Top 10 Layer-1 Crypto Projects With 10x Gains Potential in 2024

Layer-1 Crypto Coins are like the powerhouses of the crypto world, providing the backbone for all the fantastic and innovative stuff happening in the digital currency realm. Think of them as the foundation upon which all those eye-catching digital assets and smart apps are built. 

These chains are unique, each boasting its own set of rules (consensus mechanisms), ways to handle loads of transactions (scalability), and keeping things safe and sound (security).

Why Are These Layer-1 Crypto Coins a Big Deal? 

They’re the playground for smart contracts – self-executing contracts that do the heavy lifting, following the code they’re written in. This leads to the birth of decentralized applications (dApps) that run on a trustless mechanism. 

It is huge because this means that anyone, anywhere, can use these apps for all sorts of things, from buying a coffee with crypto to securing essential data without any middleman.

Let’s name-drop some of the superstars in the Layer-1 league: Ethereum, the OG of smart contract wizards; Binance Coin, the speedster with its lightning-fast transactions; Cardano, the one known for its sustainability; Solana, super quick blockchain that recently got a pat on the back from Cathie Wood from ARK Invest; and Polkadot, the connector, linking different blockchains in a seamless web.

Why Do Crypto Investors Care About Layer-1 Crypto Coins? 

Because Layer-1 coins aren’t just tech marvels; they’re golden tickets to the future of decentralized finance. They’re the engines driving a new world where technology, investment, and everyday life intersect. 

For anyone looking to be part of the next big thing in the crypto universe, keeping an eye on these Layer-1 blockchains is like watching the all-stars of the digital economy in action. 

Growth of Layer-1 Crypto Coins Since 2023

The historic performance of Layer-1 blockchain coins has been a roller coaster of highs and lows but reflects an overall bull run. The graph we’re looking at provides a snapshot of this dynamic journey, highlighting the growth trajectories of some of the top Layer-1 coins from 2023.

Bitcoin (BTC), often considered the original cryptocurrency, has shown a significant increase of 305%. Its performance sets a benchmark for the market, reflecting investor sentiment and broader market trends. Ethereum (ETH), with a massive 208% rise, showcases the explosive potential of Layer-1 platforms that support smart contracts and dApps. Further, the approved ETFs of Bitcoin and Ethereum, with Bitcoin Halving in April, add to the bullish tone.

Solana (SOL), although facing a decline of 76% from its ATH, has still made a notable impact with its ultra-fast and low-cost transactions. Bringing a 1923% growth over the years, Solana appeals to developers and users within the DeFi and NFT spaces.

Why Small Cap Layer-1 Crypto Coins Are Important?

Now that we have established that Layer-1 coins are the main event let us explore which Layer-1 coins are worth investing in. Sure, Ethereum (ETH) and Binance Coin (BNB) are like the seasoned pros—established, reliable, and packed with features. But don’t overlook the smaller cap players in the game, as they can be the next big thing, offering fresh opportunities for those willing to dive into the details.

Top Layer-1 Crypto Coins To Invest For 2024

Ethereum 

Ethereum (ETH) has been at the forefront of blockchain evolution. Key milestones like the Merge, the Dencun Update, and the tag of Ultrasound money reflect a giant leap in this Layer-1 chain towards sustainability and scalability​​.

Further, with the recent approval of VanEck’s Spot Ethereum ETF, the ETH price is approaching the all-time high levels. As per the Fibonacci retracement levels, the ETH price could reach the $10,000 level in 2024.

Binance (BNB)

Binance Coin is central to the Binance Chain and Binance Smart Chain, facilitating fast transactions and low fees. Its ecosystem includes a range of services, from trading to decentralized finance.

Despite its founder going to jail, the BNB price continues to prolong the bullish trend. The uptrend is aiming for the all-time high breakout to potentially reach the $1000 mark this quarter.

With a bullish 2024, the Fibonacci levels predict a target of $1800.

Cardano (ADA)

Cardano stands out for its research-driven approach and proof-of-stake mechanism. It aims to provide a balanced ecosystem with a strong focus on sustainability and interoperability.

With a double bottom reversal from the $0.23 level, the ADA price aims for a bullish reversal this year. However, the massive 32% drop in April brings it back to square 1.

Nevertheless, a trend reversal rally is waiting to explode in Cardano as the broader market recovers. In such a case, the uptrend could reach the $4 mark in 2024.

