Which crypto will boom in 2024? The question that all traders ask themselves regularly. The cryptocurrency market continues to develop and attract the attention of investors. Despite the high volatility and risks, many see cryptocurrencies as a promising tool for investment and earnings. In 2024, new projects appear on the market, and already known cryptocurrencies strengthen their positions. To understand which cryptocurrencies are the most promising for investment in the summer of 2024, it is necessary to conduct a thorough analysis of the market.

In this article, we will review the current situation in the crypto market, assess the potential of both established cryptocurrencies and new promising projects. We will also tell you how to choose a project to your liking. This information will help you make an informed decision about what to invest in in the summer of 2024.

Key Criteria for Evaluating Promising Crypto Projects

Obviously, not every project can have potential and become the next big crypto. Here are the main criteria by which we can try to foresee the future of a project.

Team and product

The Development Team. A crucial criterion is the team's knowledge, experience, and market understanding. Evaluating the team's expertise can provide insights into the project's potential success.

Whitepaper. Experts recommend thoroughly examining the project's Whitepaper. A promising startup should have comprehensive documentation detailing the problems it aims to solve. A Whitepaper that is merely two pages long is insufficient; it should be an extensive and informative document.

Other essential parameters to consider include:

Idea Evaluation: Assess how interesting and promising the project's underlying idea is.
MVP Availability: Verify if there is a Minimum Viable Product (MVP) to demonstrate the project's functionality.
Roadmap Execution: Evaluate the progress of the project development according to its roadmap, including adherence to deadlines.
Community Engagement: Investigate the project’s community by reviewing discussions on specialized forums to gauge public interest and support.
Market Value: Determine if the project meets a genuine market need and assess its potential usefulness and demand.

Segment and uniqueness

Evaluate the Market Segment of the Project: Experts recommend investing in projects that are in high demand among venture capitalists and institutional investors. This sector-focused investment strategy forms the foundation for medium-term token price growth, rather than just a temporary spike post-listing on exchanges.

Project Uniqueness and Viability: For a coin to be considered promising, it should demonstrate trading volumes comparable to the top 50 cryptocurrencies by market capitalization.

Some experts advocate for purchasing tokens before they are listed on trading platforms, as the price tends to be lower pre-listing, offering a greater profit potential. Once listed, making substantial gains becomes more challenging.

Conversely, other analysts suggest waiting for the project to appear on reputable trading platforms. These platforms conduct rigorous analyses, assess potential risks, and thoroughly examine the startup's operations and financial health before listing new assets, ensuring a safer investment.

Partnerships, Adoption and Information background

Investors shouldn't forget to pay attention whether the project has partnerships with well-known companies or organizations. The more real-world use cases the cryptocurrency has, the better its long-term prospects. Also, it's important to follow the news and mentions of the cryptocurrency in the media and social networks. If positive hype is created around the coin, it can lead to a short-term price increase. This is especially true for meme cryptocurrencies, which often grow due to hype and viral spread of information.

Choosing a cryptocurrency also depends on certain investment goals - whether investors want to make quick profits on short-term fluctuations or are considering long-term investments. It's also crucial to remember not to invest all funds in one cryptocurrency, even if it seems very promising. Distribute investments among several reliable projects from different market segments to reduce risks.

For those seeking the best crypto to invest in 2024, these criteria can guide your decision-making process and help identify promising opportunities.

Nevertheless, the choice of strategy is always up to the trader, so SimpleSwap recommends you to analyze the situation thoroughly and make a decision on your own.

Top Promising Crypto Projects for Summer 2024

In this section we will discover the most promising crypto projects set to make waves this summer, featuring zkSync, LayerZero, Blast, BeraChain, Tabi, and Sanctum. Each of these projects is poised to be a standout new cryptocurrency release 2024, offering innovative solutions and exciting opportunities for investors.

zkSync (ZK)

ZkSync is a scalable solution for Ethereum based on Zero-Knowledge technology. It is designed to solve the problem of scalability, high cost and slow transactions in Ethereum.

One of the main features of zkSync is the use of Zero-Knowledge Rollups (ZKR), which allows transaction execution to be moved from the main Ethereum network to a more scalable and faster sidechain.

By utilizing zkSync, users can easily exchange tokens, execute smart contracts, play games, and perform other transactions with low fees and high confirmation rates.

ZkSync is important to the development of the Ethereum ecosystem because it improves scalability and network performance without affecting the security and decentralization of the Ethereum core network.

The number of tokens allocated for airdrop is 17.5% of the total issuance of 21 billion. Active blockchain users who have transferred various assets and interacted with projects on the zkSync network can count on the token distribution.

