5 best smart contract coins to invest in January 2024

By:

Charlie Hancox

Charlie is a Financial Writer for Invezz. He covers commodities, cryptocurrencies, and breaking news. Prior to joining Invezz he helped grow Crux Investor into the fastest-growing... read more.

Updated: Jul 6, 2023

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Our cryptocurrency analysts closely monitor the market, tracking all of the top cryptos to buy now as well as up-and-coming start-ups. Using their vast research, they have listed the best smart contract coins in the table below, along with links to relevant price information.

What are the top smart contract coins to buy?

Here are the best smart contract coins right now. Click on each coin’s ticker to find out more about its price and trading volume, or keep scrolling to learn more about these cryptocurrencies in the next section.

1. Ethereum (ETH)

Launched in 2015, Ethereum is widely regarded as the second most significant cryptocurrency behind Bitcoin. However, whereas Bitcoin is simply a store of value and unit of exchange, Ethereum has made it possible for individuals and businesses to build decentralised apps (dApps) on its blockchain. These apps use smart contracts to function.

The main reason Ethereum is top of our list is that it is the most popular platform with the most valuable native token, ETH. A wide variety of other cryptocurrency projects exist within the Ethereum ecosystem, making use of the smart contract technology on offer.

You can find out how to buy Ethereum in our detailed guide, here.

2. Solana (SOL)

Considering that Solana’s smart contract framework only launched in April 2020, it is a surprise that it has already secured a number two spot on our list. However, once you consult the recent market performance of SOL coin, the exponential rise of this cryptocurrency becomes clear.

Solana allows developers to build secure and fast dApps that can scale to be used by people across the internet, while the SOL token is used for micropayments over the network. Moreover, it claims to be able to handle a whopping 50,000 transactions every second – substantially higher than Ethereum’s 15.

The Solana network went offline after a surge of transactions in September 2021, which led to a fork occurring. You can find out how to get SOL tokens in our guide, here.

3. Polkadot (DOT)

Created by Ethereum co-founder Dr. Gavin Wood in 2016, Polkadot aims to use smart contracts and other technology to solve many of the problems that have stifled blockchain adoption in recent years.

The purpose of Polkadot is to allow developers to build a decentralised internet. So, rather than building traditional websites, developers create independent and unrestricted dApps that can store transactions and smart contracts on a public blockchain.

Several cryptocurrencies are aiming to create a new, restriction-free internet via blockchain technology that can cope with the speed and scalability demands for mainstream use, and Polkadot is one of the leaders in this segment of the crypto sector. You can find out how to get Polkadot tokens here.

4. Cardano (ADA)

ADA is one of the most valuable cryptocurrencies in the world. Founded by Ethereum’s co-founder Charles Hoskinson and launched in 2017, Cardano is a blockchain platform that uses a proof-of-stake (PoS) consensus mechanism, allowing users to mine new transactions and validate blocks based on the number of tokens they hold.

It describes itself as the third generation of blockchains, hoping to build on the work of Bitcoin’s blockchain technology and Ethereum’s smart contract network. Cardano is very similar to Polkadot in that it aims to build the internet of the blockchain. Some feel Cardano has a better stake pool, while other’s feel its recently introduced smart contract models aren’t up to the level of Polkadot; the one thing that is clear is that the debate is passionate and multifaceted.

You can find out how to purchase ADA in our step-by-step guide, here.

5. Algorand (ALGO)

Founded in 2017 and launched in June 2019, Algorand is another decentralised alternative to the internet that has established a large, loyal community and has secured substantial price accretion for ALGO token holders. The project was pioneered by Turing award winner and MIT professor, Silvio Micali.

There are other benefits to holding ALGO besides potential price growth. Perhaps the top of this list is that any holder of ALGO tokens in a wallet will earn interest on their coins every time a new block is added to the Algorand blockchain.

You can find out how to speculate on the price of ALGO coin here.

Where to buy the best smart contract coins

If you want to purchase or trade any of the smart contract coins in our list, check out the low-fee platforms we have listed below. Signing up and depositing funds can be done quickly and simply, and then you will be free to invest in a wide range of cryptocurrencies. Click on one of the links to sign up, or scroll down to learn more about smart contract coins.

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What is a smart contract coin?

A smart contract coin is the native cryptocurrency of a platform that employs smart contracts to provide services for consumers.

A smart contract is exactly what it sounds like: a piece of computer code that automatically executes all or parts of an agreement and is stored on a blockchain-based platform. In essence, smart contracts are designed to allow transactions and agreements to occur anonymously without the need for a central governing authority, like a bank.

Different companies create smart contract projects, and then they release connected cryptocurrencies that can offer different benefits and tokenomics. These coins will typically increase in value as the project becomes more popular and successful.

Are smart contract coins a good investment?

This really depends on the coin you decide to invest in. The smart contract sector is vast and diverse, so it is important to perform thorough due diligence on any project that interests you. Moreover, as a general rule, the cryptocurrency market is a particularly volatile financial market, so while returns can be dramatic and rapid, losses can be too.

There are a plethora of factors that can affect the price of specific smart contracts coins, ranging from geopolitical issues and new commercial partnerships to security incidents and inflation. As a result, smart contracts are only really a good investment if you are willing to be an active investor who is hands-on with your portfolio. Things can quickly change in the crypto space, and when they do, price action can be extreme.

We have a variety of guides that will help you decide whether investing in smart contract coins is something you want to consider more seriously. For example, our how to invest in cryptocurrency guide and our buy altcoins hub page both contain crucial information that can help inform your investments.