If an asset looks promising, it is always best to secure it ahead of time at favorable prices. Here are three cryptocurrencies that have a bright road ahead. They are now selling below their intrinsic value due to broader market trends.
But they won’t remain underrated for long. Project expansion and community strength are predicted to kindle strong price actions for them in 2024.
1. Ethereum (ETH)
Ethereum tops our list. The world’s biggest altcoin is now selling for $1,799.65 – 63.23% down from its all-time high of $4,891.70 that was recorded back in 2021.
ETH has been hovering below $2000 for quite some time now without showing any signs of a strong price action. That has largely to do with the effect of broader market trends on Ethereum’s price action.
But it wouldn’t be right to attribute the underperformance solely to market trends given that Ethereum has been facing stiff competition in the blockchain market. The emergence of a new wave of blockchains with strong competitive edges has led the Ethereum blockchain to lose its dominance.
On the bright side, the blockchain has been consistently working on honing its advantages, especially when it comes to sustainability and energy efficiency.
Ethereum price action, 1-year, CoinMarketCap
They will pay off in the coming months as the market rebounds as a whole. Bitcoin halving, scheduled for 2024, won’t just boost the price of Bitcoin. As is always the case, most of the market will follow suit and Ethereum is no exception.
Another factor that will favor the price action of ETH in the coming months, as well as in 2024, is the approval of Bitcoin spot ETFs. It would mark the beginning of a series of similar assets, benefitting Ethereum’s mainstream adoption and media popularity.
Data also shows that Ethereum has been witnessing massive whale transactions since the bull run. The whale transactions are a strong bullish signal that shows that investors have faith in the project, especially from VCs and angel investors.
According to top crypto publications, if the whale demand persists, the Ethereum price could move toward $2,500 in the coming weeks. Once it crosses the barrier at $2100, the journey ahead will be smooth. Stepping into the first quarter of 2024, Ethereum has the potential to break above its current all-time high.
2. eTukTuk (TUK)
The second cryptocurrency widely predicted to ignite an explosive price action in 2024 is eTukTuk.
It is a relatively new project than Ethereum and Dogecoin. It is not as established as them and has yet to launch the native cryptocurrency.
But the EV project dedicated to the public sector has been in development for more than five years. So it doesn’t belong among the myriads of new cryptocurrencies that have little thought, innovation, and market relevance driving them.
eTukTuk harnesses the power of AI to empower our drivers.
Through real-time insights delivered via in-app notifications, AI guides drivers on optimal times and locations for recharging.
By instantly assessing ride demand, charging patterns, traffic, and more, we ensure… pic.twitter.com/hOjKMMqxXH
— eTukTuk (@eTukTukio) October 28, 2023
In a first of its kind approach, eTukTuk brings a robust EV infrastructure to developing countries like Sri Lanka, where the project will begin its journey. It has already partnered with market leaders like Capital Maharaja Group conglomerate and plans to expand its foothold in the country and beyond in the coming years.
The eTukTuk infrastructure is not limited to EV TukTuks. It also covers a network of EV charging stations and a blockchain-based payment system based on a shared economy. The shared economy is held together by eTukTuk drivers, territory partners who install and maintain the charging stations, and Power Stakers who keep the network going without interruptions.
eTukTuk’s goal is to bring down the carbon emissions from developing nations, which are often ignored by EV brands, by narrowing down the focus to the public sector. The carbon emitted from TukTuks (powered by fossil fuels) currently outnumbers cars.
Being young, eTukTuk has the potential to benefit from higher growth than high-cap altcoins. To give a better perspective, if the best that Ethereum and Bitcoin can do in a year is a 100% to 200% surge, eTukTuk has the potential to jump 7000% to 10,000%. Its low market cap leaves a large room for growth.
The project is currently in the presale phase and allows investors to grab $TUK tokens for discounted prices.
Dogecoin (DOGE)
We wrap up the list with Dogecoin, the meme coin captain that is expected to kindle a strong price action soon. Although Dogecoin has benefitted little from the recent price action, it is predicted to take the front seat in the meme coin mania in the coming months.
Dogecoin price action, 1-year, CoinMarketCap
Doge price action is highly responsive to market movements and won’t have a lack of positive triggers in 2024. The whale action around the project and the newfound euphoria in the ecosystem hint at a series of bull runs that could begin any week now.
That said, the price corrections can go either way, given the inherently volatile nature of the meme coin.
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