As per recent data from blockchain analytics firm Chainalysis, the Middle East and North Africa (MENA) region continued to show significant growth in cryptocurrency usage through 2023 and the first half of 2024. Between July 2023 and June 2024, cryptocurrency transactions in the MENA region surged, with users receiving a total of $700 billion, marking a substantial 56% increase compared to the preceding year.
All these indicate that cryptocurrency is a major thing in the Middle East. As the new year begins, some coins are worth studying closely.
Cryptocurrencies to Watch Out for in 2024
DOGE
DOGE is a meme coin. Even with its dominance among meme coins, Dogecoin continues to grow as a more functional asset. The Dogecoin Foundation recently released Dogecoin Core 1.14.6 – an upgrade expected to improve the asset’s functionality and security. Its community – including Tesla CEO Elon Musk – has embraced the upgrade. Dogecoin appears to have taken yet another step towards shedding its “joke” image and becoming a more resilient asset.
Uniswap (UNI)
Uniswap is an Ethereum-based decentralized exchange (DEX) that links buyers and sellers of digital assets. The best time to invest in a cryptocurrency is when it is advancing in a way that will increase its utility and speed its adoption. The introduction of Optimism is the most recent noteworthy change at Uniswap. For two years, the Optimism product has been in development. A few benefits include scalability, very fast transactions, and the option to pay for gas.
Polygon (MATIC)
Polygon is one of the most widely used layer-two blockchain protocols. The platform aims to give access to Ethereum for decentralized application (dApp) developers without having to deal with its scalability difficulties.
Despite the current market collapse, MATIC has been one of the few currencies providing investors with earnings. Gains made in the Polygon network have been advantageous for the coin. Projects from retired networks like Terra have recently flooded Polygon.
Binance Coin (BNB)
BNB has risen to prominence in cryptocurrency as one of the most valuable currencies available. It has earned a spot at the top of the CoinMarketCap rankings as one of the most valuable exchange tokens in the world.
It is clear why BNB is such a wise investment for those involved in the cryptocurrency sector. With daily trading volumes in the billions of dollars, Binance is the market’s top broker.
ApeCoin
ApeCoin is another one of the cryptocurrencies to watch out for tomorrow. The Ape DAO, which manages the popular Bored Ape Yacht Club brand of NFTs, uses ApeCoin as its governance token. Rumors that the Bored Ape Yacht Club will create a Metaverse and use ApeCoin as its transactional currency fuel the buzz.
Ethereum
Since the release of ETH 2.0, Ethereum has been one of the best-performing cryptocurrencies to watch out for and purchase right now. It has been the second-largest cryptocurrency by market cap for almost as long as it has existed and enjoys tremendous popularity. The completion of the blockchain’s migration to Ethereum 2.0 and the proof-of-stake (PoS) consensus process, known as the Merge, is now Ethereum’s major boost. The Merge will be a significant event for ETH’s bulls. Some crypto experts think the asset may outperform Bitcoin if the Merge receives a significant positive push.
Conclusion
2024 seems like a good time to invest in some cryptocurrencies. Some cryptos might supersede others. If you are looking to build your crypto portfolio, then you should watch out for any of the cryptos. However, you are advised to research yourself as this is not an investment recommendation.
