Yahoo Finance These 2 New Crypto Coins Have the Highest Potential for Success in 2024 — Are They Worth an Investment?
While 2023 was a somewhat slow and steady year for the crypto industry, which regained ground following 2022’s disastrous year — one marred by scandals, collapses, losses and lawsuits — 2024 seems off to a good start.
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As of Jan. 2, the global cryptocurrency market cap stood at $1.83 trillion, according to CoinGecko. And Bitcoin — the largest cryptocurrency in the world — held at $45,680, its highest point since April 5, 2022. This was the first time it had traded above the $45,000 mark since then, according to CNBC.
As of Jan. 2, Bitcoin was up 173.1% in the past year and 6.8% in the past week, according to CoinGecko.
“The crypto community will likely feel there’s a lot to look forward to this year, not to mention much less controversy than in 2023,” said Craig Erlam, senior market analyst, UK and EMEA, OANDA. “If the first two days of the year is anything to go by, it may not be long until people are debating about record highs and beyond.”
A confluence of factors is making experts very bullish on the crypto industry for 2024, and on Bitcoin in particular. The expected and long-awaited-approval of spot Bitcoin ETFs (exchange-traded funds), the expectation that Congress will pass comprehensive crypto legislation and the Bitcoin halving event slated for April — which occurs once every four years and has always been associated with a massive price increase in the months before and after the event — are expected to boost prices.
But will these factors affect other lesser-known coins, and will these in turn might make good investments?
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Could Altcoins Actually Take Off?
Some experts argue that the positive start of the year could also trigger an evolving interest of investors.
“As they become more comfortable with mainstream cryptocurrencies like Bitcoin and Ethereum, there’s a likelihood of them exploring other assets, including Solana and other smaller-cap assets that promise higher returns,” said Zachary Friedman, co-founder of Secure Digital Markets. “This shift could lead to a broader diversification within the crypto market, with altcoins gaining more attention.”
ApeMax
According to Analytics Insights, ApeMax sets itself apart from other crypto coins by being the world’s first “Boost-to-Earn” coin.
“Boasting distinctive and playful branding coupled with groundbreaking utility features, ApeMax has captivated the crypto community’s attention. With its ongoing presale, ApeMax offers immediate token access and presale rates,” Analytics Insights noted, adding that this positions it as one of the latest crypto coins many purchasers are closely monitoring for 2024.
According to David Kemmerer, CEO of CoinLedger, of the coins listed [in the Analytics Insights article] he would probably give ApeMax the best odds of being a good investment in 2024.
“With some of these new coins, what you want to look for is something that has good potential and backing along with new features that can attract investors,” said Kemmerer. “With ApeMax’s more ‘gamified’ system, I would think this is a coin that will attract attention and therefore value in 2024.”
ORDI
Bitcoin-related assets which have been gaining steam lately, are also something worth watching, according to several experts.
For instance, “ordinals” — NFTs on Bitcoin, or as Decrypt explained, “digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin,” have been garnering a lot of interest lately.
Brian D. Evans, CEO and founder of BDE Ventures, said it makes sense that the ORDI token is leading the pack when it comes to this trend of tokens on Bitcoin.
“It’s a positive development and it’s showing that Bitcoin can be more than just digital gold,” said Evans, adding that people now understand that there is room for more to be done with Bitcoin — just as there is with other networks like Ethereum and Solana.
“I suspect that as Bitcoin performs well, then ORDI and related tokens will also perform well,” he added.
Gracy Chen, managing director at Bitget, further noted that, as one of the most popular memecoins on the Bitcoin network, ORDI is likely to continue the exponential growth.
“As the leading coin in the Bitcoin ecosystem, ORDI is anticipated to secure the top 30 position by market cap in the next bull market,” added Chen.
What Should Investors Focus On?
With the potential influx of liquidity into the crypto market, possibly spurred by quantitative easing in 2024, we’re likely to see a substantial impact on low market cap coins, per Friedman. He added that these assets, often more volatile and sensitive to market influxes, can see dramatic increases in value as new capital enters the space.
Yet, he noted that when looking at emerging crypto coins for 2024 — including promising ones such as ApeMax, Dogwifhat, ORDI, and others — it’s crucial to understand that not all low market cap coins are created equal.
According to him, the ones that stand to benefit the most from this influx are those with tangible utility and strong project fundamentals.
“Coins and tokens that solve real-world problems, have a clear use case, and are backed by robust technology and a solid team are more likely to attract serious investors and retain value over time,” he said.
He added that this principle applies across the entire spectrum of crypto assets. As more liquidity flows into the space, the projects that offer the most utility and have the strongest fundamentals are the ones that are likely to perform the best.
“It’s not just about market hype or trends; it’s about the intrinsic value that these projects bring to the table,” he said. “In this context, while investors might be tempted to chase after coins with low market caps in hopes of significant returns, it’s important for them to conduct thorough research and due diligence. Understanding the project’s utility, the problem it aims to solve, and its long-term roadmap are crucial factors in making informed investment decisions.”
Other experts go even further in their warnings, such as Aaron Rafferty, co-founder of StandardDAO, who argued that the endorsement of “new” memecoins in 2024 is “irresponsible given the current crackdown of the famed 2021 memecoin Safemoon.” Safemoon would eventually lose nearly 99% of its all-time-high value.
“Promoting tokens with minimal utility like ApeMax or Dogwifhat is reckless for any credible news source,” said Rafferty. “With recent actions against Binance and FTX, the crypto market is clearly shifting toward tangibility and utility in the real world and promotion of these tokens seems out of touch.”
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This article originally appeared on GOBankingRates.com: These 2 New Crypto Coins Have the Highest Potential for Success in 2024 — Are They Worth an Investment?
