Could the best-performing altcoins of 2024 continue their bull run?

How to find the best altcoins for the next bull run? Our 2024 guide provides in-depth insights into potential market leaders.

As the first quarter of 2024 draws to a close, the crypto market is rapidly recovering from the bloodbath and bear market of late 2022. 

Contrary to the market’s downturn in early 2023, the total crypto market cap has experienced a remarkable upswing, soaring to $2.52 trillion as of Mar. 6, representing a 152% increase from $1 trillion in Sep. 2023. 

Spot Bitcoin (BTC) exchange-traded funds (ETFs) have emerged as the most recent catalyst behind this growth. These ETFs, which went live on Jan. 11, have collectively amassed almost $50 billion in market cap as of the time of writing. Grayscale’s Bitcoin Trust (GBTC) leads the charge with $38 billion in market cap. 

Amid this surge, altcoins have seen inflows of billions of dollars, swelling the altcoin market cap by $375 billion since the end of Jan. to $1.3 trillion. 

Which are the best coins for the next bull run that could gain the spotlight as we progress through 2024? But let’s first understand if we’re in a bull run or could enter one in the coming days.

Signs of a crypto bull run

Identifying the signs of an impending bull run is crucial for investors seeking to capitalize on potential market gains. Here are some signs:

Growing trading volumes

What is a bull run in crypto? A key indicator is surpassing previous all-time highs accompanied by a surge in trading volumes across cryptocurrency exchanges. Historical data from major bull runs, such as the one in late 2020 and early 2021, vividly illustrate this trend.

For instance, Bitcoin’s (BTC) trading volume in the last 24 hours has surged to over $105 billion as of March 6, a significant increase compared to average volumes of less than $1 billion in previous months. On March 5, Bitcoin hit a new all-time high, briefly surpassing the $69,000 mark, but faced a subsequent downturn.

Should BTC trading volumes across exchanges maintain or exceed current levels, it could serve as a clear indicator of a crypto bull run.

Institutional embrace

Institutional investments continue to serve as a strong validation for crypto assets, signaling a shift toward mainstream acceptance. 

The momentum observed during the 2020-2021 bull run, partly fueled by significant investments from corporations such as Tesla and Microstrategy, has carried over into 2024.

In addition to the already approved spot ETFs, notable financial institutions such as Bank of America’s Merrill Lynch and Wells Fargo have ventured into offering spot Bitcoin ETFs to their clients. 

Speculations also abound about Morgan Stanley joining the fray, further solidifying the growing mainstream acceptance of crypto ETFs. 

If this trend continues, with more institutional giants investing in crypto and crypto-related products, it could add to the growing momentum. 

Regulatory clarity and positive government stance 

The rules and regulations surrounding crypto are crucial factors that can influence how the market behaves. When regulators show support or hint at a more accommodating approach, it often leads to increased investor confidence and can spark a bull run.

A prime example of this was when El Salvador recognized Bitcoin as a legal payment method in September 2021. This move boosted investor confidence and contributed to Bitcoin reaching its all-time high in November 2021.

There are now talks about the possibility of spot Ethereum ETFs and spot Ripple ETFs, indicating further growth potential in the market.

However, regulatory matters aren’t always smooth sailing. The SEC has faced challenges, particularly in its legal battle with Ripple. 

Ripple managed to secure a partial victory in Jul. 2023, which has implications for the wider crypto market. The next hearing, scheduled in April 2024, could potentially result in a final decision favoring Ripple, although nothing is set in stone.

The investor psychology

Market sentiment is a critical gauge of the overall mood in the cryptocurrency ecosystem. 

Tools like the Fear and Greed Index measure this sentiment by analyzing variables such as market volatility, social media trends, surveys, and market dominance.

For example, during the 2021 bull run, this index frequently exhibited high “greed” levels, reflecting strong investor optimism. 

On Mar. 5, this indicator reached a value of 90, depicting extreme greed, a level not seen since late 2021 when the market was at its previous highs.

If we observe maintenance or a spike in this indicator in the coming days or months, it could signal that the crypto bull market of 2024 will likely persist.

Preparing for the next crypto bull run

How to predict the next bull run

Predicting the exact timing of the next crypto bull run is challenging due to the market’s inherent volatility and the influence of global economic factors.

Historically, crypto markets have shown a tendency to follow Bitcoin’s halving cycles, with bull runs typically occurring every four years. However, evolving market dynamics and regulatory landscapes make precise predictions difficult.

