The market is soaring and you haven't gotten in the car yet? Here's a bullish list of bulls for 2024

Written by Jake Pahor, Web3 Researcher

Compiler: 1912212.eth, Foresight News

We are experiencing an unprecedented bull run, and this is just the beginning. After more than 1000 hours of research during a bear market, I have come up with what I consider to be a list of preferred bulls for 2024.

Your main portfolio should always include BTC and ETH. However, with the peak of BTC dominance, we can expect altcoins to start outperforming (capital rotation). This article will provide an overview of my top picks for altcoins as we head into 2024 and will provide a comprehensive and in-depth analysis of each of the coins listed.

I’ve categorized it as follows:

• Large market capitalization: Over $5 billion

• Mid-cap: $1 billion - $5 billion

• Small cap: $200 million - $1 billion

• Micro Market Cap: Less than $200 million

A diversified portfolio should include projects of all sizes. The percentage assigned to each category will depend on your individual risk tolerance.

Large Caps

1. Chainlink（LINK）

Bullish Catalysts:

• Industry-standard oracles

• Chainlink staking

• Chainlink Economic Model 2.0

Risk / Bearish:

• Tokenomics and revenue capture

• Team selling pressure

Chainlink has the potential to become the Google of crypto.

Mid Caps

2. Cosmos（ATOM）

Bullish Catalysts:

• Forked airdrop ATOM1

• Projects built on IBC

• Network effects

Risk / Bearish:

• Which fork will succeed?

• Revenue capture

• Divided communities

Is the fork of Cosmos Hub bullish or bearish?

3. THORChain（RUNE）

Bullish Catalysts:

• Decentralized exchange (DEX) trading volume has grown significantly

• Native exchange (no bridging required)

• Lending and lending

Risk / Bearish:

• There has been a significant rally (upside)

• Competitors

The flywheel effect of RUNE is in full effect, and the trading volume on the platform continues to surge. Bullish.

4. Bittensor（TAO）

Bullish Catalysts:

• Decentralized AI

• Growing sub-networks

• Adoption/growth of artificial intelligence

Risk / Bearish:

• High operating expenses

• Fierce competition

It’s an intriguing project that already has a huge upswing in 2023. I think it’s probably one of the most important AI investments.

5. Injective（INJ）

Bullish Catalysts:

• Institutional adoption

• Bullish token burns

• Integration of ecosystems and extensions

Risk / Bearish:

• Competition (order book)

• Prices have gone up

Injective has performed well this year, up nearly 1000%.

6. Arbitrum（ARB）

Bullish Catalysts:

• Leading Layer 2

• Adoption Surge (Total Locked Value)

• Arbitrum STIP

Risk / Bearish:

• ZK/OP competition

• Future unlocking/circulating supply

ARB is still my favorite Layer 2 investment, and I think it will continue to perform well in a bull market.

7. Maker（MKR）

Bullish Catalysts:

• RWAs (Treasury Income)

• Potential token splits

• DAI growth

Risk / Bearish:

• Decoupling risk

• Regulatory risk

Maker is a “money printing machine” that earns yield through the growth of treasury bond proceeds and the adoption of decentralized finance.

8. Frax（FXS）

Bullish Catalysts:

• RWA/LST growth

• Decentralized Finance Ecosystem (Sacred Trinity)

• Fraxchain (Layer 2)

Risk / Bearish:

• Regulation (Stablecoins)

• Dependent USDC

Feeling bullish on FXS, they seem to have a long-term vision and are creating an ecosystem of cool products.

9. GMX（GMX）

Bullish Catalysts:

• Revenue generation

• Perpetual DEX growth

• Actual earnings

Risk / Bearish:

• Fierce competition

• GLP Risk

GMX is not performing as well in 2023 as some of the other coins on the list. In the process of catching up, it could be a sleeping giant with a huge upside.

10. Kujira（KUJI）

Bullish Catalysts:

• Sonar Wallet

• Strong tokenomics

• Upcoming perpetual contracts and margin trading

Risk / Bearish:

• There has been a significant increase

• Revenue generation

Kujira has risen by 500% this year and is one of my favorite projects. A true phoenix nirvana.

11. Pendle（PENDLE）

Bullish Catalysts:

• Innovative yield tokenization

• LSDFi

• Strong adoption rate

Risk / Bearish:

•Supervision

• Low-cap projects

Pendle is a great project with a very unique product. Strong market adaptability.

12. Radiant（RDNT）

Bullish Catalysts:

• Go live on ETH Square

• STIP Grant - ARB directs new dLP storage cabinets

• LayerZero Narrative

Risk / Bearish:

• Token unlocking

• Competitors (lending)

There’s a lot of potential in the omni-chain lending space, and Radiant has a real advantage.

13. THENA（THE）

Bullish Catalysts:

• BNB chain growth

• ALPHA Perpetual Contracts

• Expert trading mode

Risk / Bearish:

• Early stage / low market capitalization

• Circulating Supply/Issuance

Despite the project’s poor price action, the fundamentals are bullish (volume, revenue, market fit).

We are in the early stages of the next bull market and the timing feels good. No one can predict exactly where the market will move, though, but I’m a firm believer that if you work hard in the coming years, you’ll reap huge rewards. In a bull market, the narrative shifts rapidly, and once-highly regarded projects can quickly be forgotten. Therefore, it is crucial to remain flexible and adapt to market conditions. As always, please do your own research (DYOR) on the items I listed. This does not constitute any investment advice.