In 2023, the cryptocurrency market was dominated by three key narratives. These included artificial intelligence (AI), GameFi, and meme coins. This trio captured significant investor interest, setting the stage for the altcoins to watch in 2024.
While it is important to understand the potential drivers of the crypto market this year, it is crucial to highlight 15 altcoins that could make waves in the industry.
AI Tokens Take the Lead
The most captivating narrative of 2023 was AI, with an 11.3% share in crypto narratives interest, according to CoinGecko. The surge in AI was partly fueled by advancements in technology, notably since the launch of OpenAi’s ChatGPT in November 2022.
Akash Network (AKT) and Render (RNDR) were among the top performers. Indeed, AKT’s price soared 1,170% throughout 2023, while RNDR saw its market value rise over 1,000%.
Read more: These Are the Top Altcoins for 2024 According to Experts
Akash Network and Render Price Performance. Source: TradingView
GameFi’s Strong Comeback
GameFi, representing 10.5% of the interest, made a striking comeback in 2023. This resurgence was driven by major video game companies, including Take-Two Interactive, Nexon, Bandai Namco, Konami Holdings, Krafton, Square Enix, and Ubisoft, entering the blockchain gaming arena and significant advancements in blockchain projects.
ImmutableX (IMX) and Ronin (RON) stood out in 2023, with IMX’s price increasing by nearly 480% and RON enjoyed a 580% bull rally.
Read more: 7 Must-Have Cryptos for Your Portfolio Before the Next Bull Run
Immutable X and Ronin Price Performance. Source: TradingView
The Meme Coin Phenomenon
With an 8.3% share, meme coins were the third most popular narrative. 2023 saw an extended meme coin season, with coins like Pepe (PEPE) and Bonk (BONK) achieving substantial gains.
BONK, in particular, reached a remarkable 3,170% increase in value from its inception in February 2023 to its peak in mid-December. Alongside these, Dogecoin (DOGE) and Shiba Inu (SHIB) remain prominent players in the meme coin sector.
Read more: What Will Happen to Dogecoin, Shiba Inu, and BONK in 2024?
BONK Price Performance. Source: TradingView
Emerging Blockchain Ecosystems
Beyond these narratives, the Solana ecosystem, BRC-20 tokens, and the Ethereum ecosystem garnered considerable attention. Solana, recovering from its “dead-chain” label, witnessed a 945% increase in its token price. In the BRC-20 space, Ordi (ORDI) emerged as a notable token.
These ecosystems represent a growing interest in diversified blockchain technologies and their applications.
Popular Crypto Narratives. Source: CoinGecko
Looking Ahead: The Altcoins to Watch in 2024
Based on 2023’s trends, the following altcoins are worth watching in 2024, ranked by market cap:
AI Tokens: Akash Network (AKT), Render (RNDR), Bittensor (TAO), Fetch.ai (FET), CorgiAI (CORGIAI).
GameFi Tokens: Internet Computer (ICP), Immutable (IMX), The Sandbox (SAND), Axie Infinity (AXS), GALA (GALA).
Meme Coins: Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), Pepe (PEPE), Floki Inu (FLOKI).
The crypto market is dynamic, making it essential for investors to stay informed about the latest trends and narratives. The altcoins listed above, buoyed by the momentum of 2023, are potentially positioned to lead the market in 2024.
“If you want to be a good crypto investor, the main thing is you need to understand what narratives are actually being driven… It’s all about narratives. It’s all about selecting coins in the narrative. That is the difference between making money and making life-changing money in crypto. That is the only difference,” Ran Neuner, founder of Crypto Banter, explained.
Investors should, however, conduct thorough research and consider market volatility before making investment decisions. As the crypto industry evolves, these narratives and tokens offer a glimpse into what could shape the market in the coming year.
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