Top 10 Best Crypto Coins to Invest in August 2024

Looking to invest in cryptocurrency? Discover the top 10 crypto coins to consider adding to your investment strategy in August 2024.

With thousands of digital currencies available, determining what is the best cryptocurrency to invest in can be challenging. This article aims to simplify that process by highlighting the top 10 cryptocurrencies to consider this August.

Best crypto to buy now

So, what is the best crypto coin to invest in now? Well, no one can give an exact answer to this question. Predicting the future is never accurate, especially when it comes to something as volatile as the crypto market. Therefore, when making investment decisions, it is always important to do your own research and never invest more than you can afford to lose. Having said that, let's take a look at our selection of cryptocurrencies that we think are worth considering in August 2024.

Bitcoin (BTC)

Bitcoin remains the king of cryptocurrency, with a market cap that dwarfs all other crypto assets. As the first and most well-known cryptocurrency, BTC has established itself as a store of value, a means of payment, and a symbol of decentralization. Despite the volatility inherent in cryptocurrencies, Bitcoin has shown an overall upward trend in value. Its market capitalization, widespread adoption, and limited supply make it one of the safest and most conservative choices for a crypto investor.

Key statistics (as of July 31, 2024):

• Price: $66,103
• Market cap: $1,304,895,952,103
• All-time high: $73,750

Ethereum (ETH)

Ethereum, launched in 2015, has quickly become the second-largest cryptocurrency by market capitalization after Bitcoin. Despite having a plethora of competitors, it is still the leading blockchain platform for decentralized applications (dApps). Ethereum's ecosystem has flourished, with a thriving developer community and a growing number of dApps. The platform has become a hub for DeFi innovation, hosting platforms that facilitate peer-to-peer lending, decentralized exchanges, stablecoins, etc.

Future prospects for Ethereum look promising. Its dominant position in the smart contract space and its leading role in the DeFi and NFT markets provide strong growth potential. The ongoing development of Ethereum's Layer 2 solutions and the continued expansion of its ecosystem are expected to further increase network efficiency and adoption. Moreover, the approval of Ethereum ETFs (Exchange-traded funds) is expected to trigger a significant inflow of funds from traditional investors.

Key statistics (as of July 31, 2024):

• Price: $3,320
• Market cap: $399,279,321,984
• All-time high: $4,891

Solana (SOL)

Although work on the project began back in 2017, Solana was officially launched in March 2020 and has quickly become one of the fastest growing cryptocurrencies. Solana’s unique architecture is designed to overcome the limitations of older blockchains like Ethereum and achieve high throughput without compromising decentralization.

The key feature that sets Solana apart is its Proof of History (PoH) consensus mechanism, combined with Proof of Stake (PoS). This innovation allows Solana to process thousands of transactions per second, with significantly lower fees compared to most other blockchains.

Solana's ecosystem has seen rapid growth, attracting a diverse range of developers and projects. It has become a hub for decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other dApps.

With its high performance, almost negligible transaction fees, impressive scalability and growing ecosystem, Solana has impressive investment potential. The potential approval of the SOL ETF is also very likely to contribute to the token's growth.

Key statistics (as of July 31, 2024):

• Price: $181
• Market cap: $84,702,868,922
• All-time high: $260

Shiba Inu (SHIB)

Shiba Inu (SHIB) was created in August 2020 by an anonymous person or group known as "Ryoshi." Initially inspired by the popular meme cryptocurrency Dogecoin, Shiba Inu has since developed its own unique identity and ecosystem and has grown into more than just a meme coin.

Shiba Inu's strength lies in its passionate and active community, known as the "Shib Army." This community-driven approach has been instrumental in driving the token's adoption and popularity. The project's roadmap includes plans for various initiatives aimed at expanding the ecosystem and enhancing token utility.

Key statistics (as of  July 31, 2024):

• Price: $0.00001649
• Market cap: $9,723,930,787
• All-time high: $0.00008845

Polygon (MATIC)

Polygon, formerly known as Matic Network, is a leading solution for addressing the scalability challenges faced by the Ethereum blockchain. Polygon offers various Layer 2 solutions, such as zk-Rollups and Optimistic Rollups that effectively make Ethereum a multi-chain system.

Polygon's primary appeal lies in its ability to provide scalable and efficient solutions for Ethereum's network congestion issues. Its robust infrastructure has attracted a growing number of developers and projects, making it one of the leading platforms for dApps and DeFi.

Key statistics (as of  July 31, 2024):

• Price: $0.514
• Market cap: $5,095,701,581
• All-time high: $2.92

LayerZero (ZRO)

LayerZero is a cutting-edge infrastructure protocol designed to facilitate seamless communication and interoperability across different blockchain networks. LayerZero's architecture is built around its unique Ultra Light Node (ULN) technology, which allows for lightweight and cost-effective cross-chain operations. ULNs are smart contracts that are deployed on each blockchain and securely and efficiently verify incoming transactions from other chains.

