In a recent video, Analyst Nick by Jupiter shared thoughts on Cardano and some altcoins that might do well in 2024. According to him, Cardano is doing well, being in the top 10 and having a lot of money locked in (355 million). Analyst Nick thinks this is a good sign, especially since Cardano’s DeFi projects started during a tough time (bear market). The fact that they’re hitting an all-time high in Total Value Locked (TVL) is a positive signal.
When looking at other altcoins, Nick suggests paying attention to ones hitting all-time highs in both price and TVL. This means they might be doing something right and have good momentum. Nick mentioned a few altcoins he thinks are interesting: Arbitrum (ARB), SUI, Maker (MKR), Immutable X (IMX), and Illuvium (ILV). These cover different areas like scaling technology, creative programming, DeFi with real assets, gaming, and the mix of DeFi and gaming.
SUI, a newcomer with advanced technology and swift transaction speeds, is making waves as a potential successor to existing blockchain platforms. Despite its recent entry into the market, SUI’s narrative and innovative approach to programming languages position it as an altcoin worth monitoring closely.
Nick said it’s smart to focus on altcoins that have been around for a while and survived different market cycles. These are the ones that innovate, gain users, and keep growing. Nick briefly mentioned Injective and RUNE, saying they did well in 2023. However, he shifted the focus to predicting what might shine in 2024, stressing the importance of looking for coins hitting all-time highs in both price and TVL.
He said that it’s important to keep an eye on Bitcoin and Ethereum. Bitcoin is the king of the market, and any major moves in Bitcoin can have a significant impact on the entire crypto space. Ethereum, on the other hand, is the leading smart contract platform, and its performance often reflects the overall health of the decentralized finance (DeFi) sector.
