In this guide, we evaluate and rank the top cryptocurrencies to buy in May 2024. After assessing over 120 tokens based on seven criteria – market performance, utility, community and adoption, development team, security, compliance, and roadmap – we’ve narrowed down the list to the top 10 coins for investment.
In addition to featuring established cryptocurrencies like Bitcoin, Ethereum, and Solana, we also cover 7 new cryptos with strong potential for high returns.
Top Cryptocurrencies to Buy Now:
- Bitcoin – Ideal for long-term holding (trading at: $63,928.81)
- Ethereum – Best for data storage (trading at: $3,121.81)
- XRP – Excellent for currency exchanges (trading at: $0.533)
- Solana – Top choice for smart contracts (trading at: $153.80)
- BNB – Preferred for paying exchange fees (trading at: $591.46)
- Dogecoin – Great for online gambling (trading at: $0.159)
- Polygon – Ideal for scalable blockchain projects (trading at: $0.740)
- Chainlink – Leading blockchain oracle (trading at: $14.95)
- Tron – Premier decentralized finance blockchain (trading at: $0.119)
- Avalanche – Strong Ethereum competitor with momentum (trading at: $38.01)
Best Crypto to Buy Now
We’ll kick off our list of the top cryptocurrencies to buy now with 10 large-cap tokens that we believe have the potential to outperform the market during the current crypto bull market.
Bitcoin
Bitcoin stands as the oldest cryptocurrency globally and holds the largest market cap by a significant margin. It’s the sole cryptocurrency officially recognized by numerous major governments, including the US, and serves as legal tender in countries like El Salvador. Recently, the first spot Bitcoin ETFs commenced trading on US stock exchanges.
Key Highlights:
- Bitcoin price as of May 6, 2024: $63,928.81
- Market cap: $1.3 trillion
- Change in price over the last 24 hours: -0.35%
- All-time high: $73,628.40
Bitcoin has seen a significant increase in price over the past year, with a change of +121.32%.
Why Bitcoin Made it Onto Our List:
Bitcoin has been a major driving force behind the crypto bull market for much of the past year. Its value has more than doubled in the last 12 months, surpassing major altcoins like Ethereum by a wide margin.
Currently, it’s trading well above the crucial $42,000 price level set during the 2020-21 crypto bull run. This achievement provides a substantial psychological boost that is likely to fuel BTC’s momentum in the months ahead.
Bitcoin could experience further gains due to the upcoming Bitcoin Halving and expected interest rate cuts across most major economies. In fact, the Bitcoin price prediction for the end of 2024 is an impressive $90,000.
Ethereum
Ethereum holds the title of the world’s second-largest cryptocurrency by market cap and stands as the most widely utilized blockchain network for dApp development. The project made history by introducing smart contracts upon its launch in 2015. Ethereum successfully transitioned from a proof-of-work validation mechanism to a proof-of-stake mechanism in 2022.
Key Highlights:
- Ethereum price as of May 6, 2024: $3,121.81
- Market cap: $388 billion
- Change in price over the last 24 hours: -1.26%
- All-time high: $4,867.17
Ethereum has seen an increase in price over the last year, with a change of +63.10%.
Why Ethereum Made it Onto Our List:
Ethereum continues to dominate as the preferred blockchain network for developers. It serves as the epicenter of activity within the crypto sphere, hosting new launches, play-to-earn crypto games, and advancements in DeFi.
A notable flywheel effect is at play here. As Ethereum expands its reach, more developers flock to build on its platform, attracting a broader user base. Concurrently, the demand for ETH continues to surge, leading to a continuous rise in its value.
During the previous crypto bull market, Ethereum successfully defended its position against challenger blockchains like Cardano and Solana. Presently, the focus is on Layer-2 solutions aimed at enhancing the speed of the Ethereum network and bolstering Ethereum’s value, rather than constructing new blockchains to challenge the reigning smart contract leader.
Currently valued just above $3,000, the most optimistic Ethereum price prediction anticipates a valuation exceeding $7,000 by 2025.
XRP
XRP serves as the official cryptocurrency token of the Ripple payment network, designed to facilitate faster and more cost-effective international payments. Following a legal victory against the SEC, which alleged XRP to be an unregistered security, the project now ranks as the 7th largest cryptocurrency by market cap.
Key Highlights:
- XRP price as of May 6, 2024: $0.533
- Market cap: $28 billion
- Change in price over the last 24 hours: +0.50%
- All-time high: $3.92
XRP has seen an increase in price over the last year, with a change of +15.83%.
