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After a market downturn last week, the crypto market is green again, triggered by Bitcoin price surge to $72,000 on 8th April 2024. With the Bitcoin halving event approaching, investors are looking to rebalance their holdings and buy portfolios, focusing on relatively cheaper assets with astronomical growth potential in 2024.
Some of the token diversifying portfolios include KangaMoon (KANG), Cardano (ADA), Polkadot (DOT), Solana (SOL) and Chainlink (LINK). These trending tokens are currently recording impressive price action, hitting new highs with Bitcoin's bull wave. As the crypto market prepares for the next 2024 bull run, these 5 top trending altcoins will likely surge to new heights. Therefore, they could be the best altcoins to invest in to make the most out of the expected 2024 bull run.
Unlike other cryptos on the market, KangaMoon (KANG) is designed to meet the interactions of meme enthusiasts through its SocialFi structure. KangaMoon's GameFi feature has also intrigued investors with its immersive play-to-earn gaming adventure that rewards participants with rare NFTs and the KANG token.
Notably, the project is bridging the gaming and crypto industry gap. And early buyers could gain significant returns even if they only snag a chunk of that market share. Moreover, the project is community-driven, as active members are rewarded with free KANG when they engage with KangaMoon's social media content before the official launch.
Defying the current correction on the market, KangaMoon has recorded over 290% ROI from its initial offering of $0.005 for early investors. Impressively, it has already raised over $4.5 million and is expected to reach $5 million by the end of April 2024. At the current growth trajectory, analysts foresee the KangaMoon token likely to project a further 700% after tier-1 listing in Q2.
As one of the top performers, KangaMoon has positioned itself to enter the P2E gaming industry, which is projected to increase in value to 885M by 2028. This could further scale KANG's popularity and value to the moon. As such, the KangaMoon project presents peculiar opportunities to gain exponential returns, making it the best altcoin to invest in 2024
As proof of stake blockchain, Cardano is among the largest blockchains that successfully run a more energy-efficient protocol. Founded in 2017 by Charles Hoskinson, Cardano aims to enhance a developer-friendly ecosystem for dApps. The altcoin has a hard cap on the number of coins that can ever exist, sitting at 45 billion.
Defying the odds of most cryptos that entered a new correction in mid-March, the Cardano price emerged with an upward trajectory. The current rally may be due to various factors, one being, an increasing amount of investor interest in other upcoming blockchain platforms. Data from CoinMarketCap reports that the price of Cardano has experienced a remarkable increase, rising by a staggering 56% on its YDC.
The Cardano coin appears green with all technical indicators, suggesting massive positive sentiments. Many Cardano price predictions appear favorable, reporting that Cardano's price may rise, reaching $1 in 2024.
Currently, the 15th largest cryptocurrency by market capitalization, Polkadot (DOT), has been on a positive trajectory over the last week. Despite the dismal Polkadot price action in 2023, its prices buoyed from $4.6 at the beginning of the year to $8.84. Prominent market analysts are optimistic that the value of DOT will take off in the coming months.
They attribute the incoming Polkadot positive sentiments to the overall bull run of the crypto space. Recently, Polkadot's active addresses hit a new all-time high of 600,000, further propelling the value of DOT. Well-known analyst CRYPTOWZRD made a bullish Polkadot price prediction, suggesting that DOT is preparing for a volcanic eruption.
In his view, the price of Polkadot would sour by 80% in the coming months if it surpasses its primary resistance zone of $9.60.
Built to facilitate the easy creation of decentralized applications (dApps), Solana (SOL) has been making headlines in the crypto space in the first part of 2024. Solana's price peaked at $185 on April 2024, a 10% bounce over the last three days. The high momentum rally was due to the bullish tailwinds from the positive non-farm payrolls report. It propelled the price of Solana and other risk assets upward.
Forward-looking data on Solana derivatives markets reports that various traders are betting on further upside. Additionally, market analysts foresee Solana's price increasing above the $200 mark in the coming weeks. While Solana's price climbed above the $200 mark several times in March 2024, it failed to establish a steady support level above the milestone territory. Its Bollinger band upper limit indicates that Solana still faces stiff resistance at that range.
Despite heightened competition, Chainlink (LINK) remains the largest decentralized oracle network, which plays a vital role in the DeFi sector. Chainlink network has enhanced communication between blockchains and the real world, making it a critical component of DeFi infrastructure. And it could be among the top altcoins to watch in 2024.
Currently, Chainlink's price is $17.76, a 2% decrease over the last seven days. It's ranking on CoinMarketCap is 16, with a market cap of $10.4 billion. The price of Chainlink has witnessed a 10% downturn in the past month, attributed to the mid-month correction in the crypto sphere. Despite the current outflows, many Chainlink price predictions suggest bullish sentiments in the coming bull.
In their view, Chainlink's incoming surge is attributed to the current real on-chain activity and technological development that has driven some amount of investor interest.
Investing in trending cryptocurrencies with high growth potential needs accuracy, speed, and agility. Identifying the right crypto tokens to buy on the market could stack a difference for investors wishing to maximize their returns.
Generally, investors seek anything that can create value for the end user. In that regard, the above five projects are generating massive buzz, as they should. It's imperative to note that this is not investment advice, but the findings above could assist new investors to kickstart their research process.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
