While 2023 ends on a high for cryptocurrencies, marked by a general market upturn, many expect a strengthening (bull market) in 2024. This trend could be stimulated by the possible approval of ETFs by the SEC, as well as the Bitcoin halving planned for March. In this article, we take a look at three altcoins that are worth less than $1 and that represent interesting potential for 2024.
During a bull market, cryptocurrencies priced below one dollar are especially attractive to investors, tempted by the idea of getting a good deal at a low price. Many people are actually trying to make significant profits in cryptocurrencies with limited capital by turning to these currencies. It is also true that several businessmen have managed to get rich by investing in this type of project.
Read our article: Crypto: how this trader became a millionaire during this bull market
In our article, we decided to focus exclusively on cryptocurrencies worth less than one dollar, which are among the top 100 on the market, in order to avoid presenting dubious or fraudulent projects.
Dogecoin, the first to explode among meme cryptocurrencies
As with the memecoin sector, dogecoin’s performance during 2023 has not been exceptional. Overall, the price of Elon Musk’s favorite product increased by only 31.54% year-over-year. However, many technical analysis experts believed that dogecoin would see a trajectory in 2021 where memecoin would manage to climb to $0.12 when Elon Musk changed his bio to the Doge symbol. However, the crypto fell back below $0.10 and since then this bar has offered it great resistance.
Dogecoin’s advantage lies in the moment when the cryptocurrency meme really explodes: then it will be the first to lead. Although Doge does not have a particularly innovative project in terms of utility value, the strength of its community is a big currency. With a current price of $0.092, down 87% from its all-time high (ATH) of $0.73, Dogecoin is one of the sub-dollar cryptocurrencies to watch in 2024.
Cryptocurrency giant Metaverse has only gained 35% for the year, far from its usual bull market standards. Sanbox is thus one of the projects that embody competition from “decentralized” to Meta. The project has already managed to attract a number of large companies to its ecosystem. Thus, more than 400 major global brands have already joined the project, despite the decline in hype for the metaverse.
With its price of $0.60, less than 92.80% of its ATH ($8.40), Sandbox (SAND) represents a very good opportunity for a project that symbolizes the metaversion of the crypto universe. In case of an alt season, there is a good chance that the price of Sandbox will jump in the markets.
VeChain: A Major Player for Supply Chain Management
Among the three cryptocurrencies that cost less than a dollar, VeChain (VET) is the one that saw the biggest increase in 2023, 135.55% to be exact. Due to the strength of the project, VeChain has the potential to continue growing if the market’s upward trend continues in 2024. Currently, its price is -86.70% from its all-time high of $0.28, indicating considerable room for progress.
VeChain is an innovative blockchain platform designed specifically to improve supply chain and business processes. It aims to ensure transparency, security and effective traceability in various industries such as logistics, manufacturing and the Internet of Things (IoT). The main advantage of VeChain lies in its ability to guarantee authenticity and track the movement of products in the supply chain, providing a powerful anti-counterfeiting solution and improving the transparency of business operations.
General considerations about these cryptocurrencies
In the context of sub-dollar cryptocurrencies with promising potential, Shiba Inu could be mentioned as an alternative to Dogecoin. Indeed, both memecoins have shown similar variations recently and seem to be sustainably establishing themselves in the market. Likewise, Decentraland (MANA) or Yala Games (YALA) could be listed instead of Sandbox. These projects, also active in the world of crypto metaversions, tend to show performances similar to those of SAND.
However, it is crucial to emphasize that these predictions are closely dependent on the overall development of the cryptocurrency market in 2024.
Moral of the story: Don’t put all your eggs in one basket. Always remember to diversify!
Disclaimer
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.