Many industry experts have given their two cents on the future of the crypto market in the next 12 months, and most of them lean bullish.
The most common reason is Bitcoin. In April 2024, the cryptocurrency will go through its pre-programmed halving, which will slash block rewards in half. This means that the supply available for miners to sell will effectively decrease by 50%. If the demand for it remains the same or it increases, the price will go up – that’s how markets work.
On the demand side, however, there’s also been a massive development in January of this year. The United States Securities and Exchange Commission (SEC) finally approved a spot Bitcoin exchange-traded fund (ETF). This means that US institutions (and regular folk) have access to BTC through a regulated and well-know traditional investment instrument. Many believe that this will increase the demand for BTC in the longer term.
Coupled, these two factors make for the perfect storm, according to a number of analysts. And while Bitcoin’s future seems bright, we decided to take a look at the top five most interesting altcoins to watch during that time.
To do so, we asked none other but Chat GPT – the AI-based chatbot that changed the realm of Artificial Intelligence. Let’s see what it has to say.
If you want to check out a different iteration on this list, however, crafted by well-know experts, take a look at the video below:
Top 5 Altcoins to Watch in 2024
It doesn’t come as much of a surprise that ChatGPT ranks Ethereum as the top altcoin in 2024.
Recognized for dominating the DeFi ecosystem and transitioning to a more scalable Proof of Stake algorith, Ethereum continues to be a key player in the blockchain space, with a significant total value locked and a substantial market cap. – says ChatGPT.
It’s worth noting that there’s one specific catalyst in ETH’s future that might potentially transform the way investors interact with the cryptocurrency. The US SEC has a number of applications waiting for its decision on whether or not it will greenlight a spot ETH ETF. Now that the agency has given the thumbs up to its Bitcoin counterpart, many experts are more optimistic that ETH might follow.
Meanwhile, an interesting Ethereum price prediction by a prominent analyst recently stipulated that the cryptocurrency might be in for a run to $10K and beyond in 2024.
Solana has had a blast of a year in 2023. It increased majorly to above $100 (where it’s currently trading) and has become the best top-performing altcoin amongst the top 10 by a large margin.
Much like Ethereum, Solana has a vibrant and thriving ecosystem of DeFi aficionados.
Praised for its high-speed transactions and low fees, Solana has seen a surge in network activity and remains a formidable competitor to Ethereum. Its performance has been remarkable, with significant gains and strong buying pressure despite challenges.
The challenges that ChatGPT speaks about are perhaps the outages that the network has been going through.
Just last week, Solana shut down for multiple hours as validators took a while to patch it back up.
That one might be a bit surprising for many, given that its performance through 2023 was somewhat lacking. From $4.6 toward the beginning of the year, DOT increased to where it’s currently trading at slightly above $7. That’s not a bad performance at all, but it is, indeed, somewhat behind other altcoins.
Nonetheless, ChatGPT said:
Noted for its interoperability and the ability to connect various blockchains, Polkadot has seen increased netowrk activity and partnerships. The anticipation of technological advancements makes it a coin to watch.
A blast from the past for anyone who has followed the industry for the past four years, LINK is outlined as one of the top altcoins to watch in 2024.
Despite the massive competition of late, Chainlink remains the largest decentralized oracle network, playing a vital role in the DeFi sector. Put very bluntly, it facilitates communication between blockchains and the real world. This makes it a critical component of DeFi infrastructure.
ChatGPT puts it as number four on the list, followed by no other than ADA.
Shrouded in controversy and perhaps one of the most polarizing projects in the industry, Cardano is placed as the number five top altcoin to watch this year.
Touted for its scientific approach and focus on sustainability and scalability, Cardano is on the verge of completing its roadmap with development that could significantly impact its ecosystem and market position. – according to ChatGPT.
That said, if you want to take a look at a few interesting Cardano price predictions, check out our video on the matter:
And while some notable altcoins are missing from the list, ChatGPT did have some honorable mentions. These include:
- Avalanche (AVAX)
- Ripple (XRP)
- Binance Coin (BNB)