4 Altcoins That Could Soar in Value in 2024

In the aftermath of the April halving, Bitcoin (BTC -0.11%) has understandably been the center of attention for crypto investors. Bitcoin has historically rallied in the early stages of a halving cycle, and investors view the current period as a fantastic time to buy Bitcoin before it potentially goes parabolic.

Bitcoin (CRYPTO: BTC) has taken center stage in the crypto world following the April halving. But don't forget about altcoins.

After any Bitcoin halving, a funny thing tends to happen. Investors, having witnessed Bitcoin's rally in the early stages of a halving cycle, pile into altcoins in search of higher returns. And it makes sense -- to a degree.

After all, a rising Bitcoin price tends to send the entire crypto market higher. As they say, a rising tide lifts all boats. But some boats tend to rise much higher than others.

With that in mind, here's a closer look at a handful of cryptocurrencies that could soar in value in 2024.

Layer 1 blockchain networks

As a starting point, let's consider Layer 1 blockchain networks. These include big market cap names such as Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and Avalanche (CRYPTO: AVAX), as well as a handful of smaller, more nimble competitors such as Aptos (CRYPTO: APT) and Sui (CRYPTO: SUI).

All of the above currently rank among the top 50 cryptocurrencies in terms of market cap, with Ethereum being the clear market leader with a whopping $460 billion valuation.

The reason why these Layer 1 blockchains have a good chance to outperform the market is that they are the building blocks of the blockchain economy.

Think of any key blockchain niche -- such as decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, or the metaverse. All of these are built on top of Layer 1 blockchains.

As a result, any crypto bull market rally could lift all of these segments simultaneously. The breakout could be tremendous, given how beaten down some of these sectors were during the "crypto winter" of 2022.

While there are many options here, my personal preference is for just three of these Layer 1 blockchains: Ethereum, Solana, and Sui.

Ethereum is the 800-pound gorilla in this space. Solana is a much-touted "Ethereum killer." And Sui is the "Solana killer." So, you can invest in the market leader or an up-and-coming rival. The choice is yours.

AI crypto tokens

Typically, the Bitcoin halving leads to what crypto investors refer to as "altcoin season." As investors seek out higher returns, they start to accept more risk.

This is when small, little-known cryptocurrencies can explode out of seemingly nowhere and dramatically outperform Bitcoin.

If you have a big risk appetite, then you might want to consider AI crypto tokens. Simply put, these are cryptocurrencies that are highly leveraged to the current boom in artificial intelligence.

With that in mind, my two top picks here are Render (CRYPTO: RNDR) and Fetch.ai (CRYPTO: FET).

For the year, Render is already up a staggering 120%.

Render is particularly attractive because it is part of a larger trend for artificial intelligence known as "GPU Compute." This refers to the immense computing power needed for advanced AI projects. And that's what Render provides.

Users pay in the Render token for access to decentralized GPU computing power located all over the world. And this GPU computing power, as might be expected, is typically powered by Nvidia. For that reason, Render has already been called "the Nvidia of crypto."

Fetch.ai, up 230% for the year, is another bet on the future of AI.

Fetch.ai refers to itself as an "open, permissionless, decentralized machine learning network with a crypto economy." In short, it's both a marketplace and a platform where you can use the Fetch.ai token to pay for all things AI-related, from data sets to large language models (LLMs), as well as AI bots and AI agents.

From my perspective, Fetch.ai is particularly relevant for corporations looking to advance their AI initiatives. Instead of starting from scratch, they can "fetch" all their AI resources from one place.

As a proof of concept, Fetch.ai recently partnered with Bosch and Deutsche Telekom on a new AI platform for the industry.

Focus on the long-term

As best as possible, investors should keep their focus on the long term. If things go according to plan, the Bitcoin halving could kick off yet another round of growth for blockchain and crypto.

So, focus on cryptos built for the long haul.

Since Layer 1 blockchain networks are the building blocks of the blockchain world, they arguably have the greatest long-term appeal. And if you think that AI has a bright, shining future ahead, then getting in early on AI crypto tokens could pay off big later.

But just remember -- investing in any of these cryptocurrencies can be volatile and highly risky. Proceed with caution and always do your own due diligence.