Avalanche : The tiny transaction fees in "Avalanche" save builders a ton of money on overhead costs.
Solana: Over seven thousand people took part in the Hyperdrive Hackathon in November, and over nine hundred projects were created.
Cardano : is a proof-of-stake blockchain technology that aims to provide improved security and scalability.
However, if investors are looking to gain a leg up in 2024, there are three cryptocurrencies that I strongly suggest adding to your portfolio.
Avalanche
Unique among smart contract platforms, Avalanche's three-chain design (X-Chain, C-Chain, and P-Chain) allows it to perform 6,500 transactions/second. An active and growing community of developers is evident on the C-Chain, as the number of smart contract installations has increased.
Late November saw the issuance of 9.54 million AVAX tokens, which coincided with Avalanche's month-to-date rise. This shows that market absorption has been resilient and demand has been sustained. This happened when the gas fees for Ethereum (ETH-USD) were rising; in December, Ethereum's gas cost was $4.66 per transaction, while Avalanche's median gas cost was just $0.051.
Layer one blockchains like Avalanche establish the groundwork for a wide range of uses. As a blockchain network that can be customized, it competes with Ethereum. Despite certain bearish on-chain signs and a little decrease in large transaction volume, the majority of unit holders are still making money, which shows how enthusiastic people are about Avalanche. The next objective for AVAX's upside is somewhere around $80.
Solana
With a 3% gain in the past day and an impressive $4.55 billion in trading volume, Solana has recovered from the critical $100 support level and is now trading at $104.25. Solana is the fifth most valuable cryptocurrency on CoinMarketCap, with a market valuation of over $44.74 billion and a total of 429,177,917 SOL coins in circulation.
Many are watching Solana's reaction to these market factors with bated breath, hoping that this surge will propel the cryptocurrency to new heights.
Also, investor Cathie Wood lauded Solana for having better utility than Ethereum, which caused its price to rise. After Wood endorsed SOL on CNBC, its market valuation skyrocketed, placing it among the top five cryptocurrencies. Consistent with Wood's assessment of its efficiency relative to ETH, analysts predict a surge in 2024.
Cardano
The emphasis on security and empirical approaches of Cardano has garnered a substantial following. The project's methodical approach appealed to investors who were looking for rewards in the long run. The price of Cardano surged to roughly $0.60 in 2023, more than doubling its value. The project's impressive success in recent weeks disproved early doubts.
Given its lesser market valuation in comparison to Bitcoin, Cardano is in a favorable position to potentially benefit from Bitcoin rallies and events following the halving. Experts say that Cardano is one of the most stable cryptocurrencies, with a reasonable risk-reward ratio and a possible gain of 2,800% for investors.
Also, a group of whales bought 100 million ADA when ADA dropped to $0.86, suggesting short-term positive sentiment. Beyond the ebb and flow of market sentiment, Cardano is a cryptocurrency to keep an eye on due to institutional interest and continuous ecosystem advances including decentralized governance and improved network functionalities.
