2024 Crypto Bull Run: These Four Altcoins Could Experience Explosive Growth
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As the 2024 crypto bull run approaches, investors are eyeing four altcoins poised for significant growth. These altcoins are Immutable (IMX), Ethereum Name Service (ENS), Dymension (DYM), and Sui (SUI).
Immutable (IMX)
Immutable (IMX) has solidified its position as a leading Ethereum Layer-2 solution for Non-Fungible Tokens (NFTs). The platform’s decentralized framework facilitates the seamless creation and trading of ERC-721 and ERC-20 tokens, significantly reducing costs and enhancing asset security.
Recent market performance indicates a surge in investor confidence, with IMX witnessing a 76% increase in valuation over the last month alone. The IMX token soared over 3% in the last trading session, reaching $3.40. IMX trades at $3.14 at the time of writing, up 79.5% over the past 30 days.
Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) is a decentralized naming protocol utilizing the Ethereum blockchain. ENS maintains its significance in blockchain domain naming, boasting a circulating supply of 30.80 million tokens. The recent availability of 1.46 million tokens, representing 1.46% of its total circulating supply, highlights ENS’s impact on the cryptocurrency market.
Dymension (DYM)
Dymension (DYM) introduces a modular settlement layer critical for the development of enshrined rollups within the Cosmos ecosystem. This innovative approach revolutionizes blockchain scalability, providing essential tools and infrastructure for various decentralized applications.
With the implementation of custom rollups, Dymension transforms the metaverse, gaming, and other blockchain-based services demanding high transaction throughput. The platform’s mainnet launch was accompanied by a substantial airdrop distributing $390 million worth of DYM tokens to its community.
The platform’s strategic token management aims to maintain market stability and foster growth, with a recent unlocking event releasing 3.72 million DYM tokens into circulation. DYM currently trades at $6.65, reflecting a 7.1% decrease within the last day but a 43.4% increase in the last 30 days per Coinmarketcap data.
Sui (SUI)
Sui, a popular Layer 1 blockchain and smart contract ecosystem, is rapidly reshaping digital asset management, prioritizing speed, security, privacy, and inclusivity. Surging into the top 10 DeFi networks in just a year, Sui’s progress exemplifies the ever-evolving landscape of decentralized finance.
The release of 66.13 million SUI tokens (0.66% of its total supply), Sui’s rise, and pioneering blockchain solutions make it a significant altcoin choice for investors. At the time of writing, SUI trades at $1.61, up 40.99% in the last 30 days.
Crypto Analyst Forecasts Massive Surge in Altcoin Market Cap
Meanwhile, the renowned crypto strategist Pentoshi has predicted that the altcoin market is poised for a monumental rise. However, he noted two subsectors: artificial intelligence (AI) and gaming.
Pentoshi rose to fame after successfully pinpointing the conclusion of Bitcoin’s bull run in 2021. Hence, his latest projection commands attention. Central to his forecast is the TOTAL3 chart, which tracks the collective market capitalization of all digital assets, excluding Bitcoin, Ethereum, and stablecoins.
At present, the TOTAL3 market cap stands at approximately $548 billion. Through an analysis of the TOTAL3 chart, Pentoshi predicts a 264% rise in altcoins’ market cap. Furthermore, Pentoshi highlights that tokens in artificial intelligence (AI) and gaming sectors would stand out within the cryptocurrency landscape due to their broad appeal and enduring popularity.
AI, Gaming, And Crypto Market Dynamics
In recent years, AI-powered applications have significantly advanced, transforming various industries. In cryptocurrencies, AI-driven trading algorithms and predictive analysis tools have become indispensable for investors seeking a competitive edge.
Concurrently, the gaming industry has emerged as a catalyst for adoption and innovation in the crypto space. Blockchain-based gaming platforms offer users unprecedented ownership of in-game assets and innovative revenue-sharing models.
Additionally, the gamification of decentralized finance (DeFi) has introduced novel concepts like yield farming, liquidity mining, and non-fungible tokens (NFTs), further blurring the boundaries between gaming and finance.
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