13 Best Cryptos to Buy Today for Short-Term Gains in 2024
While most of 2024 has remained primarily bullish, the cryptocurrency market is still highly volatile, leaving most investors uncertain about whether to HODL, sell or buy more tokens.
The first Monday of August 2024 started out red. Bitcoin (BTC) and almost all altcoins suffered a huge crash in what’s being called “Bloody Monday.” Some experts are comparing this crash to a similar one that occurred in 2022, but the market corrected and went ahead to pump tremendously.
A crash like this can be scary, but it’s an opportune time for a savvy investor to accumulate more crypto assets at discounted prices, since the market often rebounds and you can make some impressive short-term gains.
Are you wondering if now is the best time to buy? We’ve compiled some of the best cryptos to buy now, tokens that have fallen in price but could be perfect for short-term trading as the market corrects.
Let’s dig in.
Key Takeaways:
The recent drop in the crypto market provides you with good discounts on most cryptocurrencies, which can make for quick profits once the market corrects.
Various trading strategies you can apply in order to make short-term gains include swing trading, day trading and momentum trading.
Crypto assets such as Bitcoin, Ethereum and Solana can be ideal, since they're safer and relatively stable as compared to tokens such as meme coins.
Which Crypto to Buy Today for the Short Term
In the following list, we’ll provide an overview of the best coins to invest in today, including their prices and market capitalizations, in order to help you leverage short-term trading for gains.
1. Bitcoin (BTC)
Despite the recent drop in Bitcoin's price, it remains one of the best cryptos to buy in 2024. Since its entry into the crypto world, Bitcoin has remained the largest coin in terms of market cap, which now stands at $1.19 trillion (as of Aug 14, 2024).
Furthermore, Bitcoin is still number one in crypto rankings, a position it’s held for over 12 years. As a network, Bitcoin’s ecosystem continues to grow, with the recent additions of Runes and Ordinals boosting the coin's scalability and utility.
Bitcoin is a solid store of value and the best long-term crypto to buy. In the short term, it can provide considerably quick gains as the market bounces back.
Why Buy Bitcoin?
Not only is Bitcoin a blue chip crypto, but 2024 has also been good for BTC. In January, we saw the SEC’s approval of Bitcoin Spot ETFs, followed by a price rally for the coin. The successful halving event in April, 2024 also helped boost investor confidence in Bitcoin, since mining the coin is becoming increasingly difficult, reducing the amount of coins in circulation and making Bitcoin even more valuable.
Additionally, Bitcoin is one of the most liquid assets in the crypto space, since it’s readily available on most crypto exchanges, including Bybit. There are numerous ways to trade and invest in Bitcoin on Bybit, such as Spot trading, USDT Perpetual contracts, One-Click Buy, USDC futures and USDC Options.
As such, Bitcoin is among the best cryptos to buy right now because it’s secure, trustworthy and easy to transact on Bybit — which can lead to a good profit in the short term.
2. Ethereum (ETH)
Often called “Digital Silver,” Ether (ETH) is one of the best coins to invest in today. Ethereum brought the crypto world the concept of smart contracts, which has been a game changer, especially for developers, since they can create decentralized applications (DApps).
As a blockchain, Ethereum has been at the heart of decentralized finance (DeFi) and non-fungible tokens (NFTs), critical cornerstones of the crypto space. Ethereum now uses a proof of stake (PoS) consensus mechanism to validate transactions, which helps the network remain secure, robust and environmentally more responsible.
Why Buy Ethereum?
Ethereum has undergone numerous successful upgrades to improve the network and make it more scalable. Additionally, the proliferation of Layer 2 blockchains (L2s) and optimistic rollups have made it cheaper and faster to transact on Ethereum’s blockchain, boosting its scalability.
In addition, the approval of Ethereum Spot ETFs in May 2024 has bolstered Ethereum's position in the crypto market. Investors are hopeful this development could be a catalyst to future ETH prices, since it opens the doors for investment within traditional finance.
Similar to Bitcoin, Ethereum is a highly liquid crypto asset readily available on Bybit. Not only is Bybit secure and user-friendly, but the platform also provides various options to buy Ethereum, such as Spot, Perpetuals contracts, One-Click Buy, USDC Futures and USDC Options. Ether's recent price drop provides a great entry point. As the market rebounds, the coin remains one of the best cryptos for quick profit.
