Bitcoin
Which cryptocurrency can surpass Bitcoin in 2024
DR;TL
- Bitcoin remains the dominant cryptocurrency, with widespread adoption and a market value exceeding that of many large corporations.
- Other cryptocurrencies such as Ethereum, Solana and others are seen as possible competitors, with ETH appearing as the main candidate for a potential flippening.
What are the hypotheses?
Bitcoin (BTC) is the undisputed leader in the cryptocurrency market, with a market capitalization of over $1.2 trillion (more than Facebook, Berkshire Hathaway and other well-known companies).
It is also the most recognized name in the digital assets sector and its progress has been more than impressive in recent years. For example, PayPal, Starbucks and AMC Theaters adopted it as a form of payment, while El Salvador made headlines in 2021, becoming the first country to declare it legal tender.
On the other hand, the crypto industry is full of other tokens that have been attracting attention lately and, according to many, offer great opportunities. As such, we decided to ask ChatGPT if any of them can outperform BTC this year.
The popular AI-powered chatbot called Ethereum (ETH) is the main suitor for such a development. He recalled about his transition from proof-of-work to proof-of-stake consensus mechanism (known as The merger), claiming that this change leads to better scalability and lower energy consumption. These benefits could result in wider usage in decentralized applications and eventually an increase in price, ChatGPT concluded.
Solana (SOL) has also been added to the list of assets that have the potential to become BTC this year. “Known for its high throughput and fast transaction speeds, Solana continues to attract a significant number of decentralized applications, especially in decentralized finance (DeFi) and non-fungible tokens (NFTs), which could translate into substantial price movements,” took over the chatbot. .
Other top cryptocurrencies that could counter BTC’s dominance include Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), and more.
XRP Chances
Ripple’s native token – currently the seventh largest in the entire industry, with a market cap of nearly $29 billion – is also likely to make substantial progress this year. However, this possibility depends on numerous essential factors, such as the result of the lawsuit against the US Securities and Exchange Commission (SEC).
The legal battle between the two parties began three and a half years ago and recently entered the trial phase. Curling protected three partial court victories last year, and according to some industry participants, a decisive victory could trigger a massive run for XRP.
ChatGPT agreed with this thesis, estimating that a win for the company could lead to a relisting of XRP on multiple exchanges, possibly increasing its price through increased accessibility and renewed investor confidence.
However, BTC’s flip remains “highly speculative” and will depend on other elements including positive market sentiment, increased adoption, vital partnerships and others, ChatGPT concluded.