“The forthcoming surge in stock market prices”
Discovering the Best Altcoins for the Next Bull Run: Our Comprehensive Guide for 2024
As we approach the end of the first quarter of 2024, the crypto market is recovering rapidly from the bear market and bloodbath of late 2022.
Despite the downturn in early 2023, the total market cap of cryptocurrencies has experienced a remarkable upswing, reaching $2.52 trillion as of March 6th. This represents a 152% increase from $1 trillion in September 2023.
The recent catalyst behind this growth has been the introduction of Bitcoin (BTC) exchange-traded funds (ETFs). Since their launch on January 11th, these ETFs have collectively amassed nearly $50 billion in market cap. Grayscale’s Bitcoin Trust (GBTC) leads the charge with $38 billion in market cap.
Alongside this surge, altcoins have seen massive inflows of billions of dollars, causing the altcoin market cap to swell by $375 billion since the end of January, reaching $1.3 trillion.
So, which altcoins are poised to shine in the next bull run as we progress through 2024? But before we delve into that, let’s first determine if we’re currently in a bull run or if one is on the horizon.
Signs of a Crypto Bull Run
Identifying the signs of an impending bull run is crucial for investors looking to capitalize on potential market gains. Here are some key indicators:
Growing Trading Volumes
A key indicator of a crypto bull run is surpassing previous all-time highs accompanied by a surge in trading volumes across exchanges. Historical data from major bull runs, such as the one in late 2020 and early 2021, vividly illustrate this trend.
For example, Bitcoin’s trading volume in the last 24 hours has surged to over $105 billion as of March 6th, a significant increase compared to previous months’ average volumes of less than $1 billion. On March 5th, Bitcoin reached a new all-time high, briefly surpassing the $69,000 mark before experiencing a subsequent downturn.
If BTC trading volumes across exchanges maintain or exceed current levels, it could serve as a clear indicator of a crypto bull run.
Institutional Embrace
Institutional investments continue to validate crypto assets and signal a shift towards mainstream acceptance. The momentum observed during the 2020-2021 bull run, fueled in part by significant investments from corporations like Tesla and Microstrategy, has carried over into 2024.
In addition to the already approved spot ETFs, notable financial institutions such as Bank of America’s Merrill Lynch and Wells Fargo have ventured into offering spot Bitcoin ETFs to their clients. Speculation also surrounds the possibility of Morgan Stanley joining the fray, further solidifying the growing mainstream acceptance of crypto ETFs.
If this trend continues, with more institutional giants investing in crypto and crypto-related products, it could contribute to the upward momentum of the market.
Regulatory Clarity and Positive Government Stance
The rules and regulations surrounding crypto play a crucial role in influencing market behavior. When regulators show support or hint at a more accommodating approach, it often leads to increased investor confidence and can spark a bull run.
A prime example of this was when El Salvador recognized Bitcoin as a legal payment method in September 2021. This move boosted investor confidence and contributed to Bitcoin reaching its all-time high in November 2021.
There are now talks about the possibility of spot Ethereum ETFs and spot Ripple ETFs, indicating further growth potential in the market.
However, regulatory matters aren’t always smooth sailing. The SEC has faced challenges, particularly in its legal battle with Ripple. Ripple managed to secure a partial victory in July 2023, which has implications for the wider crypto market. The next hearing, scheduled for April 2024, could potentially result in a final decision favoring Ripple, although nothing is certain.
Investor Psychology
Market sentiment is a critical gauge of the overall mood in the cryptocurrency ecosystem. Tools like the Fear and Greed Index measure this sentiment by analyzing variables such as market volatility, social media trends, surveys, and market dominance.
For example, during the 2021 bull run, this index frequently exhibited high “greed” levels, reflecting strong investor optimism. On March 5th, the index reached a value of 90, depicting extreme greed, a level not seen since late 2021 when the market was at its previous highs.
If we observe maintenance or a spike in this indicator in the coming days or months, it could signal that the crypto bull market of 2024 will likely persist.
Preparing for the Next Crypto Bull Run
Predicting the exact timing of the next crypto bull run is challenging due to the market’s inherent volatility and the influence of global economic factors. While crypto markets have historically followed Bitcoin’s halving cycles, with bull runs occurring every four years, precise predictions are difficult due to evolving market dynamics and regulatory landscapes.
