The first layer of cryptocurrencies is also known as the basis of any blockchain system. These top L1 blockchains improve scalability, security, decentralization, and more. Looking forward to 2024, such elemental top 5 layer 1 blockchain will generate much attention.
This article focuses on the best Layer 1 crypto projects, their features, and the price predictions of these crypto Layer 1 coins.
Bitcoin (BTC)
Bitcoin is on the Layer 1 crypto list and is the first cryptocurrency to continue occupying a leading position in market capitalization. This is due to the fact that the total supply of the token is fixed at 21,000,000 BTC. The recognition that Bitcoin ETFs have received from the SEC could also help solidify its market standing even more.
Bitcoin, again dominating the crypto bull market, has surged by 107.98% in the past year. Ethereum, among the major altcoins, has performed better over the same timeline. As of press time, Bitcoin is traded at $60,683, which marks a new high crossing the important $42,000 recorded during the bull run of 2020-21. Nevertheless, geopolitical factors have, at times, acted as a hindrance to the growth of this innovation.
There was actual resistance at this level of $66K, but reviewing the price action from the beginning of 2017 shows an upward trend. The BTC will remain solid and resistant to some market forces in 2024.
Ethereum (ETH)
Ethereum is one of the top L1 blockchain platforms popular among developers. It is divided into thousands of secondary tokens and encompasses numerous decentralized applications (dApps).
Generation of metaverses, play-to-earn games, and DeFi ecosystems reside on Ethereum. It’s widely anticipated that the present market capitalization of Ethereum barely expresses its enormous future capabilities, according to analysts.
At the time of writing this article, Ethereum is priced at more than $2,904, which is a great buying opportunity with a 42% discount from its 52-week high of nearly $5,000. The Ethereum ETF’s approval by the SEC may officially mark the beginning of the new bull run now that BlackRock has applied for it.
Ethereum successfully supplies most of the dApp transactions in the world today, conquering the market even amidst high competition. To support decentralized exchanges like Uniswap and Sushiswap or finance platforms like Aave or Yearn, finance guarantees constant purchasing and use of the native token, ETH.
Binance Coin (BNB)
BNB, a top Layer 1 smart blockchain created by Binance, is a crucial part of the largest industry’s ecosystem. It is also involved in the BNB chain transaction fee settlement and with discounts of 25% on Binance charges. The fact that Binance conducts token burns regularly to reduce the emission of tokens is another compelling reason to consider investing in BNB.
Since its creation in late 2017, BNB has risen over 20,000%. At the reporting time, one BNB costs $529.22, showing a decline of 5% in the last month. Clearance of legal complications involving Binance in the US and non-identification of fraud have helped restore confidence to investors, thus signaling potential future growth.
Legal issues remained a problem for BNB in 2023. However, the company proved its stability and sound financial condition, allowing it to recover soon. As top exchange expands its scope, BNB remains one of the few ways to participate in an ever-widening network.
Ripple (XRP)
Ripple is an institution for cross-border settlements between banks that use XRP. Therefore, XRP acts as an intermediary currency that enables consistency in settling transactions. Major banks’ use of Ripple and the latter’s scalability makes it plausible to consider it a possible replacement for the SWIFT media.
Though XRP has surged 27.42% in the last month. The latest legal triumph against the SEC has provided an outlook of less regulatory ambiguity to pave the way for its mainstream adoption.
Ripple’s closing cooperation deals with large financial institutions such as Bank of America, PNC Bank, and Santander suggest future inclinations. The demand for XRP in cross-border transactions would boost price growth rates. Even the most modest growth scenarios point to a 240% leap by 2025.
Top 5 AI Tokens: Dev Powering Future Growth?Cosmos (ATOM)
Cosmos is famous for the Inter-Blockchain Communication (IBC) protocol, which allows data exchange between different blockchains without a central handler. For instance, both Kava and Cronos applications, which deal with DeFi and exchange services, benefit from Cosmos’s interoperability.
ATOM is the native coin of Cosmos needed to interact with the IBC protocol. The firm boasts a market capitalization of over $2.0 billion. As of 2020, ATOM has seen a relatively low level of growth, 52% higher than the 2019 values, still 78% from reaching the highest level of almost $45.
This model for blockchain layer interoperability puts Cosmos in a distinct category with numerous applications and strong use case potential for various blockchains. ATOM is trading at $5.12 and has fallen 19.80% in the past month.
Conclusion
Looking ahead to 2024, these leading top Layer 1 coins are expected to post remarkable gains, offering distinguishing prospects and sound standing. Best Layer 1 blockchain proponents should closely watch and invest attention in these platforms because their evolution and popularity may bring good price swings. The existence of Layer 1 crypto coins is constantly adapting, and awareness of these base layers is important for investment planning.
