A bull run happens when investor demand outstrips supply, market confidence soars, and prices rise. When you see prices rapidly climbing, it’s often a sign that investors are feeling optimistic, or “bullish,” about further increases. With Bitcoin Halving expected to fuel the next bull run in 2024, now is a good time to start thinking about which altcoins might be worth investing in.
Investing in altcoins can be very rewarding, offering both diversification and potentially higher returns. However, it’s crucial to approach this market with care and conduct thorough research. Key factors to consider include the development team behind the altcoin, its technology, the community supporting it, and its use case.
Staying informed about market trends and regulatory changes is also essential for navigating the ever-changing cryptocurrency landscape. By carefully evaluating these elements, investors can make more strategic decisions regarding altcoin investments. Here are some altcoins to consider for the upcoming bull run in 2024.
Top Altcoins to Watch for the Next Bull Run
Ethereum (ETH)
- Market cap: $352.50 billion
Ethereum is one of the largest altcoins in the crypto market, holding over 17% of the total market capitalization of all cryptocurrencies. It is a decentralized computing network that allows users to run dApps and host smart contracts on its blockchain. Despite criticisms over high transaction fees, Ethereum’s robust ecosystem with thousands of apps and other altcoins powered by its blockchain ensures it remains a significant player.
Solana (SOL)
- Market cap: $59.55 billion
Solana has gained traction for its exceptionally fast transaction speeds and low fees, addressing the speed and scalability issues faced by many blockchains. On March 4, 2024, Solana surged by approximately 7% within 24 hours, briefly surpassing the BNB coin. However, by May 2, 2024, despite a 10.12% surge in 24 hours, BNB regained its higher rank due to Solana’s 8.85% drop in the preceding week. Even with these fluctuations, Solana reached its highest point in two years, indicating its strong potential.
Dogecoin (DOGE)
- Market cap: $0.1294
Dogecoin, the original meme token, remains highly volatile yet rewarding. As of May 2, 2024, DOGE increased by 4.56% within 24 hours, trading at $0.1295. Despite criticisms regarding its limited real-world utility and centralized holder base, Dogecoin has shown substantial network usage growth, up by 65.35% over the past year. Its large community and support from celebrities like Elon Musk suggest that Dogecoin is here to stay.
Cosmos (ATOM-USD)
- Market cap: $8.94 billion
Cosmos aims to solve issues like slow transactions and high costs with its Tendermint software, creating an interconnected network of blockchains. ATOM, its native token, helps secure the Cosmos Hub and regulate the network using a proof-of-stake algorithm. Cosmos facilitates seamless token and data sharing across its blockchain network, positioning itself as the “internet for blockchain.”
Kaspa (KAS-USD)
- Market cap: $2.53 billion
Launched in 2021, Kaspa uses the GHOSTDAG protocol for fast confirmation and high block rates. It aims to balance security, speed, and scalability, addressing the blockchain trilemma. In 2023, Kaspa saw significant developments like the switch to ASIC miners, exchange listings, and the introduction of the Kaspium mobile wallet. Future plans include advanced smart contract functionalities and achieving over ten blocks per second.
Stellar (XLM-USD)
- Market cap: $3.92 billion
Stellar is a decentralized, public blockchain designed to facilitate easy and fast money transfers, connecting the world’s financial systems. Its network is known for being cheaper, faster, and more energy-efficient than many other blockchain systems. Stellar’s recent innovations include the launch of Soroban and various community-funded projects. Through Stellar Aid Assist, it has also provided over $2 million in aid to those in need.
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Disclaimer: Cryptocurrency investments are highly volatile and may result in substantial losses. Always conduct thorough research and consult a financial advisor before investing. Past performance is not indicative of future results.