4 Cryptocurrencies That Have Seen Eye-Popping Returns in 2024


In early 2024, Bitcoin may be getting all the attention from investors, thanks primarily to the phenomenal success of the new spot Bitcoin ETFs. But there are plenty of other cryptocurrencies that have thus far been outperforming Bitcoin this year, and in many cases, it’s not even close.

Given that Bitcoin is up 60% in just two months, we’re going to need to raise the bar when it comes to truly eye-popping returns. For the sake of argument, let’s define “eye-popping” as a minimum return of at least 100% year to date. Here are four cryptocurrencies that meet that definition.

AI crypto tokens

The hype over ChatGPT has still not worn off, and Nvidia continues to churn out monster earnings reports, so it’s perhaps no surprise that AI crypto tokens are also surging in value. As a result, any coin that has anything remotely to do with artificial intelligence has seen spectacular returns this year.

While there are a handful of AI crypto tokens that are up more than 150% for the year, I’m going to go really eye-popping here and focus on just two: Fetch.ai (FET 6.14%) and SingularityNET (CRYPTO: AGIX). Both are up more than 300% for the year, and both have gone absolutely parabolic since mid-February.

Based on this strong recent performance, both Fetch.ai and SingularityNET now rank among the top 75 crypto tokens by total market cap. What is most intriguing about both of these is that they are pure-play AI crypto tokens, and not just crypto tokens trying to ride the speculative buzz and hype around AI.

Image source: Getty Images.

Fetch.ai, backed by a top team of AI research scientists in the U.K., is building an AI bot marketplace that is similar to the AI bot marketplace that ChatGPT recently unveiled. The Fetch.ai crypto token is the centerpiece of a plan to build, deploy, and monetize AI services around the world.

SingularityNET is an AI project backed by world-renowned scientist Ben Goertzel, who is attempting to build the world’s first artificial general intelligence. Goertzel is also one of the leading minds behind Sophia the Robot. So if (or when) super-intelligent robots rule the world, you’ll probably want to hold some SingularityNET in your crypto wallet.

Uniswap

Another crypto token that has seen a massive surge in popularity this year is Uniswap (UNI 4.88%), which is a decentralized finance (DeFi) token. This is a crypto token that first spiked in popularity during “DeFi summer” in 2020. Then, when cryptocurrency exchange FTX imploded in 2022, Uniswap again saw a surge in popularity.

That’s because Uniswap — unlike FTX and Coinbase Global — is a decentralized cryptocurrency exchange. With decentralized exchanges, there is no central headquarters and no centralized management team, and hence, much less risk of a rogue CEO like Sam Bankman-Fried making off with millions of dollars in customer money. Moreover, crypto funds are held off-exchange in private crypto wallets, so there’s also much less risk to the investor if the crypto exchange goes belly up.

In 2024, the story around Uniswap involves a new governance proposal that calls for network fees generated by the Uniswap crypto exchange to be shared with token holders. That’s big because it means certain token holders could directly participate in the upside potential of this exchange. No wonder Uniswap is now pushing two-year highs as investors race to get a piece of the action.

Meme coins

Finally, mention needs to be given to the spectacular rise of meme coin mania in the crypto market. The fourth crypto token on my list is Shiba Inu (SHIB 2.49%), which is up a mind-blowing 200% this year. While that might sound impressive, it’s actually less than several other dog-themed meme coins. Floki, named for Elon Musk’s pet dog, is up 600% this year.

Unfortunately, I think that Shiba Inu (and other dog-themed meme coins) might be all bark and no bite. As best as I can tell, there are no fundamental factors pushing Shiba Inu higher. There are no real long-term catalysts on the horizon. Much of the recent push higher seems to be driven by nothing more than speculative buzz and hype. For that reason, I cannot recommend Shiba Inu at this time.

What happens next in 2024?

The big question for investors right now should be: Do any of these red-hot cryptocurrencies actually have any staying power in 2024? The overall narrative surrounding artificial intelligence shows no signs of fading away anytime soon, and this is the one area where I’d focus the most attention. At some point, a handful of AI crypto tokens are going to separate from the pack, and right now, that looks like Fetch.ai and SingularityNET.

But just remember: The crypto market is notoriously volatile. Investing trends can go in and out of favor quite quickly, and narratives about any single crypto token can turn on a dime. And that’s especially true if you’re trying to chase a crypto token with the potential to surpass Bitcoin’s performance. So before you invest in any of these cryptocurrencies with eye-popping returns, make sure you’ve done your due diligence.



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