Exchange zkSync

LayerZero (ZROOP)

LayerZero is a protocol that connects different blockchains using technology that eliminates the need for a third party. It is currently being used by Stargate and Radiant Capital, both of which have experienced small increases in their tokens after the snapshot was confirmed.

The company announced plans to release the token in December, saying it would be released “in the first half of 2024.”

Last April, LayerZero raised $120 million at a $3 billion valuation in a Series B round that included investments from Andreessen Horowitz and Sequoia Capital.

Snapshots typically act as a precursor to outflows because airdrop farmers - investors who use protocols to increase airdrops - can then move liquidity to other projects without losing rights to future claims.

Blast (BLAST)

Blast became one of the first projects on the cryptocurrency market that directly announced the upcoming token issue and its subsequent distribution to users. The developers also implemented a points system and put a strong emphasis on the referral component: users receive rewards for inviting new participants.

Blast is a versatile L2 with built-in “asset management”. To differentiate itself from the fast-growing general-purpose L2, Blast utilizes a proprietary profitability model.

Blast utilizes a “Robinhood/Fintech” scenario, passing on revenue to users as “free” services. Through native yield, Blast is able to offer certain products to its users “for free” (free gas, free swaps, etc.). It's not free, of course, but instead a UX optimization made possible by Blast's decision to reinvest idle user funds.

Airdrop is scheduled to launch on June 26. Just like zkSync, the airdrop will be claimed by users who have transferred assets and interacted with projects on the Blast network.

BeraChain (BERA)

Berachain is a promising blockchain platform positioning itself as a next-generation modular DeFi platform. It is based on Cosmos Sdk and is focused on supporting decentralized applications (dApps) and interconnectivity. It features an innovative architecture that provides scalability, security and energy efficiency.

The Berachain platform is compatible with Ethereum-based applications, but runs on its own Proof-of-Liquidity algorithm. Berachain has three tokens: the internal $BERA, the $BGT management token, and its own $HONEY stablecoin. In January, the developers launched a test version of their platform, which is now being actively tested by users in anticipation of a potential airdrop - a reward in tokens for earlier participation in the project.

Tabi (TABI)

Tabi is a modular L1 blockchain running on Cosmos and compatible with EVM. The blockchain is aimed primarily at the GameFi domain.

Drops will be distributed to various participants in the Tabi ecosystem:

Voyage Campaign participants - active participants in certain campaigns.
Holders of the token $GG - owners of the main token of the project.
Participants of the upcoming public sale - those who will participate in the sale open to the general public.
Captain Node holders - operators of key nodes in the network.
Project Creators - developers who support the Tabi ecosystem with their projects.
Testnet participants - testers of preliminary versions of the network.

A total of 800 million TABI tokens have been allocated for the drop. In the near future, a tool to verify the drop is expected to appear, which will allow participants to know how many tokens they will receive.

Sanctum (SANCTA)

Sanctum is a decentralized re-securitization protocol on the Solana network that allows users to re-securitize their LSTs by placing them in a Sanctum smart contract. This offers users greater flexibility and higher revenue potential. It is also worth noting that Sanctum represents a huge market opportunity in the Solana ecosystem. Sanctum meets the growing demands of the DeFi movement by offering Solana collateral holders greater flexibility, increased liquidity and additional profit potential.

Analysis of Market Trends and Future Prospects

One prominent trend in the cryptocurrency market is the advancement of L1, L2, and L3 blockchain networks and cross-chain protocols. Experts predict that the market's future hinges on enhanced interoperability, with cross-chain technologies playing a crucial role in achieving this goal.

To implement scalable Web3 solutions, the development of first-level blockchain networks is essential, according to industry specialists. They also assert that the growth of cross-chain protocols and L3-level solutions will promote broader cryptocurrency adoption and serve as the foundation for new blockchain technology models in specialized industries. In 2024, the market will likely be driven by the increasing interoperability of diverse platforms, resulting in a higher number of participants and increased trading volumes.

Another significant trend is the evolution of the GameFi sector. The anticipated launch of several high-quality online gaming projects in 2024 is expected to boost interest in this field.

For crypto-games to rival traditional games, they must overcome numerous challenges, as developing a AAA project demands substantial time and financial resources. Nonetheless, many believe that blockchain technology can streamline this process. Despite varying analyst opinions on GameFi's future, investment in the sector is rising, positioning 2024 as a potentially transformative year for GameFi.

Conclusion

It is worth noting that as investors gain experience and study additional points, they learn to dig even deeper and analyze the market even more effectively.

In our article, we have provided the main projects to look out for in the summer of 2024, but the final decision is always left to investors. Users should always conduct additional analysis on their own, based on which they can draw conclusions and make decisions on any transactions with cryptocurrency and/or tokens. For those wondering which crypto will explode in 2024, thorough personal research and informed decision-making are crucial steps.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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