Cryptocurrency News

Next Crypto to Hit $1: Our Top 3 Picks in 2024

By April 5, 2024 No Comments

Hitting the $1 mark is an important psychological barrier that many investors consider a breakthrough moment for certain coins and tokens. With thousands of cryptos to potentially choose from, we’ve established several key parameters when considering what are the most likely candidates. 

We’ve narrowed the search to cryptocurrencies that have never traded above $1, with a price above $0.01 (to avoid obvious long shots), and that belonged to the 500 largest crypto projects by market cap

Ultimately, we’ve settled on 3 cryptocurrencies that have the potential to hit $1 this year. We are going to examine their chances in this article.

Top 3 cryptos that are eyeing $1 right now

In the following sections, we are going to examine 3 crypto projects that have never reached the $1 mark but have all the necessary attributes to do so in the future.

1. Dogecoin

dogecoin logo

Dogecoin (DOGE), a notable name in the cryptocurrency world, is garnering attention as a potential candidate to breach the $1 threshold. Reflecting on its performance during the 2021 bull market, Dogecoin achieved a peak value close to $0.74, just shy of the coveted $1 milestone. At its peak, Dogecoin’s market valuation soared to an impressive $69.6 billion.

Should Dogecoin hit the $1 mark, its market capitalization is projected to climb to a substantial $144.6 billion (assuming the circulating supply doesn’t change). This would position it as the third-largest cryptocurrency by market cap, surpassed only by industry leaders Bitcoin, at a staggering $1.39 trillion, and Ethereum, with a market cap of $434 billion.

The journey of Dogecoin towards the ambitious $1 goal seems intertwined with the general excitement around meme coins and the broader dynamics of cryptocurrency markets. The upcoming Bitcoin halving, coupled with the historical pattern of cryptos rallying in the months following previous halvings, suggests a scenario where Dogecoin could potentially reach or even surpass the $1 benchmark within 2024.

Current Price$0.171
Market Cap$24.36 billion
Change Needed to Reach $1485%
Implied Market Cap at $1 per Coin$144.6 billion

2. Kaspa

kaspa logo

Kaspa (KAS) is making strides with its focus on high scalability and rapid transaction processing. By adopting a blockDAG structure instead of the conventional blockchain, Kaspa is carving out a niche for itself, promising swifter block confirmations and enhancing the overall user experience.

Recently, KAS has seen a notable uptick in interest, which could be partly attributed to the buzz around the launch of Bitcoin ETFs and the anticipation surrounding the upcoming Bitcoin halving. In February, Kaspa marked a significant milestone, reaching an all-time high of $0.189. This peak represented a substantial 215% increase over the previous six months. At present, KAS trades at around $0.130, about 31% lower than its peak price. For KAS to hit the $1 mark, it would require more than a 7-fold increase from its current value, implying a market capitalization of over $23 billion.

Kaspa benefits from a robust online community presence and a dedicated development team. These factors could play a pivotal role in garnering market interest and potentially driving the coin’s value towards the $1 target.

Current Price$0.130
Market Cap$3.02 billion
Change Needed to Reach $1669%
Implied Market Cap at $1 per Coin$23.2 billion

3. Stellar

stellar logo

Stellar (XLM) is an open-source, decentralized framework that facilitates the exchange of digital currency for fiat money. The platform stands out for its emphasis on swift, affordable, and inclusive cross-border transactions, catering to both individual users and businesses.

As an established name in the crypto world, Stellar has maintained a favorable reputation over its roughly ten-year existence. In its journey through the crypto markets, Stellar saw significant uptrends during the bull runs of 2018 and 2021, where XLM’s value exceeded $0.60 on both occasions, yet it stopped short of crossing the $0.70 mark.

The expanding Stellar ecosystem, coupled with the growth of the broader crypto market compared to previous years, suggests a strong potential for XLM to surpass its previous highs and possibly reach the $1 threshold in the upcoming 2024 crypto rally. While our Stellar prediction algorithm remains conservative, not foreseeing the token hitting $1 within the year, it still anticipates a notable high of about $0.73 in early 2025. This trajectory underscores Stellar’s steady progress and potential in the evolving crypto landscape.

Current Price$0.126
Market Cap$3.61 billion
Change Needed to Reach $1694%
Implied Market Cap at $1 per Coin$28.7 billion

Final thoughts

Projects such as Dogecoin, Kaspa, and Stellar each possess distinct qualities that position them favorably to potentially surpass the $1 milestone within the year. Nevertheless, it’s crucial to acknowledge the crypto market’s interconnected nature. The performance of these individual projects is closely tied to the overarching trends in the crypto world, particularly the trajectory of Bitcoin, which shapes general market trends.

If the broader crypto market experiences downturns, it becomes highly challenging for the coins and tokens we’ve highlighted to achieve the $1 target. Their successes are not isolated but rather are part of the larger, intricate web of the cryptocurrency ecosystem, where market dynamics play a pivotal role in determining their value and growth prospects.

If you want to know more about other cryptocurrencies with high potential, we suggest you check out article weekly updated list of the best cryptos to buy.