Imagine if you could have spotted Bitcoin back in 2009 when it was still being scoffed at as a scam?
Investors who trusted their gut back then have made fortunes.
According to CoinMarketCap, there's currently over 23000 cryptocurrencies in existence, with new ones being launched everyday.
Of course, it would be tough to invest in all the over 23000 cryptos in existence (unless you were a billionaire with a magic money tree, or maybe Satoshi Nakamoto himself in disguise!). Cryptos are extremely volatile and risky at times and predicting the ones that will skyrocket is even tougher. No one can predict the future, but we can use data and analysis.
In this blog post, we’ll go over cryptocurrencies considering in 2024 according to experts and why they are worth investing in.
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Promising cryptocurrencies to consider: How to define these
Promising cryptocurrencies simply mean those cryptos with strong use cases, robust technology, active development teams, large communities, high market capitalization, strategic partnerships, and compliance with regulations.
7 cryptocurrencies to consider in 2024
- Bitcoin (BTC): Launched in 2009, Bitcoin is the first decentralised cryptocurrency and remains the largest with a market cap of $768 billion as of 23rd January 2024. The recent SEC approval of the spot bitcoin ETF has bolstered its status. With the halving event expected in April 2024, the supply of BTC on the market will decrease, which historically has had positive medium-term impacts.
- Ethereum (ETH): Ethereum, launched in 2015, is a blockchain platform for smart contracts and decentralised applications. As of 23rd January 2024, it has a market cap of $268 billion. The recent 2.0 update has led to significant amounts of ETH being burned, effectively reducing its volume on the market and making it more deflationary, enhancing its potential for 2024.
- Solana (SOL): Solana, founded in 2017, is a high-performance blockchain supporting developers and businesses. It has a market cap of $34 billion as of 23rd January 2024. Despite past confidence issues, Solana has partnered with major companies like AWS, Google, and Visa. Predictions indicate a potential rise of over 10,000% by 2030 due to user growth.
- Ripple (XRP): Ripple, also known as XRP, was created in 2012 and acts as both a digital payment protocol and a cryptocurrency. It has a market cap of $27 billion as of 23rd January 2024. Ripple recently had a partial win against the SEC, with XRP deemed not a security, and charges dropped against two executives. Rumours of an upcoming IPO further elevate its prospects.
- ChainLink (LINK): ChainLink, established in 2017, is a decentralised oracle network that enables smart contracts on different platforms. It has a market cap of $8 billion as of 23rd January 2024. ChainLink could benefit from the growth of artificial intelligence and Web3, with potential favorability from the tokenization of real-world assets.
- Avalanche (AVAX): Avalanche, launched in 2020, is a blockchain platform that supports decentralised applications and custom blockchain networks. Its market cap is $10 billion as of 23rd January 2024. The team's ongoing system improvements and significant role in the gaming segment predict a sustained upward trend for Avalanche.
- Polygon (MATIC): Polygon, started in 2017, is a protocol for building Ethereum-compatible blockchains. With a market cap of $6 billion as of 23rd January 2024, Polygon is also undergoing a significant update with easier blockchain integration. The approved creation of a new crypto, POL, set to replace MATIC over four years, makes Polygon a promising cryptocurrency.
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Conclusion
While it's impossible to predict the future of any cryptocurrency with certainty, these seven cryptocurrencies have proven themselves as strong contenders for growth in 2024. However, when investing or trading any cryptocurrency, it's important to do your research, evaluate the team behind the project, and use proper risk management.
