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Which cryptocurrency can outperform Bitcoin in 2024
TL;DR
- Bitcoin remains the dominant cryptocurrency with widespread adoption and a market capitalization that surpasses many large companies.
- Other cryptocurrencies such as Ethereum, Solana and others are seen as possible competitors, with ETH appearing as the main contender for a potential upset.
What are the odds?
Bitcoin (BTC) is the undisputed leader in the cryptocurrency market, with a market capitalization of over $1.2 trillion (more than Facebook, Berkshire Hathaway and other well-known companies).
It is also the most recognizable name in the digital assets industry and its progress has been more than impressive in recent years. For example, PayPal, Starbucks and AMC Theaters have adopted it as a payment method, while El Salvador made headlines in 2021, becoming the first country to declare it is legal tender.
On the other hand, the crypto sector is full of other tokens that have recently captured attention and which, according to many, offer great opportunities. Therefore, we decided to ask ChatGPT if any of these can outperform BTC this year.
The popular AI-based chatbot called Ethereum (ETH) is the main contender for such a development. He recalled the transition from proof-of-work consensus mechanism to proof-of-stake consensus mechanism (known as The merger), claiming that this change leads to better scalability and lower power consumption. These benefits could lead to wider use in decentralized applications and ultimately increased prices, ChatGPT concluded.
Solana (SOL) has also been added to the list of assets that have the potential to upend BTC this year. “Known for its high productivity and high transaction speed, Solana continues to attract a significant number of decentralized applications, particularly in decentralized finance (DeFi) and non-fungible tokens (NFTs), which could result in substantial movements in price,” the chatbot surmises. .
Other major cryptocurrencies that may oppose BTC’s dominance include Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), and others.
The possibilities of XRP
Ripple’s native token, currently the seventh largest in the entire industry with a market capitalization of nearly $29 billion, also has its chances of progressing substantially this year. However, this possibility depends on numerous essential factors, such as the outcome of the cause against the United States Securities and Exchange Commission (SEC).
The legal battle between the two parties began three and a half years ago and recently entered the trial phase. Ripple insured three partial victories in court last year and, according to some industry players, a decisive victory could trigger a massive bull run for XRP.
ChatGPT agrees with this thesis, estimating that a triumph for the company could lead to a re-listing of XRP on more exchanges, possibly boosting its price through increased accessibility and renewed investor confidence.
However, the BTC launch remains “highly speculative” and will depend on other elements, including positive market sentiment, increased adoption, viable partnerships and others, ChatGPT concluded.