10 cryptocurrencies poised for growth that ensures a well-informed investment strategy
The cryptocurrency landscape is ever-evolving, and understanding the market trends is crucial for investors looking to capitalize on potential opportunities. In 2024, the cryptocurrency market is poised to witness significant developments and growth. As such, it’s essential to delve into the top 10 cryptocurrencies that are expected to make a substantial impact in 2024. These cryptocurrencies exhibit unique features, potential for growth, and upcoming developments that position them as noteworthy contenders in the evolving cryptocurrency landscape.
- Solana (SOL): Solana is a high-performance blockchain that can process thousands of transactions per second with low fees and high security. Solana has attracted many developers and users with its fast and scalable network, as well as its growing ecosystem of decentralized applications. Solana has increased by over 1,000% in 2023, reaching a new all-time high of US$9.9822 in December.
- Avalanche (AVAX): Avalanche is a platform that enables the creation of custom blockchains and decentralized applications that are interoperable, scalable, and secure. Avalanche has gained popularity for its innovative consensus mechanism, its support for multiple programming languages, and its ability to bridge with other blockchains such as Ethereum and Bitcoin. Avalanche has surged by over 900% in 2023, hitting a new all-time high of US$10.87 in December.
- Polygon (MATIC): Polygon is a framework that provides scalable and cost-effective solutions for Ethereum compatibility and interoperability. Polygon allows developers to create and connect various types of blockchains, such as plasma chains, zk-rollups, optimistic rollups, and standalone chains. Polygon has risen by over 800% in 2023, reaching a new all-time high of US$0.76 in December.
- Thorchain (RUNE): Thorchain is a decentralized liquidity protocol that enables cross-chain swaps of any asset without intermediaries or custodians. Thorchain uses a novel approach called continuous liquidity pools, which are autonomously maintained by network participants who earn fees and rewards for providing liquidity. Thorchain has grown by over 700% in 2023, hitting a new all-time high of US$3.5239 in December.
- Cardano (ADA): Cardano is a smart contract platform that aims to deliver more advanced features than any protocol previously developed. Cardano is based on a scientific philosophy and a peer-reviewed research approach, and is designed to be scalable, sustainable, and interoperable. Cardano has increased by over 140% in 2023, reaching a new all-time high of US$0.617 in December.
- Ethereum (ETH): Ethereum is the second-largest cryptocurrency by market capitalization and the most widely used platform for decentralized applications and smart contracts. Ethereum is undergoing a major upgrade to Ethereum 2.0, which will transition the network from a proof-of-work to a proof-of-stake consensus mechanism, improving its scalability, security, and energy efficiency. Ethereum has advanced by over 89% in 2023, reaching a new all-time high of US$1,200.96 in December.
- Binance Coin (BNB): Binance Coin is the native token of Binance, the world’s largest cryptocurrency exchange by trading volume and users. Binance Coin can be used to pay for trading fees, access various services and products on the Binance ecosystem, and participate in token sales on the Binance Launchpad. Binance Coin has risen by over 70% in 2023, hitting a new all-time high of US$244.14 in December.
- Dogecoin (DOGE): Dogecoin is a cryptocurrency that was created as a joke in 2013, but has since gained a loyal fan base and a significant market value. Dogecoin is based on the popular internet meme of a Shiba Inu dog, and has a friendly and humorous community that supports various charitable and social causes. Dogecoin has surged by over 60% in 2023, reaching a new all-time high of US$0.07022 in December.
- Bitcoin (BTC): Bitcoin is the first and largest cryptocurrency by market capitalization and the most widely adopted digital asset in the world. Bitcoin is a decentralized peer-to-peer network that enables secure and censorship-resistant transactions without intermediaries or authorities. Bitcoin has grown by over 65% in 2023, reaching a new all-time high of US$16,625.08 in December.
- Shiba Inu (SHIB): Shiba Inu is a cryptocurrency that was inspired by Dogecoin and aims to be a fun and friendly alternative to the mainstream digital currencies. Shiba Inu is based on the image of a Japanese breed of dog, and has a vibrant and active community that supports various initiatives and projects. Shiba Inu has increased by over 50% in 2023, hitting a new all-time high of US$0.00000812 in December.