Explore the potential of new cryptocurrencies in 2024 and watch and discover the narratives that could thrive in the coming bull run.
Bitcoin ( BTC ) is up more than 150% in the past 12 months. Industry-wide expectations for a spot Bitcoin ETF and trillions of dollars in investor capital on the sidelines add to an interesting bull cycle theory for the cryptocurrency market in 2024, according to BlackRock.
The total value locked (TVL) in decentralized finance (defi) has also grown, from around $38 billion at the start of 2023 to over $54 billion as 2023 approaches. Despite this leap, Defi’s TVL is still several levels below the peak of $179 billion per DefiLlama set in 2021.
This means that new cryptocurrencies launching in 2024 are likely to benefit from significant liquidity and attention as retail and institutional investors flock back to the digital asset market. The resurgence in blockchain activity could also be a sign that new cryptocurrencies are preparing to enter the market, joining the more than 9,000 existing virtual currencies.
This article will look at three new cryptocurrencies worth paying attention to, and three stories that are likely to garner attention amid the growing excitement about cryptocurrencies. We selected these projects because they have established communities, raised millions of dollars in funding from reputable venture capital (VC), attracted thousands to millions of followers, and most projects have confirmed their Token issuance plan for 2024.
LayerZero(ZRO)
Launched by LayerZero Labs in September 2021, LayerZero is a cross-chain messaging protocol that allows developers to build applications that run across multiple decentralized networks. This helps improve mobility and usefulness for users. Multiple protocols are built on LayerZero’s technology, including Stargate Finance and Radiant Capital, which have a combined TVL of over $600 million.
LayerZero has also raised approximately $250 million in several funding rounds and is currently valued at $3 billion in the market, fueling community optimism about the token launch and early adopter rewards. This can often translate into demand for newly launched cryptocurrencies.
The Vancouver-based full-chain protocol announced plans to launch the ZRO token in the first half of 2024. Since LayerZero is backed by some of the largest cryptocurrency-focused investment firms such as Andreessen Horowitz (a16z), Circle, Ventures, OKX Ventures, and Sequoia Capital, airdrops are also included in the launch strategy.
Additionally, being a first mover in the space could give LayerZero an advantage over other projects and new cryptocurrencies emerging in the cross-chain messaging ecosystem.
zkSync Era
zkSync is an Ethereum-based scaling solution built on zero-knowledge technology. The blockchain infrastructure, often referred to as rollups, executes transactions on the Ethereum (ETH) mainnet to alleviate network congestion and provide cheaper gas fees.
This particular layer 2 network was launched by Matter Labs in February 2023 and has raised $458 million. $200 million of the financing is earmarked for zkSync adoption. While the project has yet to officially announce when its token will be available, a price page on CoinMarketCap has added to speculation about an imminent launch.
zkSync’s over $500 million in TVL and funding positions the L2 network as one of the major new cryptocurrencies likely to launch in 2024. The protocol also holds a 3.3% market share in L2, trailing only Coinbase’s Base, Optimism, and Arbitrum per l2beat.
StarkNet (STRK)
Another new digital currency to watch is StarkNet’s STRK coin, which has deployed a token contract on the Ethereum blockchain. Israeli blockchain company StarkWare Industries launched its Layer 2 network in February 2022 and has since attracted $36.85 million in TVL.
In December, StarkNet announced a large token distribution plan and incentives to drive adoption. This confirms the network’s intention to launch a native token, which is expected to launch in April 2024.
Additionally, StarkNet plans to issue more than 1.8 million STRK tokens, which may spark interest in the token and potentially earn it a spot among newly listed tokens on primary exchanges.
Top stories on new cryptocurrencies to watch
While the above three tokens fall into the L2 category, which typically attracts hundreds of millions in trading volume after the launch of a new cryptocurrency, new cryptocurrencies may emerge within a basket of industries, providing buyers and investors with the opportunity to choose. .
Identifying narratives across market cycles is a critical skill required to optimize capital and secure returns. In order to find new cryptocurrency projects, here are three narratives you should pay attention to.
Real World Assets (RWA)
RWA exists by adding digital versions of traditional financial instruments such as real estate onto a blockchain network. This process is called tokenization and is considered one of the main cryptography use cases.
The industry has also grown in recent months, with its market capitalization climbing to more than $2 billion, according to Coingecko.
Crypto AI
The intersection between cryptocurrencies and artificial intelligence has evolved into a $9 billion digital asset ecosystem that is poised for even greater growth due to the increasing discussion around artificial intelligence and blockchain assets.
The top five crypto AI tokens are all up more than 500% in 2023, viewing this category as prime territory for finding new cryptocurrencies.
Gaming
The global blockchain gaming scene is on the rise, with the market expected to reach $614 billion by 2030. Web3 users also believe that overall, 20% of games will use blockchain to some extent, a move that could bring billions of dollars of investment into gamefi.
Coingecko puts the total market capitalization of gamefi at $18 billion, which will leave room for exponential growth and room for new cryptocurrencies if the blockchain gaming industry lives up to expectations.
Utilities
Because the digital asset landscape is inherently fast-paced, investors may often struggle to find new cryptocurrencies early or determine which new cryptocurrencies have the most potential. However, there are specialized platforms where users can research coins and find data and metrics on their use.
Some of these tools include Coingecko, CoinMarketCap, Dextools, Dexscreener, DefiLlama, Dune Analytics, Etherscan, and TradingView. Most of these platforms are free to use, while others offer paid versions with additional features to help users find new cryptocurrencies to watch and which ones are likely to explode in 2024.
in conclusion
As bullish sentiment floods the cryptocurrency market and retail investors once again allocate funds to risk assets, opportunities may be plentiful. Ark Invest’s Cathie Wood said the possible launch of a spot Bitcoin ETF also solidified institutional demand and acted as a backstop.
During this cycle, investors must manage their risks, remain vigilant, and avoid being deceived. Also, don’t forget to DYOR (do your own research) when formulating new cryptocurrencies to watch. #Defi #投资
