Best Crypto to Buy Now January 26 – SOL, ICP, IOTA, STX
What is the best crypto to buy right now? Every day, we pick the best crypto to buy now based on the latest blockchain and crypto-related industry news that could lead to a rebound in the decentralized finance (DeFi) market.
In the recent market upswings, traders are curious about which cryptocurrencies are poised for the most promising futures. Fortunately, this article examines projects with the best crypto to invest in, including large-capitalization cryptocurrencies such as Solana (SOL), and Internet Computer (ICP).
Read on to find major news that has impacted these digital assets positively in the last 24 hours and the first month of 2024 as a whole.
Best Crypto to Buy Now
Today’s analysis of the Best Crypto to Buy Now solely focuses on recent developments by some of the large and small-cap assets that could positively transform the portfolios of millions of traders.
Today’s article will primarily focus on the reasons why SOL, ICP, IOTA, STX, and OP have surged significantly despite some of them being labeled as securities by the Securities and Exchange Commission’s (SEC) in November 2023.
Solana (SOL)
Solana (SOL) was tagged as a potential Ethereum killer during the peak of the markets in 2021. On January 26, it showed signs of rebounding after spiking by 9% from the intraday low of $79.07 on January 23 to $86.85 today.
Crypto traders poured around $2.9 billion into the coin, which was the highest daily trading volume since approximately $3.2 billion was thrown behind the asset on January 17.
The price driver behind SOL’s price increment was attributed to token extensions, which were designed to “empower developers to rapidly build customized token experiences and meet business compliance needs.”
1/ The future of tokenization is now: Introducing token extensions, ready-to-use advanced token functionality on Solana.https://t.co/zNw9qWgvjA
Token extensions empower developers to rapidly build customized token experiences & designed to meet business compliance needs.🧵 pic.twitter.com/dHkKoNS28X
— Solana (@solana) January 24, 2024
Coincidentally, this has led to a rise in development activity, which will lead to a surge in the number of decentralized applications (dApps) on Solana, which will reflect in the project’s total value locked (TVL).
It comes as no surprise that several price forecasting portals foresee SOL heading north this year. But the onus lies on the development team to create new products that can impact the crypto, non-fungible token (NFT), and Web3 market as a whole.
Internet Computer (ICP)
ICP, the native asset behind the Internet Computer Protocol, was one of the projects that showed promise when it was introduced to the market in May 2021.
Fortunately, the project’s promise looks back on track due to a series of announcements that have led to a 17% explosion in its price in the last 24 hours.
After testing an intraday low of $9.5777 due to short selling, the coin has found favour with many traders, with more than $100 million reflecting in its trading volume within the same period.
As a result, ICP’s price has broken the $10 barrier again and was trading for $11.24, as of writing, data from CoinMarketCap showed.
The foundation for the upside began on January 22, when it expanded its presence in the real estate industry with a partnership with RentSpace.
The impact of blockchain technology across all industries has been extensively discussed, and this grant given to RentSpace will help the company “build an application on Internet Computer that allows hosts to securely rent out their spaces to guests.”
On the same day, DFINITY, the team behind the project, alerted stakeholders in the crypto industry that it has integrated with Bitcoin, which has made it possible for ICP smart contracts to directly hold and sign BTC transactions.
DFINITY is also going around the world, organizing conferences and hubs to solicit ideas from industry experts to ensure the goals and objectives of the project come to fruition.
🧵 1/5
Meetups, bootcamps, conferences, and real use cases 🚀ICP HUBs are making moves worldwide 🗺
Get the latest news here 👇 pic.twitter.com/rJuvscusr7
— DFINITY (@dfinity) January 24, 2024
As of January 24, about 456 million ICPs were circulating on the market out of a total of 514 million. All other things being equal, should the team decide to make its total supply maximum, scarcity could take hold of the asset and result in a positive increase in its overall value and market capitalization.
Iota (IOTA)
IOTA has been one of the low-cap digital assets that has shown a lot of promise in the crypto industry. The cryptocurrency spiked more than 20% over the past day on the back of an announcement by founder Dominik Schiener during a recent Ask Me Anything (AMA) session.
He talked about the introduction and launch of IOTA’s new alpha version and the Ethereum Virtual Machine (EVM), respectively.
The enhancements and upgrades will improve IOTA’s standing in the DeFi industry, where yield-bearing offers have become a replacement for the relatively smaller interest rates given by central banks across the globe.
Aside from that, it would also make it a go-to platform for non-fungible token (NFT) enthusiasts.
[ICYMI] What makes #IOTA 2.0 a powerful platform for transactions, #tokenization, and data transfer? From UTXO to Account Outputs and NFTs holding other NFTs – this video explains it all👇 pic.twitter.com/URwveYkQ3A
— IOTA (@iota) January 25, 2024
IOTA was trading for $0.2397 as of this publication after testing a new daily low of $0.1967 on January 23.
While the coin is not as popular as the top ten (10) digital assets by market capitalization, IOTA is supported by more than 20 exchanges, including Binance, OKX, Kucoin, and Upbit, which makes it highly accessible.
More importantly, it continues to see more than $10 million in daily volume, which solidifies investor interest despite the saturation of the market.
Stacks (STX)
STX has garnered attention for its association with the Bitcoin Protocol, where it serves as a layer for smart contracts where BTC is used to settle transactions.
STX is a medium-cap digital asset by market capitalization (it’s worth more than $2 billion in value), which has spiked by 18% over the past 24 hours.
$STX – #Stacks parallel channel these are good for intraday. On uptrend i’ll go longs#STX #STXusdt #BTC #bitcoin #ETH #Crypto #cryptocurrency #CryptoTwitter #cryptotrading #alts #BNB #Binance pic.twitter.com/a3sXT0romH
— CryptoGod$ammy🩶 (@CryptoGodSammy) January 25, 2024
Much of the gains came from extended patronization of the asset due to the approval of the BTC Exchange-Traded Fund (ETF) in the second week of January.
Bitcoin has moved from just being the most widely known blockchain protocol to becoming one of the biggest NFT chains by all-time sales volume. As of January 26, Bitcoin NFT sales had topped approximately $2 billion from over 300,000 unique buyers.
With this, STX benefits extensively from having its protocol as an advanced scaling solution, bringing the best out of the TAPROOT upgrade, which occurred in November 2021.
As of writing, STX was trading for $1.47 after climbing from a previous intraday low price of $1.47.
Optimism (OP)
OP continues to benefit from Optimism’s layer two (2) scaling feature, which has been invaluable to Vitalik Buterin’s Ethereum Network.
This is what has catapulted the protocol to having more than $700 million as total value locked (TVL) powering decentralized applications (dApps) such as Synthetix, Aave, Stargate, Yearn Finance, Curve, and Velodrome.
OP has risen by 16% over the past three days from $2.6238 to $3.05 on the back of OP Labs, the development team behind the protocol, open-sourcing a range of tools that will help app developers.
Exciting news for app developers in the @Optimism ecosystem: we’re open-sourcing a range of tools and libraries specifically designed for app development on the OP Stack.https://t.co/wzi3cN9tMQ
— OP Labs (@OPLabsPBC) January 24, 2024
While OP is still trading below its all-time high (ATH) price of $4.57, the consistency in daily trading volume since January 1 (a minimum of $100 million) signals that investors believe the asset could command a relatively higher price in the future.
This is the reason why price prediction portals such as Digital Coin Price and Price Prediction.net foresee the crypto rebounding strongly before the end of 2024.
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Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
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