3. Avail (AVAIL)
Interoperability and security are vital for blockchain scalability, which is essential for web3 growth. The Avail (AVAIL) blockchain is designed to help scale web3 by unifying blockchains through data availability, significantly improving efficiency.
Avail was initiated by Polygon Labs in 2020, and has come full circle in its pursuit of addressing user fragmentation, scalability issues and cumbersome cross-chain transactions facing web3.
Why Buy Avail?
At a price of $0.15 (as of Aug 14, 2024), and with a market cap of around $266.74 million, AVAIL is among the least expensive cryptos to purchase now. Communication between blockchains is becoming increasingly vital to scaling within web3, and Avail has the proper technological framework to support it.
AVAIL is readily available on Bybit as both a Spot pair and Perpetual contract. The project was also among the 15 assets recently listed on Bybit Convert, bringing the total number of assets supported by this feature to over 280.
Bybit Convert facilitates the seamless conversion of assets at zero fees to help you take advantage of current market conditions efficiently and swiftly.
4. Mongy (MONGY)
Our list of best cryptos to buy right now wouldn't be complete without a Solana-based meme coin — and MONGY is a perfect fit. Mongy is a trending meme ecosystem that powers a suite of entertainment products, including MONGY, a cat-monkey sent to the Bune galaxy to find bananas that will save humanity. Creating your MONGY meme on Bybit involves three easy steps. Once it’s created, you can use it as your PFP and go on your first mission, which could qualify you for an airdrop.
Why Buy Mongy?
Meme coins, especially Solana-based meme coins, have performed extremely well in 2024. At a price of $0.006 and with a market cap of $6 million, MONGY is one of the best meme coins to buy now, and could provide you with a good profit as the market rebounds. Furthermore, the Mongy project targets the larger entertainment space with products such as a meme generator, a short movie series and a Telegram-based game, all of which bring real-world utility to the meme coin.
As one of the top trending meme coins with actual utility, MONGY is one of the best new cryptos to buy, with the potential to do well in optimal bull conditions. You can buy it on Bybit Web3 DEX Pro, where you'll get to experience the platform's innovative technology that lets you execute hassle-free smart trades to maximize your potential returns. Bybit is also holding a MONGY airdrop through Aug 30, 2024, 7AM UTC, with 32,000,000 MEME2O points up for grabs.
5. Toncoin (TON)
The Open Network, or TON, was founded by Telegram as an environmentally friendly way to onboard billions of users into the blockchain world. The platform supports cheap and fast microtransactions designed for everyday users. It’s a community-focused project that uses a PoS consensus mechanism to validate transactions.
Since TON is embedded into the easy-to-use Telegram app, you can conveniently trade and store your assets, which makes it attractive to crypto enthusiasts, including those with zero-to-minimal knowledge of blockchain.
Why Buy Toncoin?
Toncoin (TON) is one of the best cryptocurrencies to invest in for the short term, since it’s dropped in price to trade at $6.12 with a market cap of $15.8 million (as of Aug 12, 2024). Moreover, TON could pump quickly once the market is back in the green. Toncoin is continuously working to make life easy for crypto enthusiasts, and in-ad payments on Telegram could be paid for using TON as proof of this vision.
You can buy TON on Bybit's Spot trading platform. Right now, you can participate in Bybit's Friends for Fortune TON event: Earn up to 200 TON tokens for each friend you successfully refer to the platform. Running through Aug 15, 2024, 9:59PM UTC, this event provides a perfect opportunity to add to your Toncoin stash, which could be worth a significant amount in a bull run.
6. Bittensor (TAO)
Bittensor (TAO) is the best artificial intelligence (AI) crypto to buy right now, due to its strategic value proposition of providing decentralized machine learning (ML) algorithms for AI applications. AI is one of the hottest trends in the tech space right now, and its demand has exploded recently.
Bittensor provides a decentralized marketplace where providers and consumers of AI products can interact. Closely designed to resemble BTC’s architecture, Bittensor has a maximum supply of 21 million native TAO tokens, which play a crucial role in powering the project’s ecosystem, including rewards for miners.
Why Buy Bittensor?
