The most exciting thing about investing in cryptocurrencies is that their value can skyrocket. In 2021, we saw Solana (SOL -0.69%) increase of over 10,000%. Meme token Shiba Inu (SHIB -2.17%) rose by over 40,000,000%.

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Of course, the downside is that prices can drop just as quickly. There’s no guarantee that either Cryptocurrencies are here to stay. But after a long time bearish marketmany major coins have seen a recovery in the second half of 2023, so cryptocurrency investors are cautiously optimistic for 2024 and beyond.

Of course, it is impossible to know which cryptocurrency will be next to boom. However, we can identify some possible candidates by taking advantage of current trends, including artificial intelligence (AI)decentralized apps (dApps) and digital asset trading, as well as some of the largest cryptocurrencies poised to grow even more this year.

Explosive cryptocurrencies

Eight cryptocurrencies will explode in 2024

Here are the cryptocurrencies that could be the cause of a significant bull run:

1 – 3

1. SingularityNET

SingularityNET (AGIX -1.37%) is a blockchain platform that anyone can use to create, share and monetize artificial intelligence services. It provides a global AI marketplace where users can purchase all types of AI services with the AGIX utility token.

THE Boom in artificial intelligence it has been one of the most exciting recent technological developments, both for cryptocurrency and the world as a whole. SingularityNET is well positioned to capitalize on this trend, with a large team of scientists, researchers and AI developers. The platform allows users to easily purchase AI services or develop and sell their own.

SingularityNET was already quite successful early last year, with a price increase of more than 1,300%. It later declined, probably due to some investors taking their profits. However, it could see more success as artificial intelligence and the number of companies using artificial intelligence continue to grow.

2. THORChain

THORChain (RUNE -1.79%) is a decentralized cryptocurrency exchange that operates through an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contracts. Anyone can use THORChain by connecting their blockchain wallet to trade over 5,500 cryptocurrencies.

Centralized cryptocurrency exchanges have had their share of high-profile problems, including the collapse of FTX in 2022. It’s understandable why many investors would want full control of their cryptocurrencies and use decentralized exchanges whenever possible.

While there are many decentralized exchanges available, THORChain stands out due to its industry experience and recent growth. It was founded in 2018, but business started to really pick up towards the end of last year. In November 2023, swap volume was approximately $1 billion per week.

3. Recover.ai

Recover.ai (FET -1.66%) is an artificial intelligence laboratory that allows individuals or organizations to build their own autonomous agents. Agents can then handle real tasks for the user. Agents store data and interact with each other on a blockchain platform so they can collaborate without human interaction.

FET tokens are Fetch.ai’s native cryptocurrency. As such, they are used to make payments on its network. This is another cryptocurrency that has performed well in 2023 thanks to the hype around AI technology. Its value increased nearly 300% towards the end of the year. While that’s a sizable gain, based on the kind of returns other popular projects get, there’s likely still plenty of room to continue growing.

4 – 6

4. Bitcoin

As Ethereum (ET -0.89%), Bitcoin (Bitcoin 0.43%) is already one of the main cryptocurrencies: the superior cryptocurrency, to be exact. While it is certainly not a cryptocurrency set to triple in value, it has had some very positive news for the start of the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETFs on January 10, 2024. There are now 11 Bitcoin ETFs available, and they saw $4.6 billion in trading volume on their first day. SEC approval makes it easier than ever to invest in the market’s largest cryptocurrency and could lead to purchases by more institutional investors Bitcoin.

While all cryptocurrencies are volatile, Bitcoin’s size makes it somewhat safer as it is more likely to stick around. If you’re looking for a relatively low-risk cryptocurrency investment that could perform well in 2024, Bitcoin is worth considering.

5. Coins

Monero (XMR 2.4%) is the best known privacy coin, which means it is a cryptocurrency with anonymous and untraceable transactions. It uses privacy-enhancing technology to keep the sender, recipient and amount of each transaction hidden.

This coin has been around since 2014, a long time in a market that moves as quickly as the cryptocurrency market. It is an attractive investment now due to the increasing regulation of cryptocurrencies in many countries, including the United States.

