In 2024, the fast-paced crypto sector keeps evolving. There are so many digital currencies out there, and both investors and crypto fans want to know which ones will be the key players. For your convenience, the International Wealth team has come up with a clear rundown of the top 10 cryptocurrencies that are likely to see big advancements in 2024.
- Bitcoin (BTC)
Even though the crypto market is rather unpredictable, the fact that there will only ever be 21 million Bitcoins, and more and more big investors getting involved show that Bitcoin is likely to keep its top spot in the world of cryptocurrencies. In 2024, more people are expected to start using Bitcoin, especially with the upcoming halving event that usually leads to big changes in its price, potentially driving the BTC to USD exchange rate even higher. If the U.S. Securities and Exchange Commission (SEC) decides to allow Bitcoin Exchange-Traded Funds (ETFs), it could make Bitcoin even more attractive to a wider range of investors.
- Ethereum (ETH)
Ethereum is upgrading to Ethereum 2.0, which means it’s changing to a proof-of-stake system. This major event aims to fix 2 big problems: the network being slow and using too much energy. With Ethereum 2.0, the network will be able to handle more transactions and smart contracts better and faster, and it won’t use as many resources. This upgrade is important because it helps make Ethereum even stronger as the main place for building and using decentralized apps and smart contracts.
- Binance Coin (BNB)
As the native token of the Binance exchange, Binance Coin (BNB) benefits from the platform’s expansive ecosystem. BNB is used for trading fee discounts, participation in token sales, and more, which makes it a utility token with a wide range of uses. Being a foundational asset for transactions and decentralized applications, BNB also plays an important role in the Binance Smart Chain. The recent trends in the crypto market have seen BNB’s notable gains, closing a month with a price increase of 50.4%.
- Cardano (ADA)
Cardano is all about using careful research to build its blockchain, which means it’s focused on being long-lasting and able to grow. It’s a big deal in the world of digital money because it’s designed to be strong and safe. With a growing number of decentralized applications (DApps), Cardano is poised for increased adoption and value. Also, Cardano has been making some updates, like the Vasil hard fork, which makes the network even better. It can handle transactions and smart contracts more smoothly, which could significantly boost Cardano’s performance and attract more users and developers. Plus, they’ve added new stuff like the Identity Wallet, and there’s been a bump in whale transactions, showing that more investors are getting interested and the value might go up.
- Solana (SOL)
Known for its high throughput and low transaction costs, Solana has recently attracted significant attention. Its ability to process a large number of transactions quickly and at a lower cost makes the network appealing, especially for DeFi and NFT applications.In addition to these mainstream uses, the emergence of top Solana meme coins has captivated a unique segment of the crypto community, showcasing the network’s versatility. If Solana can address its stability issues, it has the potential to become a major player in these sectors. Adding to its appeal, Solana has recently announced a partnership with Google Cloud, which now runs a Solana validator.
- Ripple (XRP)
Ripple’s focus on facilitating cross-border payments has earned it partnerships with numerous financial institutions. Its platform is designed to make secure, instant, and nearly free global financial transactions of any size with no chargebacks possible. If Ripple successfully copes with its legal challenges, XRP could see significant growth as a bridge currency in international finance. Plus, Ripple’s recent legal victories in the United States have marked a turning point for clarifying the legal status of XRP, potentially paving the way for wider adoption and integration into the financial ecosystem.
- Polkadot (DOT)
Polkadot aims to enable different blockchains to transfer messages and value in a trust-free fashion. Its interoperability focus could make it a key infrastructure piece in the multi-chain future of blockchain. Even more impressive is the fact that Polkadot has seen a record number of developer contributions, with March 2023 marking an all-time high.
- Chainlink (LINK)
Chainlink’s decentralized oracle network is critical for connecting smart contracts with real-world data. As the DeFi space expands, the demand for reliable data feeds could drive Chainlink’s adoption and growth. To further support this growth, Chainlink has launched several new products in Q4 2023, including CCIP, Data Streams, and Functions Automation, which boost the capabilities of its network and offer developers advanced tools for creating powerful decentralized applications.
- Litecoin (LTC)
Often considered the silver to Bitcoin’s gold, Litecoin offers faster transaction times and a different hashing algorithm. Litecoin’s longevity and consistent presence in the top cryptocurrencies list make it a staple in the crypto market. Adding to its credibility, Litecoin has recently achieved a new milestone with the successful release of Core 0.18.1, which is expected to improve network performance and security.
- Uniswap (UNI)
As the leading decentralized exchange (DEX), Uniswap’s governance token, UNI, holds significant value in the DeFi ecosystem. The continuous innovation of this DeFi’s protocol in automated market-making could keep it at the forefront of DEXs. Recently, Uniswap has seen a surge in its UNI token value, following a proposal to upgrade the protocol’s governance system, which includes rewarding UNI holders who have staked and delegated their tokens.
Factors influencing the top cryptocurrencies
Several factors contribute to the potential success of these cryptocurrencies:
- Adoption and Utility: Cryptocurrencies that solve real-world problems and gain widespread adoption have a higher chance of success.
- Technological Innovation: Projects that continuously innovate and improve their technology will stay ahead of the competition.
- Regulatory Environment: The regulatory environment greatly impacts a cryptocurrency’s growth. Positive regulations can lead to increased investor confidence, while negative ones hinder progress.
- Community and Ecosystem: A strong community and a thriving ecosystem of applications drive the value and utility of a cryptocurrency.
- Market Sentiment: Investor sentiment often drives market trends. Cryptocurrencies that capture the public’s imagination may experience rapid growth.
NB: This article is intended solely for informational purposes and should not be considered financial advice. Investing in cryptocurrencies carries risks, so do it responsibly. For the best outcomes, get in touch with a financial expert from International Wealth for recommendations.