Why XRP Made it Onto Our List:
XRP has faced setbacks for years due to uncertainty surrounding its classification as a security in the US. However, following its legal victory over the SEC, this uncertainty has dissipated.
This development has paved the way for major banks to explore Ripple’s payment network utilizing XRP. Notable partners such as Bank of America, PNC Bank, and Santander Bank have joined forces with the project.
Despite experiencing only marginal gains since its legal triumph last summer, many analysts believe XRP is undervalued. Increased interest in leveraging XRP for international payments during the current crypto bull market could lead to a significant price surge — even the most conservative XRP price predictions foresee a 240% increase in value by 2025.
Solana
Solana emerges as a swift and cost-effective blockchain designed to rival Ethereum. It has emerged as one of the most successful cryptocurrency tokens amidst the recent resurgence in the crypto bull market, witnessing a staggering 620% surge in value over the past 12 months. Currently, Solana ranks as the 5th-largest cryptocurrency by market cap.
Key Highlights:
- Solana price as of May 6, 2024: $153.80
- Market cap: $67 billion
- Change in price over the last 24 hours: +4.53%
- All-time high: $259.52
Solana has experienced a notable price increase over the last year, with a change of +586.08%.
Why Solana Made it Onto Our List:
Solana stands out as the cryptocurrency with the most significant momentum at present. It has maintained an impressive winning streak for several consecutive months, witnessing nearly a fivefold increase in value and a surge in developer interest.
The remarkable performance of Solana is particularly noteworthy when considering its position just a year ago. Initially associated with disgraced FTX founder Sam Bankman-Fried, many analysts anticipated Solana’s demise following FTX’s collapse. However, the project has displayed remarkable resilience.
While we don’t anticipate Solana challenging Ethereum for dApp dominance, it remains one of the top cryptocurrencies to consider investing in now, with the potential for gains exceeding 120% by 2025, according to our Solana price prediction.
BNB
BNB serves as the official cryptocurrency of Binance, the largest cryptocurrency exchange globally. It provides users with trading discounts and perks such as early access to new crypto offerings on the Binance platform. Currently, BNB ranks as the 4th-largest cryptocurrency by market cap.
Key Highlights:
- BNB price as of May 6, 2024: $591.46
- Market cap: $89 billion
- Change in price over the last 24 hours: +0.54%
- All-time high: $689.33
BNB has experienced a price increase in the last year, with a change of +82.60%.
Why BNB Made it Onto Our List:
BNB’s performance in 2023 faced challenges, primarily due to the US government’s prosecution of Binance and its founder, Changpeng Zhao, for alleged violations of anti-money laundering and sanctions regulations.
However, with the lawsuit now settled, Binance has demonstrated resilience, with its business largely unaffected. Moreover, investigations into Binance have found no evidence of fraudulent activities, dispelling concerns that the exchange could face a fate similar to FTX.
As a result, BNB has witnessed a significant price surge of over 73% in the last 12 months, particularly gaining momentum since February 2024. With Binance positioned as a leading entity in the crypto sphere, BNB is poised for continued long-term growth, aligning with various BNB price predictions.
Dogecoin
Dogecoin, the original meme coin, made its debut in 2013. Despite being relatively obscure until 2020-21, it captured widespread attention, especially after endorsements from notable figures like Tesla’s Elon Musk. Following its explosive surge in the last bull market, Dogecoin paved the way for numerous meme coins, including successful ones like Shiba Inu.
Key Highlights:
- Dogecoin price as of May 6, 2024: $0.159
- Market cap: $23 billion
- Change in price over the last 24 hours: -0.76%
- All-time high: $0.738
DOGE has experienced a price increase in the last year, with a change of +107.09%.
Why Dogecoin Made it Onto Our List:
In the past 12 months, Dogecoin has surged over 80% in value, with significant gains observed since late February 2024. Meme coins tend to thrive in bullish crypto markets, a trend currently evident.
Moreover, Dogecoin has transcended its meme status, gaining acceptance for crypto payments and even extending into real-world transactions.
With its ability to withstand competition from coins like Shiba Inu and Pepe, Dogecoin retains its position as one of the top meme coins to consider. Looking ahead, there’s speculation that Dogecoin could eventually have its own ETF. According to our analysts’ Dogecoin price prediction, it boasts the highest growth potential on this list, with potential gains of over 660% by 2024 and 1,950% by 2030.
Polygon
Polygon serves as a Layer-2 solution for Ethereum, aimed at enhancing the speed and affordability of transactions within the Ethereum network. Recently, it launched a significant upgrade to Polygon v2, accompanied by the transition of its native $MATIC token to a new $POL token, with a transfer ratio of 1:1.
