The cryptocurrency market has been building momentum throughout 2023. Ahead of a potentially groundbreaking year, Bitcoin (BTC) has notched a new milestone. The network’s hash rate has hit a new all-time high of over 544 exahashes per second.
Still anticipating a bullish year, a top market analyst, The Crypto Dog, has identified some top altcoins that could outperform the market. According to the analyst, Near Protocol (NEAR) has shown big potential for upside. Another altcoin that has shown massive potential for 2024 is Pullix (PLX).
Bitcoin (BTC) Hash Rate surges to new ATH, price remains flat
There has been a growing excitement around Bitcoin throughout the year. This excitement, largely in anticipation of a spot ETF, caused the Bitcoin price to increase by 160% in 2023. With an approval set to come in early 2024, the Bitcoin hash rate has surged to a new all-time high (ATH).
Data from Blockchain.com shows that the hash rate surged to 544 exahashes per second (EH/s) on December 25th. Since January, the Bitcoin hash rate has increased by more than 130%, mirroring the price of BTC.
A high rate is often regarded as good for the Bitcoin price. Although the BTC price has ranged between $42,000 and $44,500 in the last week, a price increase is expected. Meanwhile, one of the top altcoins already riding the bullish wave is NEAR.
Near Protocol to challenge for the top 10 Crypto coins – Analyst
Near Protocol (NEAR) has been one of the top performers in the crypto market. The price of NEAR has surged by more than 140% on the monthly chart to trade as high as $4.48 in December. Amidst this growth, market expert The Crypto Dog remains bullish about the altcoin.
Addressing his 750,500 followers, he stated that Near protocol could challenge for a position among the top 10 crypto coins. He further predicted an 86% price increase that would see the price of Near Protocol trade as high as $7 in the coming weeks.
There has been a rise in the number of projects building on the Near Protocol network. This rapid growth of the network has been projected to lead the growth of NEAR in the coming weeks. Another altcoin that looks to dominate the market in 2024 is Pullix (PLX).
Pullix (PLX) has potential for “Big Upside” in 2024
Pullix (PLX) has emerged as one of the top altcoins to watch because of its groundbreaking protocol. While there are several hybrid exchanges, Pullix has integrated several standout features that give it the edge in the very competitive market.
The exchange has integrated support for the global financial market. This means that on Pullix, you can seamlessly trade forex, ETFs, and commodities in addition to cryptocurrencies. This wider range of assets means Pullix will hold more liquidity than other exchanges.
Pullix is also built with a rapid off-chain order book that processes trade quickly. This allows investors to benefit from the institutional-grade liquidity and little slippage. Pullix also supports advanced AI tools. Topping the list is copy trading. With this feature, Pullix users can copy the trades of more successful professional trades and increase their profits.
These are the features that have made the utility token PLX one of the best altcoins to watch in 2024. Already, the price of PLX has increased to $0.046 from $0.040 earlier in December. As the platform launches early in the first quarter, analysts have predicted a 50x price surge for PLX.
Closing thoughts
The surge in Bitcoin’s hash rate and the predictions for The Crypto Dog confirm that 2024 could be a landmark year for the cryptocurrency market. Ahead of this surge, Pullix has emerged as a potential game-changer for the exchange space. This has positioned PLX to be a major gainer in 2024.
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