In a recent video, Jupiter analyst Nick shared his thoughts on Cardano and some altcoins that could succeed in 2024. According to him, Cardano is doing well, is in the top 10 and has a lot of funding ($355 million). Analyst Nick believes this is a good sign, especially since Cardano’s DeFi project started during a difficult time (bear market). The fact that TVL (Total Value Locked) is at an all-time high is a positive sign.
When looking at other altcoins, Nick suggests paying attention to those that have hit all-time highs in both price and TVL. This means they are doing the right thing and have good momentum. Nick mentioned a few altcoins he found interesting: Arbitrum (ARB), SUI, Maker (MKR), Immutable X (IMX), and Illuvium (ILV). This includes various areas such as scaling technologies, creative programming, DeFi with real-world assets, gaming, and a mix of DeFi and gaming.
SUI, a newcomer with advanced technology and fast transaction speed, has emerged as a potential successor to existing blockchain platforms. Despite its recent entry into the market, SUI’s descriptive and innovative approach to programming languages positions SUI as an altcoin worth monitoring closely.
Nick said it is wise to focus on altcoins that have been around for a while and have survived various market cycles. They are about innovating, acquiring users, and continuing to grow. Nick briefly mentioned that Injective and RUNE did well in 2023. However, he emphasized the importance of looking for coins hitting all-time highs in both price and TVL, focusing on predicting what will shine in 2024.
He said it is important to keep an eye on Bitcoin and Ethereum. Bitcoin is the king of the market, and any major move in Bitcoin could have a significant impact on the entire cryptocurrency space. Ethereum, on the other hand, is a leading smart contract platform and its performance often reflects the overall state of the decentralized finance (DeFi) sector.