The cryptocurrency market in 2023 was dominated by three key stories. These included artificial intelligence (AI), GameFi, and meme coins. This trio has attracted significant investor attention and sets the stage for altcoins to take note in 2024.
While it is important to understand the potential drivers of the cryptocurrency market this year, it is also important to highlight 15 altcoins that could make waves in the industry.
AI tokens take the lead
According to CoinGecko, the most compelling story in 2023 is AI, with cryptocurrency stories accounting for 11.3% of interest. The surge in AI has been fueled in part by technological advancements, especially following the launch of OpenAi’s ChatGPT in November 2022.
Akash Network (AKT) and Render (RNDR) were the top performers. In fact, the price of AKT rose 1,170% throughout 2023, while the market value of RNDR rose by more than 1,000%.
Read more: Here are the best altcoins of 2024, according to experts.
GameFi’s Strong Return
GameFi, representing 10.5% of interest, made a notable comeback in 2023. This resurgence has been led by major video game companies including Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix, and Ubisoft entering the market. Significant developments in the blockchain gaming sector and blockchain projects.
ImmutableX (IMX) and Ronin (RON) stood out in 2023, with IMX’s price rising nearly 480% and RON enjoying a 580% rally.
Read more: 7 cryptocurrencies you need in your portfolio before the next bull market
Meme Coin Phenomenon
With an 8.3% share, meme coins were the third most popular story. 2023 saw an extended meme coin season, with coins like Pepe (PEPE) and Bonk (BONK) achieving significant gains.
In particular, BONK recorded an incredible increase in value of 3,170% from its launch in February 2023 to its peak in mid-December. Along with this, Dogecoin (DOGE) and Shiba Inu (SHIB) remain prominent players in the meme coin sector.
Read more: What will happen to Dogecoin, Shiba Inu and BONK in 2024?
Emerging Blockchain Ecosystem
In addition to these stories, the Solana ecosystem, BRC-20 token, and Ethereum ecosystem have received significant attention. After recovering from the “deadchain” label, Solana saw its token price rise by 945%. In the BRC-20 space, ORDI has emerged as a notable token.
These ecosystems represent a growing interest in various blockchain technologies and their applications.
Outlook: Altcoins to watch in 2024
Based on 2023 trends, the following altcoins to watch in 2024 by market capitalization:
- AI Tokens: Akash Network (AKT), Render (RNDR), Bittensor (TAO), Fetch.ai (FET), CorgiAI (CORGIAI).
- GameFi Token: Internet Computer (ICP), Immutable (IMX), The Sandbox (SAND), Axie Infinity (AXS), GALA (GALA).
- meme coin: Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), Pepe (PEPE), Floki Inu (FLOKI).
The cryptocurrency market is dynamic, so it is essential for investors to stay up to date on the latest trends and narratives. The altcoins listed above are potentially positioned to lead the market in 2024 thanks to their momentum in 2023.
“If you want to be a good cryptocurrency investor, the most important thing is to understand what story is actually driving… It’s all about the story. It’s all about choosing coins in the narrative. This is the difference between making money with cryptocurrency and making life-changing money. That is the only difference,” explained Ran Neuner, founder of Crypto Banter.
However, investors should conduct thorough research and consider market volatility before making any investment decisions. As the cryptocurrency industry evolves, these narratives and tokens provide a snapshot of what may shape the market in the coming year.
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