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Thursday, April 18, 2024

These Altcoins Might Outperform Bitcoin (BTC) in 2024: Perplexity

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Bitcoin’s start of 2024 has been quite impressive not only in price movements but also in terms of global adoption following the approvals of nearly a dozen spot BTC ETFs in the US.

With the fourth halving scheduled to take place in about two months, the primary cryptocurrency is expected to have a highly positive year, with some predictions indicating a price tag of up to $150,000, which would mean a 3x surge from this point.

However, once BTC starts to head north, so do some altcoins. After asking ChatGPT’s opinion, we decided to go to one of its main rivals – Perplexity – to see another point of view regarding best-performing altcoins coming from an AI chatbot.

ETH, SOL, AVAX, and More

Perplexity named six altcoins in particular that could have a more impressive 2024. The first is the largest one – ETH – which actually had a quieter 2023, with a more modest 83% increase. However, since the blockchain behind it is still the most utilized in terms of DeFi, NFTs, and other parts of the digital asset industry, the AI chatbot predicted that this could send the native token higher this year.

Additionally, the Ethereum ecosystem is expecting more updates, and there are numerous layer 2 networks that aim to reduce transaction costs while making them faster.

Next on the list were Solana (SOL), Avalanche (AVAX), Cardano (ADA), Chainlink (LINK), and Polkadot (DOT). SOL had a massive 2023 as it became the top performer, at least from the large-cap cryptocurrencies.

Solana became an actual rival of Ethereum and is now the home of many DeFi and NFT projects, as well as viral meme coins. However, the network still experiences some issues, which don’t seem to impact SOL’s price, though.

Avalanche, Cardano, and Polkadot also target Ethereum’s market share, while Chainlink, being a decentralized oracle network, has signed numerous impressive partnerships in the past year or so and has entered the growing RWA world. Its native token recently soared to a multi-year peak of its own at over $20, which could be a signal about more upcoming price increases.

“These altcoins are recognized for their various features, such as dominating the DeFi ecosystem, transitioning to more scalable algorithms, high throughput, fast transaction speeds, and vibrant ecosystems of DeFi and NFTs,” said Perplexity.

Best Overall? Answer Repeats

On the question of which would be the best-performing cryptocurrencies in 2024, ChatGPT’s rival failed to mention Bitcoin but actually gave the same answers – ETH, SOL, DOT, LINK, ADA, and AVAX.

It outlined the growing Total Value Locked (TVL) in ecosystems like Ethereum and Solana and indicated that both are expected to have a big year as they “continue to be key players in the blockchain space.”

Perplexity named AVAX as the dark horse of the altcoin race, even though it has already surpassed DOT and LINK in terms of market cap.

Nevertheless, the popular AI chatbot warned that investing in cryptocurrencies is a rather risky business given their volatility and the lack of proper regulations in many countries.

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