The Next Crypto Bull Run: Top 5 Contenders For 2024

What does the owner of X, institutional investors, and the metaverse all have in common? They're all factors contributing to the next potential crypto bull run. 

As it's imminent, it’s now time to ask which crypto contenders are likely to dominate the next crypto bull run? Well thankfully, you’ll get all the answers right here.

The Crypto Bull Run is Coming 

The cryptocurrency market is experiencing significant changes in 2024. Institutional adoption and the development of long-awaited projects are driving this transformation - where for example. 2024 started on a high note thanks to the approval of spot Bitcoin ETFs in the US.

Throughout the bear market, unwavered GameFi companies have also been building, with 2024 now the time to unveil creations that could surpass a $1 billion market cap (like many did last time).

Furthermore, there’s also a positive economic outlook as inflation eases in most developed nations, and central banks end their end of year rate hiking cycle.

All of these factors culminate in a more prosperous 2024 crypto bull market…something that’s essentially programmed into crypto antics. 

Cryptocurrencies to Watch in 2024

1. PIKA ($PIKA)

PIKA, the digital token that runs on the Ethereum blockchain, is the driving force behind Pikamoon, a 3D Play-to-Earn (P2E) game.

As we gear-up for the imminent bull run, PIKA stands as a coin destined to follow the same trajectory as many of its 10-figure GameFi predecessors.

Why? Because Pikamoon itself is a AAA game in-waiting. So with this in mind, it’s logical to look at the past performances of other AAA titles that rose to fame in the previous bull run of 2021.

Just to name a few, we have; Axie Infinity (AXS), which went from a market cap of under $30 million at the start of 2021, to almost $10 billion in November of the same year. Across the same timeframe, fellow GameFi extraordinaire lluvium (ILV) saw its sub $10 million market cap rise to  $1.2 billion, and The Sandbox grew from under $25 million to $6.87 billion.

Of course, these growth patterns indicated a substantial rise in each game’s respective adoption. For the traders out there, it also indicated a huge millionaire-making price pump when it came to the value of their native tokens.

So… the proof is already there when it comes to the exciting scope of GameFi…meaning with the bull run on the horizon, your job for today is to find the right token to invest in.

This is where Pikamoon as a gaming concept comes in, as in reality, only the most exciting and usable games will come out as winners. With a lot more information to be found across the project’s Medium and LinkedIn pages, Pikamoon welcomes places to Dreva, a mystical world entrenched in war between 6 elemental regions. Using NFT Pikamoon species from each region, Pikamoon players take to Dreva’s Battle Arena to engage in Play-to-Earn (P2E) MOBA style contests (both online and offline). Here, PIKA is the reward, which can then be spent to upgrade Pikamoons or sold for fiat.

Such a premise, along with a rich storybook of lore and a distinct artistic aesthetic, are why we’re not the only ones touting Pikamoon to be GameFi’s next Axie Infinity.

When it comes to PIKA, the token hosts an array of utilities, and will launch on exchanges with a market cap of $10 million… a figure that imitates that of lluvium for example. The token is also on offer for just $0.0006 through its third and soon-to-sell-out Presale.

2. Bitcoin (BTC) 

Bitcoin, the most popular cryptocurrency, is a smart addition to any investment mix. Even though its price went up and down in 2023, the basic reasons why it's valuable are still strong. This sets the stage for it to possibly reach new highest prices in this year. Two big things could make Bitcoin shoot up even higher, maybe even past its highest price ever of $69,000 from November 2021.

First, the US Securities and Exchange Commission (SEC) finally approved a Bitcoin Exchange-Traded Fund (ETF). This is a big deal because it lets regular investors get into Bitcoin in a safe, regulated way. It could bring a lot more money into the Bitcoin market. People are pretty excited about this and think it'll help drive prices up.

Second, in April or May 2024, something called a Bitcoin halving is supposed to happen. This means the reward for people who mine Bitcoin will get cut in half. When this has happened in the past, the price of Bitcoin has gone way up because there's less Bitcoin being made, but still a lot of people want to buy it. 

Even though some people worry about what's going on in the world and how the government might treat Bitcoin, its reputation, strong network, and limited supply make it a good choice for people who want to hold onto it for a while.

3. Ethereum (ETH)

You might think Ethereum stands out here, and you're right, it's hardly flying under the radar. It's been the second-largest cryptocurrency for years, so most crypto investors are familiar with it.

While we might not see Ethereum skyrocketing by 10,000% like in the past, it still has plenty of room to grow. It was the first blockchain to offer smart contracts, allowing developers to create dApps. Ethereum's early lead gives it a significant edge over similar competitors.

In September 2022, Ethereum made a long-awaited switch to a proof-of-stake system, which greatly boosted its energy efficiency. This upgrade also means you can now stake Ethereum and earn rewards, potentially drawing in more investors. Overall, Ethereum offers solid growth potential without the wild swings of smaller cryptocurrencies. Plus, there are some interesting Ethereum-related stocks worth considering for your portfolio.

