The most interesting thing about investing in cryptocurrencies is that their value can skyrocket. In 2021, we saw Solana (SUN 1.44%) increased by more than 10,000%. meme token Shiba Inu (SHIB -1.76%) shot up over 40,000,000%.

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Of course, the downside is that prices can fall just as quickly. There is also no guarantee that cryptography is here to stay. But after a long bear marketMany major coins rebounded in the second half of 2023, so crypto investors are cautiously optimistic for 2024 and beyond.

Obviously, it is impossible to know which cryptocurrency is close to booming. However, we can choose some possible candidates by capitalizing on current trends, including artificial intelligence (AI)decentralized applications (dApps) and digital asset trading, as well as some of the biggest cryptocurrencies in a position to grow further this year.

Explosive cryptocurrencies

Eight cryptocurrencies will explode in 2024

Here are the cryptocurrencies that could be subject to a significant bull run:

1 – 3

1. SingularityNET

SingularityNET (AGIX 0.65%) is a blockchain platform that anyone can use to create, share and monetize AI services. It provides a global AI marketplace where users can purchase all types of AI services with the AGIX utility symbol.

O AI boom has been one of the most exciting recent technological developments, both for cryptocurrency and the world as a whole. SingularityNET is well-positioned to capitalize on the trend, with a large team of AI scientists, researchers, and developers. The platform makes it easy for users to buy AI services or develop and sell their own.

SingularityNET was already quite successful at the beginning of last year, with its price increasing by more than 1,300%. It later declined, probably due to some investors taking their profits. However, it could be more successful as AI and the number of companies that use AI continue to grow.

2. THOR Chain

THORChain (RUNE 0.43%) is a decentralized crypto exchange that operates via an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contracts. Anyone can use THORChain by connecting their blockchain wallet to trade over 5,500 cryptocurrencies.

Centralized cryptocurrency exchanges have had their share of high-profile problems, including the collapse of FTX in 2021. It’s understandable that many investors want full control of their cryptocurrencies and use decentralized exchanges when possible.

While many decentralized exchanges are available, THORChain stands out for its experience in the space and recent growth. It was founded in 2018, but business really started to pick up late last year. As of November 2023, it has about $1 billion per week in swap volume.

3. Buscar.ai

Search.ai (FET 1.86%) is an AI laboratory that allows individuals or organizations to build their own autonomous agents. Agents can then handle real-world tasks for the user. Agents store data and interact with each other in a blockchain platform so they can collaborate without human interaction.

FET tokens are Fetch.ai’s native cryptocurrency. As such, they are used to make payments on your network. This is another cryptocurrency that has performed well in 2023 due to the excitement surrounding AI technology. Its value increased by almost 300% at the end of the year. While it’s a considerable gain, based on the types of returns other popular projects have seen, there’s probably still plenty of room to continue growing.

4 – 6

4. Bitcoin

As Ethereum (ETH -0.83%), Bitcoin (Bitcoin 1.24%) is already one of the main cryptocurrencies – the main cryptocurrency, to be exact. While it is certainly not a dark horse crypto that will triple in value, it has brought some very positive news to start the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETFs on January 10, 2024. There are now 11 Bitcoin ETFs available and they recorded $4.6 billion in trading volume on the first day. SEC approval makes investing in the market’s biggest cryptocurrency easier than ever and could lead to more institutional investors buying in Bitcoin.

While all cryptocurrencies are volatile, Bitcoin’s size makes it a little safer as it is more likely to stick around. If you are looking for a comparatively low-risk crypto investment that could perform well in 2024, Bitcoin is worth considering.

5. Monero

Monero (XMR 3.47%) is the best known privacy coin, which means it is a cryptocurrency with anonymous and untraceable transactions. It uses privacy-enhancing technology to keep the sender, recipient, and amount of each transaction hidden.

This coin has existed since 2014, a long time in a market that moves as quickly as cryptocurrency. It is an interesting investment right now due to the increased regulation of cryptocurrencies in many countries, including the United States.

