8 Upcoming Cryptocurrencies to Explode in 2024

The most exciting thing about investing in cryptocurrencies is that they can skyrocket in value. In 2021, we saw Solana (SUN -1.18%) increase of over 10,000%. Meme token Shiba Inu (SHIB -2.18%) has soared over 40,000,000%. While the results have not been as spectacular in recent years, several cryptos have gained over 1,000% in 2023.

Image source: The Motley Fool.

Of course, the downside is that prices can drop so quickly. There is also no guarantee that cryptocurrency is here to stay. But after a long bear marketMany major coins have been trending higher, so cryptocurrency investors are cautiously optimistic.

It is obviously impossible to know which cryptocurrency is close to booming. However, we can pick out a few possible candidates capitalizing on the current trends, including artificial intelligence (AI)decentralized applications (dApps) and digital asset trading, as well as some of the largest cryptocurrencies poised for further growth this year.

Explosive cryptocurrencies

Eight cryptocurrencies that will explode in 2024

Here are the cryptocurrencies that could be about to see a significant rally:

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1. Render token

Render token (RNDR -3.16%) is a rendering network that allows users to rent extra graphics processing units (GPUs) for rendering (using a computer program to create a photorealistic or non-photorealistic image of a 2D or 3D model). Artists and studios can rent rendering capacity through the Render Network and pay for it with RNDR cryptographic token.

It’s a unique service, and demand is likely to grow as more media companies need to convert text into images. The popularity of AI-generated images is also good news for Render.

More than 35 million frames have been rendered on the Render Network so far, according to its dashboard. That includes nearly 2.5 million frames in the first quarter of 2024, an increase of 17.7% year after year increase.

2. THOR Chain

THOR Chain (RUNE -0.08%) is a decentralized cryptocurrency exchange that operates through an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contracts. Anyone can use THORChain by connecting their blockchain wallet to trade over 5,500 cryptocurrencies.

Centralized cryptocurrency exchanges have had their share of high-profile issues, including the collapse of FTX in 2022. It’s understandable why many investors want full control over their cryptocurrencies and use decentralized exchanges when possible.

While there are many decentralized exchanges out there, THORChain stands out for its experience in the space and its recent growth. It was founded in 2018, but business really started to pick up in late 2023, when it had about $1 billion per week in swap volume.

3. Superintelligence Alliance

Superintelligence Alliance (CRYPTO:ASI) is a merger of three popular AI cryptos: SingularityNET, Fetch.ai, and Ocean Protocol. All three projects were interesting players in the AI ​​space, and two (SingularityNET and Fetch.ai) have been on this list before.

O AI explosion has been one of the most exciting recent technological developments in cryptocurrency. The Superintelligence Alliance is well positioned to capitalize on the trend, especially as the number of companies that use AI continues to grow. It plans to leverage:

• SingularityNET AI Development and Integration
• Fetch.ai’s advanced autonomous AI agents handle real-world tasks for users
• Ocean Protocol Data Sharing and Monetization

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4. Bitcoin

As Ethereum (ETH 0.47%), Bitcoin (BTC -0.81%) is already one of the main cryptocurrencies — the main cryptocurrency, to be exact. While it’s certainly not a dark horse cryptocurrency that will triple in value, it has had some very positive news to start the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETFs on January 10, 2024. There are now 11 Bitcoin ETFs available, and they saw $4.6 billion in trading volume on their first day. The SEC approval makes investing in the largest cryptocurrency on the market easier than ever and could lead to more institutional investors shopping Bitcoin.

While all cryptos are volatile, Bitcoin’s size makes it a bit safer as it’s more likely to stay put. If you’re looking for a comparatively low-risk crypto investment that could do well this year and beyond, Bitcoin is worth considering.

5. Monero

Monero (XMR -1.8%) is the best known privacy coinwhich is a cryptocurrency with anonymous and untraceable transactions. It uses privacy-enhancing technology to keep the sender, recipient, and amount of each transaction hidden.

This coin has been around since 2014, a long time in a market that moves as fast as crypto. It’s an interesting investment right now because of the increasing regulation of cryptocurrencies in many countries, including the United States.