4. Cardano (ADA)

Cardano is a blockchain platform that's been getting a lot of buzz in the crypto world. Founded by Charles Hoskinson, one of Ethereum's co-founders, it's known for its aim to make decentralised apps and smart contracts more secure and scalable.

So, why do people think Cardano could be a big player in the next crypto bull run in 2024? Well, it's all about scalability. While other platforms use different techniques, Cardano has its own unique way called Ouroboros. This means faster and more scalable transactions, which could help it grow big time.

What's cool about Cardano is its focus on research and development. They're really big on the science behind blockchain, making sure everything they do is thoroughly researched and reviewed. This gives people confidence in what they're doing.

Plus, Cardano has a solid community and network. They're teaming up with other organisations to build partnerships, which could mean even more growth.

Another thing that's helping Cardano is its focus on following the rules. With governments paying more attention to crypto, platforms like Cardano, which play by the book, might have a better shot at success.

As for the price potential, Cardano has already seen some serious growth. But experts think it could go even higher in the next bull run. Still, it's important to remember that crypto can be risky.

5. Solana (SOL)

Solana is a cryptocurrency that's getting a lot of attention lately. It's worth about $41.8 billion, and its value has gone up by a whopping 312% in the last year. People are interested in Solana because it's different from other cryptocurrencies and can do some cool stuff. It was launched in March 2020 and can be used for things like making decentralised apps, smart contracts, and unique digital items called non-fungible tokens NFTs.

But Solana has had some problems, especially with its network going down for almost a whole day in February 2023. This made some people wonder if Solana was reliable.

However, Solana is still pushing forward. They're getting ready to release a new smartphone called Solana Mobile, which is cheaper than their first one and has some cool features. Even though their first phone, called Saga, didn't sell well at first, it started to pick up after they lowered the price. In fact, it sold out completely. People are even buying Saga phones for more money than they originally cost because they want them so much. Plus, a digital coin called BONK that's based on Solana is doing really well, which is helping Solana grow even more.

Right now, the price of Solana is about $96.55, down from its highest point of $126.42 in December. But experts think it could go back up, especially with all the good things happening with Solana. They even think it could start a big price increase trend called a bull run in 2024.

The Latest Trends in Crypto - What Lies Ahead?

As we step into 2024, things are looking up for the cryptocurrency market. The economy is doing well. Good news about regulation has hit the headlines recently. For instance, there have been positive legal decisions regarding cryptocurrencies like XRP and BTC. Plus, the US has given the green light to 11 new Bitcoin ETF investment funds.

A change in how the US government handles money is also creating bullish momentum cryptocurrencies. They've decided not to raise interest rates, meaning more money in the market. When there's more money, individuals invest and spend more. Also, because safer investments like bonds aren't as appealing anymore, more folks will turn to risk-on options, like cryptocurrencies to make money.

On top of all that, it's election year in the US. During these years, politicians tend to do things that they think will help them get re-elected. So, there will be even more positive moves towards cryptocurrencies.

Another thing boosting the crypto market is all the work that's been going on behind the scenes since the last bull market in 2021. Many teams have been busy getting ready to launch new crypto projects, thanks to all the capital that came in during the last boom.

So, when you put it all together; better government policies, election year perks, friendlier regulation, and new projects it looks like the upcoming year will be a strong year for cryptocurrencies.

Bull Run Prediction in 2024? 

Now you know the best projects for the 2024 crypto bull run, let’s look at the industries forecast to lead the movement:

1. Metaverse Development: Expect significant growth in Metaverse projects, reshaping digital experiences.

2. GameFi: GameFi will emerge as a major trend, blending gaming and decentralised finance. Pikamoon, an exciting 3D P2E Web3 game has quickly become the talk of the town in the crypto gaming world, attracting gamers and investors.

3. Artificial Intelligence Creeps Into Web3: Artificial Intelligence integration into Web3 platforms will accelerate.

4. Decentralised Autonomous Organizations (DAO): Decentralised Autonomous Organizations gain traction, reshaping governance models.

5. Decentralised Finance (DeFi): Decentralised Finance remains a focal point for innovation and investment.

6. Innovative dApps: Innovative decentralised applications (dApps) will drive user engagement.

7. Large-Scale Transition to Web3: The transition to Web3 will escalate further, with large-scale adoption taking place across several industries.

8. Mainstream Adoption of Crypto Payments: Crypto payments will see mainstream acceptance, revolutionising financial transactions.

Next Crypto Bull Run - FAQs

What's driving the next cryptocurrency's next bull run?

Factors like institutional adoption, metaverse development, and regulatory changes are fueling the anticipated crypto bull run.

Which cryptocurrencies are poised for success in 2024's bull run?

Bitcoin, Ethereum, Cardano, Solana, and newcomer PIKA are expected to shine in the upcoming crypto bull run.

What influences the cryptocurrency market in 2024?

Institutional adoption, regulatory developments, technological advancements, and economic outlook shape the cryptocurrency market..

Why is PIKA gaining traction in the crypto market?

PIKA's user-friendly features, transparent operations, and strong community support make it stand out among cryptocurrencies.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.