The Next 8 Cryptocurrencies That Will Explode in 2024

The most exciting thing about investing in cryptocurrencies is that their value can skyrocket. In 2021, we saw Solana (GROUND -2.39%) up over 10,000%. Meme Token Shiba Inu (SHIB -3.38%) has climbed by more than 40,000,000%. Although the results have not been as spectacular in recent years, several cryptos have gained more than 1,000% in 2023.

Image source: The Motley Fool.

Of course, the downside is that prices can drop just as quickly. There is also no guarantee that Crypto is here to stay. But after a long bear marketMany major cryptocurrencies have been on an upward trend, so crypto investors are cautiously optimistic.

It is obviously impossible to know which cryptocurrency will boom. However, we can identify some potential candidates by capitalizing on current trends, including: artificial intelligence (AI)decentralized applications (dApps) and digital asset trading, as well as some of the largest cryptos positioned to grow even further this year.

Explosive cryptos

Eight cryptocurrencies set to explode in 2024

Here are the cryptocurrencies that could see a significant increase:

1 – 3

1. Render Token

Render Token (RNDR -5.4%) is a rendering network that allows users to rent additional graphics processing units (GPUs) for rendering (using a computer program to create a photorealistic or non-photorealistic image from a 2D or 3D model). Artists and studios can rent rendering capacity through the rendering network and pay for it with RNDR crypto token.

It’s a unique service, and demand will likely increase as more media companies need to convert text to images. The popularity of AI-generated images is also good news for Render.

According to its dashboard, over 35 million images have been rendered on the Render Network so far. This includes nearly 2.5 million images in Q1 2024, an increase of 17.7%. Year after year increase.

2. THORChain

THOR Channel (RUNE -4.98%) is a decentralized crypto exchange that operates through an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contracts. Anyone can use THORChain by connecting their blockchain wallet to exchange over 5,500 cryptocurrencies.

Centralized crypto exchanges have had their share of high-profile issues, including the collapse of FTX in 2022. It’s understandable that many investors want to have complete control over their crypto and use decentralized exchanges when possible.

While there are many decentralized exchanges available, THORChain stands out for its experience in the field and recent growth. It was founded in 2018, but its activity really started to pick up towards the end of 2023, when it was seeing around $1 billion in trading volume per week.

3. Superintelligence Alliance

Superintelligence Alliance (CRYPTO:ASI) is a merger of three popular AI cryptos: SingularityNET, Fetch.ai, and Ocean Protocol. All three of these projects were interesting players in the AI ​​space, and two of them (SingularityNET and Fetch.ai) were already on this list.

THE The rise of AI has been one of the most exciting recent technological developments in cryptocurrency. Superintelligence Alliance is well positioned to capitalize on this trend, especially as the number of companies using AI continues to grow. It plans to rely on:

• Development and integration of SingularityNET AI
• Fetch.ai’s advanced autonomous AI agents that handle real-world tasks for users
• Ocean Protocol Data Sharing and Monetization

4 – 6

4. Bitcoin

As Ethereum (ETH -0.76%), Bitcoin (Bitcoin -1.09%) is already a leading cryptocurrency – the high cryptocurrency, to be exact. While it’s certainly not an underdog cryptocurrency that will triple in value, it has received some very positive news to start the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETF January 10, 2024. There are now 11 Bitcoin ETFs available, and they recorded $4.6 billion in trading volume on their first day. The SEC’s approval makes investing in the market’s largest cryptocurrency easier than ever and could lead to more institutional investors purchase Bitcoin.

While all cryptocurrencies are volatile, Bitcoin’s size makes it somewhat safer because it’s more likely to last. If you’re looking for a relatively low-risk cryptocurrency investment that could do well this year and beyond, Bitcoin is worth considering.

5. Monero

Monero (XMR -2.56%) is the best known private coina cryptocurrency whose transactions are anonymous and untraceable. It uses privacy-enhancing technology to keep the sender, recipient, and amount of each transaction hidden.

This cryptocurrency has been around since 2014, a long time in a market that evolves as quickly as the cryptocurrency market. It is an interesting investment today due to the increasing regulation of cryptocurrencies in many countries, including the United States.

