2024’s Promising Cryptocurrencies to Keep an Eye On
Discover the potential of new cryptocurrencies to watch in 2024 and uncover the narratives that could drive their success in the upcoming bull run.
Bitcoin (BTC) has experienced a remarkable surge of over 150% in the past 12 months. BlackRock suggests that the anticipation of a spot Bitcoin ETF and the presence of trillions of dollars in sidelined investor capital contribute to an intriguing bull cycle thesis for the crypto market in 2024.
Decentralized finance (defi) has also witnessed significant growth, with the total value locked (TVL) increasing from approximately $38 billion at the beginning of 2023 to over $54 billion by the end of the year. Although defi’s TVL is still below its peak of over $179 billion in 2021, this growth indicates the potential for new cryptocurrencies launched in 2024 to gain liquidity and attention from both retail and institutional investors. Moreover, the resurgence in blockchain activity suggests the emergence of new cryptos that may join the existing 9,000 virtual currencies.
This article will highlight three new cryptocurrencies to keep an eye on and explore three narratives that could gain momentum as excitement around cryptocurrencies grows. These projects have already established communities, secured millions in funding from reputable venture capitalists (VCs), amassed thousands to millions of followers, and have confirmed their plans to launch tokens in 2024.
LayerZero (ZRO) is a cross-chain messaging protocol developed by LayerZero Labs and launched in September 2021. It enables developers to build applications that function across multiple decentralized networks, enhancing liquidity and utility for users. LayerZero’s technology underpins several protocols, including Stargate Finance and Radiant Capital, which have a combined TVL of over $600 million. With around $250 million raised in funding rounds and a market valuation of $3 billion, LayerZero has generated optimism within its community regarding the token launch and rewards for early adopters. Backed by prominent crypto-centric investment firms like Andreessen Horowitz (a16z), Circle Ventures, OKX Ventures, and Sequoia, LayerZero plans to launch its ZRO token in the first half of 2024.
zkSync is an Ethereum-based scaling solution built on zero-knowledge technology. It operates as a layer-2 network, known as rollups, to alleviate network congestion on Ethereum’s mainnet and reduce gas fees. Launched by Matter Labs in February 2023, zkSync has raised $458 million, with $200 million dedicated to zkSync adoption. While the project has not officially announced the listing date for its token, the presence of a price page on CoinMarketCap has sparked speculation about an imminent launch. With a TVL exceeding $500 million and a 3.3% market share among layer-2 networks, zkSync is poised to be one of the prominent new cryptocurrencies entering the market in 2024.
StarkNet’s STRK coin is another new digital currency worth monitoring. StarkWare Industries, an Israeli-based blockchain firm, introduced the layer-2 network in February 2022, attracting $36.85 million in TVL. In December, StarkNet announced a comprehensive token distribution program and incentives to drive adoption, confirming its plans to launch a native token by April 2024. The distribution of over 1.8 million STRK coins could stimulate interest in the token, potentially leading to its listing on tier 1 exchanges.
In addition to these three tokens falling under the layer-2 category, new cryptocurrencies are expected to emerge across various sectors, providing buyers and investors with a range of opportunities. Identifying narratives during market cycles is essential for capital optimization and securing gains. Three narratives to watch include the tokenization of real-world assets (RWAs), the intersection of cryptocurrencies and artificial intelligence (AI), and the growth of blockchain gaming.
RWAs involve digitizing traditional financial instruments like real estate on a blockchain network through a process called tokenization. This sector has grown to a market cap exceeding $2 billion. The convergence of cryptocurrencies and AI has created a $9 billion digital asset ecosystem that is likely to experience further growth as interest in AI and blockchain assets intensifies. The top five crypto AI tokens have surged by over 500% each in 2023, making this category a promising space to find new cryptocurrencies. The global blockchain gaming industry is also expanding, with a projected market size of $614 billion by 2030. The total gamefi market cap currently stands at $18 billion, leaving room for exponential growth and the emergence of new cryptocurrencies if the industry meets expectations.
To navigate the fast-paced digital asset landscape and identify promising new crypto coins, investors can rely on dedicated platforms such as Coingecko, CoinMarketCap, Dextools, Dexscreener, DefiLlama, Dune Analytics, Etherscan, and TradingView. These platforms offer valuable tools, data, and metrics to aid users in their search for new cryptocurrencies to watch and identify potential breakout candidates in 2024.
As bullish sentiment floods crypto markets and retail investors venture back into risk assets, opportunities are likely to arise. The potential launch of a spot Bitcoin ETF further solidifies institutional demand and serves as an endorsement for the crypto industry. However, investors must exercise caution, manage their risk, and remain vigilant to avoid scams. Conducting thorough research (DYOR) is essential when exploring new cryptocurrencies.
In conclusion, the crypto market in 2024 presents exciting possibilities for new cryptocurrencies and narratives to flourish. By keeping a close eye on emerging projects and understanding the market trends, investors can position themselves to capitalize on the growth and potential of the crypto industry.
Please note that this article is for educational purposes only and does not constitute investment advice.
