The recent past saw the cryptocurrency market shaken to its core, with the value of the global digital currency dipping to $2.26 trillion in the past week from a $2.75 trillion high in April. While the virtual currency recovered towards the end of June to close the month at $2.39 trillion, many are still skeptical about its ability to hold as a trustable global currency. 

These three cryptos have, however, held steady and shown promising prospects to increase in market cap, and are the best cryptocurrencies to buy in July 2024. They provide a great investment opportunity for anyone looking to reap big in the crypto market in July. 

Let’s have a look at these three best cryptocurrencies that every crypto bro should consider buying this July.

Bitcoin (BTC)

Bitcoin (BTC-USD) has had an exemplary run this year, crossing the $70,000 mark in March and standing at a $1.22 trillion market cap. These tempting figures reignited hope in Bitcoin’s capacity to sustain the growing appetite for virtual currency until recently, when the prices dipped sharply to hit $61,670 last week. 

So, what is good about Bitcoin if it is tanking anyway? Well, there is a projection that the Bitcoin price may fall even further in the coming months, with the Mt. Gox payout expected to start in July. Analysts expect the payout to dump over 142,000 Bitcoins, 143,000 Bitcoin Cash (BCH-USD), and 69 billion Japanese Yen into the market. 

The Mt. Gox payout is expected to flood the market, and this, analysts anticipate will lead to a fall in the prices of Bitcoin. The reduced prices present an incredible opportunity to get yourself some Bitcoins before the prices rise again later this year.  

The best investment strategy would be, then, to buy Bitcoins in July when the prices are low and hold until later this year when the prices are projected to increase. 

Solana (SOL)

Solana (SOL-USD) is an altcoin, and just like many altcoins, it is expected to rise with Bitcoin; yes that is what altcoins do, they follow their leader. Solana had a strong start at the beginning of the year, recording an all-time high of $210, before dropping down to the current price of $144.01. 

However, analysts still regard Solana as a good investment and its ability to bounce back mostly rests on its internal strengths. Unlike Bitcoin whose bounce back largely depends on the performance of the U.S. debt. Solana has established a formidable ecosystem that promises to bounce back harder.

One of the Solana ecosystem features that promises it to rise is the supported meme coins such as $BONK that have promoted the Solana community by boosting user engagement. Similarly, Solana has also emerged as users’ favorite due to its quick transaction processing capability, processing transactions up to 46 faster than its major competitors. 

These continuous developments and strengthening of the Solana infrastructure have since seen the coin’s total value locked (TVL) jump 3 times since the beginning of the year. Analysts place Solana’s price prediction for December 2024 at $316.36. With these projections, Solana is one of the best cryptocurrencies to buy in July. 

Tether (USDT)

Tether (USDT-USD) is one of the mainline stablecoins, implying that its value is pegged to the value of the dollar. Tether is also pegged on the Euro, Mexican Peso, Gold, and Chinese Yuan, implying it is one of the most stable and best cryptocurrencies today. 

In a perfect scenario, one Tether should be equal to one U.S. dollar, and this is understandable since the U.S. is the international reserve currency. However, Tether currently trades at 0.9996 Tethers per dollar. So what is going on?

Here is the gimmick. When the demand for Tethers rises, it signifies that people have increased faith in the crypto, and it will trade higher than the dollar. However, when fewer people trust Tether, its demand will be reduced, and it will trade below the dollar. Hence, right now, Tethers is trading below the dollar because people still don’t have enough faith in it. 

However, Tether’s stability and compatibility with other currencies present it as the perfect alternative for the dollar. As the dollar continues to shake globally due to rumored events such as the end of the petrodollar and the emergence of other international reserve currencies such as the Euro, the Tether seems to be a suitable replacement for the greenback.  

To say that Tether is futuristic is not hype, and perhaps one of the best alternative assets to store your value.

On the date of publication, Joel Lim did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or
indirectly) any positions in the securities mentioned in this article.