These 5 Altcoins Could Make You a Millionaire by Year’s End

On Aug 21, 2024

Five altcoins are gaining attention as 2024 ends, with Toncoin leading due to its ecosystem growth.

Avalanche and Solana are attracting institutional interest and expanding through strategic partnerships.

The crypto market is surging in 2024, and investors are keen to identify the next major opportunities. A few altcoins are emerging with remarkable profit potential, offering hidden gems that could transform financial futures. Here’s a closer look at these promising altcoins.

Toncoin (TON)

Toncoin (TON) has gained a lot of attention from the community mainly because of the strong performance it has delivered this year. Priced at $6.65, TON has delivered a staggering 1500% return for early investors. A major factor behind this rise is the growth in the Total Value Locked (TVL) in Toncoin, which has risen by 5,625.

This stood at 76% from January to July 2024. The increase in the demand for Toncoin has also been attributed to Notcoin, a play-to-earn game that exists in the TON ecosystem.

Toncoin’s transfer volume, which ranges between $5 billion and $10 billion, has become approximately 10% of Bitcoin’s. Also, the number of Toncoin holders has risen to 32 million, which points to the expansion of the community.

Avalanche (AVAX)

Avalanche (AVAX) is another altcoin on the rise due to its high use case and growing institutional demand. AVAX is currently trading at $23.12, and its prices have been on the rise due to collaborations with firms like JP Morgan and Citi for asset tokenization. The total value locked in Aave has surged to $881.97 million, reflecting the platform’s growing popularity.

Firewood, a blockchain database system introduced by Avalanche, solves scaling issues and improves the efficiency of the network. This comes in the wake of the ever-increasing trading activities on decentralized exchanges within the Ava DeFi ecosystem on the Avalanche network.

Solana (SOL)

Solana (SOL) remains one of the most popular cryptocurrencies, with the token currently trading at $142.04. On-chain activities have been on the rise again, which has attracted investors and led to the current price surge. The partnership between Solana and Visa for stablecoin payments on Solana’s blockchain demonstrates Solana’s increasing standing in the financial world.

The new next-generation validator client, FireDancer, has been introduced to further enhance Solana’s performance. With DeFi and NFT adoption on Solana growing, the network’s decentralized exchange volumes and NFT sales have outpaced Ethereum’s, attracting more users and liquidity.

Binance Coin (BNB)

The Binance Coin (BNB) still stands as one of the most critical assets for traders, a factor that underlines the belief of the international crypto audience in the Binance platform. Currently trading at around $555, BNB has been on an upward trend, with the total value locked in BNB Chain rising by 54% to $4.48 billion.

Optimizing transaction efficiency and lowering costs through the adoption of enhanced Miner Extractable Value (MEV) on the BNB Chain has increased user participation. The continued expansion of the BNB Chain DeFi ecosystem remains attractive to more users and liquidity, which enhances Binance Coin’s standing as an altcoin.

Aave (AAVE)

AAVE (AAVE) is currently trading at $136 and has been at the forefront of DeFi, especially recently, with upgrades to Aave V3. Some of the advancements include interoperability between different chains, gas fees, and security, which have boosted investor confidence. Aave’s native stablecoin, GHO, is also gaining traction as a decentralized and stable medium of exchange within the ecosystem.