As mentioned, Bittensor is strategically placed to provide value to the fast-growing AI niche by providing decentralized ML algorithms to create AI apps. You can purchase TAO as a Perpetual contract on Bybit, after which you can choose to trade for short-term gains or hold long-term by staking to secure Bittensor’s network for rewards.
7. Catizen (CATI)
The GameFi niche can be lucrative, with play-to-earn games attracting millions of crypto enthusiasts looking to make an extra buck. One of the newest games in the niche is Catizen (CATI), whose play-to-earn (P2E) adventures have already attracted over 26 million users.
This Telegram mini-game lets users participate in cat-themed games on the social media app to earn rewards. The game’s broader vision is to create a more complex universe, fully immersing players in lucrative play to earn adventures in which they receive airdrops for activities.
Why Buy Catizen?
CATI is one of the best new cryptos to buy right now, especially since it hasn’t yet launched but is available for Pre-Market Trading on Bybit. Through Pre-Market Trading, you’ll gain early access to this crypto gem before it’s listed for Spot trading on Bybit. This places you ahead of the crowd, since it could provide you with significant returns in the future.
8. Solana (SOL)
Another excellent long-term crypto to buy is Solana (SOL), which has remained a strong player in the crypto world. As a blockchain, Solana provides a high-performance platform that combines scalability, decentralization and security for developing DApps.
Solana has remained a worthy contender to Ethereum. Its market cap of $67.55 billion (as of Aug 14, 2024) places it in the fifth position in crypto rankings. Solana is a developer's haven due to its support for smart contracts, DApps, NFTs and DeFi.
Why Buy Solana?
For the Solana ecosystem, 2024 has been a good year. Its meme coins have been making waves in the crypto world with their exemplary performance. Anytime the market turns green, SOL is one of the coins that pumps, making it one of the best cryptos for quick profit.
Furthermore, SOL is readily available on top-tier exchanges such as Bybit, where you can seamlessly access and trade this token. Bybit offers many options for investing in Solana, including Spot, Perpetual contract, One-Click Buy, USDC Futures and USDC Options.
9. XRP (XRP)
Designed to facilitate cheap and fast cross-border payments, XRP has consistently remained in the top ten in crypto rankings. As the native digital asset for Ripple, XRP is a widely accepted payment method for merchants, and provides a solid alternative to global remittances as compared to traditional financial systems. XRP’s price experienced a boost in July 2023 when Ripple largely won its lawsuit against the SEC as a judge ruled that XRP wasn't a security.
Why Buy XRP?
Designed by Ripple Labs, XRP remains one of the best and least expensive cryptos to buy now at a price of $0.587, with a market cap of around $32 billion (as of Aug 14, 2024). XRP remains a blue chip crypto so its price is less prone to volatility, and it could be among the best-performing tokens in a bull run. You can purchase XRP on Bybit's Spot trading terminal, and as a Perpetual contract.
10. EigenLayer (EIGEN)
Liquid restaking has become a good alternative to staking, since you can use your locked-up assets to secure other blockchains and earn passive income for doing so. EigenLayer (EIGEN) is a liquid restaking protocol on Ethereum that helps you earn extra rewards from your staked ETH by letting you use the locked funds for other DeFi activities. Its protocol has become popular among ETH users, who find its products a capital-efficient way to leverage their ETH tokens to make an extra buck while still securing the Ethereum blockchain.
Why Buy EigenLayer?
EIGEN is one of the best cryptos to invest in right now since there's growing demand for ETH restocking products, especially with the heightened activity on Ethereum. Better yet, EIGEN has been listed on Bybit Pre-Market Perpetuals — a perfect way for you to get a head start with trading this trending token before it’s officially listed on Bybit Derivatives.
11. Layer3 (L3)
Layer3 (L3) is a protocol that seeks to incentivize and engage users with gamifying Quests, as users receive rewards in the form of tokens or NFTs. Founded in 2021, Layer3 seeks to capitalize on the internet’s attention economy and make it accessible to the masses. Layer3 offers Quests in the form of bite-sized lessons on crypto topics, and also offers tools for easy integration into platforms to power their loyalty programs.
Why Buy Layer3?
At a price of $0.048 and with a market cap of $18.49 million (as of Aug 14, 2024), Layer3 is one of the best cheap cryptos to buy now to make you a quick profit once the market bounces back.
