New Cryptocurrencies For 2024 (2024)

After a decade of explosive growth, cryptocurrency has truly gone mainstream. Aside from the big, established names, new cryptocurrencies are launching almost daily. So let’s look at some of these coins and the process behind launching a new cryptocurrency.

How Are New Cryptocurrencies Made?

One of the unique things about cryptocurrencies is that they run on open-source technology.

Cryptocurrencies can be easily launched because the code of an existing blockchain can be copied, instead of building your own blockchain from scratch. As per the builder’s desires modifications can be made and a blockchain’s code is many times copied without change then a new cryptocurrency is being born, with all the same underlying technicals as the original, but it is a distinct blockchain.

Another way cryptocurrencies can be born is via a contentious “fork.” A fork is simply a change in the blockchain’s protocol.

Sometimes a community can disagree about the direction of a blockchain. If this disagreement fails to be resolved, it can sometimes result in what is known as a fork. This is when the underlying code is tweaked, creating a second blockchain.

A high-profile example of this occurred with Bitcoin (BTC) between 2015 and 2017. Debates around scalability issues relating to Bitcoin’s design eventually led to a hard fork, creating Bitcoin Cash, a cryptocurrency completely distinct from Bitcoin.

Vitalik Buterin, the creator of Ethereum (ETH), said in a January 2022 tweet, “I would call BCH mostly a failure. My main takeaway: Communities formed around a rebellion, even if they have a good cause, often have a hard time long term because they value bravery over competence and are united around resistance rather than a coherent way forward.”

9. I was optimistic about Bitcoin Cash specifically, because I agreed with the big-blocker arguments in the scaling war more than the small-blocker arguments.https://t.co/PgVHuFGadM

— vitalik.eth (@VitalikButerin) January 1, 2022

Of course, creating a blockchain from scratch is also possible, although this is a far more arduous task.

Aptos (APT) is the most recent example of creating an entirely new blockchain—the Layer 1 crypto was launched a couple of weeks ago by former employees of Meta Platforms.

For those new to crypto, Layer 1 implies that the crypto has its own blockchain that can be used as a building block. A few well-known Layer 1 cryptos include Ethereum, Cardano (ADA) and Solana (SOL).

Following a lot of boost surrounding Aptos, it sinked in its trading debut. It has faced criticism over its tokens-allocation, with 50% allocated to Aptos Labs foundation, investors and core contributors. This distribution of tokens is known as tokenomics, and is a main factor when assessing a new cryptocurrency.

New Cryptocurrencies on Existing Blockchains

There is another way to launch a new cryptocurrency.

Certain blockchains are designed with the ability to host other cryptocurrencies.

Developers can thus launch new cryptocurrencies on top of these existing blockchains, with the newly created currency referred to as a “token.” A token can act as digital money and not be native to the blockchain on which it operates.

While some tokens with high degrees of customization are launched, which can take time and expertise, others come online with just a few clicks. It doesn’t require technical understanding to launch a token on top of another blockchain—simply a few minutes of their time.

There are even services online that help you launch a new token in minutes.

As of Feb. 2023, the number of cryptocurrencies listed on CoinMarketCap crossed 8,000. A large portion of these will have been mere copies of existing tokens.

Ethereum-Based Cryptos

The world’s second-largest cryptocurrency by market cap has only been around since 2015.

Despite its youth, Ethereum (ETH) is the most popular blockchain to launch cryptocurrencies. It has become a play area for developers, swiftly expanding to become popular blockchains for decentralized applications and tokens.

You may have heard of some of the popular tokens ETH launched like meme token Shiba Inu (SHIB), an alternative to Dogecoin (DOGE); metaverse game The Sandbox (SAND) and the DAI.

Binance-Based Cryptos

Instead of being launched on the Ethereum blockchain, another popular option is instead the BNB blockchain.

BNB stands for “build and build” and is the blockchain launched by the world’s biggest cryptocurrency exchange, Binance, and contained within the Binance Smart Chain ecosystem.

Proponents of BNB Chain enjoy its lower fees and higher speed. The main criticism of Ethereum is its onerous transaction fees, known as “gas,” which can make it inaccessible to the average user.

But BNB Chain’s lower fees and high speed do not come without a trade-off. Binance is a centralized company, so users of this Chain sacrifice an element of decentralization.

This has led some cryptocurrency “purists” to decry that it goes against some of the core pillars of cryptocurrency.

The ease, low fees and high speeds at which cryptos can be launched means that there were some extremely speculative assets trading on BNB Chain during the pandemic crashing especially.

One such example was Safemoon, launched in March 2021. It immediately surged upwards, trading at a market cap of $10.9 billion in May 2021.

However, as with many of these copy-paste tokens, the fall has been just as dramatic. Safemoon has lost 99.9% of its value, trading close to zero, with a market cap of $3.3 million, at the time of this writing. Safemoon, according to CoinMarketCap, has been migrated over to a new version: SafeMoon V2.

The embroiled crypto has also faced accusations of being a Ponzi scam, with its founders controlling large amounts of the token. In addition to fraud allegations, a class-action lawsuit was filed, roping in celebrities, such as Jake Paul and Soulja Boy for taking part in an alleged pump-and-dump scheme.

It is a poignant reminder that given the ease with which these new cryptocurrencies can be created, it is important to stay vigilant.

With new cryptocurrencies, the underlying code can be vulnerable on certain new projects, Chris Zaknun, CEO of blockchain project launchpad DAO Maker.

