As
we count down to 2024, the universe of Bitcoin and other crypot currencies
advances to the next level of investment and innovation. Bitcoin and Ethereum
still account for most of the cryptocurrency trade, but many others exist that
are also gaining market share and that might change the face of finance using
their specific technologies and applications. Here are five of the most
important cryptocurrencies along with their values to consider in 2024:
Bitcoin (BTC)
Many
may not know where to start with cryptocurrencies, but the global digital
currency today is Bitcoin. However, due to its high level of volatility, it
continues to be the market leader, with the largest market capitalization.
Indeed, the further higher Bitcoin growth might be expected in 2024 due to the
next Bitcoin halving which is expected to occur in approximately April 2024.
This event is going to decrease the incentives of establishing new blocks, that
may in return lower the amount of new Bitcoins and hence the price is likely to
increase because of this factor. However, the fact that Bitcoin is gradually
becoming a store of value, and an anti-inflation tool makes it unavoidable.
Ethereum (ETH)
Ethereum,
which is the second most prominent digital asset by market capitalization, is
not isolated (digital currency) but a platform for decentralized applications
and smart contracts. By 2023, Ethereum more than delivered on the promised and
highly anticipated update known as “The Merge” that has moved the platform from
proof-of-work to proof-of-stake. This has made Ethereum to be more energy
efficient and also scalable.
That is why in 2024 there are expectations of
fresh network enhancement like sharding which could cut transaction fees and
enhance Ethereum. As DeFi and NFTs develop, Ethereum persists as an impactful
participant in those markets, too.
Solana (SOL)
Often
cited for its fast executions and low cost, Solana has set itself up as
Ethereum’s main rival. Solana’s PoH consensus means that it can scale to
thousands of TPS as seen by dApps and the emerging NFT Space. The ever-growing
developer community and more use cases in gaming and DeFi after experiencing
some technical issues in 2023, makes Solana an excellent bet for 2024. The
market value of Solana might increase if the network would be able to settle
the issues with outages and expand as it attracts developers and users.
Polygon (MATIC)
Polygon is an Ethereum layer-2
scaling solution, which aims to make Ethereum transactions faster and cheaper.
Described here is that it is famous for providing enhancements to Ethereum’s
capability as a platform, whose major advantage is compatibility with the
Ethereum blockchain. Polygon is expected to keep up with the layers 2 solutions
roll out as Ethereum grows up to in 2024. Both ZK-rollups, which enable main
chain Ethereum transactions that are faster and less expensive, and the
partnership with giant companies like Meta and Reddit put Polygon in a good
place for the development in the next year.
Chainlink (LINK)
Chainlink is the world’s largest
decentralized Oracle provider, enabling smart contracts to interact with
external data sources. Alternatively, Chainlink provides a method of getting
data from the external world such as prices, weather conditions etc for
applications built on blockchain to leverage them for more complex scenarios in
the sector of DeFi insurance, and gamin.
CCIP at Chainlink is unlikely to be
ready until 2024, by the time making it a mandatory tool for any multi-chain
ecosystem. As the demand for the bonds between different blockchains and
real-world data continues to grow, Chainlink is going to be an essential part
of the crypto market.
Despite instability and
transfitements within the cryptocurrency market, Bitcoin, Ethereum, Solana,
Polygon, as well as Chainlink are expected to make advancements in 2024. Both
have their own advantages, and are supported by powerful technologies that, in
the future, can change the crypto market. Before you invest in any form of
cryptocurrency, you should always do your due diligence since it’s risky,
regarding how much risk you want to take.
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