• 13 July, 2024
Features

Top 5 L1s: Building & Booming! Next Price Targets?

Layer-1 crypto coins are the powerhouse of the digital world, powering all the outstanding ideas throughout the cryptocurrency. These top layer 1 coins constitute distinct rules (consensus mechanisms), methods for managing large volumes of transactions, and methods for achieving blockchain security.

L-1 coins are the playground for smart contracts – self-executing contracts that do the heavy lifting. This leads to the birth of decentralized applications (dApps) that run on a trustless mechanism. This is massive because it means anyone, anywhere, could use these apps for all sorts of things with crypto to secure important data without interference from any third party.

These coins are the golden tickets to the future of decentralized finance. They’re the engines powering a new world where technology, investment, and everyday life come together. If you want to be part of the next big thing in crypto, watching these top Layer-1 blockchains is like seeing the all-stars of the digital economy in action.

This article will focus on the best layer 1 crypto coins currently making waves in the market. Here is the top layer 1 crypto-list of coins.

Ethereum (ETH)

Among all the stack layers of the top 10 layer 1 blockchain, Ethereum could be seen as one of the most popular and functional. Hundreds of secondary tokens are running in the Ethereum network, indicating that developers prefer it as Layer 1. Ethereum itself has metaverses, P2E games, and all DeFi applications.

Ethereum is the foundation of dApp developers, and it received a high appraisal, showing that it is one of the best Bitcoin alternatives. Among the largest collated top L1 blockchains within the Ethereum ecosystem are Sandbox, Axie Infinity, and Decentraland. It also incorporates decentralized exchanges like Uniswap with DeFi platforms like Aave and Yearn. finance, and Compound.

Ethereum (ETH) has been actively involved in developing the blockchain layer. Strategic achievements such as the Merge, the Dencun Update, and the label of Ultrasound money all point to a significant leap in this Layer-1 chain toward revenue over function.

Also, with the recent approval of VanEck’s Spot Ethereum ETF, access to ETH has entered the market at a very high price point. ETH is nearly at an all-time high. Predicted by using Fibonacci retracement levels, the price of ETH may increase to $10,000 in 2024.

Source: TradingView

Solana (SOL)

Overall, Solana provides a viable solution to Ethereum regarding speed, cost, and scalability. It can process smart contracts and dApps without affecting efficiency or safety, making it the frontrunner in Layer 1 blockchains.

Throughout the test stage, Solana demonstrated impressive results of over 65,000 TPS compared to Ethereum, which only managed 30 TPS. This high throughput makes Solana suitable for projects needing vast transactional values. Furthermore, users have to pay an average transaction fee of only $0.00025 in the Solana network, which turned out to be $0,35, nearly 40 times cheaper than Ethereum.

Top 10 Layer 1 Blockchain to Watch in 2024

Analyzing Solana in terms of market performance revealed that it was brilliant. Indeed over the last 12 months, SOL has surged more than 732% in terms of its token value. From the beginning of 2020, the SOL asset has risen close to 7,300%. Trading at $139 at press time, Solana is a good investment for those investors who wish to invest and wait for long.

The SOL price has a rounding bottom pattern in the monthly chart, which implies that the price is set to begin a bullish advance. The rapid transition to high speed in the last few weeks has acted as a trigger to attract institutional investors. Using Fibonacci levels, the anticipated high SOL price is $533, a new all-time high.

Source: TradingView

Binance Coin (BNB)

The Layer 1 blockchain belonging to Binance is BNB, which supports the largest crypto ecosystem globally. This is needed to pay transaction fees on the BNB chain and include a 25% fee cut on Binance costs. BNB is a deflationary Layer 1, and Binance often reduces the circulation supply of the token.

BNB is the third-generation top Layer 1 coin and acts as the backbone of the Binance ecosystem with thousands of projects called BEP-20 tokens. BNB is the utility token used when paying fees on such projects and also has token usage on the Binance exchange in the form of fee reductions on trading commissions.

This means that the BNB price is able to sustain the bullish continuation even when its founder is facing legal problems. The uptrend targets an all-time high breakout to reach $1000 in the year’s third quarter. As for the 2024 outlook, the Fibonacci levels are optimistic and suggest a quantity of $1800.

Source: TradingView

Polkadot (DOT)

Polkadot introduces a sharded multichain architecture, allowing simultaneous transactions across multiple chains. This design aims to support Web3, the next generation of the decentralized internet. By fostering interoperability it ensures diverse blockchain systems can collaborate seamlessly.

Though Polkadot can be considered an underdog amongst Layer-1 blockchains, the Polkadot ecosystem has all it takes to become a giant in the next round. The DOT price could also build a new ATH and write history similar to what Bitcoin did during the 2024 altseason. A breach of the $11 mark would catalyze a bullish run to regain the lost levels and even spike above $50.

Source: TradingView

Cardano (ADA)

Cardano is uniquely positioned in its research-focused approach and built-in proof-of-stake protocol. It is expected to be sound, environment-sensitive, and stuffed with interfaces, and it heavily emphasizes integration with ecosystem partners.

The ADA price targets a bullish reversal this year. Nonetheless, with the ADA drop of 17.56%, June takes it back to the initial position again. However, as seen in the image below, a trend reversal rally will start in Cardano as the rest of the market recovers. If such a case is to happen, then it would be possible for the uptrend to hit $4 in 2024.

Source: TradingView

Conclusion

Top crypto Layer 1 coins are the powerhouses of DeFi and Dtech. Many blockchains are at the heart of crypto development, from versatile Ethereum to speedy Solana to ecosystem-focused Binance Coin, interoperable Polkadot, or sustainable Cardano. Therefore, the nature of goods and services is paramount for the best Layer 1 blockchain investments. It is critical to analyze these blockchains as the climate of the crypto space changes over time to prepare for the digital economy.

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