Amid the approval of all the Bitcoin ETF spot filings, 2024 has been tipped to be a better year for the crypto community. Don’t forget that the industry is just recovering from a terrible downturn that took Bitcoin to its lowest low. According to our findings, the Terra Luna crisis coupled with the fall of FTX in late 2022, inflicted the woes on the crypto market.
However, despite the challenges, the crypto community started 2023 with a sense of hope and optimism. Around March, Bitcoin began to recover gradually from its low following the collapse of major banking heavyweights in the United States. This development consequently propelled many investors to seek solace in crypto. Likewise, the activities of the Fed also proved pivotal in the prices of crypto in the previous year.
As 2023 drew to a close, the excitement around the approval of Bitcoin ETF spot filings skyrocketed the price of Bitcoin to over $45,000. As expected, the price movement of altcoins also began to turn green.
With the activities that have been projected to unfold this year, we want investors to watch out for the following crypto coins.
What Top Tokens are Leading the Crypto Market
XRP
XRP is one of the oldest cryptocurrencies that are still in existence. Launched in 2012, the project focused on improving the deficiencies of early cryptocurrencies. Thus, XRP focused on offering low-cost transactions, high speed, and scalability. Consequently, the project established its main applications to be payments, tokenization, DeFi, CBDCs, and stablecoins.
However, it suffered a significant setback in 2020 when the United States Securities and Exchange Commission (SEC) filed a lawsuit against the founders of the project. The SEC alleged that the founders of the project violated its regulations.
The lawsuit dragged on till 2023 when a ruling established that the founders of XRP didn’t violate any security law. Thereafter, optimism increased about the potential of the token as investors became optimistic that it could boom in the near future.
USDC
At the moment, USDC is the second-largest cryptocurrency after USDT. The token has gained more ground in the stablecoin landscape in the last two years after some of its contemporaries like UST and BUSD went off the radar for different reasons.
Nonetheless, the stablecoin has a whole lot of ground to cover in an effort to curtail the growing dominance of USDT. Nonetheless, the token is doing well as a reliable alternative and a potential rival to USDT. Therefore, in 2024, we expect USDC to excel among the top 10 cryptocurrencies in the market.
ADA
ADA with a market capitalization of $18.08 billion is one of the top 10 cryptocurrencies to watch out for in 2024. Cardano has continued to remain relevant in the industry after the fallout between Hoskinson and the Ethereum team. The token is excelling owing to how it has allowed holders to participate in the operation of the network. On the flip side, the future of the token could be under threat owing to the increased competition in the crypto market.
AVAX
AVAX has established itself as a force to reckon with in the DeFi space. The dominance of the Avalanche in the DeFi space has attracted more than $850 million worth of Total Value Locked. Avalanche is considered to be a direct rival against Ethereum for hosting smart contracts. As the ninth largest cryptocurrency by trading volume, 2024 is tipped to be a big year for AVAX.
DOGE
Dogecoin is the only meme coin among the top ten cryptocurrencies. This is a result of its extensive dominance in the meme coin space. As the meme coin king, DOGE has enjoyed the backing of prominent personalities within and outside the crypto space. However, its dominance is under threat owing to the uprising of new meme coins with huge potential. Against all odds, we expect the token to maintain and possibly improve its standing in the top ten.
Conclusion
There are high hopes that the crypto market will improve for good this year. This is due to positive developments that are expected to surface during the year. Furthermore, the potential approval of spot Bitcoin Exchange Traded Funds (ETF) will have a direct impact on the price of BTC. In return, a price rally for BTC as we’ve witnessed previously will have a direct impact on other tokens. This impact is likely to extend to most cryptocurrencies including the ones within the top ten.