Next Cryptocurrencies to Explode in 2024 | The Motley Fool (2024)

The most exciting thing about cryptocurrency investments is that they can skyrocket in value. In 2021, we saw Solana (SOL -1.16%) increase by more than 10,000%. Meme token Shiba Inu (SHIB 1.38%) shot up more than 40,000,000%.

Next Cryptocurrencies to Explode in 2024 | The Motley Fool (1)

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Of course, the downside is that prices can fall just as quickly. There's also no guarantee that crypto is here to stay. But after a lengthy bear market, many of the major coins rebounded in the second half of 2023, so crypto investors are cautiously optimistic for 2024.

It's obviously impossible to know which cryptocurrency is next to boom. However, we can pick out some possible candidates that are capitalizing on current trends that include artificial intelligence (AI), decentralized apps (dApps), and digital payment solutions, as well as some of the larger cryptos that are in position to grow even more this year.

Eight promising cryptocurrencies

Eight cryptocurrencies to explode in 2024

Here are the cryptocurrencies that could be due for a significant bull run:

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1. SingularityNET

SingularityNET (AGIX 5.76%) is a blockchain platform that anyone can use to create, share, and monetize AI services. It provides a global AI marketplace where users can purchase all kinds of AI services with the AGIX utility token.

The AI boom has been one of the most exciting recent technological developments, both for cryptocurrency and the world as a whole. SingularityNET is well positioned to capitalize on the trend. It has a large team of AI scientists, researchers, and developers. The platform makes it easy for users to buy AI services or develop and sell their own.

SingularityNET already had quite a bit of success early last year, with its price increasing by more than 1,300%. It later declined, likely due to some investors taking their profits. However, it could see more success as AI and the number of companies using AI continue to grow.

2. Ethereum

At first glance, Ethereum (ETH -1.86%) might seem out of place here. It's far from under the radar. It has been the second-largest cryptocurrency for years, so most crypto investors know about it.

While we're probably past the point where Ethereum shoots up by 10,000%, it still has serious growth potential. It was the first blockchain to offer smart contracts, which developers can use to build dApps. Ethereum's first-mover advantage has given it a sizable lead over similar competitors.

Ethereum went through its long-awaited change to a proof-of-stake system in September 2022, significantly improving its energy efficiency. The upgrade also means it's now possible to stake Ethereum and earn more, which could help attract more investors. Overall, Ethereum has great growth potential without the extreme volatility of smaller cryptos. There are also several interesting Ethereum stocks to consider adding to your portfolio.

Definition Icon

Decentralized Application (dApp)

A software application that runs on a blockchain or peer-to-peer network, without a central authority.

3. (FET 7.82%) is an AI lab that allows individuals or organizations to build their own autonomous agents. The agents can then handle real-world tasks for the user.

Agents store data and interact with each other on a blockchain platform so they can collaborate with no human interaction.

FET tokens are the native cryptocurrency for As such, they're used to make payments on its network. This is another cryptocurrency that did well in 2023 due to the hype around AI technology. Its value went up by almost 300% toward the end of the year. While that's a sizable gain, based on the kinds of returns other popular projects have gotten, there's likely still plenty of room to keep growing.

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4. Bitcoin

Like Ethereum, Bitcoin (BTC -1.21%) is already a top cryptocurrency -- the top cryptocurrency, to be exact. While it's certainly not a dark-horse crypto that's going to triple in value, it has had some very positive news to start the year.

After years of waiting, the Securities and Exchange Commission (SEC) finally decided to approve Bitcoin ETFs on Jan. 10, 2024. There are now 11 Bitcoin ETFs available, and they saw $4.6 billion in trading volume on the first day.

The SEC approval makes it easier than ever to invest in the market's largest cryptocurrency and could also lead to more institutional investors buying Bitcoin.

Although all cryptos are volatile, Bitcoin's size makes it somewhat safer since it's more likely to stick around. If you're looking for a comparatively low-risk crypto investment that could do well in 2024, Bitcoin is worth considering.

5. Monero

Monero (XMR -1.63%) is the best-known privacy coin, a cryptocurrency with anonymous, untraceable transactions. It uses privacy-enhancing technology so that the sender, recipient, and amount of every transaction are hidden.

This coin has been around since 2014, which is a long time in a market that moves as quickly as cryptocurrency. The reason it's an interesting investment now is because of increasing crypto regulation in many countries, including the United States.

