It is quite probable that altcoins will set off a tremendous surge if Bitcoin's consolidation breaks and the bull run starts again.
Popular tokens from the previous cycle, such as SOL, AVAX, WIF, ONDO, etc., may see a resurgence of interest.
To acquire a better entrance and optimize profits, investors can think about dollar-cost averaging or purchasing the dips.
Now that the price of Bitcoin is flat, it's a good moment to look back at the bull run and identify tendencies that might be beneficial going forward.
The beginning of 2023 saw a tremendous increase in the purchasing pressure on the price of Bitcoin (BTC). Bitcoin spot ETF application by BlackRock on June 14, 2023, however, changed the crypto scene. Following this development, the market saw a flurry of activity, with several cryptocurrencies igniting crazy rallies that affected markets worldwide.
Solana (SOL), Avalanche (AVAX), Injective Protocol (INJ), and other last-cycle favorites did quite well.
The majority of altcoins that just came out did well. New cryptocurrencies may have contributed to the trend, but it wouldn't explain why the underlying token didn't see a bull run either. For instance, tokens such as Bittensor (TAO), Worldcoin (WLD), FetchAI (FET), and others had a meteoric rise in value due to the Artificial Intelligence (AI) story, which lasted longer than the majority of narratives.
The community also shown a lot of affection for meme money because of Solana. Meme currencies based on SOL quickly surpassed the performance of most major blue chip altcoins. Popular altcoins that gained listings on major crypto exchanges and rose to the ranks of the best meme coins were dogwifhat (WIF) and Book of Memes (BOME).
Despite the positive spin that Bitcoin and the cryptocurrency market received from Blackrock's announcement of their entry into the tokenized industry, the financial firm really had more to give. Real World Asset (RWA) tokens such as Ondo (ONDO), Pendle (PENDLE), Centrifuge (CFG), and others saw exponential price increases once this news went viral in the cryptocurrency market.
In each of the aforementioned industries, investors have a better chance of success if they wager on the previous cycle's favorites. Now that we've established that, let's take a look at the four best cryptocurrencies for 2024.
The reason it will remain a meme currency speculation chain is why SOL is the best option.
We work with TAO and WLD in the artificial intelligence industry.
as well as PENDLE in the RWA industry.
Two meme currencies that could see an even greater surge are WIF and BONK.
For more information, read: The price of Dogwifhat has dropped 60%, but before you purchase WIF, consider these reasons.
Prognostications regarding the remaining portion of the bull market
Among the most notable shifts was the fact that Ethereum's market dominance was significantly eroded by the Solana blockchain, the underdog after the 2021 bull market. The quarterly data from CoinGecko states that in February 2024, the volume of Ethereum's Decentralized Exchange (DEX) plummeted to a record low of 30%, after a 40% decline.
The market share of Solana's DEX increased from less than 6% at the beginning of the fourth quarter of 2023 to 21% at the conclusion of the first quarter of 2024. Having said that, by March 2024, Ethereum's market share has dropped from 56% in October 2023 to 37%.
Layer 2 Solutions: Dencun's most recent update has brought down the price of Layer 2 solutions to almost nothing. So, as more money flows into Layer 2 solutions in the next weeks, Ethereum's percentage of DEX volume might fall even more.
If investors want to optimize their profits, they should gamble on Layer 2 solutions. Consider these second languages.
Staking Sector: The restaking and liquid staking sectors of the Ethereum ecosystem are another potential area for a huge improvement. Both of these ecosystems have almost $70 billion in locked value. Interestingly, the restaking industry has grown at a rate of 1068% from one quarter to the next, with a percentage of Total Value Locked (TVL) increasing by 6.8%.
Possibile imaginative situations
The situation for cryptocurrency markets is now cloudy, with many anticipating sharp falls, since Bitcoin's rise has slowed. If Bitcoin sets a local top here and initiates a reverse, similar to what happened during the bull run in 2021, it might take everyone unawares. The pioneer cryptocurrency shattered the previous cycle's all-time high ($20,000) and established a new ATH at $65,000 during the prior cycle.
Even though everyone was quite positive, Bitcoin pulled a fast one and caused a 50% fall, bringing the price down to $30,000. In the end, the bull run came to an end as BTC climbed and established a new all-time high of $69,000. In a similar situation, the previously described prognosis may be invalidated or postponed, depending on the levels of support that BTC finds.
In the near run, day traders would be absolutely devastated if the price dropped below $45,000. But this change would be a boon for those who trade on the swings and invest for the long haul. In any case, investors should apply the dollar-cost average in their preferred altcoins, which means purchasing during market dips and failures.
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