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Which Are the Best Altcoins To Invest in July 2024?

21 mins
Updated by May Woods
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As the crypto market heats up in, many traders and investors are on the look out for the best altcoins to invest in. This guide dives into the top-performing altcoins on the market in July 2024. Here’s our list of the top assets to keep your eye on.

Most popular platforms to buy Altcoins

Coinbase

Coinbase
Explore Coinbase on Coinbase’s official website
Cryptos 250+
Trading fees 0.00%-0.001%
Bonus $10 for U.S. users

YouHodler

YouHodler
Explore YouHodler on YouHodler’s official website
Cryptos 50+
Trading fees 0.0178%-0.0712%
Limited time offer up to $10,000 referal bonus

OKX

OKX
Explore OKX on OKX’s official website
Cryptos 350+
Trading fees Maker fee. 0.080%. 0.075% ; Taker fee. 0.100%
Limited time offer Guaranteed airdrop up to $100

Our methodology for choosing where to buy, trade, and store the top altcoins to invest in July 2024

Best altcoins to invest in July 2024

1. Ethereum (ETH)

Price: $3,494.19
Where to buy
Coinbase
Where to trade
Binance
Where to store
YouHodler

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

2. Binance Coin (BNB)

Price: $547.47
Where to buy
OKX
Where to trade
Kraken
Where to store
YouHodler

Read more: How To Buy BNB and Everything You Need To Know

3. Solana (SOL)

$203.23
Where to buy
Kraken
Where to trade
OKX
Where to store
Coinbase

4. XRP (XRP)

$0.60
Where to buy
Coinbase
Where to trade
Binance
Where to store
YouHodler

Read more: How To Buy XRP and Everything You Need To Know 

5. Cardano (ADA)

Price: $0.65
Where to buy
Coinbase
Where to trade
Huobi
Where to store
YouHodler

Read more: How To Buy Cardano (ADA) and Everything You Need To Know

6. Avalanche (AVAX)

Price: $61.54
Where to buy
Kraken
Where to trade
Coinbase
Where to store
YouHodler

Read more: How To Buy Avalanche (AVAX) and Everything You Need To Know

7. Dogecoin (DOGE)

Price: $0.14
Where to buy
Coinbase
Where to trade
OKX
Where to store
YouHodler

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

8. Polkadot (DOT)

Price: $9.92
Where to buy
Kraken
Where to trade
OKX
Where to store
YouHodler

Read more: What is Polkadot?

9. Tron (TRX)

Price: $0.12
Where to buy
Kraken
Where to trade
OKX
Where to store
YouHodler

Read more: How To Buy TRON (TRX) and Everything You Need To Know 

10. Polygon (MATIC)

Price: $1.08
Where to buy
Coinbase
Where to trade
Huobi
Where to store
Coinbase

Read more: How to Buy Polygon (MATIC) and Everything You Need to Know

Price: $18.63
Where to buy
Kraken
Where to trade
Binance
Where to store
YouHodler

Read more: How to Buy Chainlink (LINK) and Everything You Need to Know

12. Toncoin (TON)

Price: $ 3.87
Where to buy
OKX
Where to trade
Bybit
Where to store
Kraken

13. Internet Computer (ICP)

Price: $12.52
Where to buy
Kraken
Where to trade
OKX
Where to store
Ledger

Read more: What is Internet Computer (ICP)?

What are altcoins?

Essentially, altcoins are cryptocurrencies that are alternatives to Bitcoin. Understanding this asset class is key to grasping the diversity and potential within the cryptocurrency market.

Altcoins often aim to be modified or improved versions of Bitcoin, leveraging the same underlying cryptographic techniques for secure digital transactions. The term altcoin season describes a period in which altcoins surge in value faster than BTC, highlighting the intrinsic relationship between the mother of all cryptos and the burgeoning market of BTC alternatives. Essentially, altcoin season comes into full swing when BTC dominance is low.

BTC dominance August 2023-January 2024: TradingView
BTC dominance August 2023-January 2024: TradingView

Like all cryptocurrencies, a defining feature of altcoins is their decentralized nature. They are designed to operate independently of central authorities or governments. There are various types of altcoins, each serving different purposes. 

Some are primarily used for digital payments, functioning similarly to digital money. Others may represent stakes in blockchain or decentralized finance (DeFi) projects, often issued during initial coin offerings (ICOs). 

These cryptos can be classified further: security tokens are linked to the value of the issuing company or project, while utility tokens have specific applications, like facilitating decentralized file-sharing or providing decentralized domain name services. Despite these distinctions, all types of altcoins generally trade on crypto exchanges, making them accessible to a broad range of investors and traders.

What to consider when choosing altcoins?

When selecting altcoins, consider these key steps:

  • Purpose and technology used: Understand what the altcoin is designed for and how its technology differs or improves upon Bitcoin. This could include faster transaction times, better security, or more privacy. For instance, you can stake Ethereum and earn additional revenue from your investment.
  • Market performance: Evaluate how the altcoin has been performing in the market. Look at its price history, market capitalization, and trading volume to gauge its stability and popularity. Including top memecoins in this evaluation can provide insights into market trends and investor sentiment.
  • Community and support: A strong, active community and good support indicate a healthy altcoin. Check forums, social media, and news sources for user and developer engagement.
  • Development team: Research the team behind the altcoin. A credible and experienced team can be a good sign of the altcoin’s potential success.
  • Adoption rate: Consider how widely the altcoin is being used. Higher adoption can mean greater reliability and potential for growth.

