After experiencing a sensational year of trading in the crypto industry, we are now on a path to experience another rollercoaster ride of trading in 2024. With the Bitcoin and Ethereum Spot ETF around the corner and the most awaited Bitcoin Halving, the cryptocurrency market is set to record its first step toward a new era of the financial system.
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The crypto space is rapidly expanding and developing more sustainable and unique ways to solve problems daily by improving security and speed while reducing the network/ transaction fees for its users.
Crypto Market Recap 2023:
The crypto-verse had experienced a blood bath following the Terra crash, where the market was on the verge of complete liquidation. Still, the market managed to hold its valuation at around $850 Billion.
2023 started positively as the market displayed a significant jump during the first Quarter of the year. Overall, the market has added a massive amount to its valuation. Moreover, the industry is all set to conclude the year in green, with the market leader, Bitcoin, adding 160% to its portfolio this year.
The year 2023 has witnessed many major moves in the industry. The collapse of traditional banks in the West boosted the crypto market as it was the turning point that resulted in many people switching to the new method of payment structure.
Further, major upgrades on top altcoins and an increasing inflow of institutional investors helped the crypto industry record a new yearly top. Ripple’s victory over the SEC over its years-long lawsuit boosted both the XRP token and the altcoins.
Altcoins Market Analysis:
The star crypto, Bitcoin, continues to dominate the market, holding 52.2% of the market share with a trading value of roughly $43,000. The BTC price started the year with a dominance of 39% and a price tag of just under $17,000.
On the other hand, investors have displayed increasing interest in Altcoins, indicating a strong fundamental that may lead to significant price action shortly. Altcoin leader Ethereum has gained significant attention from the market following its major upgrade during the first half of the year.
Moreover, major altcoins have significantly jumped in their respective portfolio this year. Some notable mentions are Kaspa, Injective, Dogecoin, Render token, and many others.
The upcoming altseason is predicted to record a new all-time high (ATH) for many altcoins as the tokens are fundamentally stronger, with them witnessing more inflow each day.
Best Bet Altcoins Below $1 for 2024:
As Bitcoin is months away from its next halving event, the market is gearing up to achieve new highs. Simultaneously, the alt market is predicted to experience massive price inflow as the price of Bitcoin is now considered too high for new generational investors to start investing.
Here is the list of top altcoins below $1 that have the potential to record massive price jumps in the upcoming year:
Ripple (XRP):
Ripple’s XRP token is primarily used for cross-border transactions and is claimed to have one of the lowest gas fees. It works on a unique mechanism with trusted validators who decide which transaction to consider for the next one.
The XRP price has a Maximum supply of 100 Billion tokens and a circulation supply of 54 Billion tokens. With a market cap of $33.51 Billion, the XRP token stands sixth on the list of top cryptocurrencies. Ripple’s XRP has an ATH of $3.84 and trades at a discount of over 83%.
However, the XRP price has added over 80% to its portfolio, highlighting an increased bullish sentiment for the coin in the crypto space. Ripple’s XRP price is predicted to cross the $1 mark in 2024, making it a potential buy for the upcoming rally.
Cardano (ADA):
It works on a unique Proof-of-stake blockchain called the Ouroboros, designed to be a more efficient alternative to a proof-of-work mechanism. Cardano intended to be governed by those who had staked their tokens.
The Cardano (ADA) token has a circulating supply of 35.34 Billion tokens and a Maximum supply of 45 Billion tokens. The ADA tokens stand eighth on the market list with an all-time high (ATH) of $3.10 during the previous rally.
This year, the ADA price has displayed massive price action by adding over 140% to its value. Further, the token has successfully breached its key resistance level and is expected to test its next major resistance level of $1.15 in the coming year.
Polygon (MATIC):
Polygon’s native token MATIC runs on a Proof-of-Stake (PoS) consensus mechanism. The MATIC token is used for all transactions in the plasma chain. The more projects that use Polygon as their base, the higher the Matic tokens price.
With a Maximum supply of 10 Billion tokens and a circulating supply of 9.55 Billion tokens, which accounts for 95.55% of the supply. The Polygon ecosystem holds the fifteenth position in the crypto space with a market cap of $7.60 Billion. The token trades at a discount of 73.25% from its ATH of $2.92, which it recorded during the previous bull cycle.
The Polygon’s MATIC token has displayed a neutral year as the price has added less than 5% YTD. However, it has strong fundamentals and is one of the most unique projects in blockchain technology today. Polygon’s MATIC price is expected to soon test its $1.5 mark, making it a potential 2x token.
Kaspa (KAS):
Introduced to the crypto world in 2021, Kaspa uses the Proof-of-Work (PoW) mechanism and works on the GHOSTDAG protocol. This new protocol aims to solve the block between Decentralization, security, and scalability.
It has a total supply of just over 22 Billion, with a Maximum supply of 27 Billion. The KAS price has a market cap of $2.47 Billion and ranks 36th on the top cryptos list. Further, the token has recorded an ATH of $0.154 and trades at a discount of just over 25%.
The Kaspa token has outperformed Bitcoin and other top cryptocurrencies by adding over 2,000% to its portfolio this year alone. Moreover, investors’ rising interest in it highlights this token to record a potential 10x return in the upcoming bull cycle.
