We are now in the last quarter of 2024, and we can say with great certainty that the world of cryptocurrency is changing proficiently fast. Projects continue to emerge, while the well-established ones keep pushing the boundaries of both technology and finance. For investors, this period serves as an incredible opportunity to identify and invest in promising Crypto Gems that have the potential to yield significant returns.
In this article, we look at some of the best crypto gems to watch and invest in this October 2024. Drawing on recent trends and with analysis from expert views and opinions, we have compiled a comprehensive guide on some of the most promising cryptocurrencies and blockchain projects to which you should be paying close attention. Be it as an institutional investor or merely taking your first steps, this will prove to be a useful guide as it learns about each of these crypto assets and their growth potential.
1. Bitcoin (BTC) – The Original Crypto Gem
No discussion about the best crypto assets to invest in can begin without mentioning Bitcoin. As the first-ever cryptocurrency, Bitcoin has maintained its dominance in the market since its inception in 2009. Despite facing scalability challenges, Bitcoin continues to lead the market by market capitalization and liquidity, making it the most reliable asset in the crypto space.
Bitcoin’s primary use case is as a store of value and a medium of exchange. Its fixed supply of 21 million coins ensures scarcity, which drives demand and supports its long-term value. Moreover, with the upcoming Bitcoin halving event in April 2024, where the block reward for miners will be cut in half, we expect even more price appreciation as Bitcoin becomes scarcer.
Bitcoin is currently trading around the $60,000 mark, a significant recovery from its lows earlier in the year. Experts predict that once the market settles after the distribution of Bitcoin to Mt. Gox creditors, we could see Bitcoin hitting new all-time highs (ATHs). If you’re looking for a safer bet with substantial potential gains, Bitcoin remains the top crypto gem to invest in for October 2024.
2. Ethereum (ETH) – The King of Smart Contracts
By market capitalization, Ethereum is the second most valuable cryptocurrency, and therefore it is also considered as one of the top crypto gems. Ethereum has established itself as the primary platform for dApps, smart contracts, and DeFi.
The continued network upgrades further a lot of the features that make Ethereum a strong investment. First, the transition to Ethereum 2.0-a transition which began with the merge in 2022-seeks to cure some of Ethereum’s biggest ills: high gas fees and network congestion. A recent upgrade in Dencun, March 2024, further improved scalability and security on the network.
With the introduction of EIP-1559 back in 2021, Ethereum shifted to a deflationary model, reducing the circulating supply of ETH over time. This tokenomics shift, coupled with strong community support and ongoing Layer 2 solutions (such as Polygon, Optimism, and Arbitrum), makes Ethereum a strong contender for long-term growth. Although Ethereum has faced some outflows due to market volatility, its long-term outlook remains incredibly optimistic.
3. Solana (SOL) – The Speedster of the Blockchain World
Solana has positioned itself as one of the fastest and most efficient blockchains in the crypto space, making it a strong competitor to Ethereum. With the ability to process tens of thousands of transactions per second at minimal cost, Solana is an ideal platform for building dApps, DeFi projects, and Non-Fungible Tokens (NFTs).
Solana’s price has experienced some volatility in 2024, partly due to significant unstaking activities in August. However, despite these short-term fluctuations, Solana’s long-term potential looks bright. Its high liquidity and large market capitalization make it a favorite among investors, and its development team, led by Anatoly Yakovenko, boasts strong technical credentials.
Furthermore, it is inclusive of innovation noted through the release of its independently owned Web3 smartphone, underlining a project committed to growth and usability. If Solana overcomes its technical challenges and builds further on the momentum, it could easily reclaim its previously reached ATH level at $260 and above.
4. Avalanche (AVAX) – The Future of Custom Blockchains
Avalanche is another layer-one blockchain that has captured the attention of investors due to its high scalability, interoperability, and decentralization. Unlike other blockchains, Avalanche offers subnets, or child chains, that allow developers to create custom blockchains for specific use cases. This makes it an attractive option for projects in sectors such as gaming and enterprise solutions.
Also worth mentioning are the tokenomics of Avalanche. With a capped supply of 720 million AVAX and an implemented mechanism of burning transaction fees, its deflationary system drives the token’s value upwards with time.
Despite facing downward pressure due to token unlocks and price declines, Avalanche has massive potential. Partnerships like the California DMV project showcase its real-world use cases, and technical indicators suggest that AVAX could be undervalued, presenting an opportunity for savvy investors.