How to buy and store altcoins

Most popular platforms to buy altcoins

Coinbase

Coinbase
Explore Coinbase on Coinbase’s official website
Cryptos 250+
Trading fees 0.00%-0.001%
Bonus $10 for U.S. users

YouHodler

YouHodler
Explore YouHodler on YouHodler’s official website
Cryptos 50+
Trading fees 0.0178%-0.0712%
Limited time offer up to $10,000 referal bonus

OKX

OKX
Explore OKX on OKX’s official website
Cryptos 350+
Trading fees Maker fee. 0.080%. 0.075% ; Taker fee. 0.100%
Limited time offer Guaranteed airdrop up to $100

Firstly, to buy and store altcoins securely, you need to use a reputable crypto exchange. Select a trustworthy cryptocurrency exchange, such as Coinbase, Kraken, YouHodler, or OKX. These top exchanges offer a wide range of altcoins. 

After you’ve created an account on one of these crypto exchanges, you can proceed to buy altcoins. Ensure you have researched which altcoins to buy based on your investment strategy. After purchasing altcoins, it’s crucial to store them securely. Using hardware wallets such as Ledger or Trezor is recommended. These wallets provide a secure environment by storing your altcoins offline, greatly reducing the risk of online threats like hacking or theft.

Is investing in altcoins a good decision?

Investing in altcoins can be a good decision for some, but it depends on your individual financial goals, risk tolerance, and market knowledge. 

Here are some points to consider:

  • High potential returns: Altcoins can offer high returns due to their volatility and growth potential. Some altcoins have shown significant price increases, outperforming more established cryptocurrencies.
  • Diversification: Including altcoins in your investment portfolio can provide diversification beyond traditional assets like stocks and bonds.
  • Innovation and utility: Many altcoins are developed with specific use cases and innovative technologies, which could lead to increased adoption and value.

However, there are also risks:

  • Market volatility: The cryptocurrency market, including altcoins, is known for its high volatility, which can lead to substantial price fluctuations.
  • Regulatory uncertainty: The lack of clear regulation in many countries can add to the risk of investing in altcoins.
  • Risk of loss: There’s a higher risk of losing your investment with altcoins and cryptocurrencies compared to more established assets. Some of the most common losses include scams and platform hacking.

Are altcoin investments taxable? 

Yes, altcoin investments are taxable. Like Bitcoin and Ethereum, profits from trading or selling altcoins, including top-performing ones and memecoins, are subject to tax. During a bull run, when the value of your crypto portfolio increases significantly, it’s important to remember that these gains are taxable. 

The same applies to losses, which can be reported for tax benefits, depending on your country’s regulations. It’s crucial to keep track of all transactions, including those involving ERC-20 tokens (a standard Ethereum uses for creating tokens), for accurate tax reporting. Your investment strategies and risk assessment should also consider the tax implications of buying and selling cryptocurrencies. Regular altcoin research can help understand market trends and make informed decisions, but always remember the tax responsibilities associated with cryptocurrency investments.

Keen to know more about crypto tax burdens? Check out our complete crypto tax guide and learn how to reduce crypto tax with our comprehensive resources.

Best altcoins to invest in compared

AltcoinTickerLaunch YearProject description
EthereumETH2015The Ethereum network has smart contracts that can automate tasks without intermediaries.
Binance coinBNB2017BNB is a key element of the Binance crypto exchange, and it offers a range of perks to those holding it on Binance.
SolanaSOL2020Solana is a high-speed blockchain that empowers decentralized applications and finance.
XRPXRP2012It excels in facilitating smooth currency exchanges.
CardanoADA2017Cardano network supports smart contracts and decentralized applications.
AvalancheAVAX2020High-performance consensus protocol, allowing for rapid transactions and scalability.
DogecoinDOGE2013Dogecoin, initially conceived as an internet joke in 2013, has evolved to capture the imagination of the crypto community.
PolkadotDOT2017It offers the ability to connect various blockchains, fostering interoperability.
TronTRX2017User-friendly approach and support for decentralized applications (DApps) and smart contracts.
PolygonMATIC2017The largest ecosystem to facilitate faster and cheaper transactions while supporting decentralized applications (DApps).
ChainlinkLINK2017Offers a decentralized oracle network, which is vital for enabling data-driven smart contracts.
ToncoinTON2018It offers a decentralized oracle network, which is vital for enabling data-driven smart contracts.
Internet ComputerICP2021It aims to extend the functionality of the internet, providing a decentralized platform for smart contracts.

What are the best altcoins for you to invest in?

The best altcoins to invest in is personal; it depends on your risk tolerance and current portfolio. Diversification is key. As always, we recommend a balanced investment strategy and a keen understanding of market trends. During a bull run, top-performing altcoins, including meme coins, have shown potential for significant gains.

Remember, successful investing in cryptocurrencies is not just about choosing the right assets but also about strategic planning and adapting to the ever-evolving market conditions.

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Iulia Vasile
Iulia Vasile is a seasoned professional in the cryptocurrency and blockchain industry, working full-time in the field since 2017. With a background in computer engineering, she has the unique ability to write about complicated topics, including DeFi, NFTs, trading, and AI, in a way that is easy to understand. Iulia learned multiple programming languages while completing her Software Engineering degree in Bucharest at Politehnica University. Iulia brings her expertise and personal...
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