Top Cryptocurrencies to Keep an Eye on in 2024

This guide will explore some major cryptocurrencies that could be appealing investments for beginners and experienced crypto buyers. As the cryptocurrency market gains strength following the downturn of 2021-2022, the leading cryptocurrencies by market capitalization present some of the most apparent opportunities within digital assets.

Large-cap crypto is the biggest and most established digital currency by total market value. These top projects have robust technology, active developer communities, and widespread adoption. While past performance doesn’t guarantee future results, investing in major cryptocurrencies can provide a relatively stable entry point into this new asset class compared to riskier, speculative small-cap crypto projects.

2024’s top cryptocurrencies to watch: Highlights

The biggest cryptocurrencies by total value make up over 85% of the entire crypto market’s worth. While smaller and mid-sized alternative coins can potentially give higher returns, the largest ones by total value tend to be less volatile and more predictable through the crypto market cycles.

1: Bitcoin (BTC) will likely stay the biggest cryptocurrency by total value; crypto enthusiasts expect a new price surge in 2024-2025.

2: Ethereum (ETH) will remain the leading smart contract platform crucial for the decentralized finance ecosystem.

3: Whether considered securities in the U.S. or not, currencies like Cardano (ADA), Solana (SOL), Avalanche (AVAX), Chainlink (LINK), etc. will remain popular, while Polygon (MATIC) may get replaced by POL as the main token for the Polygon network.

4: We expect Tether (USDT) and USD Coin (USDC) to continue dominating the stablecoin market, although Dai (DAI), the largest decentralized stablecoin, could surpass USDC.

5: The legal status of XRP and Binance Coin (BNB) now looks more positive than a year ago, as Ripple and Binance resolved regulatory issues with little damage.

6: Tokens of leading Ethereum layer-2 scaling solutions Arbitrum (ARB) and Optimism (OP) will stay in the spotlight globally.

7: Though the peak meme coin frenzy has passed, Dogecoin (DOGE) and Shiba Inu (SHIB) will maintain their fan bases.

At the same time, we may not yet know the “next big hits” of the upcoming bull run – dozens of solid projects with aggressive marketing await discovery by the wider public.

Watchlist of the best cryptocurrencies in 2024

We’ll include various cryptocurrencies with clear potential for 2024 in the following index, along with their advantages and disadvantages.

Bitcoin (BTC) in 2024

The universe of digital currencies is huge, and Bitcoin (BTC) is on the top as the leading cryptocurrency that has ushered in the whole industry. In all fairness, Bitcoin has met with competition from newer digital currencies that have superior transaction speeds, better efficiency and less resource consumption. However, Bitcoin still remains the biggest and the most popular cryptocurrency, demonstrating its strong endurance, as well as the solid faith of investors worldwide.

As we enter 2024, Bitcoin enthusiasts and investors eagerly anticipate a significant milestone: the fourth halving of the cryptocurrency. Frequent halvings of miners’ rewards are one of the features that characterize the Bitcoin life cycle. The events of halving have been seen as a bullish indicator in the past, thus increasing investors’ interest and contributing to the rising asset’s price. The halving-induced scarcity, coupled with the US-based ETF approval that might come soon, might just revive Bitcoin.

The evolution of Bitcoin has been exhilarating, transforming from a mere concept to a major asset. The performance and potential of the asset have been compared with traditional investment vehicles such as gold and the S&P 500 Index, which have further cemented its status as a viable option in the financial landscape. With the world moving towards digital transformation, Bitcoin’s future is what people are talking about; the upcoming halving and maybe its ETF approval will decide the path of this revolutionary asset.

Ethereum (ETH) in 2024

Ethereum, launched in 2015, is the biggest platform built for smart contracts. It is a decentralized computation system for apps built with cryptocurrency technology. Despite some networks being faster than Ethereum in transactions, it still has the most secure and longest-running blockchain dedicated to DApps. Besides, it is the pillar for the supportive layer-2 scaling infrastructure.

