation

Many projects which have a potential for long-term growth are usually founded on disruptive technologies and a well-defined strategy. Bitcoin and Ethereum are the best cryptocurrencies today because they each introduced a unique innovative technology.

 

2. 2. Long-Term Perspective

However, here we have also taken into account the approach of the long-term view of the crypto. In this case, investors must determine the cryptocurrency’s usability in real life and its ability to become widespread. The best cryptocurrencies often have high use cases, which causes their values to rise.

 

3. 3. Market Capitalization

The market capitalization of any currency is usually used in the determination of the value of the coins that are worth investing in. It is the total value of all the coins of a particular cryptocurrency. A larger market capitalization usually means a more solid and less risky asset as well as more trust from investors.

 

4. 4. Risk Tolerance

One thing that must be done before getting into investing in the asset is to understand your risk tolerance. This will determine the type of crypto you buy and how much investment you make in each.

Top 10 Picks: Best Crypto to Invest in 2024 for Maximum Returns

Based on the four important factors guiding cryptocurrency investments, below are ten of the coins you can buy in August 2024 for maximum long-term returns.

 

1. 1. Bitcoin (BTC)

Bitcoin is the first decentralized cryptocurrency, and made popular the idea of digital money. As the original crypto, Bitcoin is the most popular and used cryptocurrency. It also has the largest market capitalization of over $1.1 trillion and is often called the digital gold.

Bitcoin is not only widely accepted as a form of currency, it is also considered as a good hedge against fiat currencies like the U.S. Dollar. For years, Bitcoin has been slowly getting the approval it needs from the market and in some nations, it is considered to be legal tender.

Besides being a digital currency, the use of Bitcoin is normally considered as a medium of store of value. Earlier this year, Spot ETFs for Bitcoin were approved signifying the growing acceptance of this derivative type.

Why BTC is a Good Long-Term Investment

Many experts have considered BTC to be a long-term investment because of the following reasons: It has limited supply, more institutions have adopted the use of it as a method of payment and finally, it is being recognized more and more as a store of value. 

These suggest that the future performance of anything like its past performance, BTC is sure to be a great long-term investment. Bitcoin has been ranging around $60k in August, with experts predicting $100k in 2024.

 

2. 2. Ethereum (ETH)

Ethereum is one of the most recognized names in the crypto world and beyond. It is often called digital silver. Ethereum got its fame because of smart contracts; thanks to which the decentralized finance market emerged. 

Smart contracts are contracts which are created to execute themselves once the requirements set in the code have been met. Many opportunities have opened up for dApps through this innovation. They increase security, transparency as well as functionality.

Thus, Ethereum has become the basis for active DeFi, NFT, and many other market trends. Ethereum can not be regarded as one of the fastest blockchains, although it has good security. Also, the recognition of Ethereum from top investors has been increasing over the years. 

Why ETH is a Good Long-Term Investment

ETH or Ether is one of the top cryptos today, with the biggest market cap, only next to BTC, at over $310 billion. It is used for trading and paying fees on the network, known as gas. It is deflationary because a part of the ETH is burnt after every transaction to decrease the circulating supply.

ETH can also be staked (locked up) in return for earning yield. The long term price movements of ETH hint that it could increase further. Now institutional investors have started buying recently through an ETF, the chance of long term price from its August range of $2,500 to over $5,000 is possible.

 

3. 3. Chainlink (LINK)

Chainlink is one of the most important projects of decentralized finance (DeFi space). It ensures the supply of safe and accurate data for smart contracts. Chainlink has become vital for the integration of blockchain with the real world. 

Chainlink is already among the most popular crypto assets that hold a market capitalization of over $6 billion. Therefore, as the decentralized apps space continues to grow, there is a high possibility that the demand for Chainlink will increase, consequently, the price of Chainlink will go up. 

The latest industry where Chainlink has started to find its footing is the tokenization of real world assets (RWAs). Thus, as a potential multi-trillion dollar industry, Chainlink seems to have all the potential to rise in price.

Why LINK is a Good Long-Term Investment

LINK is the native token of the Chainlink network and is considered a great investment option. This is because Chainlink is the biggest Oracle network with a market cap of over $6 billion and is quickly becoming a giant in RWA tokenization. 

These factors will contribute to helping the price of LINK grow in the long term. In August, LINK trades around $10. But its growth potential suggests it can climb back above its ATH of $50. 

 

4. 4. Solana (SOL)

Solana (SOL) is a layer one blockchain that went live in 2020 and is considered as the Ethereum killer. Solana also has smart contract capabilities; hence, it is capable of hosting decentralized applications, also commonly known as dApps. 