LayerZero supports any blockchain that can run smart contracts, including non-EVM (Ethereum Virtual Machine) chains. It is a relatively new protocol that has the potential to compete with such popular interoperability solutions as Polkadot and Cosmos.

Key statistics (as of  July 31, 2024):

• Price: $4.49
• Market cap: $493,816,914
• All-time high: $5.57

Pyth Network (PYTH)

Pyth Network is a specialized oracle solution designed to provide high-fidelity, real-time financial data to dApps and smart contracts. It sources data directly from trading firms and exchanges, ensuring the highest quality and accuracy for its price feeds. By utilizing a decentralized architecture and efficient data aggregation methods, Pyth Network offers ultra-low latency data feeds, enabling rapid decision-making in fast-paced trading environments. Pyth Network is designed to be interoperable with multiple blockchain networks, allowing its data feeds to be utilized across various DeFi platforms and applications.

Key statistics (as of  July 31, 2024):

• Price: $0.3633
• Market cap: $1,325,881,702
• All-time high: $1.15

AIOZ Network (AIOZ)

AIOZ Network is a decentralized platform that serves as a Decentralized Physical Infrastructure Network (DePIN) for Web3. The network utilizes a global community of nodes that contribute spare computing resources, ensuring robust infrastructure and performance. AIOZ functions as a decentralized content delivery network (dCDN) that powers AI computation, data storage, and high-quality video streaming for dApps.

Key statistics (as of  July 31, 2024):

• Price: $0.6047
• Market cap: $672,155,875
• All-time high: $2.67

NEAR Protocol (NEAR)

NEAR Protocol is a high-performance Layer 1 blockchain platform designed to provide a user-friendly environment for dApps. Developed with a focus on scalability, usability, and developer-friendliness, NEAR offers faster transactions, lower fees, and easy integration. The NEAR blockchain uses a unique sharding technology called Nightshade, which enables parallel processing of transactions, significantly enhancing scalability and throughput.

Also of note is NEAR's focus on improving the user experience with features like human-readable account names and seamless onboarding processes.

Key statistics (as of  July 31, 2024):

• Price: $5.19
• Market cap: $5,741,591,829
• All-time high: $20.42

Mantle (MNT)

Mantle is a Layer 2 blockchain solution designed to enhance scalability and performance for dApps on the Ethereum network. By utilizing a unique modular architecture, Mantle aims to provide faster transaction speeds and lower fees while maintaining the security and decentralization of the Ethereum ecosystem. Despite the high competition from other Ethereum scalability solutions, Mantle has managed to attract the attention of the crypto community rather quickly.

Key statistics (as of  July 31, 2024):

• Price: $0.7574
• Market cap: $2,474,339,457
• All-time high: $1.51

How to find good new crypto coins to invest in 2024?

Investing in newly emerged cryptocurrencies can be highly rewarding but also risky. Surely, any crypto investor would like to find the best new crypto coin to invest in. And while it's easier said than done, it's still not impossible. There are a number of methods and tools to help investors identify promising new crypto coins.

Finding new crypto projects

• Crypto news and blogs. Stay updated with the latest developments by following reputable crypto news websites and blogs.
• Social media and forums. Platforms like Twitter, Reddit, and Bitcointalk are valuable for discovering new coins and gauging community sentiment.
• ICO and IDO platforms: Initial Coin Offerings (ICOs) and Initial DEX Offerings (IDOs) are common methods for launching new coins. Platforms like Binance Launchpad and Polkastarter can help you discover new investment opportunities.

Research and Analysis

• Whitepapers and roadmaps. Check the project's whitepaper and roadmap. The whitepaper provides insights into the project's goals, technology, use cases, and team. A clear, well-defined roadmap indicates the project's future plans and milestones.
• Technology and innovation. Assess the project's technological innovations and how they differentiate it from existing solutions. Innovative projects that offer significant improvements over current technologies are more likely to succeed.
• Market demand and real world application. Determine if there is a genuine demand for the project's solution and if the project token has sufficient usability. Projects that address significant market needs or gaps are more likely to gain traction.
• Development team background. Research the team behind the project. Look for experienced developers, advisors, and industry professionals with a proven track record. Transparency about the team's qualifications and experience is a positive sign.
• Partnerships and collaborations. Strong partnerships with established companies or other blockchain projects can enhance a new coin's credibility and adoption potential.
• Community engagement. Look for cryptocurrencies with a vibrant and active community. A strong community can provide support, drive adoption, and contribute to the project's success.

By following these steps, you can increase your chances of identifying promising new cryptocurrencies. Always conduct thorough research and consider seeking advice from financial experts before making investment decisions. Also, don't forget about risk management. Never invest all your funds into a single cryptocurrency and only invest money that you can afford to lose without impacting your financial stability.