The project's innovative architecture strategically positions it to lead the $1 trillion internet attention economy. You can purchase L3 on Bybit as a Perpetual contract with up to 12.5X leverage.
12. Ancient8 (A8)
Ancient8 is a Layer2 protocol that focuses on Ethereum’s web3 gaming economy. It’s powered by Optimism’s OP Stack and further enhanced by Celestia to help scale and address some of the challenges faced by web3 gaming developers. Anchored on the vision of the Optimism Superchain, Ancient8 aims to provide low-cost and fast on-chain gaming development for the seamless integration of web3 games by developers.
Why Buy Ancient8?
Trading at $0.109 with a market cap of $21.21 million (as of Aug 14, 2024), Ancient8 is one of the best cheap cryptos to buy now due to its rapidly expanding ecosystem and its in-demand value proposition for the web3 gaming economy.
You can buy A8 on Bybit’s Spot trading platform or as a Perpetual contract. A8 has also been added to Bybit Convert, so you can convert your assets quickly at zero fees.
13. Akash Network (AKT)
Akash Network is a decentralized marketplace for cloud computing resources. Developers can access these resources cheaply and securely to power their AI applications. With steep demand for AI services and models, big corporations dominate the niche, often leaving little room for upcoming AI and ML developers. Akash allows providers to rent out their idle hardware and to receive an income once developers deploy.
Why Buy Akash Network ?
AKT remains a good AI crypto to buy because of the growing demand for computing resources to power AI projects, especially in the crypto world. Trading at $2.73 with a market cap of $676 million, AKT is at a good entry point, and could provide good gains once the market bounces back. You can trade AKT as a Perpetual contract on Bybit’s easy-to-use Derivatives terminal.
How to Choose the Best Crypto to Buy
With over 15,000 digital assets (and counting), identifying the best cryptocurrency to invest in can be overwhelming. Since new coins and tokens are emerging regularly amid the ever-present risk of rug pulls, making informed decisions before investing is crucial.
The right cryptocurrency can offer significant returns, but the wrong one can lead to substantial losses. Let's look at how to choose the best crypto to buy, focusing on critical factors like tokenomics, availability and liquidity, sector potential, use cases and the strength of the coins’ development teams.
Tokenomics
Tokenomics — the economic model behind a cryptocurrency — is one of the first things to analyze before making an investment. It encompasses various aspects, such as the coin's total supply, distribution, inflation or deflation mechanisms, and mechanisms for rewarding participants in the coin’s ecosystem.
A well-designed tokenomics model ensures the longevity and sustainability of a cryptocurrency. For instance, Bitcoin’s deflationary model, with a maximum supply of 21 million coins, has contributed to its store-of-value narrative, making it a go-to asset for long-term investors. On the other hand, some cryptocurrencies have inflationary models that constantly increase their supply, which can dilute value over time.
Before investing, consider the following questions:
Supply and Demand — What is the total supply of the cryptocurrency, and how is it distributed? A large supply concentrated in a few wallets can lead to price manipulation.
Utility — Does the token have a clear purpose within its ecosystem? Tokens with real utility tend to hold their value better.
Incentives — Are there staking or burning mechanisms in place? Such mechanisms can reduce supply and/or reward holders, supporting the token’s price.
Understanding a cryptocurrency's tokenomics will give you insight into its potential for growth and its ability to sustain its value over time.
Availability and Liquidity
Availability and liquidity are crucial factors that can significantly impact your investment. A cryptocurrency with high liquidity and availability is generally more stable and less prone to extreme price fluctuations. Liquidity refers to how easily you can buy or sell a cryptocurrency without affecting its price, while availability refers to the ease of access to the cryptocurrency on various exchanges.
A cryptocurrency that’s listed on multiple reputable exchanges and has high trading volumes indicates a strong market interest and confidence in the asset. This also means that you can enter and exit positions with minimal slippage, reducing the risk of losing money during trades.
Consider these points:
Exchange Listings — Is the cryptocurrency listed on major exchanges such as Bybit? A prominent presence across top-tier exchanges usually reflects credibility and demand for the asset.
Trading Volume — Does the cryptocurrency have substantial daily trading volumes? Higher trading volumes generally indicate better liquidity, making it easier to buy or sell large amounts of the crypto without affecting the market price.
