finbold.com
The cryptocurrency market works in cycles, usually dominated by one or two leading narratives to gain protagonism. As a new bull market begins, investors look to identify the next crypto narrative, while Binance hints at payments.
Notably, a new category surged on the Binance Markets‘ page, listed as the second category right after “Meme.” Meme coins, together with Layer 1 Web3 and DeFi blockchains, were part of the dominating narratives in 2021’s cycle.
The recently added category is “Payments,” bringing a flame icon next to it, suggesting a hot trend in Binance’s eyes. Interestingly, the centralized exchange positioned the Payments category before artificial intelligence (AI), which earned investors’ attention in 2023.
According to the platform, only nine cryptocurrencies listed on Binance have payments as their focused solution. In particular, Bitcoin (BTC), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Coti (COTI), Alchemy Pay (ACH), Nano (XNO), Pundi X (PUNDIX), and xMoney (UTK).
Payments cryptocurrencies to invest in 2024’s crypto narrative
One of the first crypto investors to share this insight on X (formerly Twitter) was The BitWhale, an account followed by Binance’s former CEO, Changpeng Zhao (CZ). The influencer has recommended that his followers jump into the payments crypto narrative and accumulate these cryptocurrencies.
In this context, The BitWhale has set bold targets for low-cap payment cryptocurrencies if the narrative picks up steam. According to his analysis, solid battle-tested protocols like Nano could render up to 3,100% gains from $1.56 to $50.
Moreover, ACH could reach $1, UTK $3, PUNDIX $20, and COTI $5 per coin. Still, the cryptocurrency market is highly unpredictable. Thus, reaching these targets would require a high influx of demand for each of these digital assets.
Telling my followers to accumulate:$UTK $ACH $XNO $PUNDIX $COTI
— The BitWhale (@thebitwhale) March 7, 2024
as part of next Payments Narrative. $ACH – Solid Product, Chinese backers, Good Volume$UTK – Lowcap, low volume, backed by $EGLD MultiversX , high risk reward.$XNO – 2017 OG tokens, decent whale accumulation… pic.twitter.com/WDH0D9iqXe
However, the investor did not mention the mid- and large-caps, which could perform well under the proper crypto narrative. In the speculator’s opinion, this could be due to a lower risk-reward ratio. Still, XRP, Bitcoin Cash, and Litecoin could gain protagonism along with other payment cryptocurrencies.
Is ‘XPayments’ influencing this trend?
It is noteworthy that previous narratives were mostly fueled by support from relevant companies, celebrities, and influencers. For example, the meme coin narrative began following Elon Musk’s Dogecoin (DOGE) support and Vitalik Buterin’s millionaire Shiba Inu (SHIB) donation.
This current bet on payments crypto narrative surges amid expectations of Musk’s XPayments launch. Previously, xAI’s chatbot Grok named Nano the ideal cryptocurrency for payments on X, based on quotes by its creator of what an ideal form of money would look like.
Nevertheless, the multi-billionaire has already explained that he doesn’t “spend a lot of time thinking about cryptocurrencies.”
At this point, investing in these cryptocurrencies is a speculative move, and caution is needed. Understanding the underlying properties and fundamentals of the “Payments” category is crucial for navigating what could be the next crypto narrative in the market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.