Crypto Spotlight: 5 Altcoins to Keep an Eye on in 2024
While cryptocurrency was once thought of as a fad, the continued success of Bitcoin (BTC) indicates that digital currency is here to stay. Digital currency can be used to transfer wealth and as an investment vehicle. Bitcoin reached an all-time high of $73,000 in March 2024. Its growing popularity over the years has generated interest in and fostered the development of other cryptocurrencies, known as altcoins.
There are an estimated 23,000 altcoins, up from just seven a decade ago. Many of these were created for the sole purpose of generating revenue for tech-related projects and have no practical use. Some are native to specific blockchains and exchanges. Regardless of their purpose, some of these altcoins are attractive, although volatile, investments with the potential for large returns.
Ethereum and Solana both have market caps exceeding $50 billion. They are among the top-performing altcoins in terms of trading volume and value. However, they have relatively high investment entry points with prices of $3,029 and $129 as of May 2024. Here’s a look at five other, accessible altcoins with big growth potential.
1. Theta Network (Theta)
Theta is the leading blockchain decentralized cloud for AI, Media and Entertainment. Launched in March of 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer to peer basis. The project is advised by Steve Chen, co-founder of Youtube, and Justin Kan, co-founder of Twitch. Theta has 12 patents at this time and partnerships with Sony, Samsung, Google, Amazon Web Services ( AWS) and aims to shake up the video streaming industry in its current form, which has untold millions of people frustrated with the “loading, loading, loading “ spin, which is essentially a shortage of bandwidth and storage.
Theta has a market cap of $2.2 billion as of early June 2024, which ranks 54th among all cryptocurrencies, and was listed at just $2.20 on May 15. The altcoin’s price increased by 255 percent year-over-year, but is still approx.. 87% off its all-time highs.
2. Uniswap (UNI)
With a market cap of $4.1 billion, Uniswap was the 24th-ranked altcoin in May. Individual tokens reached a 12-month high in price at $15.39 in March, due in large part to an intraday surge of almost 70 percent on February 23. However, they were being offered at less than $7 on May 15.
While its recent decline in price might be somewhat concerning, Uniswap is still among the top altcoins to invest in this year due to its innovative decentralized trading protocol and high level of user engagement. Its decentralized autonomous governance structure, powered by the UNI token, encourages users to contribute to future projects. Simultaneously, its automated market maker offers a lower price point of entry and minimizes user risk.
3. Arweave (AR)
A decentralized network providing permanent on-chain data storage, Arweave’s AR token has been on the market since May 2020, at which point it was valued at just $0.70. It reached an all-time high of $90.94 in November 2021 before closing the following year at just $6.17, due in large part to the overall downturn of the crypto market.
After an up-and-down 2023, Arweave surged in the first half of 2024, reaching a value of $43.33 on May 15, up 14 percent from the previous day. It had a market cap of $2.8 billion, making it the 39th most valuable cryptocurrency.
Google’s AI-based Gemini platform projected Arweave could reach a high of $140.63 in the next five years. This should be taken with a grain of salt. AI bases price on past performance, which is not an accurate indicator. However, because it provides a real service (permanent data storage), Arweave is certainly an altcoin investment worth tracking in 2024.
4. Render (RNDR)
An innovator in decentralized graphics processing unit (GPU) rendering, Render was the 25th most valuable crypto based on market cap ($4.1 billion) on May 15. It was being sold at $10.52, up about 3 percent from the previous day and continuing a trend that has been going on for the past year. Render’s price increased by 445 percent year-over-year and 31 percent from April to May.
Moreover, market analysts projected the coin would reach $13.45 by the end of Q2 2024. This bump is expected to be due in large part due to one of its projects, Octane X, being featured in an Apple keynote.
5. Dogecoin (DOGE)
Dogecoin is a meme coin based on a popular internet meme that features a Shiba Inu dog. Despite its silly nature and its origins as a joke, it has become one of the most popular altcoins because of its accessibility and resiliency. Elon Musk, SpaceX founder and X (formerly Twitter) owner, is a major proponent of Dogecoin and, in the past, has influenced surges in its price. Notably, Dogecoin experienced a 30-percent price increase in April 2023 after Musk changed the X logo to a Shiba Inu dog.
Marketed as a coin for the people, Dogecoin can be used to support charitable causes worldwide, including building water wells in Kenya. It was the ninth most valuable crypto on May 15 with a market cap of $21.89 billion but had a low entry point at just $0.1518. There are more than 144 billion coins in circulation.
