From Layer 1 blockchain networks to AI crypto tokens, these cryptocurrencies may soar in worth after the Bitcoin halving.
Within the aftermath of the April halving, Bitcoin (BTC 0.17%) has understandably been the focus for crypto traders. Bitcoin has traditionally rallied within the early phases of a halving cycle, and traders view the present interval as a implausible time to purchase Bitcoin earlier than it doubtlessly goes parabolic.
However do not forget about altcoins. These, too, are inclined to carry out very nicely after any Bitcoin halving, given {that a} rising Bitcoin worth tends to ship the whole crypto market larger. As they are saying, a rising tide lifts all boats. With that in thoughts, here is a better have a look at a handful of cryptocurrencies that might soar in worth in 2024.
Layer 1 blockchain networks
As a place to begin, take into account Layer 1 blockchain networks. These embrace massive market cap names similar to Ethereum (ETH -1.56%), Solana, and Avalanche, in addition to a handful of smaller, extra nimble opponents similar to Aptos and Sui. All of those at the moment rank among the many high 50 cryptocurrencies by way of market cap, with Ethereum being the clear market chief with a whopping $460 billion valuation.
The rationale why these Layer 1 blockchains have likelihood to outperform the market is that they’re the constructing blocks of the blockchain economic system. Consider any key blockchain area of interest — similar to decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, or the metaverse. All of those are constructed on high of Layer 1 blockchains. In consequence, any crypto bull market rally may carry all of those segments concurrently. The breakout might be great, given how overwhelmed down a few of these sectors had been through the “crypto winter” of 2022.
Whereas there are lots of choices right here, my private choice is for simply three of those Layer 1 blockchains: Ethereum, Solana, and Sui. Ethereum is the 800-pound gorilla on this area. Solana is a much-touted “Ethereum killer.” And Sui is the “Solana killer.” So, you may make investments out there chief or an up-and-coming rival. The selection is yours.
AI crypto tokens
Usually, the Bitcoin halving results in what crypto traders consult with as “altcoin season.” As traders hunt down larger returns, they begin to settle for extra threat. That is when small, little-known cryptocurrencies can explode out of seemingly nowhere and dramatically outperform Bitcoin.
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In case you have an enormous threat urge for food, then you definately would possibly need to take into account AI crypto tokens. Merely put, these are cryptocurrencies which can be extremely leveraged to the present growth in synthetic intelligence. With that in thoughts, my two high picks listed here are Render (RNDR 3.67%) and Fetch.ai (FET 3.17%).
For the yr, Render is already up a staggering 120%. Render is especially enticing as a result of it’s half of a bigger pattern for synthetic intelligence often known as “GPU Compute.” This refers back to the immense computing energy wanted for superior AI initiatives. And that is what Render gives. Customers pay within the Render token for entry to decentralized GPU computing energy situated all around the world. And this GPU computing energy, as is likely to be anticipated, is usually powered by Nvidia. For that cause, Render has already been referred to as “the Nvidia of crypto.”
Fetch.ai, up 230% for the yr, is one other guess on the way forward for AI. Fetch.ai refers to itself as an “open, permissionless, decentralized machine studying community with a crypto economic system.” In brief, it is each a market and a platform the place you should use the Fetch.ai token to pay for all issues AI-related, from information units to massive language fashions (LLMs), in addition to AI bots and AI brokers.
From my perspective, Fetch.ai is especially related for firms trying to advance their AI initiatives. As an alternative of ranging from scratch, they will “fetch” all their AI assets from one place. As a proof of idea, Fetch.ai just lately partnered with Bosch and Deutsche Telekom on a brand new AI platform for the business.
Deal with the long-term
As greatest as attainable, traders ought to maintain their give attention to the long run. If issues go based on plan, the Bitcoin halving may kick off yet one more spherical of development for blockchain and crypto. So, give attention to cryptos constructed for the lengthy haul.
Since Layer 1 blockchain networks are the constructing blocks of the blockchain world, they arguably have the best long-term attraction. And if you happen to assume that AI has a vivid, shining future forward, then getting in early on AI crypto tokens may repay massive later.
However simply bear in mind — investing in any of those cryptocurrencies will be unstable and extremely dangerous. Proceed with warning and all the time do your personal due diligence.
Dominic Basulto has positions in Bitcoin, Ethereum, Fetch, SUI, and Solana. The Motley Idiot has positions in and recommends Avalanche, Bitcoin, Ethereum, Fetch, Nvidia, Render Token, and Solana. The Motley Idiot has a disclosure coverage.