It is one of the biggest networks for dApps because of its speed and very high scaling technology. This is where Solana’s proof-of-history (PoH) consensus comes in, which is a large part of why the network is so fast. The PoH consensus allows Solana to handle fast transactions and keep them cost efficient. 

Despite the problems that Solana has faced, it has been one of the strongest performing coins since late 2022. Solana currently has a blooming list of dApps in the financial and trading, cryptocurrency exchanges, games and gambling, and NFT marketplaces, among others. It has also attracted the interest of institutional investors as the market validates the operating model of the platform for the long run.

Why SOL is a Good Long-Term Investment

SOL is the coin of the Solana network. Recently there have been applications for SOL-based ETFs, which means that the coin could greatly rise from the current price range of $150 in August. Also, its past performance suggests that SOL makes a good crypto.

 

5. 5. Celestia (TIA)

Celestia became one of the leading digital currencies in 2023 when it presented the modular infrastructure blockchain idea. Celestia stands out from other cryptocurrencies because it regulates consensus and data availability to enhance scalability and, in turn, lower expenses.

Celestia can easily interconnect with other blockchains which makes it more useful and has potential for expansion. Since more applications will be developed based on Celestia, the importance of the network grows, which in turn attracts developers and users.

As a project that has been in operation for quite a short period, Celestia bears significant risk with high returns. But it has proved that it can rise to be among the best players in the blockchain market with the said structure and development team at its back.

Why TIA is a Good Long-Term Investment

Because of the unique use of Celestia, the TIA coin marked 2023 with multiple all-time highs. The demand for the Celestia network has made TIA one of the top trading coins with a market cap of approximately $1 billion. 

Since Celestia is one of the very first projects in the scope of modular blockchain, TIA has a chance to rise from its current price of $4.8 to new highs above $20.

 

6. 6. Mantra (OM)

Mantra has key differences from other major cryptocurrencies because of its concentration on the tokenization of Real World Assets (RWAs). The project was also designed in order to satisfy government regulations. This makes it the bridge between traditional finance and ‘decentralized finance’ or ‘De-Fi.’

Thus, many financial institutions have been attracted to the blockchain platform due to compliance with government regulations as well as high security. Mantra is now the leading crypto in the tokenization of RWAs. 

Mantra Chain partnered with MAG Group, the Dubai-based real estate developer, in July to tokenize $500 million worth of Real Estate Assets. The tokenization of assets is in its early stages, opening up the opportunity for massive long-term growth to Mantra.

Why OM is a Good Long-Term Investment

OM is the primary asset of the leading RWA platform and a security-first blockchain. In August 2024, OM is valued at around $1 with a market cap of $820 million. As its role in the tokenization of RWAs grows, the crypto coin will be impressive on the price charts. 

 

7. 7. Toncoin (TON)

While Toncoin only recently gained popularity, it was launched in 2018 led by Telegram founder Pavel Durov. Toncoin offers a blockchain that is extremely efficient for dApps and smart contracts. Toncoin’s scalability works because of a network of ‘shards.’

The shards of the Toncoin network support millions of settled transactions every second. Every shard is capable of this feat, at the same time, as other shards and the primary chain can inter-operate. Because of this, Toncoin has become one of the biggest chains for the launch of dApps.

Another strength that Toncoin has is that there are many users of Telegram, making Toncoin more optimistic than many other digital currencies. Telegram’s relationship with Toncoin means the millions of users of the app could easily enter into the TON ecosystem.

Why TON is a Good Long-Term Investment

TON is the native token of the Toncoin network. In August 2024, TON is valued at around $6.1B, with a market cap of over $15.5 billion. As more dApp projects launch on Toncoin, TON has a shot at being the best cryptocurrency of the year.

 

8. 8. Ripple (XRP)

One of the biggest digital currencies in the market today is XRP. The crypto coin also started attracting users for the said use case of the cross-border payments sector. However, over the last few years, the legal case against the security and exchange commission greatly affected XRP’s price.

Ripple payment solutions are on the rise in central banks and top institutions for executing cross-border transactions. Over time, this means that XRP stands to gain as the bridge currency that is utilized for trading on the blockchain platform. XRP has also been passed as not a security, meaning its use could also increase in the coming months.

Why XRP is a Good Long-Term Investment

XRP is definitely one of those that have been through worse than many of the popular cryptocurrencies. However, it is still considered a top crypto with a market cap above $32.5 billion. Firstly, XRP is the leading crypto for settlement and cross border trading.

The settlement of the Ripple vs. SEC security case is another reason why XRP can increase long term. Also, Ripple is planning on launching an IPO amidst applications for ETFs for the crypto. Further, according to the financial experts’ technical analysis, there are possibilities that the XRP crypto could start a new long-term upward movement from its August 2024 price of $0.610.

