“A rising tide lifts all boats.” This is the saying investors should remember as we witness the ongoing bull run for the crypto market, with Bitcoin (BTC-USD) taking us all along for the ride. All other crypto coins and tokens have a strong correlation with BTC. However, some cryptos to watch are better poised for liftoff than others. These are the cryptocurrencies ready for a revival in 2024.
In this article, I’ll detail three cryptocurrencies that could surge especially strongly as the rally unfolds. These crypto assets once had their time in the spotlight but have since been eclipsed by newer projects that promised more to investors. However, interest could return to these names as liquidity floods back to risk assets such as cryptocurrencies.
So here are three cryptos to watch for this year’s rally.
Cardano (ADA-USD)
Cardano (ADA-USD) is a proof-of-stake blockchain platform that aims to provide a more secure and scalable infrastructure than its alternatives. It is one of the cryptocurrencies ready for a revival.
The question on the minds of most ADA bulls is if it will pierce the crucial $1 psychological level.
In the short term, it looks like ADA could be heading in the direction the bulls’ hope. A group of whales was observed purchasing 100 million ADA during its most recent dip to 56 cents, suggesting a belief in its potential for a near-term price rebound.
More broadly, this significant buying activity may also signal that the institutions or prominent private investors believe ADA will have the potential to surge much higher.
It may also be reassuring to hear that all is not just hype with ADA. Some significant ecosystem developments have supported a higher price for the coin. Notably, it’s moving towards a fully-decentralized governance structure under the final phase of its roadmap, Voltaire. It’s also launching a range of sidechains and partnerchains to improve the network’s privacy, tokenomics and consensus logic.
Given the interest displayed by the bulls and its improving network fundamentals, ADA is surely one of those cryptos to watch.
Polkadot (DOT)
Polkadot (DOT-USD) is a network that allows different blockchains to transfer messages and value trust-free. A way of thinking about DOT is that it allows multiple blockchains to work together and improve the net value to investors and network users.
Like with ADA, I feel there’s also a good chance for DOT to surge higher amid some promising developments. Already, the coin is up more than 35% over the past month.
A main drawcard for the network is that its NFT ecosystem, while relatively new compared with other networks, is thriving. Furthermore, a new proposal (OpenGov Referendum 377) aims to expand native NFT capabilities and improve newcomer onboarding within Polkadot’s Asset Hub. It’s speculated that the proposal will significantly improve its features in minting new NFTs and its overall modularity and user documentation.
With a market cap of around $9.5 billion, DOT is the 11th most-capitalized asset on CoinMarketCap. It then has the ability. It may then have more explosive growth potential compared to more mature networks like Bitcoin and Ethereum (ETH-USD). This then makes it one of those cryptos to watch.
Chainlink (LINK)
Chainlink (LINK-USD) is a decentralized oracle network that aims to connect smart contracts with data from various sources.
LINK was once one of the most talked-about networks just a few years ago but has since fallen out of favor. It once traded for a peak price of $48 but now trades hands at only a fraction of that amount at $14. Still, it’s the fourteenth most-capitalized asset on CoinMarketCap.
Some analysts believe that LINK is in the process of undergoing a massive rally.
Some analysts believe that LINK could soon undergo a massive rally. Its bull pennant formation suggests a potential rally to $34 if the $17 resistance is breached. A bullish surge in volume also helps confirm the upside thesis. The analyst also noted a decrease in supply on exchanges and an increase in supply outside exchanges. All of these are bullish signs for LINK.
For these reasons, I feel that LINK is one of those cryptos to watch. If you are looking for cryptocurrencies ready for a boom, check out these picks.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