There are many people who want to keep their cryptocurrency transactions private, especially as regulations become stricter. This gives Monero a clear use case and makes it a dark horse pick for a cryptocurrency that could see continued success.

6. I know

Know (KNOW 3.83%) aims to bring financial markets onto the blockchain. It was co-founded by Jayendra Jog, a former software engineer at Robinhood (HOOD 1.82%), and Jeff Feng, who had experience in Goldman Sachs (GS -0.34%).

Sei was developed for digital asset trading and is compatible with the Ethereum virtual machine (EVM). Although it is still in the early stages, having only launched in 2023, it has built a strong team so far with 28 full-time developers.

It’s always promising when a cryptocurrency has a clear problem it aims to solve, as Sei does with blockchain-based financial trading. The technology behind it is also impressive, with its twin-turbo consensus allowing for near-instant trading.

7 – 8

7. Aave

Aave (AAVE -2.43%) is a decentralized finance (DeFi) protocol and lending platform. It allows users to lend and borrow cryptocurrencies. Everything is done with smart contracts, so there is no need for an intermediary. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies such as Lashing (USDT 0.04%) and SO (SO -0.01%). One reason Aave could be a long-term winner is that in addition to crypto loanexpanded to real-world assets, in partnership with Centrifuge.

As part of this partnership, Aave has built a real-world asset (RWA) marketplace that allows companies to tokenize parts of their business. Investors can purchase tokens offered by these companies, and token issuers can then lend stablecoins against your assets.

8. Ethereum

At first sight, Ethereum may seem out of place here. It is far from going unnoticed. It has been the second largest cryptocurrency for years, so most crypto investors know this.

Although we are probably past the point where Ethereum skyrockets 10,000%, it still has great growth potential. It was the first blockchain to offer smart contracts, which developers can use to build dApps. Ethereum’s first-mover advantage has given it a considerable advantage over similar competitors.

Ethereum has undergone its long-awaited move to a proof of participation system in September 2022, significantly improving its energy efficiency. The update also means that it is now possible to stake Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptocurrencies. There are also several interesting Ethereum Stocks consider adding to your portfolio.

Related Investment Topics

Should I invest?

Should you consider investing in the next cryptocurrency that explodes?

It’s tempting to try to find the next big cryptocurrency. Even though you can make incredible returns this way, it is also difficult, time-consuming, and extremely risky.

To get started, you will need to look for cryptocurrencies outside of the market leaders. Smaller cryptocurrencies have greater growth potential, but they are also more likely to crash, so there is a greater chance of losing your entire investment. To balance this, you may want to invest some of your money in cryptocurrency stocks or large cap coins.

Researching these smaller cryptocurrencies takes time. And even if a project seems like a sure-fire winner, anything can happen in the crypto market. Your carefully researched investment can go nowhere, while a practically worthless cryptocurrency goes to the moon just because it has Shiba Inu or Dogecoin (DOGE -0.4%) in your name.

Following cryptocurrency trends or trying to predict them are not good investment strategies. There’s nothing wrong with trying, but keep your expectations – and the amount you invest – very low.

What is the next cryptocurrency to explode in 2024 FAQ

Which crypto will grow in 2024?

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Cryptocurrencies that could grow in 2024 include SingularityNET and Fetch.ai, both of which could capitalize on the popularity of AI. Bitcoin is another crypto that could be poised for strong performance in 2024 thanks to the SEC’s approval of Bitcoin ETFs.

Which crypto is most likely to blow up?

angle down angle up

The crypto most likely to explode is SingularityNET, a platform for creating, sharing and monetizing AI services.

What currency will soar in 2024?

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One coin that could skyrocket in 2024 is Fetch.ai. It allows users to create their own AI agents and was trending in late 2023.

Lyle Daly has positions in Bitcoin, Ethereum, Solana and Tether. The Motley Fool has positions and recommends Aave, Bitcoin, Ethereum, Fetch, Goldman Sachs Group, and Solana. The Motley Fool recommends Monero and Thorchain. The motley fool has a disclosure policy.

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