Many people want to keep their cryptocurrency transactions private, especially as regulations become stricter. This gives Monero a clear use case and makes it an outsider for a cryptocurrency that could see continued success.

6. Sei

Sei (SEI -3.31%) aims to bring financial markets to blockchain. It was co-founded by Jayendra Jog, a former software engineer at Robin Hood (HOOD 0.04%), and Jeff Feng, a former technology investment banker for Goldman Sachs (GS 0.43%).

Sei is designed for trading digital assets and is compatible with the Ethereum Virtual Machine (EVM). It is still in its early stages, having just launched in 2023. However, the company has already built a solid team, with 28 full-time developers.

It’s always promising when a cryptocurrency has a clear problem to solve, as Sei does with blockchain-based financial trading. The technology behind it is also impressive, with its twin-turbo consensus enabling near-instant transactions.

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7. Aave

Aave (AAVE -1.95%) is a Decentralized Finance (DeFi) Lending protocol and platform. It allows users to lend and borrow cryptocurrencies. Everything is done with smart contracts, so there is no need for an intermediary. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies, such as Attached (USDT 0.01%) and DAI (DAI 0.01%). One reason why Aave could be a long-term winner is that in addition to Crypto LoansIt has expanded to real-world assets, in partnership with Centrifuge.

As part of the partnership, Aave has created a real-world asset (RWA) marketplace that allows companies to tokenize parts of their businesses. Investors can purchase tokens offered by these companies, and the issuers of those tokens can then borrow stablecoins against their assets.

8. Ethereum

At first glance, Ethereum This may seem out of place here. It’s far from under the radar. It’s been the second-largest cryptocurrency for years, so most crypto investors are familiar with it.

While we’re probably past the point where Ethereum could surge 10,000%, it still has significant growth potential. It was the first blockchain to offer smart contracts, which developers could use to build dApps. Ethereum’s first-mover advantage has given it a significant head start over similar competitors.

Ethereum has seen its long-awaited shift to a proof of stake system in September 2022, significantly improving its energy efficiency. The upgrade also means that it is now possible to stake Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptos. There are also several Ethereum Actions to consider adding to your portfolio.

Related Investment Topics

Should I invest?

Should You Consider Investing in the Next Crypto Boom?

It’s tempting to try to find the next big cryptocurrency. While this can potentially earn you incredible returns, it’s also difficult, time-consuming, and extremely risky.

To start, you’ll want to look for cryptocurrencies outside of the market leaders. Smaller cryptocurrencies have more growth potential, but are also more likely to disappear, increasing the risk of losing your entire investment. You may want to invest some of your money in cryptocurrency stocks or large cap coins to balance this out.

Finding these smaller cryptocurrencies takes time. And even if a project seems like a surefire winner, anything can happen in the cryptocurrency market. Your carefully researched investment could go nowhere, while a virtually useless cryptocurrency goes to the moon just because it has Shiba Inu or Dogecoin (DOGE -2.91%) in his name.

Following cryptocurrency trends or trying to predict them are not good investment strategies. There’s nothing wrong with taking a chance, but keep your expectations (and the amount you invest) very low.

FAQ

What is the next cryptocurrency that will explode in 2024? FAQ

Which cryptocurrency will boom in 2024?

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Cryptocurrencies that could boom in 2024 include SingularityNET and Fetch.ai, both of which could capitalize on the popularity of AI. Bitcoin is another cryptocurrency that could be poised for a strong performance in 2024, thanks to the SEC’s approval of Bitcoin ETFs.

Which cryptocurrency is most likely to explode?

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The cryptocurrency most likely to explode is SingularityNET, a platform for creating, sharing, and monetizing AI services.

Which Coin Will Skyrocket in 2024?

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Fetch.ai is a cryptocurrency that could see a huge boom in 2024. It allows users to create their own AI agents and was booming in late 2023.

Lyle Daly has positions in Bitcoin, Ethereum, Solana, and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Goldman Sachs Group, Render Token, SEI, and Solana. The Motley Fool recommends Monero and Thorchain. The Motley Fool has a disclosure policy.

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