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As 2024 winds down, the dynamic cryptocurrency market still welcomes new investors and professionals with innovations and opportunities. Understanding the market fluctuations and the entry and exit of market players is essential before you consider investing in cryptocurrencies.
However, staying ahead of the curve by analyzing market performance, potential growth, and use cases is necessary while exploring the crypto world. This article has handpicked 10 cryptocurrencies that the market should keep an eye on. It will give insights into the current performance, market sentiments, and potential growth in the crypto market
1. Bitcoin (BTC)
- Current Market Cap: 2.04 Trillion
- Current Price: $103,205
Bitcoin, also known as the gold standard of cryptocurrency (digital gold), was released back in 2009 by the anonymous Satoshi Nakamoto to withstand regulatory compliances with the help of decentralization and technology.
While the initial dilemma existed, Bitcoin became popular with its widely adopted growth of assets and investment. It is often used as a hedge against inflation and economic stability. 2024 has witnessed multiple all-time highs, with the latest USD 103,332 on December 4, 2024, which accounted for nearly 55% of the total cryptocurrency value.
With a current market cap of $2.04 Trillion, and a total supply of 19.79M BTC, it will surge high in the coming years with more than 100% returns By 2030, BTC is expected to reach an all-time high of 3.8 million USD. This makes BTC an ideal investment to consider before 2024 wraps up.
2. Ethereum (ETH)
- Current Market Cap: $466.14 Billion
- Current Price: 3,848 USD
Known to be created as a Crowd-funded alternative to Bitcoin in 2015 by Vitalik Buterin, which is now the second-largest cryptocurrency by market capitalization. It was designed to be more than a mere cryptocurrency, it is the backbone of decentralized apps and Smart Contracts. In 2022, it shifted to Ethereum 2.0, from proof of work (PoW) to proof-of-stake (PoS), to reduce energy consumption by more than 95%.
Investors can expect price growth of $6,000 to 12,000 by 2025, reaching an all-time high of $11.8k by 2030. Layer-2 solutions like Polygon and zk-rollups are addressing its scalability challenges, allowing cheaper faster transactions.
With its integration with major companies like JPMorgan and Visa and its dominance in the blockchain for Non-Fungible Token (NFT), Ethereum will cross borders and may outperform the current expectations, holding its current position as the second-largest cryptocurrency.
3. Binance Coin (BNB)
- Current Market Cap: $104.25 Billion
- Current Price: 723.79 USD
The native Binance cryptocurrency was launched in 2017 as an ERC-20 token. Its presence within the ecosystem significantly increases its utility from paying transaction fees to enabling Decentralized Finance (DeFi), staking, token sales, and gaining access to Initial coin Offerings.
Binance charges low transaction fees at high transaction speeds to attract DeFi projects. The regular burn activities efficiently maintain scarcity to drive its demand.
By 2030, the expected price range of Binance Coins revolves between $1000 to $1500 USD, with a market cap of over $150 Billion. BNB has witnessed a surge of 141% in the year 2024. This is lightly driven by the US election and the winning of Donald Trump.
Binance expects to integrate blockchain gaming and metaverse with projects like Pikamoon and Shiba Budz, offering huge rewards and diversifying its ecosystem.
4. Solana (SOL)
- Current Market Cap: $111.24 Billion
- Current Price: 234.07 USD
Founded in 2017 by Anatoly Yakovenko, it came up with solutions to address issues like scalability, high gas fees, and slow transaction rates, that existed with the pioneers, Bitcoin and Ethereum. This allowed Solana to hold its position even as a newbie. Later all these features gave standout competition to Ethereum, Bitcoin, and other Layer-1 Blockchains.
Its blockchain allows transactions of over 65,000 transactions per second (TPS) with its proof-of-history (PoH) consensus mechanism. Its transaction fees are lower than $0.01 for each transaction, making it the best choice for microtransactions.
As of 2024, its market cap revolves around $111 Billion, making it one of the top cryptocurrencies by market capitalization. However, by 2030, Solana expects to reach a peak price of $1250.
5. Cardano (ADA)
- Current Market Cap: $42.22 Billion
- Current Price: 1.20 USD
The native currency of Cardanao’s blockchain is praised for its flexibility, sustainability, and scalability, positioning itself as a leading contender in the ecosystem. Similar to Ethereum, it works on a Proof-of-stake (PoS) consensus mechanism, with the integration of Dapps and smart contacts to increase efficiency without energy wastage. It is the first blockchain to adopt a research-first approach.
