As 2023 draws to a close, it's time to prepare for the crypto market in 2024.
There are various events that the crypto community is looking forward to in 2024, one of which is the Bitcoin halving. The halving is expected to bring not only the price of Bitcoin, but also the price of other altcoins up.
This article discusses five potential altcoins in 2024 that have been researched from various data sources by Coinvest analysts. This article is for information and education purposes only, not investment advice.
Celestia (TIA)
Celestia is a modular blockchain crypto project, an innovative development of existing blockchains (monolithic blockchains). Modular blockchains are claimed to work more efficiently than monolithic blockchains such as Ethereum.
Not many modular blockchain projects exist today, and Celestia is the first in this sector. Just as Ethereum pioneered blockchain with smart contracts, Celestia is pioneering modular blockchain. So, this project is worthy of attention.
TIA coin holders can utilize their coins to earn passive income through staking with an annualized yield range (APR) of 16.98%. Staking can also be done on LSD protocols on Celestia networks such as MilkyWay, so that holders can use TIA in a liquid manner.
The TIA coin has risen about +500% from its post-airdrop listing price of around US$2 to a price of US$12. This shows that TIA holders' confidence in the project is high, even though airdrops usually cause selling pressure.
Arbitrum (ARB)
Arbitrum is a layer-2 project on the Ethereum network developed by the company Offchain Labs. Based on L2beat data, Arbitrum is the largest layer-2 in terms of total value locked (TVL), accounting for about 46% of the overall layer-2 TVL.
However, in terms of market capitalization, the ARB token is still below its closest competitor, Optimism (OP), with OP's market capitalization of US$3.44 billion while ARB is only US$2 billion.
In terms of Marketcap vs. TVL ratio, ARB's ratio value is somewhat smaller so that the current ARB price can be said to be undervalued. However, there is a large unlock event in March 2024 equivalent to US$1.47 billion which may make ARB's price correct. However, after this unlock, the price of ARB has the potential to be bullish.
Arbitrum is worth watching as it is undervalued against its competitors, and the layer-2 narrative with the EIP-4844 Proto Danksharding upgrade will make layer-2 cheaper and more efficient.
Ronin (RON)
Ronin is a sidechain of the Ethereum network focused on the GameFi ecosystem developed by Sky Mavis, the company behind the Axie Infinity game. The RON token is a gas fee token for transactions on the Ronin network.
GameFi seems to refuse to die from the 2022 bear market. As proof, from only having Axie Infinity in 2021, now the Ronin ecosystem has many other games such as: Pixels, Tribesters, Zoids Wild Arena, The Machines Arena, and Wild Forest.
One of its games, Pixels, is widely played with an average daily active wallet reaching 100 thousand wallets. With the return of GameFi, it is expected that there will be many in-game token transactions so that the demand for RON tokens will increase.
Pendle (PENDLE)
Pendle is a DeFi protocol with innovations in yield management through a tokenization process. What makes this platform interesting is that users can speculate on yields before they are paid out.
This allows users to earn extra yield without having to have large initial assets.
The year 2023 has been a good development year for Pendle with TVL consistently increasing from the beginning of 2023. In addition, Pendle brings several potential narratives in one platform, namely real world assets (RWA) and liquid staking tokens (LST) through products on its platform.
Radiant Capital (RDNT)
Radiant Capital is an omnichain lending platform on Arbitrum, Binance Chain, and Ethereum networks with RDNT as the protocol's governance rights token.
Radiant introduces a dynamic liquidity pool (dLP) mechanism that allows users to lock in dLP and earn protocol revenue returns.
Throughout 2023, Radiant Capital's TVL has increased significantly. Interestingly, Radiant's Marketcap vs. TVL ratio is only 0.19. When compared to lending protocols such as Aave with a ratio of 0.26 and Compound with a ratio of 0.44, the RDNT price is undervalued.
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