NEW DELHI (CoinChapter.com) — Crypto traders’ outlook for 2024 largely seems to be positive, riding on many upcoming bullish cues and speculation. While Bitcoin (BTC) will likely remain the top dog, three altcoins might attract increased investor interest in 2024.
Arbitrum (ARB) and Optimism (OP): The Ethereum Wonderkids
Arbitrum (ARB) and Optimism (OP) are prominent Ethereum layer-2 scaling solutions. Both projects stand to benefit from the Ethereum EIP-4844 upgrade, which aims to lower the gas fees on Ethereum layer-2 scaling networks drastically.
Furthermore, the upcoming update is a key part of Ethereum’s roll-up-centric roadmap. As a result, Arbitrum and Optimism projects could see increased investor interest in the coming months.
Wider adoption would likely translate into price gains for both ARB and OP tokens. In addition, there are speculations of Arbitrum collaborating with Cardano (ADA) and Mina Protocol (MINA) in 2024. Further growth in Arbitrum’s adoption would likely see the blockchain network forging new partnerships.
On the other hand, Optimism has a significant mainnet upgrade called “Bedrock” lined up for 2024. The Optimism team claimed the upgrade would enhance the blockchain platform’s usability by lowering gas fees and reducing deposit confirmation times by 90%.
These updates, coupled with generally positive market sentiment following speculations of a dovish Federal Reserve, could help ARB and OP prices register significant gains in 2024.
Solana (SOL) Could Paint a Comeback In 2024
Solana (SOL) suffered due to its association with FTX and Sam Bankman Fried. Towards the end of the year, there were fears of FTX dumping its substantial SOL holdings to pay back users.
However, the blockchain project survived everything thrown at it, managing to have an excellent year, with its token price rising nearly 1,000% in 2023. Solana benefitted from an increased interest in the DeFi sector, where it plans to continue expanding in 2024.
The team at Solana has expansive plans for 2024, with DeFi being a key focus point. Platforms like Orca and Raydium will likely lead the way for Solana’s DeFi expansion plans. The projects focus on yield farming and liquidity provision, making the DeFi sector more accessible to retail traders, big and small.
Additionally, Solana has made significant advancements in the NFTs market. Market participants speculate that Solana NFTs might overtake Ethereum-based NFTs in 2024.
The platform’s popularity can be gained from the fact that in 2022, traders deemed it one of the “Ethereum killer” projects. Market analysts and traders are now busy finding blockchain platforms that can potentially be a “Solana killer” project.
Aptos (APT): Another Scaling Solution That Could Attract Investors
Aptos is a Layer-1 blockchain platform that aims to achieve high transaction throughput and increased security for smart contracts. Former Meta (Facebook) employees Avery Ching and Mo Shaikh founded the project.
Unlike traditional blockchains, which use serial transaction execution, Aptos has adopted the parallel execution engine to achieve higher transaction speeds. In the blockchain sector, high transaction speeds, low fees, and a dependable and secure network are often the keys to success.
Between Q1 and Q3 2023, APT prices remained in a downtrend after a massive early spike in the year. However, the fourth quarter saw APT price rallying from $5 in October to $11 in December, a spike of nearly 120%.
The DeFi platform Econia Labs launch on the Aptos mainnet might translate into increased developer activity on Aptos in 2024. Other projects like the Topaz NFT Marketplace, omnichain NFT platform Omni X, MEGACY (a decentralized exchange), etc., could also help APT prices rally in the new year.
Additionally, several Aptos-based projects, like Merkle Trade, Amnis Finance, etc., plan to launch airdrop rewards in 2024. Airdrops often attract traders to the market and benefit the underlying blockchain’s token.
Moreover, the Aptos Foundation’s expansion in the APAC region might help APT prices grow more in 2024.