Everyone is looking for the next big cryptocurrency that will make 10,000x and beyond in profit. While it is time-consuming to research and discover the next crypto gems, it is also risky because the market is volatile and sometimes extremely hard to predict.
The good thing is that 2024 started on a good note, with Bitcoin (BTC) crossing $70,000, and many other crypto assets followed suit.
I kept an eye on seven crypto projects that I believe will become the next big thing, some of which you already know. The cryptocurrencies listed below are not just facades but have utility or a strong community behind them. Let’s jump in and share the next big cryptocurrencies without further ado.
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Key Factors in Discovering the Next Cryptocurrency to Explode
Some important factors need to be considered before discovering the next big crypto. Making an informed decision will protect you from losing money in the long run.
That is why getting it right from the start is very important. Here are some key factors to consider if you want to discover the next big cryptocurrency:
1. Analyse the Project Thoroughly
If I discover new crypto-making waves, the first thing I do is analyze the project thoroughly. I will check their website and make sure it has a clean interface and the spelling is correct. The objectives of the token should be easily accessible on the website as well as the team members involved in the project.
Next I look for the white paper and ensure I read it until I understand. White Paper is one of the most critical factors when evaluating a cryptocurrency. It serves as a guideline or roadmap for a token and that is what most investors will read before deciding if they will allocate money to a project.
The whitepaper also informs you about how the token will be distributed among investors and how new ones will be minted. Any crypto that doesn’t have a whitepaper isn’t legit in my opinion.
2. Who are the Team Members & Early Investors
Who created the coin? Nowadays, credibility plays a role in investment decisions. I need to know who created the coin before I invest in it. A section on the website should show the people involved in a project.
Go beyond the website and dig deeper to see which crypto projects they have been involved in. Check their social media handles and see what they have been talking about over the last three or five years. That is where credibility starts from. If the founders of a project are not passionate enough, it might become a scam. Also, most crypto projects claim to have partnerships with AMAZON, Google, Microsoft, and other big players. Most of the time, it’s not true.
You have to dig deep and go beyond what you see on their website. Also, consider evaluating the crypto asset’s community to see if there is any hype around the coin.
3. Evaluate the Metrics and Tokenomics of the Cryptocurrency
You must know a coin’s market capitalization, trading volume, and supply metrics. These three things are crucial, and CoinMarketCap is my go-to place to get all the necessary information.
The website has all the necessary information about almost every crypto asset. CoinMarketCap is important for discovering the next big cryptocurrency in 2024. Check if a maximum number of coins will ever exist for the project.
For example, Bitcoin has a max supply of 21,000,000, while Ethereum has no max supply. Check for the total amount in supply and track if people are holding the cryptocurrency for long, this will help create scarcity and positively affect the price.
Check for the trading volume within a time frame and see if people buy and sell the coin. It is important to know the market cap of a project before investing, and I prefer investing in assets with over $1 billion in market capitalization.
4. Potential Use Cases
Knowing the problem a coin intends to solve in the real world is important. A crypto asset that has utility tends to stay afloat even in a bear market. Beyond financial transactions, what else is the blockchain capable of doing? Some projects offer decentralized storage, supply chain optimization, and many more.
Others have proven to be useful in cyber security, and these types of assets tend to be active no matter the market circumstance. Crypto assets that are focused on interoperability also have an edge nowadays. It is important you also check how cryptocurrency complies with regulations around the world.
IMPORTANT: There are over 18,000 cryptocurrencies, but not all are listed on crypto exchanges. It is relatively easy to create a coin or token and distribute it, but the top 10 cryptocurrencies in the world are responsible for more than 80% of the entire market share. That is why it is important to research properly before buying any crypto asset.
7 Cryptocurrencies with Potential to Explode in 2024
Note: This List is in no Particular Order
1. Solana (SOL)
Solana is among the top 5 cryptocurrencies in market cap, with over 82 billion dollars at the time of writing. It has a high-performance blockchain uses a unique consensus algorithm known as proof of history, and it processes over 65,000 transactions per second.
It is one of the fastest layer 1 blockchain, and there are a lot of decentralized apps (dApps) on the blockchain. It has one of the largest NFT ecosystems with a huge marketplace for buying and selling NFTs. Solana might explode because there have been a lot of new layer 2 solutions, decentralized apps, and NFTs launched almost every day on Solana.
Despite the bear market through 2023, Solana has been showing signs of recovery. It also competes closely with Ethereum because of the efficiency of the Solana network. I know it has been there for a while, but if you ask me what is the next big cryptocurrency for 2024 i can confidently tell you, Solana. It has stood the test of time, and it is prevailing.
2. XRP (XRP)
Formerly Ripple, this will be the next cryptocurrency to reach $1. Going by its history, it has crossed the $1 price tag twice, and it should be able to cross that line again. The coin was on a steady upward trajectory until it was investigated by the SEC for breaching some financial regulations.
The coin was delisted on major crypto exchanges like Coinbase and Crypto.com. However, A judge ruled that Ripple did not violate laws by selling XRP on crypto exchanges, but it did through selling to institutional investors.
The news led to an increase in trading volume and price. It is also expected to cross $1 before the end of 2024. After the lawsuit, investors taunted it to be one of the next big cryptocurrencies to explode, and it has some utility in settling payment with fast transaction time and low rates.
3. TonCoin (TON)
TonCoin is a Layer 1 blockchain formerly built on Telegram, but it was transferred to the Community along the line. It is one of the fastest blockchains in the world, and through dynamic sharding, it supports millions of transactions per second.
It is integrated with Telegram, and there are a lot of Decentralised apps on Telegram because of the network. Transaction fees are low, and scalability is not a problem on the blockchain. At the time of writing, the market cap is over $18 billion, and it is expected to go even further as more people adopt the network and build new technology on it.
