A summary of the 12 cryptocurrencies worth buying in July 2024

Original Title: “12 Best Crypto to Buy Now in July 2024”

Author: Jon Nielsen

Compiled by: Mars Finance, MK
Which cryptocurrencies are worth buying now?

Although the cryptocurrency market is still in an unstable state, many investors are considering whether to sell now to secure profits or to continue holding or even increasing their positions to take advantage of potential price rebounds in the short to medium term.

Despite the gradual recovery of the cryptocurrency market from the last bear market, each bear market tends to weed out some projects. Therefore, it is crucial to select high-quality crypto projects that are likely to survive the bear market and thrive in the future.

This article analyzes 200 top cryptocurrencies based on several key factors, including liquidity, technological innovation, industry leadership, and tokenomics. Detailed criteria will be introduced later in the article.

Through meticulous analysis, we have selected a dozen cryptocurrencies that currently have the highest investment value in the market. The top three on our list will be updated weekly based on the latest developments in the crypto and blockchain space.

Cryptocurrency Investment List for July 2024:

• Bitcoin ------ A decentralized peer-to-peer cryptocurrency
• Toncoin ------ A blockchain closely integrated with the Telegram messaging app
• Cardano ------ A major competitor to Ethereum
• Maker ------ A key decentralized finance project
• Ethereum ------ A leading smart contract platform
• Solana ------ A high-performance smart contract blockchain platform
• Kaspa ------ A scalable first-layer blockchain based on BlockDAG architecture
• BNB ------ A mainstream cryptocurrency used in the Binance ecosystem
• XRP ------ An efficient digital currency exchange tool
• Uniswap ------ The largest decentralized exchange (DEX) on Ethereum
• Notcoin ------ A TON blockchain project originating from a popular click game
• Shiba Inu ------ The second-largest meme coin in the market

Researching Current Investment-Worthy Cryptocurrencies

We first focus on three cryptocurrency projects that have recently made significant progress or are about to experience important events. This information will be updated weekly to reflect the latest developments in the cryptocurrency and blockchain space.

Before diving into the recommended cryptocurrency list, it is important to emphasize that choosing which cryptocurrency to invest in is just the beginning of your digital currency investment journey. Selecting the right trading platform and subsequent storage methods is equally important.

We recommend that after purchasing cryptocurrencies on an exchange, the best practice is to transfer them to a hardware wallet for secure storage. Buying on KuCoin and storing in a Ledger hardware wallet is a great start.

1. Bitcoin

Bitcoin is a decentralized peer-to-peer digital currency that was proposed in 2008 and began operating in 2009. The founder of Bitcoin is a person using the pseudonym Satoshi Nakamoto, whose true identity remains unknown.

Bitcoin introduced blockchain technology, providing a completely decentralized and extremely secure payment method. It uses a proof-of-work mechanism that greatly increases the difficulty of altering transaction records or double spending. This network is maintained by miners who protect the network by adding blocks and receive Bitcoin as a reward.

BTC can be transferred 24/7 anywhere in the world without the need for any intermediaries. Users can independently control their Bitcoin by holding their private keys, without relying on banks or other financial institutions.

Despite the emergence of countless cryptocurrencies and blockchain platforms, Bitcoin remains one of the largest cryptocurrencies by market capitalization.

Why Choose Bitcoin?

In the past 14 days, the exchange rate of Bitcoin against the US dollar has risen by 22%, leading the overall rise in the cryptocurrency market. The increase in Bitcoin's price coincides with heightened uncertainty in the US political landscape, including an assassination attempt against former President Donald Trump.

Many analysts believe that this assassination attempt may increase Trump's chances of winning the presidential election in November. According to the blockchain prediction market Polymarket, Trump's chances of winning have risen from about 60% before the event to 71%. After the initial reaction, Trump's chances of defeating competitors including Kamala Harris and Michelle Obama stand at 64%.

The Bitcoin market has reacted positively to the increased likelihood of Trump becoming the next US president, as compared to his opponents and current President Joe Biden, Trump has a more favorable attitude towards Bitcoin and other cryptocurrencies.

If Trump becomes president, it could mean the end of Gary Gensler's tenure as chairman of the US Securities and Exchange Commission (SEC), which would be good news for the cryptocurrency market. Trump's successor may have a more open attitude towards blockchain-based financial products.

In 2019, Trump stated that Bitcoin and other cryptocurrencies "are not real currency" and are "highly volatile and based on nothing." However, his rhetoric has shifted to a more positive direction since then. In June of this year, Trump tweeted, "We want all Bitcoin to be made in the USA!!!" and stated that "Bitcoin mining may be our last line of defense against central bank digital currencies."

Trump even plans to attend the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.