Dogecoin (DOGE):
Dogecoin works uniquely by using a distributed and secure digital ledger that stores all the transactions made on its network. Further, it also works on the Proof-of-work (PoW) consensus mechanism and a Decentralized Ledger network.
The sensational meme-coin has a 100 percent supply circulation of 142.32 Billion tokens. With a market cap of $13.16 Billion, Dogecoin stands tenth on the leaderboard of top cryptocurrencies by market cap. The DOGE price has an ATH of $0.7376 and currently trades at a discount of over 87%.
The category leader has recorded a jump of 31% in its value this year, resulting in the price gaining significant market attention. The meme coin community is getting stronger by the day, indicating the possibility of this meme token recording 3x to retest its previous ATH.
Stellar Lumens (XLM):
Stellar is another token that supports cross-border payments. It helps its users to trade assets through its Stellar Consensus Protocol. The XLM token helps transfer digital assets and allows its users to transfer Fiat currencies through its platform.
The Stellar token has a Maximum supply of 50 Billion. Currently, it has 28.22 Billion tokens in circulation, which accounts for 56% of the supply—the XLM price, with a market cap of $3.48 Billion, stands 24th on the top cryptocurrencies list.
The XLM price has added over 73% this year, resulting in the price reclaiming the $0.1 mark. Further, the project is expected to roll out some important and major upgrades in the coming year, making this project a hot pick for the upcoming rally.
Cronos (CRO):
Cronos native token, the CRO token, is an ERC-20 token created and hosted on the Ethereum network and is primarily used to pay for transactions, fees, and various products that are collaborated with Crypto.com.
Crypto.com, now known as Cronos (CRO), has a circulating supply of 25.26 Billion, which accounts for 83.48% of the Maximum supply of 30.263 tokens. The CRO price has an all-time high of $0.9698 and presently trades at a discount of roughly 90%.
Further, the Cronos token has added over 76% to its bag this year, making it one of the best performers from its respective category. Moreover, the increasing adoption highlights the potential of the industry to achieve a new all-time high in the coming time.
The Graph (GRT):
The Graph is an open-source network and a decentralized indexing protocol for the blockchain data. Built on the Ethereum network, GRT is designed to help developers develop numerous APIs known as subgraphs.
The Graph has a Total supply of 10.79 Billion, of which 9.36 Billion tokens are currently in supply. The GRT price recorded an ATH of $2.88 in 2021 and currently trades at a discount of over 94%.
The GRT token has outperformed primary crypto tokens this year by adding approximately 200%. Further, the price has successfully reclaimed its $0.1 mark and trades above the resistance level of $0.16.
Terra LUNA (LUNA 2.0):
Terra LUNA 2.0 works on the typical Proof-of-Stake (PoS) consensus mechanism and has over 130 validators engaged in the network at any time. It is also the staking token for the Terra blockchain.
The LUNA 2.0 has a circulating supply of 610.39 Million with a Maximum supply of just over 1 Billion. The Terra token had an ATH of approximately $120 and currently trades at a discount of 99%.
Despite LUNA price losing over 23% in its value this year, the project has developed strong fundamentals. It is expected to gain major traction in the coming time due to its relatively low supply and test its key resistance level of $1.65 in 2024.
Decentraland (MANA):
Decentraland is a Virtual Reality (VR) platform that operates on the Ethereum blockchain. It allows its users to create, experience, and monetize users applications. The platform also gives access to virtual real estate which can be bought through MANA coin which is its native token.
The MANA price has a Maximum supply of 2.19 Billion and a circulating supply of 1.89 Billion. Decentraland’s MANA token has an ATH of $5.90 and trades at a discount of 91.33%.
The MANA token has added over 72% in value this year, grabbing significant attention from the market. Due to its unique project applications, the MANA price is predicted to experience massive price action in the coming cycle.
Potential Multi baggers:
Apart from the top 10 potential tokens mentioned above, here are some other altcoins that have the potential to go big during the upcoming bull cycle as they have strong fundamentals and a unique approach toward problem-solving.
Arbitrum (ARB) price had recorded a price plunge of over 95% following its airdrop, but over time it has gained significant attention from the investors, indicating a strong fundamental for the project. Further, it has developed some major updates and has planned for many more in the coming year, which makes it a potential multi-bagger token for the upcoming Bull run.
Hedera (HBAR) has a maximum supply of 50 billion with a circulating supply of 33.59 Billion and a market cap of just over $3 Billion. The token has added over 150% this year, gaining massive attention from the market. The project has a strong foundation, making it a potential pick for the coming year.
Endnote:
Cryptocurrency is a high-risk investment as the market is highly volatile and unpredictable. The market is prone to record massive pump-and-dump with constant manipulations. Do your research, analyze the potential risk, restrict your greed, and record calculative moves with a stop loss to reduce your losses when the market is in a correction phase.
The cryptocurrency industry is well prepared for the upcoming year, as this year is considered the year of altcoins. Further, the rising interest of investors toward high potential and strong fundamental, mid, and low-cap altcoins highlights the increasing fever of the potential altseason soon.