Cardano has introduced Hydra, a layer2 scaling solution, to boost transaction speed up to 1000 TPS. The addition of smart contracts in 2021, allowed dApps, NFTs, and DeFi protocols. It has also indulged in partnership projects like the Ethiopian Ministry of Education, to promote the real-world utility of blockchain, especially in sectors like health and education.
With an expected surge of 48%, Cardano may reach $5.0 by 2030 with a market capitalization of $150 to $200 billion.
6. XRP
- Current Market capitalization: $139.35 Billion
- Current market price: 2.44 USD
Low transaction fees (around $0.0002 per transaction) and fast transactions (settlement in 3-5 seconds) make XRP an ideal choice for high-frequency microtransactions. It surpasses BTC and ETH with a transaction speed of 1500 transactions per second.
In 2024, XRP gained regulatory compliance against a Securities And Exchange Commission (SEC) lawsuit, driving more investors and institutions. With an estimated market capitalization of $250 to $500 billion, XRP may cross $10 by 2030.
After Trump won the US Presidential election, XRP surged by 40% reaching an all-time high of 2.8 USD, which was unattainable for the past 7 years.
7. Dogecoin (DOGE)
- Current market capitalization: $64.33 Billion
- Current market price: 0.4375 USD
Featured by a Shiba Inu dog, it was created by 2 software engineers as a meme in 2013. Even though it started as a parody of Bitcoin, it gained huge momentum with its community engagement and accessibility. Dogecoin was ideal for microtransactions, tipping, and donations.
The open-source code project was boosted with Celebrity endorsements from Elon Musk have improved its adoption and volatility. As per market dynamics, it may reach a market cap of $150 to $200 billion with an expected price of $0.50 to $1.00.
8. Tether (USDT)
- Current market capitalization: $135.83 Billion
- Current market price: 1.00 USD
Tether is a cryptocurrency backed by a fiat currency, USD in a ratio of 1:1. The largest known stablecoin, USDT was created in 2014. It operates on multiple blockchain platforms like Ethereum and Solana. It is highly liquid, making it a go-to for everyday transfers like donations and tippings.
However, by 2030, the tether is expected to increase 5% in value and reach $1.3. With continued DeFi growth, it may reach a projected market cap of more than $200 by 2030.
9. Polkadot (DOT)
- Current Market capitalization: $16.31 Billion
- Current market price: 10.64 USD
Developed by dr Gavin Wood in 2020, it connects blockchains without the need for any intermediaries and serves as a relay chain. It allows up to 1000 transactions per second, which is 10 to 30 times higher than the major players bitcoin and Ethereum.
Unlike Bitcoin, Polkadot uses a proof-of-stake (PoS) consensus mechanism to create, verify, and secure a new dot. Holders can work as Validators, nominators, or fishermen to interact within the ecosystem.
Polkadot reached an all-time high of $55 on Nov 4, 2021. By 2030, it is expected to rise 630% to reach $81, with its minimum price dropping to $73.
10. Toncoin (TON)
- Current Market Capitalization: $17.62 Billion
- Current market price: 6.91 USD
Like others on the list, TON is the native coin of The Open Network (TON), known to be developed by the Parov brothers, the founders of Telegram. It has used shard chains to allow mass adoption. It can be used for everyday transactions with its low transaction fees and high speed, which can be used within Telegram for donations and tipping.
By 2030, Toncoin is expected to reach $8.9, which is almost 5% with a market cap of more than $30 billion.
Conclusion
As we approach the year-end, the digital assets, especially the 10 highlighted cryptocurrencies; Bitcoin, Ethereum, Binance Coin, Solana, Cardano, XRP, Dogecoin, Tether, Polkadot, and Toncoin, are expected to reach new heights, promising huge returns to its investors. Each with its definite features adds innovations like dApps, smart Contracts, and DeFi to allow interoperability.
Whether you are a newbie or a long-term investor, keeping an eye on these projects and the market as a whole will equip you with valuable insights into the future of cryptocurrency. However, it is essential to perform proper research and consider market risks before investing, as the crypto market is rapidly evolving and prone to volatility.
