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As excitement continues to rise in the crypto market in anticipation of a bullrun, Bitcoin (BTC) and Ethereum (ETH) lead the way in terms of market capitalization. With BTC recently crossing $50k and ETH following in its footsteps by crossing the $3k mark, investors and traders' optimism are on the rise.
This is evidenced by the fear and greed index registering a reading of 73, which puts the current crypto market sentiment in the greed zone.
While BTC and ETH dominate the crypto market, there are a few altcoins that have shown massive potential over the years. These tokens provide investors with a low price point for entry and the potential for massive price increase.
A mix of the project's technology, team, community, and market potential are some of the factors used to highlight these tokens. Here are five altcoins you should consider adding to your crypto portfolio in 2024.
Chainlink (LINK)
Chainlink (LINK) is a decentralized oracle network and cryptocurrency that aims to connect smart contracts with real-world data. Smart contracts, which are self-executing contracts with the terms of the agreement directly written into code, typically operate within blockchain networks. However, they lack the ability to access data from outside their native blockchain environment. This limitation is where Chainlink comes in.
Chainlink provides a decentralized oracle network that serves as a bridge between smart contracts and external data sources, application programming interfaces (APIs), and traditional bank payments. Oracles are nodes within the Chainlink network that retrieve data from off-chain sources and feed it into smart contracts, enabling them to execute based on real-world events and conditions.
The potential of this technology to unite legacy data and blockchain data has seen the demand for Chainlink’s native token, LINK skyrocket. After hitting a low of $5.5, LINK has gone on a parabolic run, producing 280% gains to take its price to $18.4, as of the time of writing.
Yet, this is still miles away from its all time high of $53, offering patient investors an opportunity to latch onto a game-changing technology for long-term gains.
Avalanche (AVAX)
Avalanche is a highly scalable and decentralized platform for building and launching decentralized applications and custom blockchain networks. It employs a novel consensus protocol called Avalanche, which enables rapid transaction finality and high throughput, making it suitable for applications that require fast and secure transaction processing.
Avalanche's architecture supports the creation of custom subnets and interoperability with other blockchain networks, providing flexibility and versatility for developers.
The recent token unlock for AVAX presented long-term investors with a price dip to add the promising altcoin to their crypto portfolio.
Emmanuel Musa
Solana (SOL)
Solana is a high-performance blockchain platform known for its fast transaction speeds and low fees. Its scalability and developer-friendly environment have attracted a growing number of projects and users, positioning it as a key player in the rapidly evolving crypto landscape.
The Solana ecosystem has experienced rapid growth over the past year or so, with a diverse range of projects and protocols being built on the platform. These include decentralized finance (DeFi) applications, non-fungible token (NFT) marketplaces, gaming platforms, and more.
SOL, its native token, currently sits at $101.36, or down 10.97% over the past week, but is also positioned to grow massively with consistent capital inflows and a bullish trend on its weekly timeframe.
Cosmos (ATOM)
Cosmos (ATOM) is a decentralized network of independent blockchains, aiming to create an interoperable ecosystem where different blockchains can communicate and transfer value seamlessly.
One of the biggest incentives for buying and trading ATOM, the native token of the Cosmos chain is the staking rewards. Staking provides an opportunity for ATOM holders to earn passive income while contributing to the security and decentralization of the Cosmos Network.
ATOM holders are also eligible to receive airdrops of specific tokens launched on the Cosmos blockchain. These factors fuel the demand for ATOM with massive upside available for the token in a trending bull market.
Polkadot (DOT)
Polkadot is a multi-chain blockchain platform that enables interoperability between different blockchains. Its unique design allows for the creation of specialized blockchains that can communicate and share information with each other, fostering a more connected and scalable web3 ecosystem. Polkadot addresses the issue of blockchain fragmentation by allowing independent blockchains to connect and communicate with each other.
DOT is the native cryptocurrency of the Polkadot network. DOT serves various functions within the ecosystem, including staking for network security, governance participation, and as a medium of exchange.
Just like LINK, DOT has fallen a long way from its all-time high of $55 with the altcoin currently trading at $7.6. This makes it another great altcoin addition, as the profit upside is considerably huge in the medium to long term.
It's crucial to note that the cryptocurrency market is highly volatile, and investing in altcoins carries inherent risks. However, these five tokens have shown massive potential and offer concrete profit making opportunities in a bull run.
Disclaimer: This article does not constitute trading, investment, financial, or other types of advice. It is solely the writer’s opinion. Please conduct your due diligence before making any trading or investment decisions.
