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As Bitcoin surges past $51,000, some experts predict altcoins like Taraxa, Cosmos Hub, and Arbitrum could see significant growth in 2024.
Fueling this optimism, the crypto market is currently experiencing an altcoin-driven rally, while Bitcoin holds steady. This bullish wave has investors dreaming of Bitcoin breaking its all-time high, and the excitement is spilling over to other digital assets as traders hunt for the next hot altcoin.
Several projects, particularly those attracting recent interest from traders, are garnering attention due to their unique features and development potential.
Cosmos Hub (ATOM)
Cosmos Hub (ATOM), with its unique architecture, enables the creation of independent, customizable blockchains that can securely interact with each other, promoting a more interconnected blockchain ecosystem.
The Cosmos Hub ecosystem experienced a positive surge this week, marked by notable advancements and innovation across various projects.
Cosmos Hub (ATOM) is currently priced at $9.87. Over the past three months, it hasn’t shown significant movement, peaking at $12 on December 26. The all-time high in the past year was $14.26, reflecting a 40% increase. Despite this, some experts see potential for growth in the coming months.
With a total supply of 383 million ATOM and a trading volume of $192 million, Cosmos Hub appears promising. It is extensively listed on various exchanges, including Binance, KuCoin, Gate.io, Bybit, and many others.
During the 24-hour period observed for Cosmos Hub, the price initially exhibited a strong upward trend, reaching $10.36 before encountering resistance. This surge suggested a significant influx of buyers. However, the price gradually declined as sellers entered the market, settling at $9.87.
Recent fluctuations in Cosmos Hub’s price indicate short-term volatility, showcasing the dynamic interaction between buyers and sellers. Critical levels to monitor encompass the existing support at $9.80 and the former resistance at $10.36. The market’s response to these levels will offer insights into its prospective trajectory.
For traders seeking entry opportunities, the support near $9.80 may present a potential entry point. Conversely, a clear and sustained breakthrough above the prior resistance level of $10.36 might indicate the onset of a bullish trend, potentially resulting in substantial price increases, potentially reaching $100, equivalent to a 10x return.
If you’re on the hunt for the top altcoin investment, visit our guide to the best altcoins to buy now for 2024 here.
Taraxa (TARA)
Founded in March 2021, Taraxa addresses scalability challenges through a unique architecture: a combination of BlockDAG consensus and PBFT. This distinctive approach positions Taraxa as a potential leader in the ever-evolving blockchain space.
This technology is shared with another project called Kaspa, which operates on proof of work, while Taraxa functions on proof of stake. Taraxa’s journey has been punctuated by significant price movements, notably in August 2023, where it witnessed a meteoric 10x surge within a week.
Positioned as an EVM-compatible smart contract platform with an AI-enabled ecosystem, Taraxa boasts impressive performance specifications, including transaction inclusion in under 1 second, a throughput of 5,000 transactions per second, and finality in less than 4 seconds.
Why should you #BUIDL on #Taraxa?
1⃣ blockDAG is the Future
2⃣ Native EVM compatibility
3⃣ Fast, Low Cost & Green
4⃣ $10 million Grant ProgramApply today: https://t.co/WQ4GX0Uilk pic.twitter.com/2GnZOWcRUG
— Taraxa Project (@taraxa_project) February 19, 2024
Currently, Taraxa is valued at $0.01172, boasting a market cap of $45 million. Despite displaying positive growth trends in both the past week and month, the 24-hour trading volume remains at a moderate level of $1 million.
Despite being listed on major exchanges like MEXC, KuCoin, and Gate.io, there is a desire for a higher market cap or a more favorable volume-to-market cap ratio. Currently holding the CoinMarketCap ranking of no. 565, Taraxa showcases its potential as a promising altcoin investment.
Arbitrum (ARB)
The emerging Ethereum layer-two solution, Arbitrum, pledges faster transactions and lower fees through optimistic roll-ups, aiming to enhance the blockchain experience for developers and users.
Recently gaining significant attention, discussions revolve around an anticipated unlock event in March and the potential for a substantial increase in market capitalization. Widespread speculation suggests the market cap could double, with predictions of Arbitrum reaching $20 or even as high as $40 in the near term.
Arbitrum stands out as a notable L2 token, currently holding a market capitalization of $2.3 billion with a fully diluted value of $18 billion and a circulating supply exceeding 1.27 billion. Anticipation is growing for a doubling of this circulating supply in March, drawing parallels to the observed trends in Solana.
A similar increase in Solana’s circulating supply resulted in significant market interest and sustained investments. The historical precedent set by Solana, where both market cap and circulating supply experienced substantial growth, serves as a rationale for the optimism surrounding Arbitrum’s potential.
The token’s widespread listing on major exchanges such as Binance, Gate.io, MEXC, and OKX further solidifies its position in the market. Examining recent performance metrics, Arbitrum has demonstrated positive growth over the last seven days and is sitting at the current price of $1.85, which is up 1.19% in the last 24 hours.
The last two-month chart reveals a low point at $1.06 and a peak at $2.35, indicating a sustained upward trend. Reflecting on its historical performance, Arbitrum’s previous all-time high was $1.61.
Analysis suggests that exceeding the $1.67 mark may act as a catalyst for a significant upward movement, potentially propelling the token to levels of $20, $30, or even $40 and initiating a parabolic surge. Experts maintain a positive outlook on Arbitrum, further bolstering confidence in its future growth potential.
Conclusion
In 2024, altcoins are taking center stage, offering a glimpse into the transformative potential of blockchain technology. Unlike Bitcoin, these digital assets showcase features such as rapid transactions and advanced payment solutions, providing a pragmatic view of a future fueled by innovation.
For investors, this presents an opportunity to engage with the altcoin landscape and position themselves at the forefront of technological advancements. As the crypto market evolves, three specific altcoins—Taraxa, Cosmos Hub, and Arbitrum—stand out as promising contenders for substantial growth.
If you’re looking for other investment opportunities, check out our list of the top crypto ICOs to consider.
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