cryptocurrency While the market is gaining tremendous upward momentum and Bitcoin (BTC) is climbing to its all-time high, altcoins are also affected by this bull run. In the coming period, the main factors that may sustain this momentum are the upcoming Bitcoin halving and the potential launch of a spot Ethereum exchange-traded fund (ETF). Analysts predict that altcoins such as Polkadot, Chainlink, and Solana could also have tremendous growth potential through 2024, with these factors triggering significant capital inflows into the market.
With these exciting developments, it is expected that the values of many assets in the cryptocurrency market will increase exponentially. Particularly projects such as Polkadot, Chainlink and Solana attract the attention of investors by offering an increase potential of up to 5 times in 2024. While these altcoins attract attention with their technological innovations and unique features, they also strongly contribute to the growth trend in the market.
While this activity in the cryptocurrency world increases the excitement of investors, many people are eagerly waiting to see how these altcoins will perform in the coming period. Analysts state that projects such as Polkadot, Chainlink and Solana have the most remarkable growth potential after Bitcoin, the leader of the cryptocurrency market.
Polkadot (DOT)
Polkadot (DOT) stands out in the cryptocurrency world with a sharding technology that overcomes Ethereum’s (ETH) similar scalability issues for established blockchains. This technology enables faster transactions and the creation of blockchains for specific applications, contributing to the development of a more diverse and efficient ecosystem.
Currently, DOT is targeting the $15 level after gaining over 35% in the last 30 days. Additionally, the DOT token controls a market cap of $13.53 billion.
The potential increase in DOT’s market cap is based on factors such as the overall bull run, network development, and institutional interest. For example, DOT has experienced higher inflows than other rivals since the beginning of the year, outperforming major cryptocurrencies like XRP, according to data from CoinShares. This suggests that institutions may have recognized the potential in assets like DOT that investors may have overlooked.
Additionally, according to Token Terminal, Polkadot appears undervalued based on its price-to-sales (P/S) ratio. Polkadot’s low P/S ratio indicates potential undervaluation compared to historical averages, indicating upside potential in the future.
Chainlink (LINK)
Chainlink (LINK) operates as a decentralized oracle network, facilitating secure and reliable data flows for smart contracts. This feature enables smart contracts to interact with real-world data, opening up various possibilities in areas such as DeFi (Decentralized Finance) and supply chain management.
Given this core ability, LINK has the potential to increase fivefold in market value.
In particular, Chainlink’s data oracles stand out as an asset that could attract significant interest. For example, BlackRock Inc., the world’s largest investment management firm. (NYSE: BLK) recognizes that there is significant value in tokenization. This suggests that data oracles that can move off-chain information into the on-chain space can benefit from this perceived value.
Additionally, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) revenue continues to grow with increasing adoption of the multi-chain bridging platform, increasing by 180% in the last two months. Fee revenue for CCIP increased from nearly $61,000 in total revenue in January to over $171,000 in just the first two weeks of March.
Its current market cap of $11.47 could increase its value to nearly $60 million if the company grows fivefold. This sentiment is reinforced by the fact that CCIP revenue is supported by increased adoption. Currently, LINK is trading at $19.30 and the token is targeting the $20 resistance zone.
Solana (LEFT)
Solana (SOL) continues to rise as one of the most notable performers in the cryptocurrency market and is aiming to reach a new all-time high.
Blockchain is marketed as a faster and cheaper alternative to Ethereum and has been gaining a lot of attention since November last year, driven by various factors. While developers appreciate its speed and cost-efficiency, this interest has also been fueled by leading brands, such as Visa, expressing interest in blockchain and meme coin investors being impressed by new projects launched on the platform.
Although Solana is trading below its previous all-time high of around $260, the decentralized finance token has seen its market cap rise to almost $90 billion amid the current rally.
It is also stated that, with the increasing interest, Solana seems ready for a sustained rise that could increase its market value to approximately $450 billion by 2024, along with new ventures such as the Saga smartphone.
