thenewscrypto.com
- The approval of a spot Bitcoin ETF opens a new avenue for public investment.
- Arbitrum (ARB) recorded a new all-time high of $2.37 on January 11.
While crypto investors eagerly await regulatory developments, most major cryptocurrencies displayed positive momentum recently. Also, cryptocurrency experts anticipate that regulatory clarity and the new crypto ETF could encourage the entry of institutional investors into the market.
Despite the proliferation of thousands of alternative cryptocurrencies, the dominance of Bitcoin and Ethereum persists, with their combined market capitalizations exceeding two-thirds of the overall crypto market. However, speculation abounds regarding the top cryptocurrencies that have the potential to outperform BTC in 2024. Here are some top contenders.
Polygon (MATIC)
Formerly known as MATIC Network, Polygon has positioned itself as a prominent layer-2 scaling solution for Ethereum, tackling scalability issues. With its zkEVM boasting record-breaking transaction volumes, Polygon has garnered attention. Polygon zkEVM stands out as the first fully open-source zkEVM available in the market.
MATIC effectively surpassed the support level at $0.8487, and now sets its sights on the resistance level at $1.2495. According to projections from cryptocurrency analysts, if Polygon experiences increased token accumulation by buyers, it could initiate a retesting at $1.8. MATIC continues to be recognized by crypto experts as one of the top cryptocurrencies for investment in 2024.
Avalanche (AVAX)
Avalanche emerges as a pioneering blockchain platform reshaping decentralized finance (DeFi). AVAX is recognized as one of the top cryptocurrencies for investment in 2024 and boasts a distinctive consensus protocol known as Avalanche consensus, facilitating swift and secure transaction processing with minimal costs.
Since September 2023, the price of AVAX has surged significantly, experiencing a significant 500% increase in 90 days and reaching a new yearly high of $49.95 on December 25. Despite a recent surge, AVAX’s price movement shows a bearish trend in the short term.
However, AVAX is trading at $38.86. Maintaining a range above $35 is crucial for Avalanche, with a pivotal resistance level at $40. If AVAX surpasses the $40 mark, the subsequent resistance levels are anticipated at $45 and $48, potentially paving the way for a breakthrough towards the $50 mark.
Toncoin (TON)
Toncoin (TON) stands as a decentralized layer-1 blockchain conceived in 2018 by the encrypted messaging platform Telegram. Originally named “Telegram Open Network,” the project transformed after being abandoned, taken over by the TON Foundation, and rebranded as “The Open Network.”
Toncoin seems to be entering a correction phase following a recent surge in bullish momentum. Still, over the past six months, Toncoin has witnessed a 65.5% increase in value, although it has experienced an 8.5% rally in the last week. At the time of writing, Toncoin is trading at $2.40, reflecting a 2% decrease in the past 24 hours.
Technical indicators suggest that Toncoin could reach a peak of $2.80 by the end of January, marking a notable 20% increase. While bearish predictions hint at a drop to $2.06, the majority of experts express confidence in Toncoin’s bullish trajectory.
Arbitrum (ARB)
Arbitrum (ARB) has solidified its position as a leading layer-2 network, achieving a significant milestone in the realm of DeFi. Notably, the daily trading volume on Arbitrum network’s decentralized exchanges recently surged beyond $1.84 billion, surpassing even Ethereum and Solana.
The total value locked on the Arbitrum network has concurrently risen to $2.624 billion, nearing its highest recorded value. While this accomplishment underscores Arbitrum’s substantial growth, the ARB coin has exhibited a flat performance on the weekly chart. In alignment with the bullish trend prevailing in the broader crypto market, ARB marked a new all-time high of $2.37 on January 11.
At the time of writing, Arbitrum is trading at $2.28, with a daily trading volume of $1.4 billion. If the current trend persists, experts anticipate that the price of ARB could potentially reach as high as $2.5 in the forthcoming weeks.
Kaspa (KAS)
Kaspa operates as a proof-of-work project, utilizing the GHOSTDAG protocol that distinguishes itself from conventional blockchains by embracing parallel blocks.
Towards the close of 2023, Kaspa showcased a bullish turn, achieving a new all-time high of $0.15 on November 20. While the crypto’s price saw modest gains at the beginning of 2024, a subsequent return of bears led to a steady decline in the last two weeks.
Despite facing selling pressure, Kaspa’s unique approach to parallel blocks could contribute to its upward trajectory. Currently, the coin is trading within the range of $0.11 to $0.12. Analysts foresee the potential for Kaspa to advance to a high of $0.2 by the end of the year 2024.