YEREVAN (CoinChapter.com) — The cryptocurrency market has shown dynamic changes in this year’s first quarter (Q1). As investors slowly regain confidence to back digital assets, several altcoins have emerged as notable players. While the list is long, here are three top altcoins in Q1 2024 that come as major alternatives to Bitcoin (BTC) and can potentially offer large returns.
Shiba Inu (SHIB) Price Eyes Boom
Remember Shiba Inu? The canine-themed meme token is hard to miss, thanks to its strong social community. SHIB has evolved significantly since its launch into a diversified ecosystem.
The Shiba Inu empire now includes the ShibaSwap, its decentralized exchange, the SHIB Burning Portal, and various NFT and metaverse offerings. Besides SHIB, the ecosystem offers the community other altcoins, including BONE, LEASH, and TREAT.
Moreover, the launch of Shibarium layer-2 in August 2023 following the creation of over 21 million wallets during its testnet phase, has been a game-changer. The launch improved network efficiency and reduced fees, with transaction costs falling as low as $0.02.
While writing, SHIB Price stands at $0.00000953. This is around 90% below its all-time high of $0.00008845 from Oct. 28, 2021.
The strong Shiba Inu community and the potential price rally to a new all-time high in the upcoming bull run make SHIB one of the three top altcoins in Q1 2024 that can offer high returns.
Another altcoin to watch for: BNB
BNB, the native cryptocurrency of Binance Chain, is second on the list of 3 altcoins in 2024 that can attract traders. It challenges Ethereum’s dominance in the DeFi space and boasts the third-largest ecosystem in decentralized applications and total value locked.
According to CoinMarketCap, over 4%, or $4.33 billion, of total TVL comes from the Binance Smart Chain. In this regard, BNB stands below Ethereum and TRON alone.
Moreover, despite the legal challenges, including the ongoing lawsuit against Binance and its former CEO Changpeng Zhao, BNB Chain continues to grow. The network has already surpassed Ethereum in unique addresses and daily users.
Currently, BNB exchanges hands at $317. However, with its all-time high standing just shy of $700, BNB’s price has the potential to double this year at least.
Upcoming developments, like the migration of Beacon Chain to BSC and the launch of opBNB, a layer two solution, could further enhance BNB’s market position, making it one of the top altcoins for Q1 to watch for.
Ethereum Name Service (ENS) among 3 altcoins to watch out for in Q1 2024
Potential altcoins for Q1 of 2024 that could offer massive returns include the Ethereum Name Service (ENS). It has been one of the best-performing tokens over the past few weeks, surging over 170% in the past month alone.
While writing, ENS price stands at $23.66, following an impressive 80% rally in the last seven days. However, with its all-time high of $85.69 still long away, it remains a good investment option.
With the crypto market offering several options to investors, above are the three altcoins in 2024 that offer the potential to offer great returns.
