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The next Bitcoin? 5 cryptocurrencies poised for massive growth in 2024

The next Bitcoin? 5 cryptocurrencies poised for massive growth in 2024

Since the beginning of 2023, the cryptocurrency industry as a whole has managed to nearly double its market capitalization, while its largest asset, Bitcoin (BTC), advanced by 165%, currently trading around the $44,000 level – an impressive result considering it started the year at $16,500.

As it happens, other cryptocurrencies have followed in the steps of the flagship decentralized finance (DeFi) asset, pushing toward their own increases, with some of them having shown more potential than others to continue bullishly and stand side-by-side with the crypto market’s representative.

#1 Ethereum (ETH)

Indeed, Ethereum (ETH) has long stood as the top contender for significant growth due to its position among altcoins, particularly after the transition from the Proof-of-Work (PoW) consensus algorithm to its current Proof-of-Stake (PoS) mechanism and the fact that three out of four of its holders are currently in profit.

Ethereum holders making money at current price. Source: IntoTheBlock

At press time, Ethereum was changing hands at the price of $2,307.05, recording an increase of 1.43% on the day, gaining 1.44% across the previous week, advancing 14.34% on its monthly chart, and racing as much as 89.31% during this year.

Ethereum year-to-date (YTD) price chart. Source: Finbold

#2 Cardano (ADA)

At the same time, Cardano (ADA) has attracted attention for its focus on scalability, sustainability, and strength of its blockchain infrastructure, led by the efforts of founder Charles Hoskinson, as well as the size of its community to the project’s development and the company’s high-profile partnerships.

As things stand, Cardano is currently trading at the price of $0.617, which indicates a 0.81% gain in the last 24 hours, a decline of 3.85% across the previous seven days, and a 66.63% gain this month, in addition to advancing 142.62% in 2023 – most of it in the last month alone.

Cardano year-to-date (YTD) price chart. Source: Finbold

#3 Solana (SOL)

Meanwhile, the crypto community has also taken note of Solana (SOL), its high-performance blockchain, the growing ecosystem of decentralized applications, and a massive amount of digital assets staked on it, drawing bullish predictions for its potential future growth to $100 and beyond.

Total value locked on Solana blockchain. Source: Defi Llama

On its daily chart, Solana has advanced 6.28%, in addition to growing its price by 18.05% during the last week, making a more significant advance of 70.32% across the month, and rallying a whopping 667.63% this year, and is currently trading at $93.04, as per the latest data.

Solana year-to-date (YTD) price chart. Source: Finbold

#4 Polkadot (DOT)

In the meantime, Polkadot (DOT) has positioned itself as a highly promising blockchain platform thanks to its interoperability solutions and the capability to facilitate cross-chain communication, aiding its growth in 2023, reflected in a recent major hike in its revenue posted on December 20.

Momentarily, its current price stands at $8.05, demonstrating growth of 7.25% in the last 24 hours, on top of gaining 9.91% over the previous seven days. In addition, it has made the monthly advance of 58.39% and the yearly increase of 79.55%, as per data on December 22.

Polkadot year-to-date (YTD) price chart. Source: Finbold

Finally, Chainlink (LINK) has demonstrated its capacity to provide reliable and secure data feeds for smart contracts within the evolving DeFi space. Hence, this has made it a key player in the crypto field and led to predictions of “shocking” gains in 2024 by analysts such as Lark Davis.

In terms of its price, Chainlink is presently changing hands at $15.22, which suggests an advance of 1.45% on the day while also gaining 1.01% on its weekly chart. At the same time, it has strengthened its value by 7.44% this month and pushed it by 153.95% in the last 12 months.

Chainlink year-to-date (YTD) price chart. Source: Finbold

Conclusion

Overall, the above-listed digital assets have already shown potential for significant growth, which could, under the right circumstances, continue into 2024. Having said that, it is important to conduct one’s own research and weigh individual risks before investing money in any of them.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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