In the midst of the recent cryptocurrency market boom, there is an opportune moment to pinpoint alternative digital currencies positioned for substantial investment returns in 2024.
Thank you for reading this post, don't forget to subscribe!Feinbold conducted an extensive analysis of the fundamentals, taking into account crucial indicators that can forecast increased value for specific digital assets, by considering recent developments and overall market sentiment to propose potential promising investments in alternative digital currencies.
Solana (SOL)
Solana (SOL) has demonstrated robust performance in recent weeks, with its price experiencing a significant surge, registering an impressive 115.36% increase in value over a 30-day period.
This surge in price can be attributed to the optimistic sentiment surrounding this digital asset, propelling its value above the $60 mark for the first time since May 2022, and since November 2022, according to a post on X. It’s the most significant positive sentiment from the SOL community, as reported on 19th November.
Solana positive sentiment chart. Source: Sentiment
Notably, amidst the ongoing market boom, Solana has secured the sixth position in market capitalization. It has displayed resilience against continued selling pressure on FTX’s assets and pressures from investors and traders seeking to capitalize on profits, which serves as another indication of its resilience and positive outlook for future performance.
Solana 7-day price chart. Source: Feinbold
Avalanche (AVAX)
Renowned for its impressive throughput and robust security features, Avalanche (AVX), the platform for decentralized applications (dApps) and blockchain, is emerging as a significant player in the rapidly expanding decentralized finance (DeFi) sector. The continued growth of this sector could contribute to a rise in the price of Avalanche over the next year.
Over the past week, the price of AVAX has witnessed a notable increase of 23.68%. This upward momentum aligns with the announcement by the investment banking giant JPMorgan (NYSE: JPM) about launching a proof-of-concept to leverage the Avalanche blockchain through its blockchain divisions Onyx and unveiling a collaborative initiative between Apollo Global.
This initiative is fundamentally aligned @AvaLabs’s mission is to provide the tools and technology to digitize and tokenize the world’s assets, harnessing the speed, scalability, and customizability of Avalanche.https://t.co/V5R2EZr7h6
– Avalanche 🔺 (@avax) 15 November 2023
These developments underscore the significance and commitment of this digital project, while establishing a partnership with renowned giants in the financial industry. Such partnerships could potentially translate into attractive returns for its cryptocurrency in the upcoming year.
Avalanche 7-day price chart. Source: Feinbold
Polygon (MATIC)
Establishing itself as a practical solution to address high transaction fees on other blockchains, Polygon (MATIC) stands out as a Layer 2 scaling platform recognized for its fast transaction processing. Its significance is poised to increase further as an increasing number of developers increasingly opt to build their projects on the platform, potentially leading to the replacement of TIC with the POL token.
On November 15, Polygon’s Proof of Stake (PoS) system processed a record 6.17 million transactions, marking the highest daily transaction volume since October 2021, as reported in a post by co-founder Sandeep Nailwal.
Tomorrow, @0xpolygon PoS processed over 16 million transactions, and the network didn’t even flinch.
At its peak, PoS throughput was 255 TPS – that’s approximately 2-3 times that of the entire eth ecosystem. The total transaction fee generated by validators is around 1 million at a time…
—Sandeep Nailwal Sandeep. Polygon 💜 (@sandipnelwal) 17 November 2023
Polygon 7-day price chart. Source Finbold
This performance highlights the token’s positive sentiment and increased investor optimism, particularly given the positive turnaround from negative year-to-date growth in September to current year-to-date growth of 6.02%, signaling the potential for future upside with benefits.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. Your capital is at risk when investing.
Source: finbold.com