Solana (SOL)

Known for its impressive speeds and low transaction costs, Solana’s blockchain hosts an ecosystem geared towards DeFi and NFTs. Moreover, the growing focus on high throughput and efficient consensus mechanisms helps Solana build its name.

With a rounding bottom pattern in the monthly chart, the SOL price is ready to restart a bullish climb. The remarkable high-speed reversal in the last few weeks has increased the interests of institutional investors. 

As per the Fibonacci levels, the SOL price can reach $533 for a new all-time. 

Polkadot (DOT)

Polkadot introduces a sharded multichain network that can process multiple transactions on several chains in parallel. It’s designed to facilitate a Web 3.0 ecosystem, allowing different blockchains to interoperate.

Being an underdog in Layer-1 blockchains, the Polkadot ecosystem has the potential to make it big in the next run. At a low of $7.25 at press time, the DOT price can create history just like Bitcoin to form a new all-time high in 2024 altseason. 

A breakout of the $10 mark will initiate a bull run to reclaim the lost levels and potentially surpass the $50 mark. 

Avalanche (AVAX)

Avalanche prides itself on its rapid transaction finality. Its ecosystem is designed for decentralized applications and custom blockchain networks, focusing on speed and low fees.

Taking a sharp bullish turnaround with an 178% return in the last 365 days, the AVAX price is on a roll to restart the uptrend. Avalanche network’s growth and the overall market recovery, the AVAX price is set to regain the uptrend and achieve the lost levels of triple digits to reach $121.

Algorand (ALGO)

Algorand’s blockchain is designed to achieve speed, security, and decentralization, all with a pure proof-of-stake protocol. It supports a wide range of applications, including financial tools and services.

Algorand, MIT professor Silvio Micali’s brainchild, remains the crypto industry’s dark horse. With the backing of someone at MIT and a powerful and pure proof of stake consensus mechanism, the ALGO price can skyrocket again. 

Despite a failed bullish reversal, the underlying potential in this altcoin is massive. A breakout run in Algorand can potentially hit a high of $6 this year.

Tezos (XTZ)

Tezos focuses on key features like on-chain governance and self-amendment to avoid hard forks. Its ecosystem is growing in DeFi, NFTs, and tokenized assets.

With a bullish crossover in the MACD indicator, the XTZ price is turning in the monthly charts. The Tezos token shows another bullish attempt to reverse the long-term trend with a double-bottom reversal. Moreover, the double bottom seems repetitive in the altcoins, which supports a turnaround. 

Cosmos (ATOM)

Cosmos is often called the “Internet of Blockchains,” aiming to create a network of interoperable blockchains. It supports a robust ecosystem for a variety of decentralized applications and services.

Despite a consolidation range, the ATOM price is preparing for a bullish turnaround in the weekly chart. As the broader market recovers, the altcoin is projecting sustenance above $6.

As per the Fibonacci levels, the trend reversal in the ATOM coin can reach the market price of $44.

NEAR Protocol (NEAR)

NEAR Protocol emphasizes user and developer friendliness with a sharded, proof-of-stake blockchain. It’s building an ecosystem that’s accessible and scalable, supporting applications like DeFi, NFTs, and more.

Keeping a declining trend, the short-term reversal in the NEAR price prepares to ignite a new bullish phase that comes with a MACD crossover. Following the reversal, the NEAR price giving the $10 breakout will signal a new uptrend with the potential to surpass the all-time high of $46. 

Conclusion

In conclusion, the Layer-1 blockchain sphere is a vibrant, ever-evolving landscape ripe with opportunity. From Ethereum’s new Spot ETF to the upcoming altseason, the above mentioned altcoins are just waiting to explode and kickstart a bull run this year.

Cardano’s commitment to sustainability and Solana’s high-speed capabilities exemplify the diversity of solutions these chains offer. As we journey through the decentralized realms of Polkadot, Avalanche, Algorand, Tezos, Cosmos, and NEAR Protocol, each ecosystem presents unique possibilities and the promise of growth.

For crypto investors and enthusiasts, these Layer-1 blockchains are not just investment avenues; they’re the architects of a new digital economy, beckoning a future where finance is democratized and innovation knows no bounds. Keep an eye on these titans and underdogs, for they hold the keys to crypto’s kingdom.

Also Read : Top 10 Altcoins to Invest in 2024 : Here’s Our Picks Ready For Moonshot