In a recent video on YouTube, expert Ben Armstrong shared his insights into the top seven coins he believes will dominate the crypto landscape in 2024. Armstrong, a prominent figure in the crypto community, provided a detailed analysis of each coin, offering viewers valuable perspectives on potential investment opportunities.
XRP and Solana: The Dynamic Duo
Armstrong began by highlighting what he considers the undeniable frontrunners for the year 2024 – XRP and Solana. He expressed confidence in these coins becoming household names by the end of the Bull Run. He attributed their success to XRP’s centralized blockchain driving adoption and Solana’s ecosystem explosion leading the charge.
Solana (SOL) is currently priced at $101.22, showing a modest 0.40% increase in the last 24 hours. With a market cap of $43,640,752,363, SOL holds the 5th position in the cryptocurrency market. However, its trading volume has decreased by -39.05%, amounting to $3,443,078,811. The volume/market cap ratio is 7.86%, indicating a relatively active trading environment.
Indicators such as RSI provide insights into market sentiment, while candlestick patterns like Doji and Bearish Harami may influence future price movements. Comparative analysis with XRP underscores the importance of considering diverse market dynamics when making trading decisions.
XRP is currently valued at $0.5746, experiencing a marginal decline of -1.04% in the last 24 hours. Holding the 6th position with a market cap of $31,100,429,958, XRP has encountered a significant drop in trading volume by -55.75%, amounting to $1,508,482,107. The volume/market cap ratio is at 10.97%, signaling a moderate level of market activity.
Analyzing the Moving Average Convergence Divergence (MACD), the histogram illustrates a tight convergence, suggesting a potential phase of sideways trading. This aligns with the market sentiment, indicating a period of indecision among traders.
Layer One Platforms Set to Shine
Moving on to the next three coins, Armstrong grouped Near, Cosmos, and Avalanche together, emphasizing their significance in the upcoming Bull Run. He suggested that the Solana ecosystem’s success would trigger aftershocks in other coin ecosystems, making these layer one platforms stand out. While dismissing Cardano from the list, Armstrong cited potential SEC hurdles as a key factor influencing his decision.
Avalanche (AVAX) currently sits at $37.02, displaying a resilient 0.70% increase within the last 24 hours. Positioned at the 9th spot in the market with a market cap of $13,569,299,238, AVAX exhibits intriguing market dynamics. Despite a notable decrease in trading volume by -33.65%, totaling $916,368,421, the volume/market cap ratio stands at 5.58%, signaling a potential opportunity for active traders.
NEAR Protocol (NEAR) trades at $3.72, showcasing a steady 1.03% increase in the past 24 hours. With a market cap of $3,740,562,344, NEAR claims the 24th position in the market. Despite a -35.23% decrease in trading volume, totaling $329,880,607, the volume/market cap ratio is robust at 8.83%.
NEAR Protocol’s trading style aligns with its steady price movements and resilient market cap. The decreased volume is a temporary reduction in speculative trading, possibly attracting long-term investors who appreciate stability. NEAR Protocol’s market position and volume metrics make it an intriguing choice for those seeking a reliable, long-term performer.
Cosmos (ATOM) is valued at $10.11, indicating a 0.54% increase over the last 24 hours. ATOM showcases a distinctive trading style, holding the 22nd position with a market cap of $3,859,608,569. Despite a -20.04% dip in trading volume, totaling $251,646,904, the volume/market cap ratio remains at a respectable 6.52%.
Calculated moves and a balanced market cap characterize Cosmos’s trading style. The reduced volume suggests a more measured approach by traders, possibly attracting a sophisticated investor base. Cosmos’s position in the market and volume metrics indicate a coin that thrives on strategic decision-making, appealing to those who appreciate a well-thought-out investment strategy.
Speculative Play on Dogecoin
In a surprising move, Armstrong included Dogecoin in his list, acknowledging its speculative nature. He speculated on the possibility of Elon Musk integrating Dogecoin into his ventures, particularly x.com, which could significantly impact its performance.
Dogecoin (DOGE) is currently trading at $0.08316, exhibiting a slight increase of 0.37% in the last 24 hours. Positioned as the 10th largest cryptocurrency with a market cap of $11.85 billion, DOGE continues to capture attention in the volatile crypto market. However, recent market activity reveals a noteworthy -49.73% decrease in trading volume, totaling $548.35 million. The volume/market cap ratio is currently at 9.23%.
Dogecoin (DOGE) currently navigates a complex market landscape, finding immediate support at $0.0800, a level that has historically provided stability in the face of price fluctuations. Beneath this lies the psychological barrier at $0.0750, a critical support zone likely to intensify selling pressure if breached, followed by the historically significant $0.0700 level, marking a pivotal point for potential bearish sentiment. On the upside, resistance is evident at $0.0850, with a breakout promising a potential shift towards bullish momentum.
ALGO: A Bounce Back Candidate
The final coin in Armstrong’s list was Algorand (ALGO). While acknowledging that ALGO is not his top pick due to its layer one status, Armstrong highlighted its potential for a bounce-back year in 2024. He mentioned the ongoing rebrand and marketing focus, indicating that Algorand might recover from its recent setbacks.
Algorand (ALGO) is currently trading at $0.198, reflecting a 3.18% decrease in the last 24 hours. Positioned as the 51st cryptocurrency by market capitalization, ALGO’s market dynamics reveal nuanced insights when considering key indicators. The market cap registers a marginal decline of -3.22%, standing at $1,584,228,620. Simultaneously, the trading volume has experienced a more substantial decrease of -48.82%, totaling $74,325,844. The volume/market cap ratio, at 4.70%, suggests an active market despite the decrease in trading volume.
The recent price movements make support and resistance levels crucial for traders. The immediate support at $0.1900 may act as a significant level of price stability while breaching the psychological barrier at $0.1800 could trigger increased selling pressure. On the upside, overcoming the immediate resistance at $0.2050 may signal a potential reversal, while breaking through the formidable resistance at $0.2200 could indicate sustained bullish momentum.
As the crypto community eagerly awaits the unfolding of the 2024 crypto landscape, Armstrong’s bold predictions have set the stage for an intriguing year ahead. Traders and investors alike will likely find valuable insights from his analysis, contributing to informed decision-making in cryptocurrency’s dynamic and ever-evolving world.
