The cryptocurrency market continues trending upward in the first months of 2024.
In fact, for the first time since April 2022, the total market capitalization has exceeded the $2 trillion mark – an important achievement.
During the past week, Bitcoin is leading the pack, charting an increase of around 20%, while the majority of altcoins are lagging behind. There are some, however, who are keeping up.
Altcoins are known for volatility, and many of them have significantly outperformed Bitcoin during previous cycles. For example, data from Dune Analytics shows that since the beginning of 2023, Solana has performed considerably better. This is just one instance.
With that in mind, we decided to ask ChatGPT, which are the top altcoins that have the best chance of outperforming Bitcoin in 2024, assuming the market continues to perform well.
The frontrunner of Decentralized Finance (DeFi), Ethereum, is always in the conversation. According to ChatGPT, ETH has been considered as the most valuable cryptocurrency after Bitcoin for a long time – and that’s true. It has remained number two in terms of total market cap for many years now, solidifying its position as a blue chip in the crypto market.
Ethereum has paved the way for decentralized finance (DeFi) and non-fungible tokens (NFTs). Its ongoing upgrades, such as the transition to Ethereum 2.0 (which includes a shift from Proof of Work to Proof of Stake), aim to improve scalability, security, and sustainability, potentially increasing its attractiveness and adoption. – Says the chatbot.
In terms of price performance, Ethereum is right on par with Bitcoin in 2024. Both are up around 20% as the market continues to expand, but the volatility index of ETH is trending at a rate that’s 10% higher, according to CryptoRank.
Ripple’s XRP has always been a very polarizing cryptocurrency with a huge fanbase and just as many people who think it lacks a lot of the benefits of other coins.
In any case, it’s a fact that XRP has remained well within the top 10 for the past years despite the fact that it’s involved in a vicious legal battle against the US Securities and Exchange Commission regarding its regulatory status.
The Commission argues that XRP is a security and that it should be regulated as such, claiming that Ripple Labs conducted an unregistered securities offering worth upwards of $1 billion when it first sold XRP. A US Judge has since ruled that XRP sales on secondary exchanges do not constitute an offer of investment contracts, which essentially doubled the price of XRP when it came out.
Interestingly enough, since the beginning of 2024, XRP lost 14%. However, there’s a clear catalyst in its future. With the trial date set for April this year, a positive outcome might have a considerable impact on its price.
ChatGPT also outlined some other strengths:
XRP, developed by Ripple Labs, is designed to facilitate fast, inexpensive, and scalable cross-border payments. Unlike many cryptocurrencies that target the broader scope of decentralized applications, XRP focuses on becoming a bridge currency for financial institutions, which could see substantial growth in usage and value if adopted widely by the banking sector.
Last but definitely not least, the AI outlined SOL as a serious contender for a better performer than BTC in 2024. Right off the bat, SOL is up 13% compared to BTC’s 20% YTD gains, but for the past six months, SOL has increased by more than 50%.
Network activity on Solana is flourishing as users flock to the blockchain for quicker and cheaper transactions, as well as an abundance of DeFi apps and a vibrant ecosystem of NFTs, among other things.
Despite some of the hiccups, SOL is an altcoin to watch in 2024.
ChatGPT also said:
Solana is known for its high throughput and fast transaction speeds, with significantly lower transaction costs compared to Ethereum. Its potential to scale and support a wide range of decentralized applications (dApps), including DeFi and NFT platforms, makes it a strong candidate for increased adoption during a bull market.
