Which Cryptocurrency Should You Buy First? Here Are 5 Great Coins to Get You Started

Meme coins are finding a surge of investor interest in 2024 with the Dogwifhat coin as one of the leaders.

Most people would tell you that there are about 10 different cryptocurrencies that you can own if you ask them. This couldn't be further from the truth. For example, Binance has thousands of coins and pairs on their exchange that you can buy and trade.

These investment products have gone from being trusted by a select few to being trusted by investors across the globe. This includes some of the largest investment firms and banks in the world. Are you interested in getting into crypto but aren't sure which coin to buy first? This is a difficult decision.

One key thing to note is that there is no single "best cryptocurrency." There are numerous viable options, similar to traditional stocks and investments, for generating income. As a result, the optimal strategy is to diversify your portfolio in order to reduce risk while maximizing earnings potential.

Here are a few excellent coins to get started with if you're looking to diversify your portfolio.

1. Dogwifhat

Meme coins experienced a surge in investor interest in 2024, with the Dogwifhat coin emerging as one of the frontrunners. Dogwifhat (WIF) is a meme coin that is based on the internet meme of a Shiba Inu dog wearing a knitted pink hat. The coin's founders have remained anonymous, but they have stated that Dogecoin (DOGE) served as an inspiration. Introduced in December of 2023, Dogwifhat price reached its all-time high at around $2.25 on March 8 of 2024, with a market capitalization of $2.2 billion, after Binance added the token to their exchange.

2. Bitcoin

This is the most obvious choice, but it's still important to mention. Bitcoin is the most popular crypto coin in the world for a reason. It's a stable coin with a potentially promising future. While it does experience volatility from time to time, Bitcoin has proven to be a valuable investment for some. Bitcoin should be a major component of any investor's portfolio.

3. Ethereum

Ethereum serves as the foundation of the blockchain. Nearly every NFT that is available was minted on the Ethereum blockchain. This means that the newest version of the web, Web 3.0, will also be powered largely by Ethereum. The best coins have a value that is based on real-world utility, and there is no better coin for that than Ethereum. Ethereum also has a clear leader at the helm of the project, and strong leadership is always a valuable asset.

4. NEO

NEO is another coin that has a utility as part of its value. It's valuable because you can use it to develop apps on the blockchain. Blockchain apps are still in their early stages, but they're expected to become widely used soon. This coin provides an easier entry point for users who want to create their own blockchain apps. This coin is Ethereum's main competition going forward, so it could be a great buy as a hedge on Ethereum.

5. Cardano

Cardano is another competitor to Ethereum and NEO. This coin offers similar utilities but is more scalable than the others. It also uses an older language, making it easier for developers to create decentralized applications. This coin provides another way to hedge against Ethereum and NEO.

All three of these coins could end up being used heavily on the blockchain, so some investors might decide it's a good idea to invest in all three of them.

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