Market Cap — A higher market cap often means more stability, as larger-market-cap cryptocurrencies tend to have more established communities and use cases.
Choosing a cryptocurrency with high availability and liquidity ensures that your investment is not only accessible, but also safer from extreme volatility.
Sector Potential
The potential of the sector in which a cryptocurrency operates plays a significant role in its long-term success. Cryptocurrencies that lead or are pioneers in their respective sectors tend to have a better chance of sustaining value and growing over time.
For instance, blue chip cryptos like Bitcoin, Ethereum and Solana are solid pillars in their respective sectors.
When evaluating sector potential, ask yourself:
In its sector, is the cryptocurrency a leader — or a follower?
Does the cryptocurrency address a significant market need, and is there a growing demand for its services?
Are there barriers to entry that protect its market position?
Investing in sector leaders or promising challengers within emerging sectors can offer substantial returns as these markets mature.
Use Cases
A cryptocurrency’s “use case” refers to the practical application or service it offers within its ecosystem (i.e., does it solve a real-world problem?). Cryptocurrencies with robust real-world use cases are more likely to sustain demand, and to grow in value over time.
Examples of cryptocurrencies with clear use cases include:
DeFi — Cryptocurrencies like Uniswap (UNI) and Aave (AAVE) power decentralized exchanges and lending platforms, offering financial services without intermediaries.
Decentralized Storage — Filecoin (FIL) and Masa (MASA) offer decentralized storage solutions, allowing users to rent out unused storage space and/or securely store data without relying on centralized servers.
Team and Development
The team behind a cryptocurrency is one of the most critical factors in determining its success. A strong, experienced and innovative team can drive continuous development, improve technology and adapt to market changes.
When assessing a team, consider the following:
Experience — Does the team have a history of success in the blockchain industry (or related industries)?
Innovation — Is the team continuously improving the project and adding new features?
Transparency — Does the team communicate openly with its community and stakeholders?
Short-Term Trading Strategies
Short-term crypto trading strategies can provide quick gains, especially when the market is experiencing volatility. These strategies require discipline, risk management, quick reflexes and a proper understanding of market trends.
Short-term trading strategies you can apply include the following:
Scalp Trading
Scalp trading is a fast-paced strategy in which you focus on small price movements within extremely short time frames, such as one to four hours.
Momentum Trading
In momentum trading, you identify the direction of a strong price movement and enter a position in the hope that the momentum will continue.
Day Trading
As one of the most popular trading strategies, day trading involves buying and selling crypto assets within a single day and closing any positions before the day ends in order to avoid overnight exposure.
Swing Trading
Swing trading entails holding a position for days or weeks and capitalizing on price swings, based on technical analysis and trading signals.
Arbitrage Trading
When you arbitrage trade, you exploit price differences between markets by buying an asset and immediately selling it on another platform for a profit.
Best Cryptos to Buy for Beginners
As a beginner in the crypto industry, it’s advisable that you invest in cryptocurrencies that have been around for longer, and have rich resources of information that can help you understand the projects. The following criteria are simple to use when choosing the best crypto to buy:
Is its market cap above $1 billion?
Is it listed on many crypto exchanges, especially top-tier exchanges like Bybit?
Does it have a 24-hour trading volume of at least $100 million?
Does it have a working product?
If the asset meets all of the above criteria, it's most likely safe to buy before you understand the technicalities of the above market, which is filled with scams and low-profile projects.
Best Cryptos to Buy for Long-Term Investors
Holding a crypto asset long-term can provide substantial gains for a savvy investor. Once you’ve done your research and ensured that the project is solid in terms of its team, tokenomics and utility (among other factors), you can buy and hold it — especially if you don't want to keep up with the crypto market's everyday happenings. Cryptos you can hold long-term include Bitcoin, Ethereum and Solana, all of which you can buy and store in a crypto wallet.
Closing Thoughts
The best crypto to buy today for short-term gains depends upon your risk appetite, available capital and your discipline in the market. Keep in mind that the crypto market is highly volatile, which calls for considerable risk management.
If your risk appetite is low, consider blue chip cryptos such as Bitcoin and Ethereum for your short-term crypto investment strategy. However, if you've been around longer and understand various narratives in the industry, you can trade the coins listed above for short-term gains as the market bounces back.
#LearnWithBybit