Explore the potential of new cryptocurrencies in 2024 to see and discover narratives that could flourish in this upcoming surge.
Bitcoin (BTC) has risen more than 150% over the past 12 months. According to BlackRock, the industry-wide expectation of a Bitcoin ETF and trillions of dollars in margin investor capital has added to the thesis of an interesting 2024 crypto market bull cycle.
Total value locked (TVL) in decentralized finance (defi) has also grown, rising from about $38 billion at the start of 2023 to more than $54 billion heading into the year. Despite this jump, Defi's TVL is still several levels below its 2021 peak of north of $179 billion, per DefiLlama.
This means that new cryptocurrencies to be launched in 2024 could benefit from significant liquidity and interest as individual and institutional investors return to digital asset markets. A rebound in blockchain activity could also indicate that new cryptocurrencies are preparing to enter the market, joining the more than 9,000 existing virtual currencies.
This article will look at three new cryptocurrencies worth watching and three narratives that are likely to gain traction amid the growing excitement around cryptocurrencies. We chose these projects because they have already built communities, raised millions in funding from reputable venture capitals, attracted thousands to millions of followers, and most of them have confirmed token launch plans for 2024.
Zero layer (ZRO)
Launched in September 2021 by LayerZero Labs, LayerZero is a cross-chain messaging protocol that allows developers to build applications that run across multiple decentralized networks. This promotes improved liquidity and utility for users. Several protocols are built on LayerZero technology, including Stargate Finance and Radiant Capital, which boast a combined TVL of over $600 million.
LayerZero has also raised around $250 million in several funding rounds and now has a market cap of $3 billion, adding to community optimism about the token launch and rewards for early adopters. This can often translate into demand for newly launched cryptocurrencies.
The Vancouver-based multi-chain protocol has announced plans to launch its ZRO token in the first half of 2024. An airdrop has been included in the rollout strategy, with LayerZero being backed by some of the largest cryptocurrency-focused investment firms such as Andreessen Horowitz (a16z). , and Circle. Ventures, OKX Ventures, and Sequoia.
Additionally, being the first to move in this space could give LayerZero an advantage over other projects and new cryptocurrencies emerging in the cross-chain messaging ecosystem.
zkSync is an Ethereum-based scaling solution built on zero-knowledge technology. Blockchain infrastructure, commonly called pools, carries out transactions outside the Ethereum (ETH) mainnet to relieve network congestion and offer cheaper gas fees.
This second layer network was launched in February 2023 by Matter Labs, which raised $458 million. $200 million of this increase is allocated to zkSync adoption. While the project has not officially announced when its token will be listed, a pricing page on CoinMarketCap has added to speculation about the upcoming launch.
Over $500 million in TVL and zkSync funding positions the L2 Network as one of the major new cryptocurrencies that could debut in 2024. The protocol also holds a 3.3% market share among L2s, behind Coinbase's Base, Optimism, and Arbitrum, per l2beat Just.
Another new cryptocurrency to watch out for is StarkNet's STRK, which already has a token contract published on the Ethereum blockchain. Israel-based blockchain company StarkWare Industries launched its Layer 2 network in February 2022 and has since attracted $36.85 million from TVL.
In December, StarkNet announced a major token distribution program and incentives to drive adoption. This confirmed the network's intention to launch a token, an event expected by April 2024.
Furthermore, StarkNet's plan to distribute more than 1.8 million STRK tokens could stimulate interest in the token, perhaps earning it a place as a new listed currency on top-tier exchanges.
Hot novels for New encryptions for viewing
While the above three tokens fall under the L2 category, which typically attract hundreds of millions in trading volume after the launch of new cryptocurrencies, new cryptocurrencies are likely to emerge in a basket of sectors, giving buyers and investors opportunities to choose from.
Identifying narratives during market cycles is a key skill required to optimize capital and secure gains. Here are three novels you should look to to find new crypto projects.
Real World Assets (RWAs)
RWAs exist by adding digital versions of traditional financial instruments such as real estate to a blockchain network. This process is called encryption and is one of the primary use cases of encryption technology.
The industry has also grown in recent months, with its market cap exceeding $2 billion, per Coingecko.
Encrypted artificial intelligence
The intersection between cryptocurrencies and artificial intelligence has turned into a $9 billion digital asset ecosystem that is poised to experience further growth due to increasing chatter around artificial intelligence and blockchain assets.
The top five AI crypto tokens are up over 500% each throughout 2023, promoting the category as a prime location to find new cryptocurrencies to watch.
The global blockchain gaming scene is seeing an upward trend, with the market expected to reach $614 billion by 2030. Web3 users also believe that 20% of games, overall, will adopt blockchain technology in some capacity, a move that could attract billions in investment. . In gamefi.
Coingecko has put the total market cap of the gamefi market at $18 billion, leaving massive growth on the table and room for new cryptocurrencies if the blockchain gaming industry lives up to expectations.
Investors may often have difficulty finding new cryptocurrencies early or identifying which new cryptocurrencies have the most potential since the digital asset landscape is inherently fast-paced. However, there are dedicated platforms where users can search for tokens and find coin usage data and metrics.
Some of these tools include Coingecko, CoinMarketCap, Dextools, Dexscreener, DefiLlama, Dune Analytics, Etherscan, and TradingView. Most of these platforms are free to use, while others offer paid versions with additional features to help users find new cryptocurrencies to watch and what new cryptocurrencies could explode in 2024.
Opportunities are likely to abound as bullish sentiment engulfs cryptocurrency markets and retail investors once again deploy capital into risky assets. A potential spot Bitcoin ETF is also boosting institutional demand and acting as an endorsement, said Ark Invest's Cathie Wood.
In this cycle, investors must manage their risks and remain vigilant to avoid scams. Also, don't forget to DYOR (do your own research) when planning new cryptocurrencies to watch.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.