Crypto

Altcoins to watch in 2024

Bitcoin is rightly considered the cornerstone of the cryptocurrency industry. He is its founding father and the main driving force. However, with the development of crypto-economics, the influence of Bitcoin in shaping the market by inertia is slightly overestimated. Currently, leadership in the world of cryptocurrencies is gradually moving to altcoins. Demand for them is determined not only by the return on investment, but also by their advanced functional core. This does not mean that you need to completely abandon trading your favorite crypto pair xmr/btc, it does mean that other altcoins can also be pleasantly surprised.

Celestia 

Celestia entered the cryptocurrency market in November 2023, instantly gaining a reputation as a new star among altcoins. Throughout the month, the financial backbone of the project, the TIA coin, increased its value fivefold, constantly approaching a market capitalization of $2 billion.

Trust in Celestia is not limited to its security, but rather stems from its internal functionality. As the first modular blockchain network to provide a new selective approach to the consensus mechanism for network deployment, it has attracted the attention of seasoned Web3 proponents. Celestia does not impose restrictions on the execution of programs or calculations, which makes the blockchain a highly scalable and universal space where developers can implement ideas of any structure and complexity. At the same time, TIA’s functionality contributes to the coin’s stable position in the market.

Bonk 

Bonk quickly gained widespread popularity in the cryptocurrency community, turning the project into a powerful player among memcoins. Over the year, the asset’s value has grown 185 times, and over the past few months – by 411%. With a market capitalization of $764 million, BONK ranked third among the world’s largest meme coins, ahead of Pepe and Floki.

While most meme coins remain dubious investments with no real benefit, Bonk is changing this trend. Built on the Solana network, this token aims to increase the liquidity of blockchain-based decentralized exchanges (DEXs) and expand the scalability of Solana’s decentralized applications (dApps). The large supply of tokens belongs to the community itself, making Bonk a “people’s” asset. The token also played an important role in the rise in Solana (SOL) prices.

Solana

This year, Solana has become one of the leading blockchain protocols in the industry, attracting the attention of both small traders and institutional investors. SOL, which ranks sixth in terms of market capitalization, actively influences the direction of the market, while it is quite sensitive to its changes.

Over the past month, SOL has shown excessive volatility, but despite the fluctuations, the overall trend of the coin has remained continuous. Price surges occurred with a short-term increase in interest in Bitcoin and cryptocurrencies in general. At this time, the price of SOL exceeded $110, and the trading volume on the network for the first time exceeded the total volume of financial transactions on Ethereum, the most fundamental blockchain in the industry.

Regardless of the technical nuances, Solana continues to be one of the important blockchain projects playing a key role in shaping the crypto industry.

Injective (INJ)

INJ stands out among the many altcoins as one of the best performers in the market. Over the past seven days, the coin has seen a 57% increase, following a bullish trend that began in January 2023. This upward trend was consolidated by the increase in the price of Bitcoin to $30 thousand, giving the asset additional value and bringing Injective into the top 50 coins by capitalization exceeding $2 billion.

INJ presents an advanced layer-one DeFi project aimed at developing cross-chain interaction. Thanks to its innovative approach to the consensus mechanism, Injective can come out ahead of other financial blockchains, which will inevitably affect the growth of the coin’s value.

If you are willing to take risks, it may make sense to take care of adjusting your investment portfolio and convert MATIC/BTC for greater stability. When making investment decisions, please note that TIA and BONK are mere babies in the crypto market. Due to their young age, they are still automatically included in the list of high-risk assets and should be treated with caution. Solana and Injective are also relatively young, but they have already had one crypto winter in their history and they survived it with dignity. 

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I'm Harry, the passionate founder of Digimagazine.co.uk. My goal is to share insightful and engaging content with our readers. Enjoy our diverse range of articles!

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