Assalamualaikum everyone!

Welcome to the post. Hopefully, all of you will be doing well and enjoying the time with the grace and blessings of Almighty Allah. Today, I'm here to be a part of the week 6 contest in the beloved SteemitCryptoAcademy community. The topic of discussion for this week is Future of Cryptocurrencies. So, let's start the fun without any wastage of time.

Which cryptocurrencies under $1 can have the best performance in 2024? Choose a cryptocurrency by its fundamental analysis. Would you recommend buying this cryptocurrency?

We all know that because of the inherent volatility of the cryptocurrency market, predicting the best-performing coin under $1 in 2024 is fundamentally difficult. However, some basic fundamentals of the cryptocurrencies can help us in a lot in this regard. So, this prediction is totally based on my views, I will not recommend anyone to use them as trading strategy before their own analysis and risk management.

1. Polygon (MATIC):

Most of us are aware that the Polygon is a scaling solution for the Ethereum blockchain that aims to overcome the Ethereum blockchain's high transaction fees and network high load. Its recent integrations with prominent projects such as Decentraland and Disney Metaverse indicate a potential future.

Moreover, Increased DeFi and NFT activity on Ethereum has the potential to generate demand for Polygon's faster and cheaper transactions. A strong development staff and an active development community is also another potential reason for my this choice.

2. Stellar (XLM):

Stellar is primarily concerned with cross-border payments and financial inclusion. Its quick and low-cost transactions make it appealing for international payments. Partnerships with well-known institutions such as MoneyGram is also knocking it's bright future.

Stellar could benefit from the growing remittance business and future adoption of cross-border transactions by central banks. While, the concerns should also be considered which include regulatory uncertainties regarding cross-border cryptocurrency payments, as well as competition from alternative payment systems.

3. Cardano (ADA):

The third appealing cryptocurrency for the upcoming year is ADA which is the native coin of Cardano platform. Cardano's platform employs a proof-of-stake (PoS) consensus process in order to achieve sustainability and scalability. Because of its smart contract capability, it is well suited for DeFi and NFT applications.

The upcoming Vasil hard fork upgrade has the potential to boost Cardano's scalability and attract additional developer interest. A solid academic foundation with a focus on security is also a major reason which can lead to it's success. While, slower development rate compared to competitors; currently limited DeFi ecosystem is a major concern for the platform.

I would strongly appreciate the MATIC coin for the upcoming year due to a number of solid reasons. The first and the most important thin is that the Polygon's Proof-of-Stake sidechain design challenge Ethereum in terms of scalability and transaction speed, attracting decentralized applications (dApps) and users looking for lower costs.

Another thing is that the MATIC coin has gained widespread usage in a variety of industries, including DeFi, NFTs, gaming, and various other applications. Integrations like Decentraland, Disney Metaverse, and Circle (USDC) demonstrate the platform's rising acceptability in the future as well.

Moreover, the Polygon team is experienced and well-respected, and they are always working on new features and collaborations. Strong alliances with established players such as Chainlink and Aave increase confidence. Polygon has a strong and friendly community that contributes to constant development and innovation. So, these solids reasons are behind my choice.

As far the question arises about my recommendation of buying this coin then Yes, I will surely recommend my friends to buy the MATIC coin for the long term by keeping in view the above mentioned fundamental points. But, it is not appropriate to relay only on my recommendations. You should have o do your own research in this regard before investing in this coin.

Provide the step-by-step to buy the selected cryptocurrency. Show screenshots.

As I have already said that I have selected the MATIC coin which is available on number of cryptocurrency exchanges of the world. I have chosen the Binance exchange to do this task. Before proceeding, make sure you have enough stable coins (USDT) in your wallet.

In the first step, open the Binance exchange and go to the Spot wallet. Then, search the Matic coin in the search bar. You can see in the below screenshots that there was 0 MATIC balance in the wallet. After that, select the crypto pair in which you want to trade. I have chosen the MATIC/USDT pair. So, select it. Have a look at the below screenshots in this regard.

