2023 proved to be a prosperous year for the cryptocurrency sector, setting the stage for speculation about what lies ahead in 2024. According to Perplexity, a popular AI chatbot, several altcoins, including the top contenders Bitcoin, Ripple, Solana, and Shiba Inu, should be on investors’ radars for the upcoming year.
Bitcoin, the pioneering cryptocurrency, had an impressive performance in 2023, surpassing most traditional financial assets with triple-digit gains of approximately 150%. The outlook for 2024 remains optimistic, as the US Securities and Exchange Commission is expected to approve spot Bitcoin ETFs, which could result in substantial market inflows estimated at around $30 trillion in advised wealth.
The fourth-ever BTC halving, scheduled for the spring of 2024, is another catalyst that could fuel a bull market. While historical data should not be seen as an infallible predictor, the implications of reduced production rates should not be underestimated.
Perplexity’s list of cryptocurrencies to watch in 2024 includes Ethereum, the second-largest digital asset. Despite a more modest increase of 84% in 2023 compared to Bitcoin’s rise, Ethereum’s blockchain hosts a multitude of projects and tokens, making it a promising candidate for future growth.
Solana, a layer-1 blockchain platform, garnered significant attention in the past year with a staggering YTD surge of 670%. Soaring past $100, the native asset for Solana holds promise and is considered a top cryptocurrency to monitor in 2024 by Perplexity.
Ripple’s XRP also made the list as the legal battle with the US SEC continues into 2024. Following two court victories in 2023, XRP experienced a surge but has since retraced, currently reflecting YTD gains of around 80%. The outcome of this ongoing battle will undoubtedly have implications for the entire Ripple ecosystem.
Honorable mentions on Perplexity’s list go to Shiba Inu (SHIB) and Terra’s LUNA. These two tokens have garnered attention and are worth keeping an eye on in the coming year.
As the new year approaches, investors and enthusiasts eagerly anticipate the performance of these selected cryptocurrencies. While 2023 delivered significant gains, the crypto market always carries an element of uncertainty. However, the potential for growth and innovation remains strong, making these digital assets to watch in 2024.
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