Discover the ultimate money glitch with these three cryptocurrencies you should consider buying in July 2024
In recent times, the cryptocurrency market has been shaken to its core, with the value of the global digital currency plummeting to $2.26 trillion in the past week, from a high of $2.75 trillion in April. Although the virtual currency recovered in late June to close the month at $2.39 trillion, many are still skeptical about its ability to be a reliable global currency.
However, these three cryptos have remained stable and have shown promising prospects to increase the market cap, and are the best cryptocurrencies to buy in July 2024. They offer a great investment opportunity for anyone who wants to make big money in the crypto market in July.
Let’s take a look at the top three cryptocurrencies that every crypto enthusiast should consider buying this July.
Bitcoin (BTC)
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Bitcoin (BTC-USD) Bitcoin has had an exemplary run this year, surpassing the $70,000 mark in March and reaching a market cap of $1.22 trillion. These tantalizing numbers have revived hopes that Bitcoin can sustain the growing demand for virtual currencies, until recently, when prices fell sharply to $61,670 last week.
So, what’s good about Bitcoin if it’s already plummeting? Well, there’s a prediction that the Bitcoin price could drop even further in the coming months, with the Mt. Gox payout expected to begin in July. Analysts expect the payout to dump over 142,000 Bitcoins, 143,000 Bitcoin money (BCH-USD), and 69 billion Japanese Yen in the market.
The Mt. Gox payout is expected to flood the market, and analysts expect it to lead to a drop in Bitcoin prices. The lowered prices offer an incredible opportunity to get your hands on some Bitcoin before prices rise again later this year.
So the best investment strategy would be to buy Bitcoins in July, when prices are low, and hold on to them until later this year, when prices are expected to rise again.
Solana (SOL)
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Sunny (SOL-USD) is an altcoin, and like many altcoins, it is expected to rise with Bitcoin; yes, that is what altcoins do, they follow their leader. Solana had a strong start at the beginning of the year, reaching an all-time high of $210, before dropping to its current price of $144.01.
However, analysts still see Solana as a good investment, and its ability to bounce back largely rests on its internal strengths. Unlike Bitcoin, whose recovery largely depends on the performance of U.S. debt, Solana has built a formidable ecosystem that promises to bounce back harder.
One of the features of the Solana ecosystem that promises to grow is the supported meme coins such as $BONK that have promoted the Solana community by increasing user engagement. Similarly, Solana has also become a favorite among users for its fast transaction processing capacity, with transactions being processed up to 46 times faster than its major competitors.
These continuous developments and strengthening of Solana infrastructure have caused the total value of the coin (TVL) to increase three times since the beginning of the year. Analysts estimate Solana’s price prediction for December 2024 to be $316.36. With these projections, Solana is one of the best cryptocurrencies to buy in July.
Tether (USDT)
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To tie (USDT-USD) is one of the major stablecoins, which implies that its value is pegged to the value of the dollar. Tether is also pegged to the euro, Mexican peso, gold, and Chinese yuan, which implies that it is one of the most stable and best cryptocurrencies today.
In a perfect scenario, one Tether should be equal to one US dollar, and that makes sense since the US is the international reserve currency. However, Tether is currently trading at 0.9996 Tethers per dollar. What’s going on?
This is the gimmick. When the demand for Tethers increases, it means that people have more confidence in the crypto and it will trade higher than the dollar. However, when less people trust Tether, the demand will decrease and it will trade below the dollar. That is why Tethers is currently trading below the dollar because people still do not have enough confidence in it.
However, Tether’s stability and compatibility with other currencies make it a perfect alternative to the dollar. As the dollar continues to shake globally amid rumors of events such as the end of the petrodollar and the rise of other international reserve currencies such as the euro, Tether seems like a suitable replacement for the greenback.
To say that Tether is futuristic is not a hype and perhaps one of the best alternative assets to store your value in.
On the date of publication, Joel Lim had no (direct or indirect) positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
At the date of publication, the responsible editor did not have (directly or indirectly) access to the information he provided.
(indirect) positions in the securities mentioned in this article.
Joel Lim is a contributor to InvestorPlace.com and a financial content contractor who creates content for various companies such as LTSE and Realtor, in addition to financial publications including Business Insider, Yahoo Finance, Mises Institution, and Foundation for Economic Education.
