- Chainlink is the biggest player in the oracle and tokenization industries.
- Solana has become the biggest threat to Ethereum, the second biggest blockchain in the world.
- Internet Computer is the most underrated player in the blockchain industry.
Cryptocurrencies are off to a bad start in 2024 as investors sell the recent spot Bitcoin ETF news. After initially surging to $49,000, Bitcoin has plummeted to $42,500 while the total market cap of all cryptocurrencies has fallen to $1.7 trillion. This article highlights some of the best fundamentally-sound cryptocurrencies to buy in 2024.
Chainlink
Chainlink (LINK) price has started the year well, as I wrote on Friday. It made a bullish breakout and surged to its highest point since February 2022. This rally is mostly because Chainlink is one of the best cryptocurrencies to buy.
First, Chainlink has the biggest market share in the oracle industry, which seeks to bring off-chain data to the on-chain. It has over $17 billion in Total Value Secured (TVS), a bigger number than Chronicle, its biggest competitor. Chainlink is also much higher than other oracle networks like Band Protocol, TWAP, and WINKLink.
Second, Chainlink created the CCIP protocol that has become crucial in the tokenization industry. The Cross-Chain Interoperability Protocol (CCIP) helps to connect data across numerous chains like Solana, Ethereum, and Arbitrum. This is a big issue because analysts believe that tokenization is one of the best use cases for blockchain technology.
Further, Chainlink has strong partnerships with the likes of ANZ Bank and Swift that will help it grow in the long term. Technically, as shown below, LINK price has just broken out from the key resistance at $17.73, its highest point in January and the upper side of the bullish flag pattern.
Solana
Solana is another top crypto to buy in 2024 because of its strong fundamentals. For one, it has become the biggest threat to Ethereum, the second-biggest chain in the world. Internally, its decentralized exchanges like Orca, Jupiter, and Raydium have moved to top ten of the biggest DEX platforms in the world.
Solana has also become a popular platform for developers aiming to build DePIN projects. Today, some of the top DePIN networks like Render, Hivemapper, and Helium use Solana, which they love because of its speed and low transaction costs. Some of them like Render and Helium moved from Ethereum, a network known for slow speeds and high transaction costs.
Fundamentally, Solana has also formed a bullish pennant pattern on the weekly chart. In most periods, this is one of the most positive patterns in the market.
Internet Computer
Internet Computer (ICP) is another good crypto to buy in terms of fundamentals. The network provides a fully decentralized platform where developers can build quality applications in all areas like games and DeFi. While its ecosystem is still small, it is still growing.
Most recently, the developers launched ckBTC, which they describe as the digital twin for Bitcoin. The goal is to have developers build applications that can be settled in Bitcoin. This is a major thing, especially now that Bitcoin is gaining market share in areas like NFTs.
Internet Computer’s price will likely make a bullish breakout this year since it has already formed a bullish pennant and is above the 50-week moving average.
