The cryptocurrency market is going through a volatile phase at the moment. Bitcoin’s recent approval of spot Exchange-Traded Funds (ETFs) was expected to be a game-changer, but instead, it led to a “sell-the-news” reaction, causing a 15% price drop from $48,700 to $41,800 since January 11.
While some investors express concern, others view this as an opportunity to explore alternative cryptocurrencies that could flourish in the upcoming bull market. Here are some of the top altcoins to keep an eye on in 2024, according to Altcoin Daily.
Top 5 altcoins to watch in 2024
Ethereum takes the spotlight as one of the best bets for 2024. Altcoin Daily, a prominent cryptocurrency analyst, draws attention to the impending deadline for Ethereum ETFs, slated for approval in four months.
These ETFs could provide the regulatory clarity that the market craves. Additionally, Ethereum’s forthcoming upgrade, EIP-4844, aims to reduce layer 2 fees, making it an attractive prospect for investors.
Altcoin Daily highlights XRP as another altcoin with regulatory clarity. Recent advancements and Grayscale’s inclusion of Ripple in one of their trusts suggest that a spot ETF for XRP might not be too far on the horizon. This could open up new opportunities for investors interested in this digital asset.
Fantom has undergone significant upgrades, including a 90% reduction in staking requirements. These changes are designed to attract more stakers, enhance network security, and make validator participation more accessible. These developments contribute to the strength and appeal of Fantom within the cryptocurrency landscape.
Uniswap, a decentralized exchange, continues to be relevant with its upcoming Version 4 (V4) launch. With a substantial $300,000 budget allocated for V4 development, Uniswap aims to capture the market for long-tail assets and small-cap tokens. This move positions it as a key player in the DeFi sector.
MakerDAO secures a spot on the list due to its impressive revenue of approximately $70 million in Q4. This financial stability and robust performance showcase MakerDAO’s potential for growth in the cryptocurrency space. As the DeFi sector continues to evolve, MakerDAO remains a notable player to watch.
As Bitcoin experiences a temporary setback following the ETF approval, savvy investors are diversifying their portfolios by exploring these alternative cryptocurrencies.
For altcoin investors, the strategy many advocate involves identifying tokens with solid technology and growing adoption to hedge against Bitcoin uncertainty. While risks remain ever-present in crypto markets, the recent shakeout seems to have uncovered some potential gems.