“Hackers and malicious actors can exploit bugs in the contract code to dupe investors and steal user funds,” Zaknun says. “It is important for investors to verify if a reliable third-party company has independently audited the code.”

Solana-Based Cryptos

Solana is another popular blockchain on which developers can launch tokens.

It is again another alternative that offers speedy and lower fees than Ethereum. Again there are trade-offs, however, as Solana has been blocked with problems regarding its reliability, with a handful of major outages occurring.

Despite the problems, interest in Solana over the last year has risen, with a growing number of non-fungible tokens (NFTs), apps and tokens launched on the blockchain.

Best Cryptos to Invest in 2024

The market capitalization and trading value is taken from CoinMarketCap.

Bitcoin (BTC)

Market Capitalization: $846.45 billion

Bitcoin is the most high-priced and popular cryptocurrency in the world. It is characterized by maximum liquidity. As BTC is the first crypto and its importance for the industry can be compared to the US dollar’s role in the economic sphere, as such it is always a major cryptocurrency for investors to watch. Let us see BTC levels in the past few months:

October 2023: $27,946
November 2023: $35,047
December 2023: $43,694
January 2024: $42,624

As you can see, the BTC prices are swiftly climbing. Coincodex data predicts Bitcoin could witness significant gains in 2024. It additionally forecasts BTC to go as high as $149,245 levels. Note that it’s just a prediction and can be inaccurate. As of Feb 5, 2024, the BTC is trading at $43,040.

Ethereum (ETH)

Market Capitalization: $278.15 billion

Ethereum is notoriously unpredictable and volatile just like any other cryptocurrency. Nevertheless, momentum currently is at a positive side and there are many reasons for investors to believe the price to continue to trend higher in the current year. The main reason is its utility, unlike BTC which is primarily used as a value store and means of value transfer, the ETH blockchain network has a rare utility for dApp developers. They use the ETH network to develop other cryptocurrencies and create and run smart contracts, non-fungible tokens and other decentralized finance applications. Let us see SOL levels in the past few months:

October 2023: $1,645
November 2023: $1,900
December 2023: $2,254
January 2024: $2,298

ETH has shown a sharp rise at the end of the year 2023. Even if ETH is trading at one or two thousand dollars, analysts at VanEck use estimates of total ETH network revenue to make long-term price predictions. They forecast ETH network revenue to climb from around $2.6 billion to around $51 billion by 2030. So, Ethereum should be one of your cryptos to invest in 2024. As of Feb. 5, 2024, the ETH is trading at $2,314.

Solana (SOL)

Market Capitalization: $42.38 billion

The Solana project serves to support DeFi (decentralized finance) solutions and provide opportunities for creating smart contracts and dApps. With the help of it, developers can make faster networks without compromising security. Mostly, the Solana token is needed to make payments, pay fees and earn income from staking. Let us see SOL levels in the past few months:

October 2023: $23.42
November 2023: $42.14
December 2023: $63.12
January 2024: $101.13

As you can see, Solana saw exponential growth in the latter half of the last year going from $19.62 at the beginning of Sep. to $63.12 towards the beginning of Dec 2023. Looking at the growth of SOL, this crypto can definitely be one of the top investments in 2024. As of Feb. 5, 2024, the SOL is trading at $97.01.

Ripple (XRP)

Market Capitalization: $27.44 billion

Ripple created the XRP token to help financial institutions make international payments without fees and faster. It can process 1,500 transactions every second, which means greater scalability as compared to other cryptos. Let us see XRP levels in the past few months:

October 2023: $0.52
November 2023: $0.71
December 2023: $0.64
January 2024: $0.50

As you can check, XRP has shown a rising sign in the last year. EGRAG CRYPTO an analyst noted the impressive results of XRP. He recalled the asset closed two consecutive months of green candles and claims to rise to $10 after a possibility of a five-month consolidation phase. It can soar to a huge of $50 by November 2024 if the uptrend continues. As of Feb. 5, 2024, the XRP is trading at $0.50.

Should I Invest in a New Cryptocurrency?

Investing in new currencies shortly after launch is an extremely risky endeavor.

For many cryptocurrencies funded by venture capital (VCs) firms, a public launch is the first chance that the firm will get to offload liquidity and cash out their investment.

Coupled with the lax regulatory environment for crypto and the often anonymous nature of founding teams, this has led to retail investors being used as exit liquidity in the past. Retailers are subject to being preyed upon, purchasing new tokens only to see the token crash to lows as insiders and VCs unleash a wave of selling pressure.

Added to this, the unfortunate reality is that some cryptos are nothing more than scams, launched in just a few minutes via the processes described above. Founders wish they can make a quick buck while cloaking behind the anonymity of the blockchain.

Watch Out for Crypto Scams

Retail investors can also be subject to crypto scams.

“Rug pull” is the slang given to the practice, such is its frequency. This is where developers promote a new cryptocurrency before “pulling the rug” out from investors and running off with the liquidity.

Also, the flip side is true, however. Even if new cryptos are scams, they can sometimes multiply before the inevitable fall—it is these gains that frequently make headlines and fuel the “fear of missing out,” even if they are the exception.

It must be said that out of the 20,000-plus cryptocurrencies currently on the market, there are ones that come online now and then that have staying power if only a minority.

But make no mistake, playing around in these parts is a dangerous game.