New Cryptos to Watch in 2024: Potential Narratives and Market Growth
Discover the potential of new cryptocurrencies launching in 2024 and explore the narratives that could drive their success in the upcoming bull run.
Bitcoin (BTC) has experienced significant growth, increasing by over 150% in the past year. The anticipation of a spot Bitcoin ETF and the influx of sidelined investor capital have contributed to a promising bull cycle thesis for the crypto market in 2024, according to BlackRock.
The decentralized finance (defi) sector has also seen growth, with its total value locked (TVL) rising from around $38 billion to over $54 billion. While this is still below its peak in 2021, it indicates potential liquidity and attention for new cryptocurrencies launching in 2024 as investors return to digital asset markets.
LayerZero (ZRO)
LayerZero is a cross-chain messaging protocol that enables developers to build applications across multiple decentralized networks. Several protocols, including Stargate Finance and Radiant Capital, are already built on LayerZero’s technology, boasting a combined TVL of over $600 million.
The protocol has raised approximately $250 million in funding and has a market valuation of $3 billion. LayerZero plans to launch its ZRO token in the first half of 2024, backed by reputable venture capitals like Andreessen Horowitz and Sequoia. Its early adoption and support from major investors give it a competitive advantage in the cross-chain messaging ecosystem.
zkSync Era
zkSync is an Ethereum-based scaling solution that operates off Ethereum’s mainnet using zero-knowledge technology. It aims to reduce network congestion and lower gas fees by executing transactions on layer-2 networks known as rollups.
Launched by Matter Labs, zkSync has achieved a TVL of over $500 million and has raised $458 million in funding. While no official token launch announcement has been made, the project’s presence on CoinMarketCap suggests an upcoming launch. Its position as one of the major layer-2 networks and its market share give it potential as a new cryptocurrency to watch in 2024.
StarkNet (STRK)
StarkNet’s STRK coin is another new digital currency with a token contract deployed on Ethereum’s blockchain. The Israeli-based blockchain firm, StarkWare Industries, launched the layer-2 network and has attracted a TVL of $36.85 million.
In December, StarkNet announced plans for a large token distribution program and incentives to drive adoption. The network intends to launch its native token by April 2024, potentially leading to listings on tier 1 exchanges. With its distribution program and growing interest, StarkNet could be a promising addition to the list of new cryptocurrencies in 2024.
Hot Narratives for New Cryptos to Watch
While L2 tokens like LayerZero, zkSync, and StarkNet offer potential opportunities, there are other sectors with emerging narratives that could drive the success of new crypto projects:
Real World Assets (RWAs)
Tokenization of traditional financial instruments like real estate onto blockchain networks has gained traction as a primary use case for cryptocurrencies. This industry has surpassed a $2 billion market cap, presenting opportunities for new cryptocurrencies related to real-world assets.
Crypto AI
The intersection between cryptocurrencies and artificial intelligence has created a $9 billion digital asset ecosystem. With increasing interest in AI and blockchain assets, this sector offers potential growth and opportunities for new crypto coins.
Gaming
The blockchain gaming industry is experiencing growth, with the market size projected to reach $614 billion by 2030. As more games adopt blockchain technology, billions in investments could flow into this sector. With a current market cap of $18 billion, there is room for new cryptocurrencies to enter the gaming market.
Helpful Tools
Investors looking for new crypto coins can utilize various platforms and tools to research tokens and analyze data and metrics. Platforms like Coingecko, CoinMarketCap, and Dextools provide valuable insights to aid in finding promising new cryptos to watch in 2024.
Conclusion: Opportunities and Risk Management
The upcoming bull run presents opportunities for new cryptocurrencies to thrive. However, investors must remain vigilant against scams and conduct thorough research (DYOR) before investing. The endorsement of a spot Bitcoin ETF by institutions adds further credibility to the crypto market’s growth potential in 2024.
Disclosure: This article does not constitute investment advice. The content provided is for educational purposes only.
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