The cryptocurrency winds have shifted — after a long crypto winter, the market is thawing out. Many top cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) have seen strong gains recently as investor sentiment turns bullish again. With 2024 less than a week away, now is the perfect time to take positions in cryptos before the next bull run kicks into high gear.

In this article, I’ll be focusing on bigger market-cap coins instead of the small-cap gems I usually cover. While those microcap altcoins can provide exciting returns, they should only ever make up a tiny portion of your crypto allocation. The majority belongs to proven large-cap coins with real-world utility. As many new investors enter the crypto space, I want to focus on projects that balance significant upside potential with lower risk profiles.

Over the next year, several key developments could act as catalysts to send top cryptocurrencies soaring to new all-time highs. Upgrades to major blockchain networks, increasing real-world adoption, and growing Wall Street interest are just some of the drivers that could stoke major bull runs across crypto assets, old and new alike. By investing now, savvy holders position themselves advantageously to ride the next upward wave. Let’s take a closer look!

Bitcoin (BTC-USD)

As the original cryptocurrency, Bitcoin has always been my number-one pick leading up to any potential bull market. With its capped supply of 21 million and deflationary properties, BTC simply has the best risk-to-reward profile for long-term crypto investing. Several vital developments make 2024 an especially exciting year for Bitcoin.

First, we could finally see the approval of a Bitcoin ETF in the U.S. Allowing the public stock market to invest in BTC would be an absolute game-changer in terms of mainstream adoption. Wall Street and retail investors could gain exposure without holding crypto directly. Given the surging interest in Bitcoin, an ETF could attract a tidal wave of capital inflows.

Additionally, 2024 brings Bitcoin’s next halving event. By slashing the block rewards in half, supply tightens dramatically while demand continues increasing exponentially. Previous halvings catalyzed massive bull runs, and I expect 2024s to do the same. With the Fed forecasted to reverse course and cut rates within the next 12 months, the stage is set for Bitcoin to potentially eclipse its former all-time highs.

Ethereum (ETH-USD)

While Bitcoin takes the top spot for its digital gold narrative, Ethereum earns its place as my number two crypto pick for its unrivaled utility. What Bitcoin lacks in functionality, Ethereum provides.

As the home of smart contracts and Web 3.0 development, hundreds of projects are built on Ethereum’s backbone. Use cases span decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse worlds and far beyond. Real-world adoption continues to accelerate as both startups and enterprises launch Ethereum-based applications.

With ambitious network upgrades in the works, Ethereum is set on dramatically improving speed and scalability. Though it may never reach the efficiency of lower-cost blockchains, Ethereum compensates by being the most feature-rich and time-tested option. Hype invariably concentrates around Ethereum ecosystem coins. We saw this vividly early last year as meme coins, DeFi tokens and NFT plays erupted. As the next bull run ignites, Ethereum’s thriving ecosystem should drive an upside that significantly outpaces Bitcoin.

Solana (SOL-USD)

Dubbed an “Ethereum killer,” Solana (SOL-USD) earns the third spot on my list for its composable approach to Web 3.0 infrastructure. With decentralized app development surging, Solana presents a high-performance alternative to Ethereum.

Solana boasts 50,000 transactions per second at rock-bottom fees and has raw speed and scalability that outpaces its rivals. Costing just a fraction of a penny per transaction, developers save tremendously building on Solana compared to Ethereum. This powerful value proposition makes SOL a go-to blockchain for launching new products and services.

Nevertheless, Solana’s Achilles’ heel lies in its lingering stability issues. Network outages last year tarnished trust in Solana’s robustness. Rival blockchains have had far fewer service disruptions historically. Investors want reliability during peak congestion periods before investing more in Solana.

Still, should Ethereum get overloaded with demand again amidst the next bull frenzy, hungry developers may migrate en masse to Solana. Its throughput potential remains unmatched while keeping fees dirt cheap. These strengths could drive SOL to new highs as users prioritize speed and cost over decentralization concerns. For risk-tolerant traders, Solana offers exciting upside.

Avalanche (AVAX-USD)

As congestion throttles Ethereum and Solana during peak demand, developers often turn to Avalanche (AVAX-USD) for its speed and low fees. Clocking over 4,500 transactions per second (over 143,000 in a recent testnet breakthrough) with sub-second finality, AVAX can handle immense throughput. Transaction fees average a tiny fraction of a penny, saving builders tremendous overhead costs.

Avalanche endured some hiccups tied to a system bug last year, sparking concerns over the network’s reliability. However, the core protocol appears sturdy now, and significant upgrades should reinforce resilience and security. With abundant room for expanding its burgeoning DeFi, NFT, and blockchain gaming activity, Avalanche looks ready to capture excess demand.

Render Token (RNDR-USD)

As AI proliferation accelerates, crypto projects enabling machine learning hold great appeal. Render Token (RNDR-USD) and its GPU compute network present a clever solution – decentralizing the power-hungry rendering required for 3D graphics and video projects.

By tapping idle GPU resources of network participants, Render offers a much cheaper alternative to centralized cloud services. Render Node operators earn RNDR for contributing hardware, while developers/companies save cash on intensive rendering jobs. It’s a win-win system with a huge TAM among visual effects and CAD design firms.

With over 2.36 million frames rendered in Q3 and surging monthly demand, Render’s real-world utility is gaining strong traction. As profits flow to node operators, additional devices should come online, strengthening the network. This virtuous cycle effect means Render can scale efficiently to meet the rendering needs of multi-billion dollar industries like gaming/metaverse and automotive design.

If you believe in the mass growth of AI, big data, IoT and other burgeoning technologies, Render Token seems like a great bet.

Aleph Zero (AZERO-USD)

Dubbed the “Solana Killer,” this project offers blistering speed and high throughput like its eponymous rival. But unlike Solana, Aleph Zero (AZERO-USD) prioritizes reliability — helping partially rectify blockchain’s trilemma dilemma. Its novel design facilitates ~100,000 transactions per second and sub-second finality. However, it does still lack decentralization as it only has 131 validators.

As rising gas fees induce developer frustration on Ethereum again, Aleph Zero stands ready to capture disillusioned builders. It contains almost everything developers need — an EVM optimizer to port Ethereum dApps easily, SDKs for coding dApps in various languages, NFT-minting functionality and more. The network even offers access to other ecosystems via bridges.

While risks exist until tangible adoption materializes, Aleph Zero appears greatly undervalued relative to its vast long-term potential. If Solana instability resurfaces or Ethereum congestion boils over, expect Aleph Zero to post outsized gains as the premier alternative for Web 3.0 development.

Polygon (MATIC-USD)

As interest surrounding Ethereum’s scaling solutions intensifies, Polygon (MATIC-USD) remains the pacesetter. Instead of handling transactions off-chain, Polygon shards Ethereum to bolster speed and reduce fees substantially while retaining security.

Unlike rivals, Polygon’s standout advantage is its zkEVM tech, which allows Ethereum developers to port dApps to Polygon with almost no code changes. Imagine instantly upgrading your Ethereum dApp to handle significantly more transactions with 90% cheaper fees — that’s the proposition Polygon delivers.

With several high-profile partnerships and thousands of dApps migrated onto its network, Polygon continues cementing its status as Ethereum’s go-to layer-2. As Ethereum upgrades progress but likely fail to solve congestion and cost issues fully, demand for solutions like Polygon will only amplify through the next bull market.

On the date of publication, Omor Ibne Ehsan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.