Cryptocurrency markets have experienced a rather dull year so far. Investors are facing one of the longest winters, losing interest in one of the most exciting technologies of the past decade. This is shown by the massive flight of capital from VCs and retail investors, and the diminished valuation of the crypto market over a couple of years. At its highest point, in November 2021, the crypto market topped the $3 trillion mark but has gradually dipped over the past two years to $1.13 trillion, as of writing.
The current decline in market value for projects has also driven venture capital funding away from the Web 3 space. Compared to 2022, where Q1 and Q2 saw over $20 billion in VC funding flow into the Web 3 and blockchain space, 2023 has seen a massive reduction in capital inflows. The total VC funding in the first half of 2023 amounted to only $4.4 billion, from 611 funding rounds, representing a 78% drop in total fundraising value and a 42% drop in the total funding rounds in the first half of 2023.
Total VC funding in crypto 2021 to 2023 (Image: RootData)
Nevertheless, experts and analysts remain optimistic that massive developments across the Web 3 space and possible regulatory clarity could point to a bullish market in the coming years. Moreover, historically, the crypto market thrives post-Bitcoin halvings, and the next halving is expected in early 2024. Finally, the increased expectation of a spot Bitcoin ETF approval could prove a rocket launcher for the crypto, ushering in around $20 to $50 billion in inflows.
As previous bull runs have shown, lower market cap coins with high potential growth usually outperform the top coins (Bitcoin, Ethereum, XRP, etc.). Investors are often drawn to seek new cryptocurrency projects with low market caps and unit price per token with high potential future value – a strategy that can pay off but is riddled with huge risk.
This list looks at some of the promising high-growth crypto projects that may blossom in the post-halving period in 2024 and beyond. The article delves into various industries across the Web 3 ecosystem, from finance to artificial intelligence (AI), and shopping rewards to Web 3 education and fundraising to memecoins.
Top Crypto Projects To Look Out For in 2024
As the year draws to an end, crypto investors can breathe a sigh of relief following the uncertain, stagnant, and inactive market in 2023. The coming year offers hope to crypto enthusiasts, and we have searched the ecosystem to find some of the forward-thinking projects that show promise of high growth in 2024.
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Shping:
Interest and adoption of crypto is at a multi-year low but one company is aiming to change that by rewarding users for shopping. Shping, an Australian crypto firm, partners with brands to reward users for shopping, creating photo and video reviews and referring friends. The platform rewards users with Shping Coins.
Users can double or triple their earnings by increasing their Shping status i.e. Basic to Bronze to Silver, to Gold, and Platinum, each tier offering a multiplier that adds to your earned coins each month. To level up, Shping app users need to scan an allocated number of product barcodes regularly, and once the target is hit, the tier level is automatically updated.
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Dogecoin:
Memecoins have little to no utility, and most are created to build a community around them. Dogecoin, however, stands out from its competitors, given the massive support it receives from Tesla’s CEO Elon Musk. The vibrant X and Space X CEO has continuously sent out tweets praising the currency, a move that saw $DOGE price exponentially grow in the past two years.
Currently, the official Tesla shop accepts Dogecoin payments for some items and a similar move to add crypto as a payment option in X (formerly Twitter), millions of people will be introduced to it, which could drive up the price in the coming year.
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Auros:
Following its tough period during the FTX implosion, Auros, a crypto-native algorithmic trading and market-making firm, raised $17m in a funding round led by Vivienne Court, avoiding bankruptcy in the process. Auros is a market-maker that uses various sources of data for price discovery, ensuring quality and accuracy at sub-second intervals. This ensures pricing changes lightning quick to reduce chances of slippage.
Additionally, Auros develops trading algorithms and infrastructure to help every user understand trading and liquidity. It also creates strategic market-making that provides foundation liquidity to token issuers to underpin growth.
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Metatime
Fourth on this list is Metatime, an all-suite crypto project aiming to offer users an ecosystem that will bring many innovative financial solutions and investment opportunities. The project started off as a simple crypto exchange and blockchain but is branching off to offer all use cases in the blockchain industry and also introduce new use cases with its unique tools.
The rapid development of the project sets it on our list of projects to look out for in the coming year, with developers planning to launch over 70 products by 2029 and enhance the global adoption rate of crypto. Adding to its exchange and blockchain, Metatime offers an NFT marketplace (MetaNFT), a launchpad for new projects (MetaLaunchpad), MetaExplorer, and MetaWallet. The platform will also launch its native currencies, MetaCoin and MetaStablecoin, in November following its mainnet launch.
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Newscrypto
Finally, the Web 3 education platform Newscrypto also makes the list. This is an all-in-one crypto suite that provides a comprehensive set of tools for users to help them understand Web 3, despite their knowledge in the field. The platform offers users automatic charting tools that help newbies understand technical analysis on crypto and advanced propriety indicators for expert traders.
With education being a key point in welcoming new investors into crypto, platforms such as Newscrypto could lead the adoption of these digital assets, come 2024.
Regulatory clarity to push for a bullish crypto market
Many crypto community members eagerly await the arrival of 2024, as they believe it will bring with it a new bull market — especially since 2024 is the year of the next Bitcoin halving. Nonetheless, the developments on the regulatory front will play a huge role in kickstarting growth in the crypto markets. Investors are optimistic that a spot Bitcoin ETF will be approved in the coming months, bringing institutional investors to the fray. Additionally, enthusiasts count on the Federal Reserve to cut down rates by mid-2024, potentially relieving pressure on crypto and other risk assets.
Finally, several regulatory bodies worldwide are offering some clarity on laws and regulations governing crypto in their jurisdictions, which could open the door for increased retail and institutional investment in the coming year and beyond.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
