In a bull market, you can make money off pretty much any coin. However, some coins tend to offer better results than others while keeping the risk low.
Today, we take a look at reliable coins that have performed excellently in 2023 and give you some reliable investment ideas in case you only recently choose to purchase bitcoin.
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| Which Cryptocurrencies Gained Popularity in 2024?: eAskme |
After reading this post, you should be able to diversify into altcoins that promise high returns on a risk-adjusted basis. Let’s delve in!
Bitcoin (BTC):
Bitcoin saw a rapid increase towards the end of 2020 when it reached an impressive $29.000. However, the coin continued to increase as 2024 only brought more bullish news.
From institutional adoption to global economic instability, it was easy to see why so many people chose to keep their money in the popular cryptocurrency.
With a 70% growth YTD, the popular cryptocurrency has outranked any other popular store of value.
Dogecoin (DOGE):
And while the price of cryptocurrencies like Bitcoin saw growth mainly due to their fundamental strength, other coins grow due to a network effect.
There is no better example than this.
The coin was heavily promoted by Tesla and SpaceX founder Elon Musk and grew in popularity due to its low price.
With many new investors buying the coin as their “second chance” to riches, we saw DOGE pump more than 13.000%. As a result, many are now expecting DOGE to reach a $1 valuation.
Ethereum (ETH):
Ethereum was a late bloomer in this bull market, but the wait was certainly worth it.
With Bitcoin remaining relatively stable since February, the fundamental strength and bullish outlook for Ethereum have helped it outpace Bitcoin.
More specifically, the expected EIP1559 paired with ETH 2.0 has many expert traders thinking about a potential “flippening”, where Bitcoin will lose its thrown to the second most popular cryptocurrency.
Ethereum has grown 420% on a YTD basis and is still 50% below its ATH when looking at the ETH/BTC pair.
Binance Coin (BNB):
The reason behind BNB’s 2000% growth on a YTD scale is its continuous work ethic and community growth.
Binance saw a great opportunity when the rising costs of Ethereum priced out many retail investors from the market and introduced Binance Smart Chain (BSC), a lot cost solution for the development of decentralized applications.
This resulted in BNB taking a significant market share of what would otherwise be investments in Ethereum.
BNB is currently planning to enter the NFT markets and a decision that may propel it to a 4-figure valuation soon.
Ethereum Classic (ETC):
As a result of the explosive growth seen in Ethereum over the past few weeks, Ethereum Classic also attempted to revisit its ATH.
The reason behind the nearly 10x growth on a YTD chart is the interest of new retail investors who wish to find a second opportunity for a quick profit.
Some think that the reason behind ETC’s growth is also partially the fact that ETH is moving into a PoS consensus model, which leaves ETC as the only PoW Ethereum coin.
Polygon (MATIC):
Since MATIC rebranded to Polygon and formed a partnership with Ethereum as the go-to Layer 2 solution to counteract hefty transaction fees, its token has been pumping.
Since January, the coin has clocked nearly 100x growth, and things only seem to be getting started.
Many investors expect the following months as a new “DeFi summer” could quickly propel the coin to new highs.
What is also worth mentioning is the rapid decrease in exchange-stored MATIC over the past few weeks.
At this rate, exchanges could be drained of their MATIC quite soon, leading to a massive increase in the token’s price.
Pancake Swap (CAKE):
PancakeSwap is BSC’s decentralized exchange which has recently grown in popularity due to the high fees of the Ethereum network.
It is somewhat similar to SushiSwap (on Ethereum) and enables users to earn rewards by taking specific actions.
While CAKE started the year at a mere $0,5-$0,6, it is currently ranging between $30-$40 and is expected to grow even further.
Shiba Inu (SHIB):
With DOGE’s success, many developers attempted to create a spinoff to help themselves and their community earn money fast.
SHIB was one of those tokens and managed to grow in popularity fast. This resulted in a Binance listing which further increased its market cap.
However, the developers overlooked one thing: In their attempts to make the project sound more legit, they sent 50% of the supply to Vitalik Buterin, the creator of Ethereum.
Buterin would later sell off the complete amount causing a massive price drop and donating the funds to a COVID-related charity foundation in India.
If you still have any question, feel free to ask me via comments.
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