The most exciting thing about investing in cryptocurrencies is that they can skyrocket in value. In 2021, we saw Solana (SOL 4.35%) increase by more than 10,000%. Meme tokens Shiba Inu Dog (SHIBAS 2.81%) has risen by more than 40,000,000%. Although the results have not been as spectacular in recent years, several cryptocurrencies have gained more than 1,000% in 2023.

Image Source: The Motley Fool.

Of course, the downside is that prices can drop just as quickly. There is also no guarantee that Cryptocurrency is here to stayBut after a long bear marketMany of the major cryptocurrencies have seen a bullish trend, so cryptocurrency investors are moderately optimistic.

Of course, it is impossible to know which cryptocurrency is next to boom. However, we can identify some possible candidates that are taking advantage of current trends, including artificial intelligence (AI)decentralized applications (dApps) and digital asset trading, as well as some of the largest cryptocurrencies set to grow further this year.

Cryptocurrencies Exploding

Eight Cryptocurrencies Set to Explode in 2024

Here are the cryptocurrencies that could be headed for a major bull run:

1 – 3

1. Rendering tokens

Rendering tokens (RNDR 5.55%) is a rendering network that allows users to rent extra graphics processing units (GPUs) for rendering (using a computer program to create a photorealistic or non-photorealistic image from a 2D or 3D model). Artists and studios can rent rendering capacity through the Render Network and pay for it with RNDR cryptographic token.

It’s a unique service, and demand will likely grow as more media companies need to convert text to images. The popularity of AI-generated images is also good news for Render.

More than 35 million frames have been rendered on Render Network so far, according to its dashboard. That includes nearly 2.5 million frames in Q1 2024, a 17.7% increase. Year after year increase.

2. THOR Chain

THOR Chain (RUNE 4.75%) is a decentralized cryptocurrency exchange that operates via an automated market maker (AMM) model. It has liquidity pools for cryptocurrencies managed by smart contractsAnyone can use THORChain by connecting their own 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 2022. It is understandable why many investors would want full control over their cryptocurrencies and use decentralized exchanges whenever possible.

While there are many decentralized exchanges available, THORChain stands out for its expertise in the space and recent growth. It was founded in 2018, but business really started to take off in late 2023, when it was trading at around $1 billion a week in swap volume.

3. Superintelligence Alliance

Superintelligence Alliance (CRYPTO:ASI) is a merger of three popular AI cryptocurrencies: SingularityNET, Fetch.ai, and Ocean Protocol. All three projects were interesting players in the AI ​​space, and two (SingularityNET and Fetch.ai) have been on this list before.

THE Artificial Intelligence Boom has been one of the most exciting technological developments in cryptocurrency. The Superintelligence Alliance is well-positioned to capitalize on the trend, especially since the number of companies that use artificial intelligence continues to grow. It plans to exploit:

• SingularityNET AI Development and Integration
• Fetch.ai’s advanced autonomous AI agents that handle real-world tasks for users
• Sharing and monetizing Ocean Protocol data

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4. Bitcoin

As Ethereal (ETH 2.16%), Bitcoin (BTC 1.96%) is already one of the leading cryptocurrencies — the superior cryptocurrency, to be precise. While it’s certainly not an outsider cryptocurrency that will triple in value, it has had 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 a trading volume of $4.6 billion on their first day. The SEC approval makes it easier than ever to invest in the largest cryptocurrency on the market and could lead to more institutional investors purchase Bitcoin.

While all cryptocurrencies are volatile, Bitcoin’s size makes it somewhat safer, as it is more likely to stick around. If you’re looking for a relatively low-risk cryptocurrency investment that could be successful this year and beyond, Bitcoin is worth considering.

5. Monero

Monero (XMR -2.76%) is the most well-known privacy coinwhich 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 been around since 2014, which is a long time in a fast-moving cryptocurrency market. It is an attractive investment now due to the increasing regulation of cryptocurrencies in many countries, including the United States.

Many people want to keep their cryptocurrency transactions private, especially as regulations become more stringent. This gives Monero a clear use case and makes it a poor choice for a cryptocurrency that could have continued success.

6. You are

Six (It’s you 2.47%) aimed to bring financial markets to the blockchain. It was co-founded by Jayendra Jog, a former software engineer at Robin Hood (HOOD 0.09%) and Jeff Feng, a former technology investment banker for Goldman Sachs Consulting Firm (GS 1.49%).

Sei was created for trading digital assets and is compatible with the Ethereum Virtual Machine (EVM). It is still in its early stages, having just launched in 2023. However, so far the company has built a solid team, 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 underlying technology is also impressive, with its twin-turbo consensus enabling near-instantaneous trades.

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7. Hail

Ave (AAVE 2.63%) is a decentralized finance (DeFi) protocol and lending platform. It allows users to lend and borrow cryptocurrency. Everything is done with smart contracts, so no middleman is required. Users can earn interest on the digital assets they lend.

Aave has liquidity pools for many popular cryptocurrencies, such as Bind (USDT 0.02%) and COME ON (COME ON 0.01%). One reason Aave could be a long-term winner is that in addition to cryptocurrency lendinghas expanded into real-world resources, partnering with Centrifuge.

As part of that partnership, Aave has created a real-world asset (RWA) marketplace that allows companies to tokenize parts of their assets. Investors can purchase tokens backed by those assets, and token issuers can then borrow stablecoins against their property.

8. Ethereal

At first sight, Ethereal might seem out of place here. It is anything but under the radar. It has been the second largest cryptocurrency for years, so most crypto investors are familiar with it.

While we are probably past the point where Ethereum rockets 10,000%, it still has serious 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 significant edge over similar competitors.

Ethereum has gone through its long-awaited change in a proof-of-stake system in September 2022, significantly improving its energy efficiency. The upgrade also means that you can now 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 to consider adding to your portfolio.

Investment related topics

Should I invest?

Should you consider investing in the next cryptocurrency that becomes a huge hit?

It’s tempting to try to find the next big cryptocurrency. While you could potentially see incredible returns this way, it’s also difficult, time-consuming, and extremely risky.

To begin with, 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 fail, so there is a greater chance of losing your entire investment. You may want to invest some of your money in cryptocurrency stocks or large-cap coins to balance the situation.

Finding these smaller cryptocurrencies takes time. And even if a project seems like a sure winner, anything can happen in the cryptocurrency market. Your carefully considered investment might go nowhere, while a virtually useless cryptocurrency goes to the moon just because it has a Shiba Inu or Dogecoin (DOGE 4.69%) in his name.

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

FAQ

What will be the next cryptocurrency to explode in 2024? FAQ

Which cryptocurrency will boom in 2024?

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Cryptocurrencies that could see a boom in 2024 include SingularityNET and Fetch.ai, both of which are poised to capitalize on the popularity of artificial intelligence. Bitcoin is another cryptocurrency that could be poised for a strong performance in 2024, thanks to the SEC’s approval of Bitcoin ETFs.

Which cryptocurrency is most likely to explode?

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The cryptocurrency most likely to explode is SingularityNET, a platform for creating, sharing, and monetizing artificial intelligence services.

Which currency will skyrocket 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 on the rise in late 2023.

My Friend Lyle Daly has positions in Bitcoin, Ethereum, Solana, and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Goldman Sachs Group, Render Token, SEI, and Solana. The Motley Fool recommends Monero and Thorchain. The Motley Fool has a disclosure policy.

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