Duration of a bull run cycle

Cryptocurrency bull runs can vary significantly in duration. Historically, they have lasted anywhere from a few months to over a year.

The length of a bull run is influenced by factors such as market adoption rates, technological advancements, regulatory changes, and macroeconomic conditions. Understanding the duration of a bull run requires analyzing these dynamic factors in real-time.

Hence, while it’s challenging to predict the exact timing and duration of the next crypto bull run, monitoring key indicators can provide valuable insights into market trends. Investors should remain vigilant and informed, considering both market signals and broader economic contexts.

What can we expect from altcoins?

In 2024, the crypto market has experienced a notable increase in value, with some altcoins showing remarkable gains. Here are a few of the biggest gainers of 2024 so far.

Pepe (PEPE) and other meme coins

In 2024, Pepe Coin (PEPE) has emerged as a standout performer, skyrocketing by over 700% in just one month, currently trading at $0.0000078 as of Mar. 6.

This surge mirrors a broader rally in meme coins, reminiscent of the Floki (FLOKI) Shiba Inu (SHIB), Dogecoin (DOGE) and Bonk (BONK), all of which have gained at least 100% over the last couple of days.

The sudden gains across the meme coin market, including Pepe Coin, reflect speculative enthusiasm rather than intrinsic value, as none of them have made any notable advancement or announcement.

While meme coins currently dominate the altcoin market, various factors will influence their future trajectory. The long-term outlook for meme coins remains uncertain due to their inherent volatility and speculative nature. 

Approach meme coins with caution, conducting thorough research and understanding the associated risks.

Jasmy (JASMY): top gainer in IoT

Jasmy (JASMY), a tokenized platform that champions the democratization of data by combining blockchain and IoT.

Jasmy Coin has garnered attention for its impressive performance in 2024. Surging by over 350% in the past month, it trades at $0.02 as of Mar. 4.

The rise of Jasmy Coin mirrors the broader rally seen across the crypto market. One significant driver behind this surge is Bitcoin’s stellar performance, which has reached levels last seen in November 2021.

Furthermore, Jasmy Coin’s current value presents an attractive proposition for traders. Despite its recent gains, it remains significantly undervalued, trading at 99% below its all-time high price of $4.99, achieved in Feb. 2021. 

This undervaluation prompts traders to speculate on short-term gains, contributing to its upward momentum.

Looking ahead, Jasmy Coin’s long-term prospects may hinge on ecosystem updates and developments.

Arweave (AR): top gainer in decentralized blockchains 

Arweave (AR) has also experienced strong growth in 2024. Surging by nearly 286% in the past month alone, it trades at almost $33 as of Mar. 6.

Arweave operates within a decentralized blockchain network known for its unique data storage capabilities. The recent surge in the value of Arweave Coin can be attributed to the launch of Arweave AO. 

This new project aims to enhance the protocol’s scalability and computational capabilities by enabling parallel executions for proof-of-stake computations and catering to the growing demands of social media and AI applications on the blockchain.

However, while Arweave Coin’s recent performance is impressive, its long-term prospects depend heavily on the success of Arweave AO and its ability to deliver value to users. 

It’s essential to approach investments in Arweave Coin with caution, recognizing that the current bullish market sentiment does not guarantee future performance.

SingularityNET (AGIX): top gainer in AI

SingularityNET (AGIX) is a decentralized platform that facilitates the creation, sharing, and monetization of AI services. It aims to democratize access to artificial intelligence by providing a marketplace where developers and users can interact seamlessly.

In 2024, SingularityNET has emerged as one of the standout performers, with a rise of nearly 225% in the past month alone. It is currently trading at $0.90.

The recent surge in SingularityNET’s value can be attributed to the growing enthusiasm surrounding AI and its related applications. 

SingularityNET’s platform allows developers to create and deploy AI algorithms while users can access these services efficiently. This marketplace model and increasing demand for AI solutions have contributed to SingularityNET’s upward momentum.

The road ahead

Predictions hint at a potential altcoin bull market in 2024. However, while these digital assets show promise, their future remains uncertain. Therefore, remaining vigilant, staying informed about market trends, and adapting to changing conditions is crucial when discovering the best crypto to buy for the next bull run.

Conduct thorough research, diversify your portfolios, and only invest what you can afford to lose.

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