The duration of a bull run can vary significantly, lasting anywhere from a few months to over a year. Factors such as market adoption rates, technological advancements, regulatory changes, and macroeconomic conditions influence its length. Understanding the duration of a bull run requires real-time analysis of these dynamic factors.
While it’s challenging to predict the exact timing and duration of the next crypto bull run, monitoring key indicators can provide valuable insights into market trends. Investors should remain vigilant and informed, considering both market signals and broader economic contexts.
What to Expect from Altcoins
In 2024, the crypto market has witnessed significant value increases, with some altcoins showing remarkable gains. Here are a few of the biggest gainers in 2024 so far:
Pepe (PEPE) and Other Meme Coins
Pepe Coin (PEPE) has emerged as a standout performer in 2024, skyrocketing by over 700% in just one month, currently trading at $0.0000078 as of March 6th.
This surge mirrors a broader rally in meme coins, such as Floki (FLOKI), Shiba Inu (SHIB), Dogecoin (DOGE), and Bonk (BONK), all of which have gained at least 100% over the last couple of days.
The sudden gains across the meme coin market, including Pepe Coin, reflect speculative enthusiasm rather than intrinsic value, as none of them have made any notable advancements or announcements.
While meme coins currently dominate the altcoin market, their future trajectory will be influenced by various factors. The long-term outlook for meme coins remains uncertain due to their inherent volatility and speculative nature. Approach meme coins with caution, conducting thorough research and understanding the associated risks.
Jasmy (JASMY): Top Gainer in IoT
Jasmy (JASMY) is a tokenized platform that aims to democratize data by combining blockchain and IoT. It has garnered attention for its impressive performance in 2024, surging by over 350% in the past month, and currently trading at $0.02 as of March 4th.
The rise of Jasmy Coin mirrors the broader rally seen across the crypto market. One significant driver behind this surge is Bitcoin’s stellar performance, reaching levels last seen in November 2021.
Furthermore, Jasmy Coin’s current value presents an attractive proposition for traders. Despite its recent gains, it remains significantly undervalued, trading at 99% below its all-time high price achieved in February 2021. This undervaluation prompts traders to speculate on short-term gains, contributing to its upward momentum.
Looking ahead, Jasmy Coin’s long-term prospects may hinge on ecosystem updates and developments.
Arweave (AR): Top Gainer in Decentralized Blockchains
Arweave (AR) has also experienced strong growth in 2024, surging by nearly 286% in the past month alone, and trading at almost $33 as of March 6th.
Arweave operates within a decentralized blockchain network known for its unique data storage capabilities. The recent surge in the value of Arweave Coin can be attributed to the launch of Arweave AO.
Arweave AO aims to enhance the protocol’s scalability and computational capabilities by enabling parallel executions for proof-of-stake computations and catering to the growing demands of social media and AI applications on the blockchain.
However, while Arweave Coin’s recent performance is impressive, its long-term prospects depend heavily on the success of Arweave AO and its ability to deliver value to users. Approach investments in Arweave Coin with caution, recognizing that current bullish market sentiment does not guarantee future performance.
SingularityNET (AGIX): Top Gainer in AI
SingularityNET (AGIX) is a decentralized platform that facilitates the creation, sharing, and monetization of AI services. It aims to democratize access to artificial intelligence by providing a marketplace where developers and users can interact seamlessly.
In 2024, SingularityNET has emerged as one of the standout performers, with a rise of nearly 225% in the past month alone. It is currently trading at $0.90.
The recent surge in SingularityNET’s value can be attributed to the growing enthusiasm surrounding AI and its related applications. SingularityNET’s platform allows developers to create and deploy AI algorithms, while users can access these services efficiently. This marketplace model and the increasing demand for AI solutions have contributed to SingularityNET’s upward momentum.
The Road Ahead
Predictions suggest the potential for an altcoin bull market in 2024. However, while these digital assets show promise, their future remains uncertain. Therefore, it is crucial to remain vigilant, stay informed about market trends, and adapt to changing conditions when searching for the best crypto to buy for the next bull run.
Conduct thorough research, diversify your portfolios, and only invest what you can afford to lose.
Disclosure: This article is for educational purposes only and does not constitute investment advice. The content and materials featured on this page are for informational purposes only.
