The cryptocurrency market is steadily growing in overall value, and with it, the variety of coins and tokens is expanding as well.

Well-known, and so-called “traditional cryptocurrencies” like Bitcoin or Ethereum remain valid investments and convenient payment options. For example, if you are a Canadian resident or aim your business at a Canadian target audience and you want a hosting solution, you can easily pay for Canada VPS hosting with Bitcoin.

But as convenient as it is, popular cryptocurrencies often leave little room for financial gain. Promising cryptocurrencies, on the other hand, do.

So, let’s look into five cryptocurrencies to look into in 2024.

Why Investing In New Cryptocurrencies Might Be A Better Option

Bitcoin and other popular cryptocurrencies have their ups, but also swift downs. In 2022, such coins had a high level of volatility; for example, with Bitcoin, some people lost thousands of dollars in a few days.

This asset class is associated with buying at a lower price and selling at a higher price. However, in practice, this is often not the case.

Cryptocurrency enthusiasts and investors are still looking for growth opportunities that popular digital assets sometimes don’t offer.

With that said navigation through the crypto market can be confusing as there are so many diverse options for investment out there.

That is why we’ve put together a list of promising cryptocurrencies you should pay attention to in 2024.

Top 5 Cryptocurrencies To Look Into For In 2024

It is virtually impossible to figure out what cryptocurrency can or cannot make it to the top, or even keep its current position. But we can look for promising assets that are associated with the current trends like decentralized applications (DApps), AI, etc.

Let’s go through the list of five promising cryptocurrencies for the year 2024.

1. XRP

XRP is a native cryptocurrency to the RippleNet network. It was created for fast and easy international transactions. That’s why XRP has a low transaction fee.

The current price of XRP is around $0.5, with a total value estimated to be more than $28 billion. The daily trading volume of XRP equals $920 million. And these cryptocurrencies seem to go up in price daily.

The regulatory aspect that makes XRP a promising asset is the potential approval of the ETF which gives crypto enthusiasts a little more confidence in XRP prosperity.

Potential ETF approval is the reason why the XRP price is likely to go up. And even if it happens, the market volatility can still play a role in the XRP price fluctuations.

2. Monero

Monero is known to be a “privacy coin” that offers confidentiality for the sender, receiver, and transaction details. Monero transactions are anonymous and untraceable.

This crypto coin is extremely targeted towards people who need or value the privacy of financial operations, so it has a very definitive application.

The regulation changes around the use of cryptocurrency have now occurred in many countries, and it can touch Monero as well and give it a positive push.

The recent position of Monero indicates a bullish trend. As of January 30th, 2024, Monero has increased in price by $5.87. And in the past week, it showed an upward movement, with a value increase of 7.26%. Therefore, at the present moment, Monero shows a good potential for investment.

3. Bonk

Bonk is a meme coin with Shiba Inu at the core of its concept, following Dogecoin’s footsteps. It was launched in 2022 and attracted the attention of the crypto community through its somewhat fun origin.

Bonk belongs to the Solana network and has a market cap of more than $700 million. In December 2023 coins price skyrocketed by 100% after Coinbase added the asset to its list. After that, the “excitement” wore off, and Bonk was up by 2.35%.

Coinbase listing can significantly impact cryptocurrency popularity since it attracts investors, and Bonk is proof of that. In addition to that, Solana blockchain develops and adapts to new trends pretty fast, keeping many crypto enthusiasts interested in the blockchain has to offer, including Bonk.

Solana’s performance will undoubtedly influence the price of Bonk, along with market attention to it.

4. Uniswap (UNI)

UNI, Uniswap Protocol Token, is a native coin of Uniswap, a platform for P2P trading with no intermediaries. Uniswap is an automated market maker (AMM), and it wasn’t the first one to appear on the market, but it was the first to “make it” in the market.

The current price of UNI is $5.88. Its market cap is more than $75 million. Besides some fluctuations in its value, UNI has maintained its position at the top of decentralized exchanges with a $1 billion daily trading volume.

Why does UNI deserve attention? Well, it kept its position as one of the leaders in the DeFi sector. Secondly, Uniswap is open to innovations and is trying to implement some right now. The platform also is focused on expanding its functionality, including creating an NFT marketplace.

5. Avalanche (AVAX)

Avalanche project is focused on decentralized finance and crypto gaming, and offering speed and scalability.

Avalanche collaborates with Amazon Web Services, and this fact along with its value recovery in 2023 makes cryptocurrency worth keeping an eye on in 2024.

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