 

9. 9. Stacks (STX)

Stacks is the leading DeFi project that brings smart contracts to the Bitcoin blockchain. Thus, Stacks, by facilitating smart contracts on Bitcoin, promotes the further utilization of the world’s first decentralized digital assets. Stacks builds its network on top of Bitcoin, with high security and decentralization, thus giving a good starting point.

Over the coming few months, there will be a higher demand for DeFi on Bitcoin as more users seek to unlock Bitcoin’s capabilities of decentralization. This could positively impact the price movements of Stacks. 

Why STX is a Good Long-Term Investment

The use of STX for trading and dApps increases as the adoption of DeFi on the Bitcoin network increases. As the leading crypto for DeFi on Bitcoin with a market cap of over $2.1 billion, a trend that is expected to grow significantly, STX makes a good long-term investment. 

The Stacks coinis priced at $1.4 in August, has also been proven to be very volatile. Technical analysis of its price charts also indicates that the STX crypto is on the verge of long term parabolic price movements with a target around $3-$4.

 

10. 10. Binance Coin (BNB)

Binance coin (BNB) is the Binance chain’s natively built cryptocurrency. It is one of the most popular trading cryptocurrencies because of its connection to one of the largest exchanges ranked by trading volume in the world. Thus, the market cap of the BNB token has grown significantly reaching over $74 billion in August 2024. 

However, it is used not only in one of the largest exchanges but is also actively expanding a list of its products. BNB Chain is also used for the development of dApps.

Compared to its competitor blockchains, the BNB Chain has a much higher throughput rate and significantly lower trade fees. The BNB Chain is faster than others, hence more developers are attracted to the network. 

Why BNB is a Good Long-Term Investment

Based on market data, BNB is one of the best cryptocurrency investments. BNB can also be staked, making it a way for investors to make money. In August, BNB trades above $500, and its ties with Binance means it could keep increasing. 

Investing in the Crypto Market for the Long Term

Cryptocurrency is just an emerging market, and as such, investing for the long term is the best way to get the biggest returns. Nonetheless, the crypto market can be quite unpredictable over a short time span. 

However, it is important to note that these short term fluctuations in price should in one way or the other, not affect one’s investment goals that are in the long run. Below are some important reasons why you should invest in crypto for the long term.

 

1. 1. Blockchain as a Disruptive Force

Therefore, the core technology used in this application, blockchain, is expected to disrupt numerous sectors aside from finance. Others in supply chain management, healthcare, and governance are still relatively new.

 

2. 2. High Returns Possible

Based on records, cryptocurrencies can offer high profits. In particular, it is possible to note the extremely high growth rates of the major cryptocurrencies. Investing in cryptocurrencies can also be very profitable when one invests early in the market as the market grows.

 

3. 3. Hedging Against Inflation

Cryptocurrency can act as an inflationary hedge because there is a limited or fixed amount of tokens that can be created. This is so because many cryptocurrencies don’t move with conventional markets like the stock and bond markets, therefore acting as a diversification tool.

 

4. 4. Market Maturity

The cryptocurrency market is still very much nascent. Market trends show that as crypto evolves, institutions are expected to invest in it and therefore it becomes a part of something traditional in the provision of financial services.

 

5. 5. Financial Inclusion

Cryptocurrencies can help in offering financial services to the unbanked and underbanked people, thus including them in the world economy. Thus, the use of the blockchain is devoid of the involvement of the middleman, which increases the level of trust.

Where to Buy and Store Crypto

Buying Crypto:

 

• • Crypto Exchanges: Currently, there are exchange platforms that enable users to sell their fiat currencies for cryptocurrencies, such as Coinbase, Binance, and Kraken. They have different levels of security, fees, and choices of the type of coin to use.

• • Peer-to-Peer Platforms: P2P platforms interconnect buyers directly with sellers of funds, and as such, they are cheaper but less secure than traditional banks.

• • ATMs: A Crypto ATM is a physical machine through which one can purchase digital currencies with physical money. But they are usually pricier and not offered as frequently.

Storing Crypto:

 

• • Exchanges: The risky aspect of this is holding crypto assets on exchanges since these are easy targets for hackers.

• • Hardware Wallets: these are physical locations for keeping your crypto. Because they are stored offline, it has the highest level of security. 

• • Software Wallets: involves storing cryptos online in wallet applications. Each of the digital wallets has some level of security. 
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Conclusion

The crypto market is often a tough nut to crack because of the number of coins there are. However, this article has provided 10 of the best cryptos every investor can add to their portfolios for long-term profits. These cryptocurrencies have good fundamentals and investors can expect good future results based on their previous performance.