Within the aftermath of the April halving, Bitcoin (BTC 0.17%) has understandably been the focal point for crypto traders. Bitcoin has traditionally rallied within the early levels of a halving cycle, and traders view the present interval as a incredible time to purchase Bitcoin earlier than it doubtlessly goes parabolic.

However do not forget about altcoins. These, too, are likely to carry out very nicely after any Bitcoin halving, given {that a} rising Bitcoin price tends to ship all the crypto market larger. As they are saying, a rising tide lifts all boats. With that in thoughts, here is a more in-depth take a look at a handful of cryptocurrencies that might soar in worth in 2024.

Layer 1 blockchain networks

As a place to begin, think about Layer 1 blockchain networks. These embody large market cap names akin to Ethereum (ETH -1.68%), Solana, and Avalanche, in addition to a handful of smaller, extra nimble rivals akin to Aptos and Sui. All of those at the moment rank among the many prime 50 cryptocurrencies by way of market cap, with Ethereum being the clear market chief with a whopping $460 billion valuation.

The explanation why these Layer 1 blockchains have an excellent probability to outperform the market is that they’re the constructing blocks of the blockchain financial system. Consider any key blockchain area of interest — akin to decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, or the metaverse. All of those are constructed on prime of Layer 1 blockchains. Consequently, any crypto bull market rally might raise all of those segments concurrently. The breakout could possibly be large, given how crushed down a few of these sectors had been through the “crypto winter” of 2022.

Whereas there are various choices right here, my private choice is for simply three of those Layer 1 blockchains: Ethereum, Solana, and Sui. Ethereum is the 800-pound gorilla on this house. Solana is a much-touted “Ethereum killer.” And Sui is the “Solana killer.” So, you’ll be able to make investments out there chief or an up-and-coming rival. The selection is yours.

AI crypto tokens

Usually, the Bitcoin halving results in what crypto traders seek advice from as “altcoin season.” As traders search out larger returns, they begin to settle for extra threat. That is when small, little-known cryptocurrencies can explode out of seemingly nowhere and dramatically outperform Bitcoin.

You probably have a giant threat urge for food, then you definately may need to think about AI crypto tokens. Merely put, these are cryptocurrencies which can be extremely leveraged to the present increase in synthetic intelligence. With that in thoughts, my two prime picks listed here are Render (RNDR 3.30%) and Fetch.ai (FET 2.62%).

For the 12 months, Render is already up a staggering 120%. Render is especially enticing as a result of it’s half of a bigger development for synthetic intelligence generally known as “GPU Compute.” This refers back to the immense computing energy wanted for superior AI tasks. And that is what Render supplies. Customers pay within the Render token for entry to decentralized GPU computing energy positioned everywhere in the world. And this GPU computing energy, as is perhaps anticipated, is usually powered by Nvidia. For that motive, Render has already been known as “the Nvidia of crypto.”

Fetch.ai, up 230% for the 12 months, is one other wager on the way forward for AI. Fetch.ai refers to itself as an “open, permissionless, decentralized machine learning network with a crypto economy.” In brief, it is each a market and a platform the place you should utilize the Fetch.ai token to pay for all issues AI-related, from information units to giant language fashions (LLMs), in addition to AI bots and AI brokers.

From my perspective, Fetch.ai is especially related for firms seeking to advance their AI initiatives. As a substitute of ranging from scratch, they’ll “fetch” all their AI sources from one place. As a proof of idea, Fetch.ai just lately partnered with Bosch and Deutsche Telekom on a brand new AI platform for the business.

Give attention to the long-term

As greatest as doable, traders ought to preserve their give attention to the long run. If issues go in response to plan, the Bitcoin halving might kick off one more spherical of progress for blockchain and crypto. So, give attention to cryptos constructed for the lengthy haul.

Since Layer 1 blockchain networks are the constructing blocks of the blockchain world, they arguably have the best long-term enchantment. And when you suppose that AI has a vibrant, shining future forward, then getting in early on AI crypto tokens might repay large later.

However simply keep in mind — investing in any of those cryptocurrencies might be unstable and extremely dangerous. Proceed with warning and all the time do your personal due diligence.