Even before 2024 began, it had been dubbed the year of Bitcoin. The industry was on the brink of having a spot Bitcoin ETF approved, the price of the token was on the rise, and we were only months away from a halving. All these factors combined made for a good year for the world’s top coin.
But even with all of this, investors would be wise to not disregard the many promising altcoins in the market. These tokens have been showing positive price movements and should be at the top of portfolios for 2024.
XRP
XRP has long been an industry favorite thanks to its efficiency with cross-border transactions and subsequent partnerships with the likes of Western Union. But what really makes XRP a favorite for 2024 is the resolution of its lawsuit with the SEC.
In 2024, a court ruled in favor of Ripple Labs, XRP’s parent company, after it was accused of selling unregistered securities. Not to be deterred, the SEC said that it would pursue an appeal. Should Ripple Labs come out on top yet again, we can expect positive price movements for XRP, as we saw late last year.
Ethereum
Ethereum has always trailed behind Bitcoin in the crypto industry, but 2024 has a lot in store for it. Notably, the Ethereum Foundation is planning to release its Dencun Upgrade, which will implement proto-danksharding into the network. In turn, the processing power of Ethereum will be increased while its gas fees will fall.
This is good news for both Ethereum network users and investors in its native token. For years, scalability was one of the major issues plaguing the network, even giving rise to a class of ‘Ethereum Killer’ tokens. If the upgrade goes off without a hitch, the price of ETH will likely go up.
On top of this, there has been speculation that, following the approval of the spot Bitcoin ETF, several firms will be pushing for spot Ethereum ETFs later this year. And if the impact of the ETF on Bitcoin’s price is anything to go by, Ethereum will be having a good year.
Solana
Solana, as a blockchain, is on track to become one of the most dominant in the space. It previously established itself as a force during the rise of DeFi and NFTs, but 2024 is taking things to the next level. According to VanEck, it will become a top-3 blockchain in terms of active users and total value locked.
This will inevitably have a positive impact on the Solana native token and make it one to watch for the year. And just like Ethereum, there is talk of Solana getting its own ETF in the near future.
Dogecoin
While many wrote this token off years ago as just another meme coin, Dogecoin is on track to go to the moon this year, literally. Space X, which is headed by noted Dogecoin lover Elon Musk, is launching its DOGE-1 Mission to the Moon this year. This will be the first space mission funded entirely by cryptocurrency and is on track to raise the token’s public profile and price.
On top of this, Dogecoin has become increasingly accepted by merchants like AMC and the Dallas Mavericks, launching it into the top 10 tokens by market cap. If all goes well, Dogecoin could be one of the biggest winners of 2024.
Conclusion
2024 is gearing up to be an exciting year for the crypto industry and the notable altcoins within it. The entries on our list have major milestones and developments that should make them a top pick for any investor.
