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Crypto enthusiasts are buzzing with anticipation as Bitcoin's halving event nears. This pre-halving period is traditionally seen as a buying opportunity for experienced investors, who believe it presents a chance to acquire crypto at potentially more favourable prices.
Observing the overall investor sentiment, the good news for beginners looking to join the bandwagon is that they'll be spoilt for choice. Leading crypto exchanges welcome newcomers with open arms, offering numerous pathways to enter the market. New crypto traders can now buy Litecoin with a credit card, debit card, bank transfer, E-wallets and more.
Let's not waste any time on small talk and dive into the best crypto opportunities for 2024.
The original and the most well-known cryptocurrency, bitcoin, has seen significant growth over the years. Looking at its historical price, BTC has offered the potential for substantial gains. Still, investors should always take such reports with a pinch of salt, considering that past performance doesn't guarantee future results.
The main benefit of bitcoin, over other digital assets, is that it's often observed as a store value. Despite its price being significantly higher than its counterparts, many believe its scarcity and established reputation justify its higher price compared to newer digital assets.
Another aspect that goes in Bitcoin's favour is its influence on other cryptos, specifically altcoins. As the price of the dominant cryptocurrency experiences significant price movements, altcoin prices often tend to follow the same direction, solidifying Bitcoin's position as a beacon of market trends.
High investor confidence in bitcoin only tells us about its stability and that acquiring the largest cryptocurrency is always a good choice, regardless of its short-term price movements. Having said that, bitcoin is ideal if you're looking for long-term profits (HODL-ing). On the other hand, if you're hoping for short-term gains, you should consider looking elsewhere.
While bitcoin is primarily a digital currency, Ethereum is more a blockchain platform. Its network allows developers to build and deploy decentralized applications (dApps) and create smart contracts. These self-executing agreements are used to automate various functionalities within dApps and serve as a foundation for innovative solutions across numerous industries.
Why might Ethereum be a good investment? With dApps becoming widely adopted, Ethereum, as the leading blockchain platform for creating decentralized applications, could benefit significantly, reflecting its price.
Also, Ethereum has a large base of developers and an active community that constantly works on improving existing technologies and developing new applications. This means that, unlike Bitcoin, its functionality goes beyond being a digital asset. Ethereum has the potential to disrupt various industries through dApps, which are experiencing increasing real-world use.
Solana is another player in the cryptocurrency world, aiming to address some of the challenges faced by established platforms like Ethereum. It is also known as the potential Ethereum-killer within the crypto community.
Solana is a blockchain platform designed for scalability and speed. It aims to process many more transactions per second than older blockchains like Bitcoin or Ethereum, which could make it more suitable for real-world applications. To achieve its speed, it uses a combination of technologies, including Proof-of-History (PoH) and Proof-of-Stake (PoS).
The reason why SOL could be a good investment lies in its raw potential. If Solana's, for now, promising technology proves successful, it could become a major player in the future of decentralized applications (dApps) and smart contracts, potentially surpassing or at least getting close to Ethereum.
Furthermore, its focus on scalability could attract developers and users seeking a smoother user experience, which could result in attracting new projects and developers, ensuring the network's future growth.
Litecoin, often nicknamed "silver to Bitcoin's gold," is a cryptocurrency designed to address some limitations of Bitcoin. It's a peer-to-peer digital currency, like Bitcoin. However, unlike the largest cryptocurrency, which uses SHA-256, Litecoin utilizes a different underlying technology called Scrypt.
Its architecture allows it to generate blocks faster. In comparison, Bitcoin creates new blocks roughly every 10 minutes, while Litecoin achieves the same result in only 2.5 minutes on average.
Another advantage of this blockchain is that its native cryptocurrency, LTC, can potentially be mined using readily available computer hardware instead of specialized ASICs (Application-Specific Integrated Circuits) needed for Bitcoin mining.
Litecoin's faster block times can lead to quicker and cheaper transactions than Bitcoin. This could make it more suitable for everyday use as a currency, making it particularly appealing to investors seeking alternatives to Bitcoin.
Also, new investors should bear in mind that Litecoin is one of the oldest and most well-respected alternative cryptocurrencies (altcoins), having launched in 2011.
Another reason why you should invest in Litecoin lies in its scarcity. Similar to Bitcoin, LTC has a limited supply. The 84 million coins cap might contribute to its value proportion as a store of value.