The network uses an energy efficient model, and instead of Mining new coins, they are using a proof of stake model. The underlying technology that powers TON makes it a close competitor to Ethereum, and TON is gradually becoming one of the largest blockchains.
As a result of the recent surge in adoption from people and a well-grounded community, there are signs it could be the next big crypto that could reach $100 in price.
4. Cardano (ADA)
Cardano could be returning to $1 or even more before the end of 2024. The cryptocurrency has started to show signs of recovery from the bear market. Some weeks ago, it even traded above 70 cents; if the market stays healthy, it could surpass $1.
The blockchain uses a proof of stake mechanism that reduces the environmental impact and speeds up transactions. It is a layer 1 blockchain like Ethereum, and smart contracts can be deployed on the blockchain.
The cryptocurrency has been on an upward trajectory since the beginning of 2024, and we can see it explode before the end of the year. It has a market capitalization of over 16 billion dollars at the time of writing and a daily trading volume of over $250 million.
5. Avalanche (AVAX)
Avalanche provides a structure for building decentralized apps (dApps) It has a fast network, and it solves interoperability issues. It is the first layer 2 blockchain on the list and has a different approach that many Web3 users depend on to deploy smart contracts.
It makes developing Web3 applications easy because of its fast and scalable network. It has a total supply of 715 million (AVAX) and a unique method where transaction fees are burned. This reduces the number of coins in circulation, thereby increasing the value of the cryptocurrency.
AVAX could be the next big cryptocurrency because it has a growing community of developers and validators constantly building new projects on the network. Decisions are also made together with the community. The all-time high for AVAX is $134.87, and we could see it suppress that point before the end of 2024.
6. Ethereum (ETH)
Ethereum is the second largest blockchain in the world; It is the number one platform for building decentralized apps and deploying smart contracts. It has high daily trading volumes, and the Ethereum community constantly tries to upgrade and make the network faster.
The blockchain was previously a proof of work blockchain that required energy use to create new ETHs, but in September 2022, Ethereum was moved to a Proof of stake model. That instantly reduced the energy consumption rate by 99%. There are token burns to reduce the tokens over time and increase their value, and while there are new challenges for Ethereum’s place, it remains the leading Layer 1 solution.
Vitalik Buterin and the Ethereum Foundation are constantly working to improve the network, and I believe it might suppress $5000 before the end of 2024. Some readers might be surprised that ETH made it to the list. Well, it has a reputable team that has backed the project for a long period, and it should explode soon.
On September 15, 2022, Ethereum Moved from the Proof of Work to a Proof of Stake blockchain. The historical event instantly reduced the energy consumption level on the blockchain by 99%. This was important because of the concerns raised by investors and regulators about the impact mining has on the environment. The energy used has negative impacts, and moving to a mechanism that allows users to stake to ETH to validate transactions and create new tokens has made it safer for the environment.
7. Chainlink (LINK)
Chainlink is designed to work with various blockchains to enhance smart contracts’ security and ensure they remain decentralized. It is an Oracle Network that feeds external data, events, and payment methods to other blockchains. It is the foundation for many decentralized apps (dApps) in the DeFi sector.
An overall market growth will impact the value of Chainlink because the demand for its services will increase. The total supply of (LINK) might also impact the long-term value of the cryptocurrency. Chainlink has one of the most active blockchain communities, constantly pushing its adoption by organizing educational events, Hackathons, and more to discuss cryptocurrency.
What Challenges and Risks Could Impact the Growth of These Cryptocurrencies?
1. Government Regulations
Governments around the world don’t like the fact that crypto is decentralized. If any of the coins listed above should start gaining momentum, governments worldwide will start coming up with regulations.
They will add taxation for crypto transactions and it will impact the growth of cryptocurrencies.
Crypto is not immune to external actions of individuals and governments worldwide. Some countries worldwide have banned crypto completely, and their actions have affected the price of digital assets globally.
2. Hype and Fear
Hype and fear are positive and negative sentiments affecting the crypto market immensely. Prices will move upward if there is a positive sentiment and everyone is excited. If there is a negative sentiment, then prices will decrease and create fear in the market.
Whenever there is a mass sell-off, it creates fear, and people tend to sell a lot. If the market is green, it creates greed, and people don’t want to sell. It is important to stay updated with whatever is happening in the crypto world so you know whether there is hype or fear.
3. Scams & Security Concerns
There have been a lot of scams and losses because some blockchains were not as secure, and some bad actors decided to scam people.
There have been a lot of crypto scams and hacks where people have lost millions of dollars.
The FTX collapse was a huge blow as the crypto market is yet to recover from that event. Smart contract exploitations have also affected investors over time. These are some factors that have affected the price and growth of cryptocurrencies.
4. Technological Advancements
Technology keeps growing daily; if a new developer builds a faster blockchain with new features, many users will develop older ones. This has been a problem over time.
For example, there are a lot of blockchains that compete with Ethereum using updated technology. This has forced Ethereum to upgrade and introduce this new technology on their blockchain.
Conclusion
Hopefully, this article will serve as a guide that will help you discover the next big cryptocurrency.
The cryptocurrency market is hard to predict, and when making decisions, I try as much as possible to detach any emotions to make the right decisions. It is important to research extensively and only invest what you can afford to lose.
Frequently Asked Questions (FAQs)
Disclaimer: This article is intended for informational purposes and should not be construed as financial or investment advice. The information provided here is from reliable sources, but its accuracy is not guaranteed. I am not a qualified financial advisor, and readers are encouraged to research and consult with a qualified financial advisor before making any investment decisions.
