We are experiencing an unprecedented bull market wave, and it's just getting started.
Author: Jake Pahor, web3 researcher
Translation: 1912212.eth, Foresight News
We are experiencing an unprecedented bull market wave, and it's just getting started. After more than 1000 hours of research during the bear market, I have compiled my preferred bullish list for 2024.
Your main investment portfolio should always include BTC and ETH. However, with the peak of Bitcoin dominance, we can expect altcoins to start performing well (capital rotation). This article will outline my preferred altcoins entering 2024 and provide a comprehensive in-depth analysis of each coin listed.
I have categorized them as follows:
• Large market cap: Over $50 billion
• Mid market cap: $10 billion - $50 billion
• Small market cap: $2 billion - $10 billion
• Micro market cap: Less than $2 billion
A diversified investment portfolio should include projects of various sizes. The percentage allocated to each category will depend on your personal risk tolerance.
Large Caps -
1. Chainlink (LINK)
Bullish catalysts:
• Industry-standard oracle
• Chainlink staking
• Chainlink economic model 2.0
Risks / Bearish:
• Token economics and revenue capture
• Team selling pressure
Chainlink has the potential to become the Google of the crypto space.
Mid Caps -
2. Cosmos (ATOM)
Bullish catalysts:
• Forked airdrop ATOM1
• Projects built on IBC
• Network effects
Risks / Bearish:
• Which fork will succeed?
• Revenue capture
• Community split
Is the Cosmos Hub fork bullish or bearish?
3. THORChain (RUNE)
Bullish catalysts:
• Significant increase in decentralized exchange (DEX) trading volume
• Native swaps (no bridging required)
• Lending and borrowing
Risks / Bearish:
• Already had a significant uptrend (upside potential)
• Competitors
RUNE's flywheel effect has fully kicked in, with trading volume on the platform continuing to surge. Bullish.
4. Bittensor (TAO)
Bullish catalysts:
• Decentralized artificial intelligence
• Growing subnetworks
• Adoption/growth of artificial intelligence
Risks / Bearish:
• High operating costs
• Intense competition
This is an intriguing project that saw significant gains in 2023. I believe it may be one of the most important artificial intelligence investments.
5. Injective (INJ)
Bullish catalysts:
• Institutional adoption
• Bullish token burns
• Ecosystem and expanded integration
Risks / Bearish:
• Competition (order book)
• Price has already risen
Injective has performed well this year, with gains of nearly 1000%.
6. Arbitrum (ARB)
Bullish catalysts:
• Leading Layer 2
• Surging adoption (total locked value)
• Arbitrum STIP
Risks / Bearish:
• ZK/OP competition
• Future unlocks/circulating supply
ARB remains my favorite Layer 2 investment, and I believe it will continue to perform well in the bull market.
7. Maker (MKR)
Bullish catalysts:
• RWAs (treasury yield)
• Potential token split
• DAI growth
Risks / Bearish:
• Decoupling risk
• Regulatory risk
Maker is a "money printer," earning returns through treasury bond yields and the adoption of decentralized finance.
8. Frax (FXS)
Bullish catalysts:
• RWA/LST growth
• Decentralized finance ecosystem (holy trinity)
• Fraxchain (Layer 2)
Risks / Bearish:
• Regulatory (stablecoin)
• Dependence on USDC
Feeling bullish on FXS, they seem to have a long-term vision and are creating a cool product ecosystem.
9. GMX (GMX)
Bullish catalysts:
• Revenue generation
• Perpetual DEX growth
• Actual yields
Risks / Bearish:
• Intense competition
• GLP risk
GMX did not perform as well in 2023 as some of the other coins on this list. In catching up, it may be a sleeping giant with huge upside potential.
10. Kujira (KUJI)
Bullish catalysts:
• Sonar wallet
• Strong token economics
• Upcoming perpetual contracts and margin trading
Risks / Bearish:
• Already had significant gains
• Revenue generation
Kujira has already risen 500% this year and is one of my favorite projects. A true phoenix rebirth.
11. Pendle (PENDLE)
Bullish catalysts:
• Innovative yield tokenization
• LSDFi
• Strong adoption
Risks / Bearish:
• Regulatory
• Low market cap project
Pendle is a great project with a very unique product. Strong market adaptability.
12. Radiant (RDNT)
Bullish catalysts:
• Launch on Ethereum
• STIP grants - ARB-led new dLP vaults
• LayerZero narrative
Risks / Bearish:
• Token unlocks
• Competitors (lending)
There is great potential in the full-chain lending field, and Radiant has a real edge.
- THENA (THE)
- Bullish catalysts:
- BNB chain growth
- ALPHA perpetual contracts
- Expert trading mode
- Risks / Bearish:
- Early stage / low market cap
- Circulating supply / issuance
Despite the poor price performance of this project, the fundamentals are bullish (volume, revenue, market fit).
We are in the early stages of the next bull market, and the timing feels right. However, no one can accurately predict the specific market trends, but I firmly believe that if you work hard in the coming years, you will reap huge rewards. In a bull market, narratives change rapidly, and once highly regarded projects may soon be forgotten. Therefore, maintaining flexibility and adapting to market conditions is crucial. As always, please do your own research (DYOR) on the projects I have listed. This does not constitute any investment advice.
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