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- 1 Ethereum is showing significant growth in the crypto market and it has market dominance in the DeFi space
- 2 ETH supports continuous evolution and innovation to maintain its position in the industry.
- 3 The other cryptos that are expected to imitate or outpace the growth of Ethereum include Solana, Aptos and Arbitrum.
Ethereum is expected to continue to dominate the crypto market in 2024. Moreover, ETH is also supporting the decentralized finance (DeFi) sector. Ethereum is trading in the approximate range of $2,235 and $2,300, while analysts predict a target of $10,000 in 2024.
The factors supporting the mid-term bullish perspective on ETH prices include Ethereum’s consistent performance and robust fundamentals. However, the market fluctuations and the restricted immediate impact on prices limit the price movement and reduce the impact of technical merger events.
In the short-term, the key price point is $3,300; breaking this level can signal the start of an extensive uptrend towards the ambitious target of $10,000 by the end of 2024.
In the ever-evolving crypto landscape, other cryptocurrencies like Solana (SOL), Aptos (APT), and Arbitrum (ARB) are emerging to surpass the growth target of Ethereum. These new and innovative projects have the potential to outpace the growth of Ethereum in the DeFi space or they may strengthen the foundation of this space together.
Solana
Since the beginning of 2024, SOL has been displaying range-bound prices in the short-term; however, in the long-term, it is experiencing an uptrend. This reflects the significant growth of the Solana ecosystem in the crypto landscape.
The factor contributing to the growth of Solana is an increase in developer activity on the blockchain. The reports for 2023 indicate that the growth in the number of active developers on Solana increased in Q4 2023.
It highlights the remarkable growth of 10x since 2020. The Solana network has established a diverse range of NFT projects, meme coins, and Web3 gaming applications. The DeFi space at Solana has experienced significant improvements.
In 2024, Solana is expected to face challenges while simultaneously exploring new opportunities. An increasing developer base and innovative features support the growth of the network.
The new and innovative features, such as token extensions, are expected to improve the platform’s capabilities further. Inherent volatility in the crypto market can also significantly impact prices.
Aptos
2023 was a period of turbulence for APT and the bull run started in October. Aptos faced a few challenges in the year, including a drastic price decrease.
At the start of 2024, a significant amount of new APT tokens are set to be released into the market. Hence, it is interesting to observe the debates around the price movements. Despite the price recovery in October 2023, the token’s prices are still in the lower margin price trajectory.
For APT, there is a very thin line between possible growth and significant challenges and hurdles. Technical analysts suggest a range-bound price movement for Aptos in 2024. However, macroeconomic factors can cause a reversal in the trend.
The release and development of new cryptos can adversely affect the growth of Aptos. The long-term outlook for APT suggests profitable growth but the short-term trends recommend being cautious due to the continued volatility.
Arbitrum
It is a notable L2 scaling solution for Ethereum, which has undergone various changes like other cryptocurrencies. ARB has experienced a significant dip in value from its highest price point; however, the integration of the functions from Chainlink Functions is poised to revolutionize dApp development.
The integration of old and new versions of internet technology, the chainlink integration, supports a collaborative and growing digital ecosystem. ARB is expected to witness commendable growth in 2024.
Despite the significant growth potential, the future of ARB is showing signs of both optimism and caution. The long-term growth trajectory suggests a price increase of more than 50x.
Conclusion
Ethereum is expected to rule the DeFi space in 2024. It is suggested that users keep an eye on all the new launches of cryptocurrencies and trends in the market. Market trends, innovation, and any regulatory update can adversely affect the existing crypto market.
Ethereum is ever-evolving and can experience a huge price rise amid the volatility in cryptocurrencies.
Other coins discussed in the article, such as SOL, APT, and ARB, have the potential to challenge the growth and dominance of ETH with their unique features and growth potential.
All the components of crypto markets have different advantages and disadvantages. Solana is showing robust growth, Aptos is leading market volatility, and Arbitrum is enhancing Ethereum’s scalability. Thus, a user or investor should make prudent decisions in the market.
FAQs
Which is a new coin that is aiming to replicate the growth of ETH?
The newly released coin Pandoshi (PAMBO) is aiming to outperform the growth of Ethereum in 2024.
What is the YoY return of Ethereum?
The year-over-year return of Ethereum for 2023 was above 40%.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
