Many industry experts have given their two cents on the future of the crypto market in the next 12 months, and most of them lean bullish.
The most common reason is Bitcoin. In April 2024, the cryptocurrency will go through its pre-programmed halving, which will cut block rewards in half. This means that the supply available for miners to sell will effectively decrease by 50%. After that, if the demand remains the same or it rises, the price will rise – that’s how markets work.
On the demand side, however, there was also a massive development in January this year. The United States Securities and Exchange Commission (SEC) has finally approved a mock Bitcoin exchange-traded fund (ETF). This means that US institutions (and regular people) can access BTC through a regulated and well-known traditional investment instrument. Many believe that this will increase the demand for BTC in the longer term.
Combined, these two factors make the perfect storm, according to a number of analysts. And while Bitcoin’s future looks bright, we decided to look at the top five most interesting altcoins to watch during that time.
To do this, we asked none other than Chat GPT – the AI-based chatbot that changed the realm of artificial intelligence. Let’s see what it has to say.
However, if you want to check out another iteration on this list made by famous experts, check out the video below:
Top 5 Altcoins to Watch in 2024
Ethereum (ETH)
It comes as no surprise that ChatGPT ranks Ethereum as the top altcoin in 2024.
Recognized for dominating the DeFi ecosystem and transitioning to a more scalable Proof of Stake algorithm, Ethereum continues to be a key player in the blockchain space, with a significant total value locked and a significant market cap. – says ChatGPT.
It’s worth noting that there is one particular catalyst in ETH’s future that could potentially change the way investors interact with the cryptocurrency. The US SEC has a number of applications pending its decision on whether or not to issue a spot ETH ETF. Now that the agency has given the thumbs up to its Bitcoin counterpart, many experts are more optimistic that ETH could follow.
Meanwhile, an interesting Ethereum price prediction by a prominent analyst recently stated that the cryptocurrency may see a run to $10K and beyond in 2024.
Solana (SUN)
Solana had a breakout year in 2023. It rose significantly above $100 (where it currently trades) and became the top performing altcoin among the top 10 by a large margin.
Just like Ethereum, Solana has a vibrant and thriving ecosystem of DeFi enthusiasts.
Lauded for its high-speed transactions and low fees, Solana has seen an increase in network activity and remains a formidable competitor to Ethereum. Its performance has been remarkable, with substantial gains and strong buying pressure despite challenges.
Perhaps the challenges ChatGPT talks about are the outages the network has gone through.
Just last week, Solana shut down for several hours as validators took some time to restore it.
Polka Dot (DOT)
This may come as a bit of a surprise to many as its performance up to 2023 has been somewhat lackluster. From $4.6 at the start of the year, DOT has increased to where it currently trades at just over $7. This is not a bad performance at all, but it is indeed somewhat behind other altcoins.
Nevertheless, ChatGPT said:
Known for its interoperability and ability to connect multiple blockchains, Polkadot has seen increased network activity and partnerships. The anticipation of technological advancements makes it a coin to watch.
chain link (LINK)
A blast from the past for anyone who has followed the industry for the past four years, LINK is described as one of the top altcoins to watch in 2024.
Despite the massive competition lately, Chainlink remains the largest decentralized oracle network, playing an important role in the DeFi sector. Put very simply, it facilitates communication between blockchains and the real world. This makes it a critical component of DeFi infrastructure.
ChatGPT makes it number four on the list, followed by none other than ADA.
Cardano (ADA)
Shrouded in controversy and perhaps one of the most polarizing projects in the industry, Cardano has been ranked as the number five top altcoin to watch this year.
Touted for its scientific approach and focus on sustainability and scalability, Cardano is about to complete its roadmap with development that could significantly impact its ecosystem and market position. – according to ChatGPT.
That said, if you want to check out some interesting Cardano price predictions, check out our video on the matter:
Honorable mentions
And while some notable altcoins are missing from the list, ChatGPT did have some honorable mentions. This includes:
Avalanche (AVAX) Ripple (XRP) Binance Coin (BNB)
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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