There are many people who want to keep their cryptocurrency transactions private, especially as regulations become stricter. This gives Monero a clear use case and makes it an ambiguous choice for a cryptocurrency that could see continued success.

6.Six

Six (SIX -0.99%) aimed to bring financial markets to the blockchain. It was co-founded by Jayendra Jog, previously a software engineer at Robin Hood (HOOD 3.0%) and Jeff Feng, who had experience at Goldman Sachs (GS -0.57%).

Sei is designed for trading digital assets and is compatible with the Ethereum Virtual Machine (EVM). While it’s still in its early stages, having only launched in 2023, it has built a strong team with 28 full-time developers so far.

It’s always promising when a cryptocurrency has a clear problem it aims to solve, as Sei does with blockchain-based financial trading. The technology behind it is also impressive, with its twin-turbo consensus allowing for near-instantaneous operation.

7 – 8

7. Ave

Aave (AAVE -1.71%) is a decentralized finance (DeFi) lending protocol and platform. It allows users to lend and borrow cryptocurrency. Everything is done with smart contracts, so no middleman is required. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies, such as Bind (USDT 0.02%) e COME ON (COME ON -0.06%). One reason why Aave could be a long-term winner is this, as well as crypto loanhas expanded into real-world resources, partnering with Centrifuge.

As part of this partnership, Aave has created a real-world asset (RWA) marketplace that allows companies to tokenize parts of their assets. Investors can purchase the tokens offered by such companies and the issuers of the tokens can then do so borrow stablecoins against their assets.

8. Ethereum

At first sight, Ethereum it might seem out of place here. It’s far from under the radar. It has been the second largest cryptocurrency for years, so most cryptocurrency investors are familiar with it.

While we are likely past the point where Ethereum rises 10,000%, it still has serious growth potential. It was the first blockchain to offer smart contracts, which developers can use to create dApps. Ethereum’s first-mover advantage has given it a considerable advantage over similar competitors.

Ethereum has gone through the long-awaited change in a Stake test system in September 2022, significantly improving its energy efficiency. The update also means that you can now bet on Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptocurrencies. There are also several interesting ones Ethereum Stocks worth considering adding to your portfolio.

Investment related topics

Should I invest?

Should you consider investing in the next cryptocurrency to explode?

It’s tempting to try to find the next big cryptocurrency. While you could potentially get incredible returns this way, it is also difficult, time-consuming, and extremely risky.

To begin with, you will have to look for cryptocurrencies outside of the market leaders. Smaller cryptocurrencies have greater growth potential but are also more likely to fold, so there is a greater chance of losing your entire investment. To balance it out, you may want to invest some of your money cryptocurrency stocks or large-cap coins.

Finding those smaller cryptocurrencies takes time. And even if a project seems certain to win, anything could happen in the cryptocurrency market. Your carefully thought-out investment may go nowhere, while a virtually useless cryptocurrency goes to the moon just because it has Shiba Inu or Dogemoneta (DOGE -2.46%) in its name.

Following cryptocurrency trends or trying to predict them are not good investment strategies. There’s nothing wrong with trying, but keep your expectations – and the amount you invest – very low.

What is the next cryptocurrency that will explode in 2024? Frequent questions

Which cryptocurrency will boom in 2024?

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Cryptocurrencies that could explode in 2024 include SingularityNET and Fetch.ai, both of which could benefit from the popularity of artificial intelligence. Bitcoin is another cryptocurrency that could be poised for a strong performance in 2024, thanks to the SEC’s approval of Bitcoin ETFs.

Which cryptocurrency is most likely to explode?

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The cryptocurrency most likely to explode is SingularityNET, a platform for creating, sharing and monetizing artificial intelligence services.

Which currency will skyrocket in 2024?

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One coin that could skyrocket in 2024 is Fetch.ai. It allows users to create their own AI agents and was on the rise in late 2023.

Lyle Daly has positions in Bitcoin, Ethereum, Solana and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Fetch, Goldman Sachs Group, and Solana. The Motley Fool recommends Monero and Thorchain. The Motley Fool has a disclosure policy.

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