5. Chainlink (LINK) – The Backbone of Decentralized Oracles
Chainlink is a decentralized oracle network that enables smart contracts to securely interact with external data sources, making it a crucial infrastructure for many blockchain projects. Chainlink’s importance in the DeFi and Web3 ecosystems has been growing steadily, and the demand for its services is expected to increase as the blockchain space evolves.
Although LINK currently changes hands at 25% of its ATH, the long-term outlook is excellent. The highly respected team in the crypto space led by Sergey Nazarov seems to pay great attention to improving Chainlink’s infrastructure. The lack of a hard supply cap has raised some concerns lately, but this crypto gem is worth your attention in the portfolio due to Chainlink’s growing adoption in the DeFi space.
6. NEAR Protocol (NEAR) – A Developer-Friendly Blockchain
NEAR Protocol is a layer-one blockchain designed to overcome the limitations of traditional blockchains like Ethereum. It offers high throughput, low transaction fees, and interoperability, making it an ideal platform for building decentralized applications.
NEAR has seen impressive growth in recent months, registering a 37% gain in September alone. The project’s focus on being a community-run cloud computing platform positions it as a strong contender in the race to lead the Web3 revolution. With its developer-friendly features and robust ecosystem, NEAR is well-positioned to do 6-8x over the next 12 months.
7. Phoenix (PHB) – AI-Powered Blockchain Infrastructure
As artificial intelligence (AI) continues to integrate with blockchain technology, projects like Phoenix (PHB) are emerging as crypto gems. Phoenix is a Layer 1 and Layer 2 infrastructure that focuses on building AI and privacy-enabled Web3 applications. The project runs on the BNB Smart Chain and has gained 88% in value over the past month.
With a market cap of $107 million, Phoenix has the potential to grow 10-12x over the next year, particularly as AI adoption increases globally. For investors looking to capitalize on the growing intersection of AI and blockchain, PHB is a high-risk, high-reward asset worth keeping an eye on.
8. Bittensor (TAO) – Rewarding AI Innovation
Bittensor, another AI-driven project, allows developers to build applications based on their machine learning models. Its unique ecosystem rewards creators of digital commodities with TAO tokens, which have a capped supply of 21 million—the same as Bitcoin. This scarcity, paired with the increasing demand for AI-based solutions, makes TAO an attractive investment.
In the past month, TAO has risen 160% and could potentially do 6-9x over the next year. The project’s innovative approach to integrating AI with blockchain technology positions it as one of the top crypto gems to watch in October 2024.
9. Arkham (ARKM) – AI-Powered Blockchain Analytics
Arkham is a blockchain analytics platform that leverages AI to deanonymize on-chain data. Its two main components—an analytics platform and an intel exchange—allow users to access insights on various entities, exchanges, funds, and whales. In the past month, ARKM has gained 50% and shows potential for 8-12x growth over the next 12 months.
While demand is ramping up for blockchain analysis tools, this might just put Arkham in the front seat with its innovative application of AI. Should the momentum build for the network, ARKM may well find itself among the most valuable crypto gems in the next few years.
10. Popcat (POPCAT) – The Rise of Memecoins
Memecoins have always captivated the crypto community, and Popcat (POPCAT) is no exception. Emerging from a viral internet meme, Popcat has gained significant traction, particularly on the Solana blockchain. In the past month, Popcat has surged by 155%, making it one of the top-performing memecoins in 2024.
While memecoins are notoriously volatile, they often provide considerable returns for those willing to take on the risk. If you are looking for a high-risk, high-reward opportunity, Popcat could be the memecoin to add to your portfolio.
Conclusion: Navigating October’s Crypto Gems
October 2024 promises a great month for cryptocurrency, with established giants like Bitcoin and Ethereum and rising stars in NEAR Protocol, Phoenix, and Bittensor. Such crypto gems take different investment paths from the so-called ‘safe’ bets, which are made on projects like Bitcoin, to very high-risk, high-reward projects-possible memecoins and AI-driven tokens.
Remember, the crypto market is inherently very volatile. Always do your research and consider your risk tolerance before investment. Whether for the long-term growth or short-term gain, these crypto gems surely are a keep-and-invest watch as we head into the final quarter of 2024.
This article was written and prepared by Lenous Protocol.