Many people want to keep their cryptocurrency transactions private, especially as regulations become more stringent. This gives Monero a clear use case and makes it a dark horse pick for a cryptocurrency that could see continued success.

6. I know

Know (KNOW -2.92%) aims to bring financial markets to the blockchain. It was co-founded by Jayendra Jog, a former software engineer at Robinhood (HOOD 0.04%), and Jeff Feng, a former technology investment banker at Goldman Sachs (GS 0.43%).

Sei was created to trade digital assets and is compatible with the Ethereum Virtual Machine (EVM). It is still in its early stages, having been scheduled to launch in 2023. However, the company has built a strong team so far, with 28 full-time developers.

It’s always promising when a cryptocurrency has a clear problem it aims to solve, as Sei does with blockchain-based financial trading. The technology behind it is also impressive, with its twin-turbo consensus enabling near-instantaneous trading.

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7. Greedy

Aave (AAVE 0.4%) is a decentralized finance (DeFi) A lending protocol and platform. It allows users to lend and borrow cryptocurrencies. Everything is done using smart contracts, so there is no need for intermediaries. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies such as Mooring (USDT -0.0%) and SO (SO -0.0%). One reason why Aave could be a long-term winner is that, in addition to cryptocurrency lendingexpanded into real-world assets, in partnership with Centrifuge.

As part of this partnership, Aave has built a real-world asset (RWA) marketplace that allows companies to tokenize parts of their businesses. Investors can purchase tokens offered by these companies, and the issuers of the tokens can then borrow stablecoins against your assets.

8. Ethereum

At first sight, Ethereum It may seem out of place here. It’s far from being noticed. It’s been the second largest cryptocurrency for years, so most crypto investors know about it.

While we’re probably past the point where Ethereum will skyrocket by 10,000%, it still has serious growth potential. It was the first blockchain to offer smart contracts, which developers can use to build dApps. This first-mover advantage gave it a considerable advantage over similar competitors.

Ethereum has undergone the long-awaited shift to a proof of stake system in September 2022, significantly improving its energy efficiency. The upgrade also means that it is now possible to stake Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptocurrencies. There are also several interesting Ethereum Actions to consider adding to your portfolio.

Investment related topics

Should I invest?

Should you consider investing in the next cryptocurrency that explodes?

It’s tempting to try and find the next big cryptocurrency. While you can potentially see incredible returns this way, it’s also difficult, time-consuming, and extremely risky.

To get started, you’ll need to look for cryptocurrencies outside of the market leaders. Smaller cryptocurrencies have more growth potential, but they’re also more likely to double, so there’s a higher chance of losing your entire investment. You may want to put some of your money into cryptocurrency stocks or large cap coins to balance this out.

Researching these smaller cryptocurrencies takes time. And even if a project seems like a surefire winner, anything can happen in the crypto market. Your carefully researched investment could go nowhere, while a virtually worthless cryptocurrency will go to the moon just because it has Shiba Inu or Dogecoin (DOGE -2.16%) in your name.

Following cryptocurrency trends or trying to predict them is not a good investment strategy. There’s nothing wrong with trying, but keep your expectations — and the amount you invest — low.

Common questions

What is the next cryptocurrency to explode in 2024 FAQ

Which cryptocurrency will boom in 2024?

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Cryptocurrencies that could see growth in 2024 include SingularityNET and Fetch.ai, both of which could capitalize on the popularity of AI. Bitcoin is another crypto that could be poised for a strong performance in 2024, thanks to the SEC’s approval of Bitcoin ETFs.

Which cryptocurrency is most likely to explode?

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The cryptocurrency most likely to explode is SingularityNET, a platform for creating, sharing, and monetizing AI services.

Which currency will soar in 2024?

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One coin that could take off in 2024 is Fetch.ai. It allows users to create their own AI agents, and was trending in late 2023.

Lyle Daly has positions in Bitcoin, Ethereum, Solana, and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Goldman Sachs Group, Render Token, SEI, and Solana. The Motley Fool recommends Monero and Thorchain. The Motley Fool has a disclosure policy.

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