EIP 4844, dubbed “proto-danksharding,” is scheduled to be activated in 2024. This timely upgrade aims to increase throughput by 600% and reduce transaction fees. Also, measures are being taken to teach “account abstraction” and zero-knowledge technologies into the Ethereum network, enhancing its capabilities.

Tether (USDT) in 2024

Tether Limited’s U.S. Dollar Tether (USDT) is the biggest crypto token designed to maintain a steady value equal to one U.S. dollar. A centralized company produces new USDT tokens and keeps a reserve of assets to back the tokens in circulation. Currently, USDT’s total market value exceeds an astonishing $90 billion.

In 2023, Tether adjusted its reserves to be more stable by increasing its cash holdings, cash equivalents, and U.S. Treasury bills. While this stabilizes USDT’s value, Tether remains unaudited by independent parties. Instead of full audits, Tether only provides ‘attestations’ as evidence that it holds enough assets to back the USDT supply.

Polygon (MATIC) in 2024

Polygon (MATIC) pioneered as the foremost mainstream second-layer solution built atop Ethereum (ETH). It consolidates multiple transactions into a single data structure before validation on the Ethereum (ETH) mainnet. This enables Polygon (MATIC) users to benefit from Ethereum’s stability and reliability while enjoying reduced fees and faster transaction speeds.

In 2024, Polygon (MATIC) will remain the leader in Layer 2 innovation on Ethereum. It has acquired several zero-knowledge technology startups to offer the most secure and cost-effective experience. Concurrently, the massive Polygon 2.0 upgrade will supersede the MATIC asset with POL, a dedicated token for Polygon’s staking mechanism.

Binance Coin (BNB) in 2024

Binance Coin (BNB) is the primary digital currency used on the Binance platform, one of the world’s largest cryptocurrency exchanges. It also powers the BNB Smart Chain, a blockchain network similar to Ethereum that supports smart contracts. Originally issued on the Ethereum network during Binance’s initial coin offering (ICO), BNB later transitioned to its blockchain.

In 2024, legal proceedings involving Binance’s former leader and regulatory authorities could influence the price of BNB. In late 2023, the former CEO agreed to pay substantial penalties and resign from their position, but the personal trial’s verdict is still pending.

Dogecoin (DOGE) in 2024

Dogecoin, launched in 2013 as a spin-off from Litecoin, is the pioneering cryptocurrency inspired by internet memes. Rather than focusing on technological innovation, Dogecoin embraces a lighthearted and humorous ethos, commemorating the Shiba Inu dog from the iconic 2013 meme.

Elon Musk’s social media accounts fueled Dogecoin’s recent surge in popularity with endorsements. As Musk announces new developments related to his companies, such as Starlink, Starship, X, and Tesla, these announcements could trigger further rallies in Dogecoin’s price during 2024. However, like many other meme-based cryptocurrencies, Dogecoin is susceptible to heightened volatility.

Cardano (ADA) in 2024

Cardano (ADA) is a significant proof-of-stake (PoS) blockchain network renowned for its decentralized nature. Established by Charles Hoskinson in 2017, Cardano introduced staking and smart contract capabilities during the previous bull market.

However, the forthcoming rally will be the first in which Cardano will participate in an expanding ecosystem of decentralized applications (dApps). Despite facing criticism from Ethereum (ETH) supporters, Cardano has gained traction in the non-fungible token (NFT) and decentralized finance (DeFi) sectors. The total value locked (TVL) across Cardano-based dApps surpasses $255 million, approaching multi-month highs.

Chainlink (LINK) in 2024

Chainlink is a pioneering network that bridges blockchain applications with external data sources like weather tracking and retail systems. This vital connection seamlessly integrates blockchains into real-world operations. During the 2020-2021 crypto boom, Chainlink’s native cryptocurrency, LINK, gained significant momentum.

In 2024, robust partnerships or an energetic social media campaign driven by its enthusiastic supporter community known as the ‘LINK Marines’ could propel Chainlink’s expansion.

