Ripple, Solana, Shiba Inu, or Bitcoin: Crypto Assets to Watch in 2024, According to ChatGPT Rival
Perplexity has named SOL, XRP, and SHIB among the altcoing to watch next year.
2023 is at its end and can be easily categorized as a positive year for the cryptocurrency sector, especially its end. Many digital assets recorded triple- and even quadruple-digit gains, which leads to the question of what could happen in the next 12 months.
According to a popular AI chatbot – Perplexity – several altcoins, alongside Bitcoin, stand out as the ones to watch in 2024.
Will 2024 Be the Year of Bitcoin?
As reported earlier, the primary cryptocurrency outperformed almost all traditional financial assets in 2023. Its gains, even though the year still has some hours left in it, are firm within the triple-digit territory of around 150%.
The indications for next year are similarly bullish . After countless rejections of spot Bitcoin ETFs from numerous companies, the US Securities and Exchange Commission is anticipated to finally greenlight such a product, especially given the applications of behemoths like BlackRock, Fidelity, VanEck, WisdomTree, and others.
Although some have warned that this could turn out to be a sell-the-news moment , mostly in the first few months, the implications of spot exchange-traded funds operating on the largest financial market in the world are highly bullish. Some expect the ETFs will result in market inflows of around $30 trillion in advised wealth in the following years.
Additionally, the fourth-ever BTC halving will take place in the spring of next year. Each previous one has served as a catalyst for a bull market start. Although history should not be regarded as an indicator of future price performances, one must not take the implications of reduced production rates lightly.
As such, Perplexity listed Bitcoin as the first digital asset to watch in 2024:
“Bitcoin (BTC): As the original cryptocurrency, Bitcoin continues to hold the top spot in market capitalization and is considered the best crypto by many.”
SOL, XRP, ETH, and SHIB
Next on the list of Perplexity’s cryptocurrencies to watch in 2024 was Ethereum. Being the second-largest digital asset, it certainly earned its place. Moreover, ETH is among the underperformers this year, having surged by a modest 84%, compared to BTC’s 150% rise.
Nevertheless, the Ethereum blockchain is home to numerous projects, tokens, and even digital asset niches. The team behind the protocol, including the co-founder Vitalik Buterin, is constantly working on improving the network , which could ultimately benefit ETH holders in 2024.
Solana was mentioned next, which is quite expected. SOL has been the top performer from the larger-cap altcoins, having soared by 670% YTD. Its price blew past $100 earlier in December and even neared $130 at one point but has retraced since then.
Solana has outperformed Ethereum on multiple fronts in the past month or so, as reported recently. As such, there’s a lot of hype around the network and the native asset for the upcoming year.
“Solana (SOL): Solana is a layer-1 blockchain platform that has been growing rapidly and is considered a top cryptocurrency to watch,” – said Perplexity.
Ripple’s own token also found a place on the AI chatbot’s list for digital assets to watch in 2024. XRP soared after Ripple’s two court victories in 2023 against the US SEC but has retraced since then and currently stands with YTD gains of around 80%.
Nevertheless, the battle with the US securities regulator is far from over and is expected to come to an end somewhere in 2024. This undoubtedly places XRP and the entire Ripple ecosystem on the list of digital assets to watch next year, given the implications of proving whether or not the token is actually a security.
On the other hand, Shiba Inu (SHIB) and Terra’s LUNC are the two coins that found a place in Perplexity’s honorable mentions list.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Just bet on AI and already faced a market blow! Berkshire reports earnings tonight, Abel faces a major test in his transformation
Greg Abel has been leading Berkshire Hathaway for less than a year, yet he has already made a bet of over $10.9 billion on the AI sector, marking a complete break from Buffett’s traditional avoidance of tech stocks. However, Alphabet’s stock price has fallen below their initial purchase cost, and Bending Spoons continues to decline, putting this bold AI gamble to the test. At the same time, third-quarter earnings per share are expected to drop 6% year-over-year, and the share repurchase program is likely to plummet from $4.5 billion to $1.6 billion. How to deploy $358 billion in cash will be a major challenge for the new leader’s capital allocation skills.
Has the AI bubble burst? Goldman Sachs: It's more like 1998 than 2000 right now
The Goldman Sachs trading desk stated that the current wave of sell-offs resembles the 1998 liquidity crisis more than the bursting of the 2000 bubble. It is a forced deleveraging rather than a refutation of business fundamentals. The market is drastically repricing construction financing and timeline expectations, rather than underlying demand. Moreover, the issues currently drawing the most attention from the market—electricity and licensing—are actually the least important, as limited supply does not equate to disappearing demand. The real question that needs to be answered is whether long-term revenues can ultimately justify the capital invested.
Pundit: XRP and XLM Holders, Do You Know How Big This Is?
Tesla Cybertruck: From Cracked Windows to Production Halt, a Three-and-a-Half Year Journey Ends
Since its launch in 2019, Cybertruck has been mired in controversy—ranging from a failed window demonstration on release day, a four-year delay in mass production, and its price rising from $39,900 to more than $100,000, along with a total of 11 recalls. The day before the halt of production was announced, Tesla raised the price once again, bringing a dramatic and intriguing end to the saga of this vehicle.
Crypto prices
More
