2024 Could Witness New Altcoins Getting Into The Mainstream
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By PAGE Editor
Published on reveriepage.com
Welcome to the dynamic realm of finance, where digital currencies have made a reputation for themselves of being the true example of how fast blockchain-based projects evolve. As investors, it's opportune and prudent to understand the trajectory of these digital assets and identify those that could bring you a profit. In 2023, many cryptocurrencies have witnessed growth due to more regulatory clarity, tech improvements, and organizations' increasing adoption of cryptocurrencies. And while many people prefer to buy Bitcoin online, seasoned investors know that altcoins could also bring significant earnings when traded accordingly.
Bitcoin and Ethereum will remain the most popular cryptocurrencies on the market, mainly due to their market capitalization and increased adoption among institutional users. However, altcoins have also started to draw attention lately due to the potential earnings they could trigger.
This article discusses some distinctive projects that reflect the continuous evolution of blockchain technology.
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Polkadot
Many investors aren't surprised that Polkadot is one of the front runners when we're speaking about emerging cryptocurrencies that could enter the mainstream in 2024. It was developed by Gavin Wood, one of the co-founders of Ethereum, who wanted to bring a blockchain tool that facilitates interoperability between different ecosystems.
Polkadot enables the transfer of assets between networks and communication between chains and could solve one of the biggest issues in the sector. It relies on a unique algorithm, Nominated Proof-of-Stake, and has a parachain that directly impacts its security and scalability. Polkadot promises to provide blockchain users access to an interconnected and decentralized web, so it's no wonder that it has gained investors' and developers' attention.
Cardano
Cardano is an altcoin with a high market capitalization, created to provide blockchain users with an interoperable, sustainable, and efficient network they can use when they want to execute smart contracts or run decentralized apps. It's a secure platform that facilitates the creation and execution of dApps and smart contracts. It's listed among the altcoins that could get into the mainstream in the following months because it addresses blockchain problems like sustainability, interoperability, and scalability. Many blockchains are troubled by these issues, but Cardano promises to make an exception.
Cardano has often been described as a polarizing project with a supportive community. However, it has numerous competitors, as the altcoins market is quite extensive. Since developers prefer a deep research approach, they take longer than other teams to make ecosystem upgrades. It shouldn't deter you because this could only make the cryptocurrency more resilient in the sector.
Chainlink
It's time to talk about a project that has been making waves in the sector over the last few years thanks to its innovative decentralized oracle network. Oracles are critical in creating a connection between smart contracts and real-world data. This platform has adopted a decentralized approach that guarantees reliability and security in data feeds, which makes it a valuable addition to any investment portfolio.
Smart contracts have grown in importance in all sectors; hence, the need for an unfailing oracle is higher than ever.
Chainlink could enter the mainstream in 2024 because it has already signed partnerships with Swift and Google and has become a pillar in the decentralized Oracle ecosystem. As more organizations start using smart contracts, they'll also start looking for oracles like Chainlink to make their process easier.
Polygon
Polygon is part of the layer two category of altcoin and has a high market capitalization. It was developed to provide solutions to Ethereum's scalability issue. It was first known as Matic Network but the developers have rebranded the platform and have transformed it into a network that enables the creation of Ethereum-compatible blockchains. Due to its interoperable nature, it allows networks to communicate. Developers can design Ethereum-compatible decentralized apps that can be deployed on the Polygon ecosystem.
Polygon has been promoted as a solution that improves user experience, cuts down transaction fees, and boosts scalability on Ethereum. Considering that users are ardently asking for Ethereum to bring scalability solutions, Polygon's interoperability makes it one of the first contenders to enter the mainstream.
Dogecoin
Who would have thought that a meme coin would survive and thrive in the competitive crypto market? But since Elon Musk announced that he will introduce it as a payment standard, it has gained more incredible popularity among investors.
Dogecoin was developed as a parody of Bitcoin, but due to its mascot, a Shiba Inu dog, and friendly community, it has accumulated more supporters. People invest in Dogecoin because they find it humorous but don't really expect it to bring them any profit.
While the project lacks outstanding fundamentals, it has registered a great performance during bull markets, and chances are to do it again.
Tezos
Tezos is another unique project in the crypto sector because it has a self-amending blockchain that facilitates network upgrades. It was created to evolve without hard forks, making it stand out among the other altcoins. Tezos has an innovative governance model that motivates its community to propose and vote for network changes and ensures it quickly adapts to the market's requirements.
Tezos aims to provide blockchain users access to a future-proof blockchain where they can develop and use smart contracts, decentralized applications, and tokenized assets.
Thorchain
The last altcoin we included in this list is less popular than the others, as its medium market capitalization shows, but it has the power to revolutionize Web3. It has been developed to solve one of the biggest issues in the blockchain space, the unreliable trade of digital assets between independent blockchains. However, its purpose is challenging to achieve, and therefore, the network will need quite some time to deliver.
Thorchain is listed as one of the blockchains that have increased transparency and security. Hence, it promises to prevent bridge hacks when assets are swapped between blockchains.
Last words
As we're getting ready to navigate the crypto industry in the new year, it's crucial to keep an eye on the altcoins with the potential to enter the mainstream. They make worthy contenders to become investment portfolio additions.
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