Additionally, the net inflow of Bitcoin spot ETFs is increasing. Although the daily net inflow was mostly negative from the second week of June to the second week of July, we have observed over $2.8 billion in inflows since then. This indicates that institutional investors view buying BTC at the current price as a good investment opportunity. At the time of writing, BTC's trading price is only 8% lower than its all-time high.

2. Toncoin

Toncoin is a blockchain project initially designed by the Telegram team. Although Telegram abandoned the project due to legal disputes with US securities regulators, community members recognized the platform's potential and decided to continue its development under the name Toncoin.

The development of Toncoin is now led by the TON Foundation, which has no formal ties to Telegram. Notably, Telegram is integrating various features supported by the Toncoin blockchain into its communication services, such as the TON Space wallet now integrated into the Telegram app.

Technically, Toncoin is a scalable blockchain with smart contract functionality and a proof-of-stake consensus mechanism. Its initial token issuance used a proof-of-work mechanism to ensure fairness.

Why Choose Toncoin?

On July 19, Telegram founder Paul Durov announced that Telegram would launch a built-in decentralized app store and Web3 browser, emphasizing the fight against scams targeting blockchain newcomers.

According to DeFi Llama, Toncoin is one of the fastest-growing blockchain ecosystems globally, with a total locked value (TVL) reaching $768 million, up from just $13 million at the beginning of the year. This significant growth is primarily driven by Telegram's extensive user base and its deep integration with the open network, as well as various incentives launched by the team in recent months.

Additionally, the upcoming Hamster Kombat airdrop is expected to further drive growth. This globally popular game has attracted over 250 million users since March. This integration and the upcoming release of a native token are expected to push the TON price further upward.

3. Cardano

Cardano is a decentralized blockchain platform founded by Ethereum co-founder Charles Hoskinson, aimed at providing a more secure and scalable infrastructure for smart contracts and decentralized applications (dApps). Launched in 2017, the platform employs a unique proof-of-stake consensus mechanism called Ouroboros, which is more energy-efficient and secure compared to traditional proof-of-work systems.

Cardano's native cryptocurrency, ADA, is used to support transactions and operations within the network. The platform's development is based on academic research and peer review, striving to build a scientifically rigorous blockchain ecosystem. Its layered architecture separates account value from transaction reasons, enhancing the system's flexibility and security.

Why Choose Cardano?

Earlier this month, Cardano released an update to its validator node software, Node 9.0, in preparation for the upcoming Chang hard fork. This update is seen as a significant improvement that will introduce decentralized governance mechanisms. Currently, 29% of nodes have upgraded to the new version, demonstrating an important step towards broader adoption.

Additionally, Cardano's price has performed strongly recently, with ADA rising 26% between July 8 and 16, indicating potential growth space.

4. Maker

Maker is a decentralized finance protocol running on Ethereum that manages the decentralized stablecoin Dai, which is pegged to the US dollar. Users can lock assets such as ETH as collateral in Maker's smart contracts to mint Dai.

The Maker system requires the value of collateral to exceed the value of the minted Dai, and users must constantly monitor the value of their collateral to avoid liquidation. The MKR token serves as the governance token for MakerDAO, a decentralized autonomous organization overseeing the Maker protocol.

Why Choose Maker?

MakerDAO recently announced the Spark Tokenization Grand Prix, a public competition aimed at investing $1 billion in tokenized real-world assets (RWA) through the Maker platform. Several major asset management firms have lined up to participate, showcasing broad support and trust in the Maker platform.

5. Ethereum

Ethereum is a blockchain platform that supports smart contracts, allowing developers to build complex applications such as decentralized lending protocols and non-fungible tokens (NFTs). The project was proposed by Vitalik Buterin at the end of 2013 and officially launched in July 2015.

One of Ethereum's initial applications was to support the issuance of custom tokens that could be traded on the Ethereum blockchain. Several projects successfully raised funds through initial coin offerings (ICOs) and other token sales.

Currently, Ethereum has an active decentralized application (DApp) ecosystem covering decentralized finance (DeFi), NFT markets, publishing platforms, and decentralized exchanges, making it a quality investment choice for 2023.

ETH is the native asset of the Ethereum blockchain, incentivizing users to maintain network security. Initially, Ethereum used a proof-of-work (PoW) mechanism but transitioned to a more environmentally friendly proof-of-stake (PoS) system in September 2022.

Why Choose Ethereum?

With the anticipated launch of Ethereum ETFs in the US market, ETH has undoubtedly become one of the most watched crypto assets in the short term. After the SEC approved the 19b-4 filing for related Ethereum ETFs, ETH's price briefly surged to around $3,900. Although it has since retreated, once the ETF actually begins trading, it is expected to trigger bullish activity in the ETH market again.

