The year 2024 is expected to be bullish, according to many technical analysts and expert traders, who cite various factors and events that are set to take place this year. Major cryptocurrencies like Bitcoin and Ethereum have already gained upward momentum, nearing their all-time highs (ATHs). This is thanks in part to Bitcoin spot ETFs and excitement around the Bitcoin halving, which is spreading euphoria around the world.
The crypto market in 2024 is currently valued at $1.95 trillion, according to CoinMarketCap. The choice of existing digital currencies is astounding. Yet, only a few can truly shine in this highly competitive arena.Â
Experts believe that the most stable and promising projects must possess vast liquidity, a unique value proposition, a competitive edge, and an excellent team, among other factors. Let’s consider the top options this year and what makes them unique.
To stay updated on the latest market trends, it is advisable to consult reputable platforms specializing in crypto news and predictions.
1. Bitcoin: The Very First Crypto
Bitcoin (BTC) is more than a household name for those who trade crypto. The project sets the tone for the remaining coins in blockchain technology.
Bitcoin was the first official cryptocurrency launched in 2009 by the pseudonymous, mysterious developer or group Satoshi Nakamoto. It dominates just over half of the market in trading volume.
While Bitcoin is less technically superior to the other names, it is popular due to its first-mover advantage. The most anticipated event for Bitcoin this year is its fourth quadrennial halving (scheduled for April 2024), mainly due to the event’s tendency to increase BTC’s value over time.
With this in mind, realistic price projections suggest that Bitcoin can reach $250K (currently trading at $56,231.29) by the end of the year.
2. Ethereum: The Pioneer of Second-Generation Blockchains
Ethereum (ETH) remains the second-most popular crypto project after Bitcoin and is perhaps the most influential. The platform pioneered the second generation of blockchain technology, introducing many innovations that Cardano and Solana have expanded.
Ethereum first went live in 2015 with several co-founders, the most popular being Vitalik Buterin. Like Bitcoin, Ethereum has endured in prominence due to first-mover advantage despite the existence of other better blockchains. Yet, unlike the former, Ethereum doesn’t have the same ‘safe-haven’ status, focusing more on powering decentralized applications and smart contracts.
One talking point for Ethereum’s near-term future in 2024 is the pending approvals with the Securities and Exchange Commission (SEC) for exchange-traded funds. Currently worth $2,820, forecasts see ETH surpassing $3200 before 2025.
3. Cardano: Hoping To Enter a New Era in 2024
Cardano (ADA) is a proof-of-stake blockchain platform released in 2017 and co-developed by Jeremy Wood and Charles Hoskinson. Interestingly, Hoskinson co-founded Ethereum and is one of the most vocal developers in the space.
Cardano is regarded by many as one of the potential ‘Ethereum killers.’ It’s a platform like Ethereum for launching smart contracts and decentralized apps. Cardano differentiates itself by using peer-reviewed research.
While it means that each upgrade is carefully researched, critics feel Cardano needs to be faster to reach its full potential. Otherwise, Cardano is capable of being more influential. Investors anticipate the project’s final roadmap phase, dubbed the ‘Voltaire’ era, this year.
ADA is trading for $0.63, potentially reaching at least $1 by the end of the year (according to forecasts).
4. Solana: The Closest Ethereum Killer?
Solana (SOL), first launched in 2020, is another name in the ‘Ethereum killers’ conversation for those who trade crypto. The founders of this project are Anatoly Yakovenko and Raj Gokal. Solana is another proof-of-stake blockchain focused on decentralized apps and smart contracts.
The first way the network differentiates itself from other altcoins like Solana and Ethereum is its rapid transaction speed, cheaper transaction cost, and lower latency. Solana also holds a decent market share in many crypto sub-sectors.
For instance, the blockchain is responsible for 7.4% of the trading volume for NFTs (according to CoinGecko), third after Ethereum and Solana.
The main downside for Solana is competition, with many new blockchains gaining prominence. Otherwise, investors consider it an excellent bet due to its popularity and past performance.
The SOL token is worth $111, with estimates suggesting it can vary between $111.60 and $132.97 in 2024.
5. Chainlink: Continuing To Be the Go-To Decentralized Oracles Platform
Chainlink is among the most compelling crypto projects, the first decentralized oracles network. Launched in 2017 by Sergey Nazarov and Steve Ellis, Chainlink is the leading platform in this market with little competition.
Chainlink has an approximately $11.7 billion market cap, almost 13 times higher than second-ranked Pyth Network (according to CoinMarketCap). Oracles are entities that connect real-world data to exist on blockchains. Chainlink offers a decentralized network for anyone to become an oracle and rewards them with the LINK token.
After its successful Cross-Chain Interoperability Protocol in 2023, Chainlink will focus on the emerging real-world asset tokenization sector in 2024. This market involves turning real non-digital assets like real estate and art into crypto tokens.
LINK is trading for $19.95 and may reach a minimum of $45.00 by the end of the year (based on many predictions).
6. Litecoin: The Silver to Bitcoin’s Gold
While many consider Bitcoin ‘digital gold,’ Litecoin is seen as the ‘silver’ of Bitcoin. It’s one of the oldest cryptocurrencies, founded by Charlie Lee in 2011. Litecoin is quite familiar to those who trade crypto for regular peer-to-peer transactions. The project was ‘forked’ or derived from much of Bitcoin’s structure.
It aims to be faster and cheaper than its predecessor, which makes it a better payment option than Bitcoin for the average Joe. Litecoin is the go-to choice for standard crypto transactions besides a few stablecoins and Bitcoin Cash. Recently, data from BitPay (one of the largest crypto payment processors) revealed Litecoin as the most used digital currency, surpassing the likes of Bitcoin and Ethereum.
According to forecasts, the price range expectation is $78.39, encompassing potential highs of $94.07 and lows of $62.71.
Will 2024 Be Bullish For Crypto?
The vastness of the crypto market provides a wide range of unique services with explosive potential. The projects discussed here have longevity, prominence, reliability, colossal trading volume, and excellent price performance in their favor.
With 2022 and 2023 being so-so years in valuation for crypto, there is optimism for 2024 to be the much-awaited bullish year. As with any financial market, it’s still early days with many economic variables that can swing the pendulum for digital currencies either way.
