Three cryptocurrencies that could stand out in 2024.

Cryptocurrencies went through a period of recovery throughout the year 2023 after an extended bear market that could be considered the beginning of the November 2021 period. By the end of the year, the total market value is seen as a critical level against the declining trend that started from 3 trillion dollars, reaching 1.6 trillion dollars.

As the year 2023 comes to a close, participants in the cryptocurrency market are expected to enter the new year on a positive note due to several developments. Among these, the approval status of spot Bitcoin and Ethereum ETFs and the likelihood of the Fed raising interest rates in 2024, seen as a non-market trigger, are significant catalysts, while the BTC halving event remains a key driver.

While these are considered positive developments for the altcoin market, expectations of a rise are prevalent for many altcoins in 2024. We have focused on three altcoins that could achieve significant gains among these altcoins.

AVAX(AVALANCHE)

During the past bull market, AVAX saw a significant gain of 4900%, reaching up to $146 from the initial launch price. While it gave back a significant portion of its gains during the bear market, AVAX broke its long-term downtrend with the general upward trend that started in October, quickly increasing its value by 400%.

The Avalanche team continued their efforts diligently throughout the bear market, enhancing their subnetwork system during this period. This became a significant catalyst as several corporate entities preferred the Avalanche network amid their efforts to provide services related to blockchain technology.

With Avalanche gaining a prominent position in the gaming industry during 2024, the upward trend is likely to continue as the subnetworks of the Avalanche network become more efficiently utilized.

ARBİTRUM(ARB)

Launched in March this year, ARB stands out among the altcoins released after the last bull season, potentially having the capability for an above-average value increase in the upcoming bull season.

ARB quickly gained its place among the top 50 cryptocurrencies as a significant layer-2 project. Breaking its downward trend last month, ARB has been attempting to surpass the critical resistance level at $1.41 by the end of the year, and a potential breakthrough could serve as a trigger to boost the momentum of this altcoin in 2024.

As a result, a successful breakthrough might offer a solid opportunity for ARB to surpass its all-time high at $1.81 in a short period, presenting a robust potential for gains.

RENDER(RNDR)

Listed on major crypto exchanges last year and entering a downtrend influenced by the bear market, RNDR demonstrated impressive performance throughout 2023, achieving a 1000% increase in value.

Operating in a niche sector within the cryptocurrency industry, Render functions as a GPU processing network that brings developers in need of GPU processing power together with rendering partners.

With expectations for the cryptocurrency market remaining positive, RNDR is positioned among the altcoins with the potential to continue its trend in a possible altcoin rally. It could refresh its record levels throughout the year.

NOTE!

Prior to making any investments, thorough research is always crucial. What I've mentioned does not constitute investment advice, and every investment decision should be thoughtfully considered. Market conditions may vary, and cryptocurrencies can be particularly volatile. Investors should assess their risks and make decisions that align with their own financial situation.