Considering the market reaction when the first Bitcoin spot ETFs began trading earlier this year, where BTC's price soared from about $45,000 to over $73,600, predicting the specific impact of Ethereum spot ETFs on ETH is challenging, but the market generally holds an optimistic view. Bloomberg analysts recently reported that the SEC may approve the listing of Ethereum spot ETFs on July 15.

6. Solana

Solana is a smart contract platform known for its unique architecture that can process thousands of transactions per second at very low costs. Solana achieves this by combining a unique proof-of-history algorithm with a proof-of-stake consensus mechanism. SOL, as a cryptocurrency, is favored in the market for its low transaction costs (averaging less than $0.001 per transaction).

Solana was founded by Anatoly Yakovenko in 2018, with its mainnet going live in March 2020 and gaining widespread adoption in 2021. Despite a decline in value during the bear market of 2022, Solana continues to maintain one of the most compelling ecosystems in the cryptocurrency space, with significant potential.

Why Choose Solana?

Asset management firms VanEck and 21Shares have both applied to launch spot Solana ETFs in the US, seeking to list on the CBOE BZX exchange. 21Shares plans to use Coinbase as the custodian for its fund's SOL, with funds stored in independent wallets on the Solana blockchain. Notably, due to regulatory requirements, the fund will not stake SOL.

Outside the US, 21Shares has already launched an exchange-traded product (ETP) fully backed by SOL, allowing holders to earn staking rewards, which trades on the Swiss Stock Exchange, Stuttgart Stock Exchange, and Amsterdam Stock Exchange.

While there are currently active Solana ETF applications, the path to Solana ETFs may be more complex than the recently approved Ethereum ETFs. It is important to note that the SEC has claimed in at least two lawsuits that SOL is an unregistered security, and unlike Bitcoin and Ethereum, there is currently no regulated Solana futures market in the US.

7. Kaspa

Kaspa is a decentralized cryptocurrency project focused on high scalability and fast transactions. Kaspa uses a block DAG instead of traditional blockchain technology, aiming for rapid block confirmations to provide a more efficient and user-friendly experience. This first-layer blockchain combines proof-of-work (PoW) with a directed acyclic graph (DAG), optimizing block finality and making the Kaspa network superior in energy consumption and transaction processing efficiency compared to other PoW chains.

Why Choose Kaspa?

Kaspa performed well last week, rising 19.5% against the dollar. This growth was primarily driven by the announcement from cryptocurrency mining company Marathon Digital that it has been mining Kaspa since September 2023. The company has purchased Kaspa mining hardware worth 60 quintillion hashes (Bitmain's KS3, KS5, and KS5 Pro miners), although only half of it is currently operational. The company expects to control 16% of the global Kaspa hash rate once all mining hardware is deployed.

Adam Swick, Chief Growth Officer of Marathon Digital, stated, "Kaspa's technological innovation and active community allow us to diversify our revenue sources and improve profitability per kilowatt-hour. While Bitcoin has its unique value, Kaspa's innovative technology provides us with valuable opportunities to support and nurture proof-of-work innovation."

8. BNB

BNB is the token launched by the Binance cryptocurrency exchange in 2017. This token has two main uses: first, holders can enjoy a range of benefits when using the Binance exchange, including reduced trading fees, priority access to Launchpad and Launchpool projects, and cashback when using the Binance Visa card; second, BNB serves as the native asset of the BNB Chain blockchain, where not only are trading fees low, but developers can easily deploy decentralized applications compatible with the Ethereum Virtual Machine (EVM). BNB was previously known as Binance Coin and has undergone extensive rebranding in recent years.

Why Choose BNB?

Binance recently launched a new program called "HODLer Airdrops," aimed at rewarding users who hold BNB in its Simple Earn product. Binance stated that it will airdrop tokens from projects that are about to launch and have a large circulating supply through HODLer Airdrops. Binance promises that these projects will be fundamentally sound and have active communities. Additionally, BNB holders participating in Simple Earn will not only receive airdrops but also enjoy other benefits from Launchpool, Megadrop programs, and Binance VIP programs.

9. XRP

XRP is a cryptocurrency launched in June 2012, developed by David Schwartz, Jed McCaleb, and Arthur Britto, who co-founded OpenCoin with Chris Larsen. Initially, 80% of the XRP supply was gifted to OpenCoin, which later rebranded to Ripple and placed most of its XRP in escrow accounts.

XRP offers extremely fast and low-cost transfers, making it particularly suitable for international remittances. Unlike systems that use proof-of-work or proof-of-stake, XRP employs the XRP Ledger Consensus Protocol, where each participant in the network can choose a set of trusted validators to maintain the network's security and stability.