After that, you have to click on the Buy option and then put the amount that you want to buy. I have to buy the MATIC coin for 10$ so I put the amount and then confirmed the order and when I returned to the Spot wallet and you can see that 12 MATIC coin was present in my wallet. These steps are shown in the below screenshots.

So, this is the most simple way to but any crypto that you want to buy. I am going to hold these coins for long term.

What is the future of STEEM in 2024? Give your own opinion, you can project the price of STEEM, making your own analysis.

We all know that the market of the cryptocurrency markets is very much unpredictable as we cannot easy say whether a crypto will pump on dump in the next moment. But, some fundamental and technical aspacts can help us to assume what is the next move of the market.

Talking about the STEEM token, we cannot say anything perfect at this time. But, according to my personal analysis, I am very much optamistic about the price of the STEEM token by the end of the year 2024.

The fundamental aspacts of this assumption are that the Bitcoin Halving is going to happen in the April of this year 2024 and it is expected that the overall market will enter the bullish trend as all the alcoin sync with the price of BTC so we can expect a positive move in Steem token as well.

Another important thing is that the Steemit team is very much active in development of the platform and making effective steps for the betterment of the ecosystem. So, these things can help the STEEM token to reach a good position as many new investors and developers are attracted by these techniques.

Moving towards the technical analysis, you can see in the above picture that I have drawn by predicted direction of the market with the help of some technical analysis tools like Support and Resistance levels, Previous Trends or so.

The market is in the ranging phase now and we can say that it is the Accumulation Phase of market and it will move in the upward direction in the near future after making a breakout on the resistance level of the current price actions.

So, I'm expecting that the price of the Steem token will be at some good postion at the start of the next new year 2025. I am predicting that it will be between 0.50$ to 0.70$. Remember, it is my own analysis and I will never appreciate anyone to enter the market without his own analysis.

Is the future of cryptocurrencies promising? Explain. Show data on the adoption of cryptocurrencies in the world. Give your own opinion.

We all know that the cryptocurrency's future is a complex and interesting topic, with arguments supporting both enormous promise and significant problems. We should take everything and every possibility in the mind before making decisions in the market. Let's discuss some positive and negative aspects in this regard.

Positive Aspects:

Blockchain technology, the underlying foundation of cryptocurrencies, has the potential to revolutionize industries such as finance, supply chain management, and voting systems. Blockchain's decentralized and transparent nature can boost trust, security, and efficiency. And thus it can improve adoption.

Another important thing is that the cryptocurrencies can give underprivileged groups with access to financial services that traditional banking institutions do not supply. Little transactions and micropayments are becoming more convenient and affordable, particularly across borders.

The crypto field supports rapid innovation and development, with ongoing research of new applications and use cases. In the future, this could lead to more efficient and user-friendly financial systems. So, this thing also contributes a lot towards the promising future of the cryptocurrencies.

Negtive Aspacts:

There are some challeges that should also be considered. Firstly, cryptocurrency markets are highly volatile and prone to illegal and scamming activities, making them dangerous investments. Price variations can be swift and unpredictable, resulting in substantial financial losses as well.

Another challange is that the regulatory frameworks governing cryptocurrencies are still emerging, causing problems and potential barriers to wider use. Governments can set limitations or regulations that impacts the growth. Moreover, some cryptocurrencies, particularly those that use Proof-of-Work consensus techniques, consume a lot of energy, which raises questions about their environmental sustainability.

Talking about the Adoption...

The adoption of the cryptocurrency plays a very important role in improving the market in overall. According to a research, only 4.1% of the world's population is using the cryptocurrencies at the time and it is well grown than the previous surveys.

The adoption of the cryptos is increasing day by day due to the potential benefits that can be obtained from the features present in the cryptocurrency ecosystem. So, we can hope that more governances will approve the use of cryptos and hence the future is appealing.

Conclusions

The adoption of the cryptocurrency is increasing day by day and we can hope for a very bright future of the cryptocurrencies. According to me MATIC, ADA and XLM will make good progress in the upcoming year. The Steem token's price is expected to rise to a considerable level by the end of the next year.

I would like to invite my friends @suboohi, @aaliarubab, @ashkhan, @abdullahw2, @shabbir86 and @waqarahmadshah to be a part of this amazing challenge.