Key Highlights:
- Polygon price as of May 6, 2024: $0.740
- Market cap: $5.9 billion
- Change in price over the last 24 hours: +0.97%
- All-time high: $2.91
Polygon price has declined in the last year, with a change of -24.61%.
Why Polygon Made it Onto Our List:
Over the past couple of years, Polygon faced challenges amid reduced network activity on Ethereum and the rise of competing Layer-2 solutions like Eigenlayer, Arbitrum, and Optimism. In response, Polygon has undertaken a significant development initiative, encompassing extensive enhancements across its network infrastructure.
This initiative includes a shift from the $MATIC token, utilized for transaction payments on Polygon, to a new $POL token offering enhanced staking rewards. Although this transition has yet to significantly impact the price of $MATIC, we anticipate potential gains as Polygon achieves key milestones outlined in its new roadmap.
Furthermore, Polygon stands poised to benefit from Ethereum’s resurgence. As crypto markets rebound and Ethereum development activity surges, transaction volumes on Polygon are expected to rise in tandem.
Chainlink
Chainlink operates as a blockchain oracle network, facilitating the retrieval of real-world data for blockchains like Ethereum, encompassing data such as stock prices and sports scores. Its native token, $LINK, is utilized for accessing data and ranks as the 16th-largest crypto by market cap.
Key Highlights:
- Chainlink price as of May 6, 2024: $14.95
- Market cap: $8.4 billion
- Change in price over the last 24 hours: +4.43%
- All-time high: $52.89
Chainlink price has risen in the last year, with a change of +114.83%.
Why Chainlink Made it Onto Our List:
Chainlink’s oracle services play a pivotal role in the seamless operation of the Ethereum network and the myriad of decentralized applications (dApps) built on it. Through Chainlink, smart contracts gain access to essential real-world data required for various applications, including decentralized finance (DeFi), sports betting, and Internet of Things (IoT) applications.
As Ethereum experiences renewed development and DeFi garners increased attention, Chainlink stands poised to benefit. With a growing number of dApps integrating Chainlink’s data, the network accrues more fees, leading to an appreciation in the value of the $LINK token.
Having doubled in value over the past year, Chainlink enters 2024 with considerable momentum.
Tron
Tron emerged as a blockchain platform in 2017, aiming to democratize media consumption and eliminate internet intermediaries. Over time, it has evolved into a competitor to Ethereum, venturing into DeFi and general dApp development. Despite its growth, Tron’s market cap remains substantially smaller than Ethereum’s, roughly 1/30th of its size.
Key Highlights:
- Tron price as of May 6, 2024: $0.119
- Market cap: $10.5 billion
- Change in price over the last 24 hours: -1.72%
- All-time high: $0.302
Tron price has risen in the last year, with a change of +69.77%.
Why Tron Made it Onto Our List:
Tron stands out as one of the fastest-growing blockchains, gaining prominence in the DeFi sector. It has become a hub for major stablecoins like USDT and USDC, essential for various crypto activities such as trading, lending, and staking.
This development has propelled Tron to become the second-largest blockchain in terms of total value locked (TVL), trailing only behind Ethereum. The surge in TVL reflects a sustained commitment to the Tron blockchain, resulting in significant gains for $TRX.
Moreover, Tron holds the potential for substantial growth if it fulfills its original vision of serving as a decentralized content hub. With media companies facing disruptions, Tron could seize the opportunity to establish itself as a prominent player in the industry.
Avalanche
Avalanche is an ultra-fast blockchain and competitor to Ethereum, launched in 2020. It utilizes smart contracts and a proof-of-stake validation mechanism, similar to Ethereum, but offers greater scalability for dApp developers. Avalanche’s $AVAX token is currently the 11th-largest cryptocurrency by market capitalization.
Key Highlights:
- As of May 6, 2024, Avalanche is priced at $38.01.
- Market capitalization stands at $14.2 billion.
- In the last 24 hours, the price has increased by +2.29%.
- Its all-time high is $146.18.
Over the last year, Avalanche’s price has surged by +128.21%.
Why Avalanche is on our radar:
Avalanche is experiencing significant momentum, nearly doubling in value over the past five months. This sustained momentum suggests the potential for even greater gains for $AVAX.
The surge in Avalanche’s value is driven by strong fundamentals, including increased developer interest in the blockchain. Unlike some competitors like Solana and Cardano, Avalanche is expanding steadily and strategically, avoiding volatile boom and bust cycles.
Avalanche is particularly focused on tokenizing real-world assets and GameFi, which are anticipated to be prominent areas of development in the crypto industry. With these factors in mind, $AVAX is poised to stand out as a top performer over the next 12 months.
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