The cryptocurrency market is constantly evolving, and altcoins often receive the attention of the well-known Bitcoin. As we head into 2024, experts in the field have identified several altcoins with significant potential.
Miles Deutscher and Michaël van de Poppe, two well-known names in the cryptocurrency industry, shared their insights to highlight this year’s top contenders.
The top 5 altcoins for 2024 are:
Miles Deutscher’s top five picks include a variety of altcoins, each with their own unique strengths and potential growth catalysts. Deutscher highlighted the link with the upcoming Ethereum EIP-4844 upgrade, which promises lower fees and greater competitiveness, starting with Arbitrum (ARB) and Optimism (OP).
According to Deutscher, this network update could lead to increased adoption and a surge in value.
“The EIP-4844 upgrade is set to significantly reduce fees on Ethereum Layer 2… If you used to pay $2 for LP deposits on Arbitrum, you now only have to pay 5 to 10 cents. So there will definitely be Cctalyst adoption for layer 2. Because using Cctalyst is cheaper and more competitive,” Deutscher emphasized.
Another company chosen by Deutscher, dYdX (DYDX), stands out for its role in the decentralized exchange (DEX) narrative. Cosmos’ (ATOM) move to its own chain is imminent and its strong fee generation capacity, totaling $36 million in the last 180 days, has established it as a profitable investment option.
“I believe in the spirit of decentralization and believe that having a truly decentralized trading solution is extremely valuable in the cryptocurrency economy. “I haven’t seen it in full yet, but of all the dexes, I think dYdX is the most bullish,” Deutscher added.
Read more: How to Make Money in Cryptocurrency: Top 4 Ways in 2024
Celestia (TIA) is a third choice, praised for its modular blockchain structure that allows various components such as layer 2 solutions and other blockchains to be stacked on top. According to Deutscher, this flexibility has led to many new applications and deployments.
Thorchain (RUNE) is Deutscher’s fourth choice, praised for its unique mechanism to facilitate cross-chain liquidity. A decentralized solution for directly exchanging assets such as Ethereum and Bitcoin, a feature that is increasingly in demand.
“RUNE is in some ways a reflex or leveraged bet on the bull market. If you know that there is a big bull market and Bitcoin, Ethereum and other assets are going to explode, RUNE becomes a very reflexive mechanism as the price also needs to be rebalanced higher for the application to work. “Deutscher explained.
Finally, Frax Share (FXS) topped Deutscher’s list. With a multi-faceted approach that includes a lending protocol, an upcoming layer 2 chain, and a strong team, Frax Share is a comprehensive investment in the DeFi space.
Other top 5 cryptocurrencies for 2024 are:
Michaël van de Poppe took a different approach. He focused on both established and emerging altcoins to avoid unnecessary risks.
“I don’t believe in investing in very small altcoins to maximize risk. I think compounding your profits and having a proper strategy will benefit you in the long run. Otherwise, I would just go to the casino, try my luck at the roulette table and move on,” Poppe said.
Ethereum (ETH) leads his list due to its potential to surpass Bitcoin, as well as anticipated developments such as a spot Ethereum ETF and a deflationary proof-of-stake (POS) system. Poppe explained that Ethereum is “undervalued” but has the potential to “deliver higher returns in the future.”
“The fact that Ethereum against Bitcoin is bottoming right now, and also the first quarter of the year is generally a time when Ethereum is doing really well. Put all these arguments together and you have a real investment thesis that could probably see Ethereum as the first altcoin,” Poppe asserted.
Arbitrum and Optimism are on Poppe’s radar as they are recognized for their promising trends and potential high returns as part of the Ethereum ecosystem. He proposed a dollar-cost averaging strategy for these assets, taking into account the current market position.
Chainlink (LINK) is another key player in Poppe’s portfolio, valued for its role in the DeFi, RWA, and NFT sectors and its potential for a rebound after a prolonged bear market.
“I think DeFi will probably do really well in the coming cycle if it is cornered and added along with RWA and NFTs… So I want to capture that by positioning ourselves in the areas that are likely to be most important to the overall ecosystem. This is why I chose Chainlink,” Poppe said.
Read more: Chainlink (LINK) price prediction for 2024/2025/2030
Finally, an emerging project, Sui (SUI), completes Poppe’s list. Sui represents an investment in a competitive environment with Ethereum. According to Poppe, this could reflect the successful trajectory of projects like Phantom and Avalanche in 2021.
These expert insights paint a diverse picture of the altcoin market in 2024. We then highlight projects that stand out for their technological innovation and strategic positioning in the cryptocurrency economy. Investors looking to diversify their portfolios may want to consider these altcoin recommendations. In fact, each offers a unique combination of potential and performance in the cryptocurrency market.
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