There are plenty of people who want to keep their cryptocurrency transactions private, especially as regulations become stricter. That gives Monero a clear use case and makes it a dark-horse pick for a crypto that could see continued success.

6. Aave

Aave (AAVE -2.1%) is a decentralized finance (DeFi) protocol and lending platform. It allows users to lend and borrow cryptocurrency; everything is done with smart contracts, so there’s no middleman required. Users can earn interest on the digital assets that they lend.

There are liquidity pools on Aave for many popular cryptocurrencies, such as Tether (USDT -0.01%) and DAI (DAI 0.01%). One of the reasons Aave could be a long-term winner is that, in addition to crypto lending, it has also expanded into real-world assets with a partnership through Centrifuge.

As part of that partnership, Aave has built a Real-World Asset (RWA) Market. It allows companies to tokenize parts of their businesses. Investors can buy tokens offered by those businesses. The issuers of the tokens can then borrow stablecoins against their assets.

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7. Uniswap

Uniswap Protocol Token (UNI -0.91%) is the native token for Uniswap, an automated market maker (AMM). AMMs use smart contracts to offer decentralized crypto trading. You can trade crypto through protocols like Uniswap just by connecting your crypto wallet without needing to register for an account or provide personal information.

While Uniswap wasn't the first AMM, it was the first to take off and achieve significant transaction volumes. It currently boasts more than $489 billion in total transaction volume and 71 million all-time trades.

Decentralized crypto exchanges are already popular, and they could become even more popular in the future. After high-profile collapses of centralized exchanges, including FTX, some investors would prefer to maintain full control of their crypto. Decentralized exchanges let you do just that. Even with plenty of competition, Uniswap is still the leader in decentralized crypto trading.

8. XRP

XRP (XRP 2.54%) is the native cryptocurrency for Ripple, a payment protocol that uses blockchain technology for fast, inexpensive transactions. Ripple was designed to facilitate international transfers, and it has partnered with hundreds of financial institutions that use its technology.

Ripple has been around since 2012, but it became embroiled in an SEC investigation at the end of 2020, prompting most major U.S. crypto exchanges to delist the company.

Fortunately for investors, Ripple (mostly) came out on top in its long battle against the SEC. A judge ruled that Ripple didn’t violate security laws by selling XRP tokens on exchanges, but it did through sales to institutional investors. Still, the news led to a jump in XRP’s price, and it could lead to further increases in the cryptocurrency’s value and trading volume.

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Should you invest?

Should you consider investing in the next crypto that explodes?

It's tempting to try and find that next big cryptocurrency. Even though you could potentially see incredible returns this way, it's also difficult, time-consuming, and extremely risky.

For starters, you'll need to look for cryptocurrencies outside the market leaders. Smaller cryptocurrencies have greater growth potential, but they're also more likely to fold, so there's a bigger chance of losing your entire investment. To balance that out, you might want to put some of your money into cryptocurrency stocks or large-cap coins.

Researching those smaller cryptocurrencies takes time. And, even if a project looks like a sure-fire winner, anything can happen in the crypto market. Your carefully researched investment could go nowhere, while a practically useless cryptocurrency goes to the moon just because it has Shiba Inu or Doge in its name.

Following the cryptocurrency trends or trying to predict them isn't a good investment strategy. There's nothing wrong with giving it a shot, but keep your expectations -- and the amount you invest -- very low.

Cryptocurrency FAQs

Which crypto will boom in 2024?

Cryptos that could boom in 2024 include SingularityNET and, both of which may capitalize on the popularity of AI. Bitcoin is another crypto that could be poised for a strong performance in 2024, thanks to the SEC's approval of Bitcoin ETFs.

What crypto is most likely to explode?

The crypto that's most likely to explode is SingularityNET, a platform for creating, sharing, and monetizing AI services.

What coin will skyrocket in 2024?

A coin that could skyrocket in 2024 is It allows users to create their own AI agents, and it was on the rise at the end of 2023.

Lyle Daly has positions in Bitcoin, Ethereum, Solana, and Tether. The Motley Fool has positions in and recommends Aave, Bitcoin, Ethereum, Fetch, Solana, Uniswap Protocol Token, and XRP. The Motley Fool recommends Monero. The Motley Fool has a disclosure policy.

Next Cryptocurrencies to Explode in 2024 | The Motley Fool (2024)
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