Top 3 DeFi Cryptocurrencies Poised for Success in the Next Bull Market – $AVAX, $ARB and $OP

On Dec 26, 2023

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With the current market momentum and the potential these three DeFi projects hold, 2024 could be a year of significant growth for the decentralized finance sector.

Avalanche (AVAX), Arbitrum (ARB), and Optimism (OP) are gaining attention in the crypto world and seem set to emulate the success of projects like Solana.

Therefore, stay vigilant for AVAX, ARB, and OP, as they could emerge as the next prominent players in the crypto arena.

3 Best DeFi cryptos for long-term growth in 2024

Forget about crypto FOMO and explore three DeFi opportunities set for takeoff in this informative guide. Learn about their potential for long-term growth and navigate the DeFi world with expertise. Get ready, conduct thorough research, and get set to see the ascent of the future crypto leaders.

Visit our guide to the best DeFi coins to buy now here.

Avalanche (AVAX)

AVAX starts the list as the 9th ranked cryptocurrency with a market cap of $17 billion. Despite holding a significant position, many people see AVAX as having room for more growth. It currently trades at $46.36 and has shown steady and healthy growth in the past 14 days.

While it hasn’t experienced sharp increases, the cryptocurrency has consistently moved upward, indicating positive market sentiment. With a potential target of $100 by the end of the next month, AVAX is one to keep an eye on as the crypto market enters a new phase.

Under the hood, Avalanche is evolving with the recent release of Core v1.9.10, bringing performance enhancements and bug fixes. The network’s subnet ecosystem is thriving, with over 400 subnets deployed so far. Visit our guide to the best altcoins to buy now for 2023 here.

Masa Partners with @AvaCloud to Launch zk-Data Network on an #Avalanche Subnet 🔺
Our mission is to build an open, secure and incentivized economy for the world’s personal data.
Let’s explore the announcement 🧵 pic.twitter.com/nsoRLNqx8i
— Masa (@getmasafi) December 19, 2023

This decentralized application playground adds to AVAX’s appeal, fueled by a record-breaking DeFi presence. According to DeFi Llama, the Total Value Locked (TVL) on Avalanche has reached an all-time high of over $11 billion, showcasing the platform’s growing trust and activity.

While making price predictions comes with inherent uncertainty, the combination of positive factors around AVAX paints a promising picture. Its steady growth, thriving ecosystem, and recent developments suggest that significant gains are within reach.

Analysts, in general, express optimism about AVAX’s future, with some predicting it could reach $100 by the end of January 2024. However, it’s important to remember that the cryptocurrency market is volatile and unpredictable, so you shouldn’t take these predictions as financial advice.

Arbitrum (ARB)

Arbitrum (ARB) takes the spotlight next on our list as the layer-two powerhouse quietly making waves in the DeFi world. With over $2 billion in Total Value Locked (TVL), ARB has attracted attention for its ambition to become the next Solana or AVAX.

Currently holding the 51st rank with a market cap just below $2 billion, ARB provides insight into the future of scalable smart contracts. Over the past month, ARB has been steadily gaining, currently trading just under $1.40.

This consistent growth has sparked speculation among analysts, with many believing the cryptocurrency could be gearing up for a major breakout. Some even predict a potential surge to $5 in the near future, a prospect supported by ARB’s relatively low market cap of $1.7 billion.

This untapped potential for expansion makes ARB a highly intriguing target for savvy investors seeking the next big wave in DeFi. Arbitrum stands out in the blockchain space not only for speculative gains but for its emphasis on scalability and low transaction fees, addressing challenges faced by Ethereum.

Unlike Ethereum, Arbitrum offers a cost-effective and smooth alternative, drawing in a thriving community of DeFi protocols and dApps. This community support suggests that ARB’s growth is rooted in genuine utility and advanced technology, making it more than just hype.

In the volatile crypto market, caution is essential. However, with Arbitrum’s strong track record, ambitious vision, and rapidly expanding ecosystem, it presents a compelling opportunity worth monitoring in the evolving DeFi landscape.

Optimism (OP)

Let’s talk about Optimism (OP), the third player on our list that lives up to its name. Currently holding a market cap of $3 billion, surpassing its rival ARB, it’s priced at $3.30. The real story, though, is its recent price action: OP has soared by almost 100% in the past week.

This isn’t a fleeting trend; OP is making its mark, reaching all-time highs and setting its own course. What’s even more impressive is that this is happening before the crypto market officially goes into a bull run. It seems OP is sensing the change in the air and is set for more price discovery as the market gains momentum.

Analysts are optimistic about OP, foreseeing a potential market cap of $10 to $15 billion by early 2024. This positive outlook comes from a few key factors. First off, OP is breaking new ground as a layer-two solution, offering fast and affordable transactions that tackle Ethereum’s current limitations.

This innovative tech is drawing in more DeFi protocols and users, positioning OP for future growth. Secondly, OP is surging ahead even before the bull market fully kicks in. This early momentum suggests that OP might be a frontrunner, ready for significant gains when the market goes full bull.

While the crypto world is unpredictable, OP’s early success and solid fundamentals paint a promising future. But a word of caution: like any DeFi player, OP’s fate is tied to how Bitcoin performs. If Bitcoin falters, the whole market, including OP, might take a hit.

Despite this, Optimism stands out as a potential trailblazer in the DeFi space, making it worth keeping a close watch on as the crypto market unfolds its next chapter. So, strap in and stay tuned to OP—it could be the next big thing in DeFi.

Conclusion

AVAX, ARB, and OP have great potential in the DeFi sector. However, it’s important to note that Bitcoin heavily affects the overall crypto market. If Bitcoin goes down, it’s likely that AVAX, ARB, and OP will follow the same path.

On the other hand, if Bitcoin stabilizes or goes up, it could create a good situation for these promising DeFi projects to do even better. If you’re looking for other investment opportunities, check out our list of the top crypto ICOs to consider.

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