Ripple has integrated XRP into several of its products, especially in its On-Demand Liquidity (ODL) service, collaborating with cryptocurrency exchanges to enhance the efficiency of cross-border remittances.

Why Choose XRP?

As a core member of the XRP Ledger ecosystem, Ripple recently announced plans to launch a US dollar-pegged stablecoin on the XRP Ledger and Ethereum platform. This stablecoin will adopt a traditional full-reserve model, backed by US dollar deposits, short-term US Treasury bonds, and other cash equivalents. To enhance transparency, Ripple plans to publish monthly audits by third-party accounting firms to verify the stablecoin's full backing. This initiative is expected to significantly enhance the liquidity of the XRP Ledger and may provide new growth momentum for XRP.

10. Uniswap

Uniswap is a decentralized cryptocurrency exchange that promotes the automated market maker (AMM) model. This innovative design allows for direct token swaps on the blockchain without relying on traditional order books, greatly simplifying the trading process.

The Uniswap protocol is fully decentralized, allowing anyone to create liquidity pools for tokens, which often enables new crypto assets to trade on Uniswap before entering traditional cryptocurrency exchanges. Additionally, Uniswap is currently one of the largest decentralized exchanges by trading volume.

The UNI token is held by users of the Uniswap protocol, who can submit and vote on proposals for the protocol. UNI was initially airdropped to early users of Uniswap and is now available for trading on various decentralized and centralized exchanges.

Why Choose Uniswap?

The UNI token has performed well over the past week, rising 12% to reach a multi-week high. Meanwhile, most cryptocurrencies in the market have depreciated. On-chain data shows that the growth of UNI open interest is in line with market trends, indicating increasing investor interest in UNI. Furthermore, Uniswap recently supported ZKsync, allowing its users to trade on an efficient Ethereum Layer 2 network, which will bring lower fees and faster transaction times, potentially fostering a positive outlook for UNI.

11. Notcoin

Notcoin initially appeared as a simple click game on the Telegram messaging app. By continuously clicking on a shiny coin image, players can earn points and activate rewards to increase their point acquisition speed. The Notcoin Mini App also features basic social functions, allowing users to create "teams" and compete with other teams on leaderboards, helping Notcoin quickly gain the attention of millions of users.

Currently, the Notcoin team has launched a real token on the TON blockchain, codenamed NOT. This token is intended to serve as a community token, rewarding users for their activities in exploring the web3 ecosystem, participating in games, or contributing value to the ecosystem.

Why Choose Notcoin?

Notcoin has partnered with DeFi project 1inch and on-chain verification project Sign to provide entrepreneurial acceleration services for teams on the TON blockchain, named Triangle. This accelerator supports teams dedicated to improving the TON user experience and bridging the gap between web2 and web3. Participants will receive support for market entry services, investment, and guidance, and can utilize the TokenTable token management platform and Sign Protocol to prevent misconduct. Additionally, 1inch will provide support for DeFi integration. The first members of the accelerator include several industry heavyweights, indicating Notcoin's development potential.

12. Shiba Inu

Shiba Inu is a meme-based cryptocurrency created in 2020 by a developer using the pseudonym "Ryoshi." The project is heavily inspired by Dogecoin and uses the Shiba Inu dog breed as its brand image. Unlike Dogecoin, which has its own blockchain, Shiba Inu is issued as an ERC-20 token on the Ethereum blockchain.

In the initial distribution of SHIB tokens, half of the supply was transferred to Ethereum founder Vitalik Buterin, despite his lack of involvement with the project. This act was viewed by the project team as a token burn initiative. Buterin subsequently destroyed most of the SHIB he held and sold the remaining tokens, donating the proceeds to charity.

In 2021, SHIB's popularity surged, making its market capitalization the second-largest meme coin, only behind Dogecoin. Additionally, SHIB is currently one of the most popular low-priced cryptocurrencies.

Why Choose Shiba Inu?

The Shiba Inu project raised $12 million through the issuance of the TREAT token. This funding was provided by several international venture capital firms, including Mechanism Capital and Big Brain Holdings.

The TREAT token is designed as the latest addition to the Shiba Inu ecosystem, intended to serve as a utility and governance token for the new blockchain, enhancing the privacy of blockchain transactions.

The new blockchain of the ecosystem will utilize fully homomorphic encryption (FHE) technology developed by Zama and is planned to operate as a third-layer blockchain on the Shibarium platform.

Shiba Inu project's chief developer Shytoshi Kusama expressed:

"We are thrilled to receive such strong support from venture capitalists, angel investors, and brand partnerships to advance this grand decentralized project. These venture partners and their strategic collaborations add credible strength to our network and significantly enhance what Shiba Inu can truly contribute to our community, the 'ShibArmy.'"