Shifting Focus from Bitcoin: Two Cryptocurrencies I'm Monitoring Closely in the Second Half of 2024
Switching gears from Bitcoin's reign, let's explore two cryptocurrencies that are currently outperforming the king of crypto this year: Solana (SOL) and Toncoin (TON).
Solana
Solana, arguably Bitcoin's main contender, has been on a roll this year, skyrocketing by 62% since January. But that pales in comparison to its 2023 performance when Solana soared over 900% for the year. Now, I'm intrigued by Solana for one main reason: its blazing-fast transaction speed and low fees, making it a more attractive option for users and developers than Ethereum.
Solana is currently gaining momentum in the decentralized finance (DeFi) arena, slowly surpassing Ethereum's market dominance. In fact, Solana now boasts higher monthly trading volumes on decentralized exchanges than Ethereum. While a big chunk of this is due to meme coin trading craze, this trend seems here to stay.
Moreover, Solana is knocking on the door of its own spot exchange-traded funds (ETFs). ETFs have proven to be a game-changer for both Bitcoin and Ethereum, and Solana could be next in line to enjoy the same perks. Although SEC approval might not be in sight just yet, the prospects for a Solana ETF launch seem promising in late 2024 or early 2025.
Toncoin
Ah, Toncoin - a cryptocurrency that you may not have heard of yet. Despite being the ninth-largest cryptocurrency in terms of market cap, with close to $17 billion, it might take some time to get acquainted with this lesser-known gem. The name "Ton" in Toncoin has a fascinating backstory; it initially referred to "Telegram Open Network," but after a significant legal dispute with the SEC, it was rebranded as "The Open Network."
Now, Toncoin's primary strength comes from its deep connection to Telegram's massive encrypted messaging platform, boasting 950 million monthly active users worldwide. Even more interestingly, the success of "tap-to-earn" games, available on the Toncoin blockchain, has significantly contributed to its price rise. These games held a major attraction for users, with the first blockbuster game, Notcoin, reaching over $1 billion in value.
As for its potential? While it may not be as immediately obvious as Solana, the future of crypto gaming on Telegram’s platform could reshape the crypto landscape. With its easy-to-understand value proposition and widespread success, crypto gaming is already gaining steam, and Toncoin might play a significant role in this emerging trend.
Beyond Bitcoin?
That's not to say that Bitcoin is losing its shine, but its relatively sideways trading performance compared to Solana and Toncoin this summer is worth noting. These two cryptocurrencies represent a diverse range of offerings that make them attractive alternatives for investors in the short-to-medium term. Bitcoin remains an excellent long-term investment, but exploring potential investments such as Solana and Toncoin is certainly worth considering. As always, conduct thorough research before diving into the world of crypto investments.
Investing in Solana and Toncoin could be a promising option for those looking beyond Bitcoin, given their impressive performances this year. Solana's blazing-fast transaction speed and low fees have attracted users and developers, pushing its market dominance in the DeFi arena and leading to the possibility of its own ETF launch.
On the other hand, Toncoin's deep connection to Telegram's encrypted messaging platform and the success of crypto gaming on its blockchain could reshape the crypto landscape in the future, making it an attractive investment for those interested in the emerging trend of crypto gaming.