Tron (TRX) in 2024

Tron (TRX), launched on the mainnet in 2018, emerged as the second-largest blockchain by total value locked (TVL), trailing only Ethereum (ETH) for an extended period. Its allure stemmed from its ultra-low transaction costs, rapid block finalization, and reliable performance. This cryptocurrency is an integral part of the services ecosystem linked to Justin Sun, who owns BitTorrent and the HTX exchange, formerly Huobi.

In 2024, Tron (TRX) is poised to maintain its dominance in facilitating USDT transfers, with over half of the aggregated USDT supply issued atop the Tron (TRX) blockchain. Concurrently, Justin Sun could face significant legal hurdles in 2024, as potential conflicts with U.S. regulators might impede TRX’s growth trajectory.

Arbitrum (ARB) in 2024

Offchain Labs’ Arbitrum (ARB) is the preeminent layer-two solution built atop the Ethereum (ETH) network. It accounts for over half of the total value transferred to Ethereum’s second-layer platforms. Arbitron (ARB) has seen widespread adoption since going live in August 2021, with hundreds of decentralized applications (dApps) deployed on its main net.

The Ethereum (ETH) community is bullish on the price outlook for Arbitrum (ARB) in 2024. The token powers the leading layer-two platform, which recently unveiled Arbitrum Stylus, an innovative protocol to expand the Arbitrum (ARB) blockchain beyond the Solidity programming language. With Stylus, developers working with Rust and C++ can now deploy their dApps on the Ethereum Virtual Machine.

USD Coin (USDC) in 2024

USD Coin (USDC) is the second-largest stablecoin tied to the value of the U.S. dollar. Circle, a major American company, created it. In early 2024, USDC’s total value equaled $24.4 billion. This cryptocurrency enables users to utilize it on all the popular blockchain platforms, and leading crypto exchanges list it.

However, USDC’s total value shrank in March 2023 due to rumors that Circle didn’t have enough funds after some crypto-friendly U.S. banks failed. Even so, in the last two quarters of 2023, USDC’s team made exciting tech announcements. USDC will likely stay a trustworthy modern alternative to Tether (USDT), the top stablecoin.

Shiba Inu (SHIB) in 2024

Shiba Inu (SHIB), launched anonymously in August 2020, is the second biggest cryptocurrency inspired by Dogecoin’s popularity. Initially just a meme coin, it gradually expanded into a complete ecosystem with its exchange, decentralized apps, and a layer 2 blockchain similar to Polygon.

However, SHIB’s success in 2024 hinges on the overall meme coin market conditions. Major technical updates, community announcements, and token burn reports could trigger price spikes, but such increases are unlikely to be sustained long.

Solana (SOL) in 2024

SOL is the native cryptocurrency of Solana, a blockchain platform that rivals Ethereum and utilizes a proof-of-history consensus mechanism. Launched in 2019, Solana’s advanced technology design enables it to process a high volume of transactions per second with minimal fees. However, the network has faced challenges, including disruptive outages and criticism.

In 2024, Solana (SOL) is anticipated to distance itself from the “FTX Legacy,” as numerous products developed by FTX and its affiliated trading platform Alameda Research were built on the Solana blockchain. Despite these associations, SOL has maintained a large and dedicated community, potentially positioning it for a bullish market run as it continues to evolve and address past issues.

XRP In 2024

XRP is a well-known crypto that has been around since 2012. It runs on the software created by the company Ripple. Ripple uses XRP for cross-border payments facilitated within its “on-demand liquidity corridors.” Ripple and its senior management have been accused of unlawfully selling unregistered securities to US citizens since late 2020.

But, in the third quarter of 2023, if Ripple wins a substantial legal battle, its price prospects 2024 will be much brighter. However, the battle still hasn’t ended.

Conclusion

The complexity of the crypto world keeps increasing as Emerging projects appear while the old ones develop. With 2024 edging close, it is wise to stay cautious – do your homework, diversify your wagers, and remain rational throughout the highs and lows. At last, cryptos have to deal with real problems and allow the public to choose better than traditional finance if they want to get big.

A developed cryptos space and a more regulated framework may accelerate wider adoption, leading to a better-decentralized money system. Investors will be able to catch the opportunities in this quickly changing market by dodging and dancing with the waves.

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