The crypto asset or cryptocurrency market is experiencing a significant surge after Bitcoin (BTC) recently skyrocketed past US$ 44,000. This bullish (strengthening) trend has had a positive impact on altcoins or cryptocurrencies that emerged after the presence of Bitcoin, such as Avalanche (AVAX), which rose almost 20%, Ethereum (ETH) soared to nearly US$ 2,300, and Dogecoin (DOGE).
The following is a list of altcoins that have the potential to strengthen in 2024:
1. ScapesMania
ScapesMania quickly became an investor's dream due to its originality in the relatively new cryptocurrency market. ScapesMania stands out from other established altcoins and crypto giants due to its innovative revenue streams and increased pre-sales.
ScapesMania prioritizes security after successfully passing audits by top-level security laboratories. With its presence on major exchanges, ScapesMania can grow even bigger. ScapesMania pre-sales are increasing by the day, giving traders the opportunity to take advantage of this token while it is still in its early stages.
2. Solana (SOL) $SOL
The Solana token (SOL) has experienced a significant three-fold resurgence since mid-October 2023. This growth is due to increasing decentralized finance (DeFi) activity in its ecosystem, especially on the Kamino project.
The surge in Solana (SOL) prices reflects investors' increasing confidence in on-chain trading, lending, and yield generation. Looking ahead, Solana (SOL) is focusing on DeFi, such as its token airdrops program, which will boost its growth. However, Solano faces challenges maintaining momentum amidst a competitive DeFi landscape and market fluctuations.
3. Dogecoin (DOGE) $DOGE
Dogecoin (DOGE) has experienced a significant increase in investment reaching US$ 600 million (locked in open futures), the highest level in 8 months. This revival is in line with the Bitcoin-led crypto market rally.
The increase in open interest along with the increase in price is a strong indicator of the upward trend of Dogecoin (DOGE), which reflects bullish sentiment in the market.
4. Polygon (MATIC)
Polygon (MATIC)'s partnership with Shell-backed Wipro to develop a dApp related to supply chain management highlights its expanding role in blockchain applications.
MATIC price is showing a positive trend, with a significant spike predicted in the short term. This reflects market optimism regarding recent developments.
5. Avalanche (AVAX) $AVAX
Avalanche (AVAX) has marked a milestone with 105% growth, making it into the list of top 10 cryptocurrencies by market capitalization. The current price is the highest in 2023 indicating strong market confidence and investor interest. However, maintaining momentum in a volatile market and fierce competition on blockchain platforms is a major challenge.
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