If you are interested in the best cryptocurrencies to invest in 2024 anywhere in the world, checking out the biggest SEA market is a good idea. Despite being somewhat isolated from the international community, many companies from this nation are releasing products available to anyone. The biggest issue with the local industry is the Bitcoin ban that scare away some foreign institutions and retail traders.
The current state of Chinese blockchain projects
Even policymakers in the country are interested in the technology and aim at increasing the speed of the implementation of some technologies to increase the efficiency of the economy. Despite some worries about the ban on Bitcoin, the country had over 14 hundred companies in the sector by the end of 2022 and reached a significant share of the enterprise market (close to 52%). Among companies that use novel approaches in their business processes, the giant Tencent, Huawei, and Alibaba stand out the most.
The best Chinese crypto projects receive strong support from the government and large corporations. The technology is used in banking, public services, healthcare, and smart manufacturing alongside other sectors of the economy. Limited trading and mining of some coins did not stop the country from advancing their efforts to use decentralized systems for better data handling and improving services offered by the government.
Experts estimate that the national blockchain industry will grow by 54.6% annually which is notably faster compared to the global average of 48%. Despite the high tempo of the overall development of the industry, the country is not lagging behind with regulation and makes sure that businesses, developers, and users have the necessary frameworks to build new solutions quickly. This interest in the implementation of decentralization made it possible to create many practical solutions that are already deployed and operational.
Advantages of investing in top Chinese crypto tokens
Despite what many retail investors think about the country under the sky, it is one of the most diverse in the world and offers a wide range of opportunities to adventurous international capital holders. If you are interested in buying promising digital assets that have a high chance of appreciating in the nearest future, it is a good idea to look at many emerging Chinese crypto projects. However, there is not need to risk as a variety of already established companies may attract your attention.
There are several reasons to start buying coins that originate from China:
- Promising national initiatives. The government is on board to provide companies that use their resources to build practical solutions as much freedom as possible. VeChain is one of the most prominent providers of decentralized products for logistics and supply chain management. Its technology powers companies like Walmart and BMW. At the same time, Conflux L0 Network has all the necessary tools to build and deploy all sorts of Dapps.
- Developer-friendly regulations. The countrymaintains a high tempo of adoption and the government in Hong Kong makes sure to provide the necessary conditions for the industry to grow and expand. The existence of various frameworks allows China-based cryptocurrency projects like BitDAO and NEO to form an ecosystem suitable or a variety of real-world applications.
- Intriguing Chinese crypto market trends. Price appreciation is not something new to coins issued by local developers. VeChain and NEO are prime examples of digital assets that managed to secure strong positions in the market. CEXs that can operate in the region enjoy much higher liquidity than competitors without similar access. For example, ByBit is an exchange that routinely reaches insane trading volumes (over $5.6 billion). Here, you can use a wide range of tools like automated trading bots for crypto and staking with PoS networks from China.
Many strategic partnerships. A variety of different providers of novel solutions in the region work with large multinational corporations like Walmart, BMW, and Bayer to deliver real-world solutions that act as the foundation for future ready-made products useful to everyone. Various strategic connections make the prospects of companies like VeChain convincing and ensure that their solutions have a solid implementation roadmap leading to wider adoption later on.
Chinese cryptocurrency list
Since many retail traders are looking for new promising investments in the East, it is a good time to learn more about promising Chinese crypto coins to watch in 2024. We have 10 choices for you to consider which we selected from over 1500 different promising projects currently active in China.
Conflux
The unique consensus mechanism Tree-Graph is the middle ground between PoW and PoS allowing for a variety of activities from mining to staking to be viable. The architecture has two subchains Core and eSpace used by Dapps and DeFi projects like stable coin $CNH pegged by the yuan. Soon, another stablecoin pegged by the Hong Kong dollar is expected to join the family of apps deployed on Conflux.
The native token $CFX is used for many forms of utility and has been performing quite well. The market capitalization is above $750 million and daily trading volumes usually hover above $55 million. One of the reasons for the success of the coin is the heavy use of it in the Conflux ecosystem where $CFX facilitates transactions, rewards to validators, and governance.
NEO
Among Chinese Ethereum alternatives, NEO stands out as the most popular technological dev environment that allows for the issuance of smart contracts. Initially, it was popular only locally but has since expanded to attract foreign developers and investors. The goal of the NEO project is to provide a stable development infrastructure that expedites the deployment of all Dapps.
The consensus mechanism is the so-called Delegated Byzantine Fault Tolerance system or dBFT for short. In theory, it is faster and more reliable than Ethereum, but practice shows no discernable differences between these two networks. Some developers love NEO for its support of a variety of coding languages like Java, Python, and C#.
$NEO has a $780 million market cap and healthy daily trading volumes on CEXs. If you want to trade this particular digital asset, it is a good idea to take a closer look at it on large centralized exchanges like Binance and OKX.
VeChain
The leader in the field of decentralized approaches for practical applications, this company is responsible for the release of hugely popular solutions for businesses. The decentralization of their data handling network allows for their clients to use products designed for tracking and verification of raw materials, intermediary goods, and other things in the supply chain.
VeChain secured several important strategic partnerships including large-scale collaborations with brands like Walmart, BMW, and Bayer. These corporations use decentralized systems locally to track all sorts of consumer goods like groceries, beverages, and even medicine. The ecosystem has two native tokens called $VET and $VTHO. The former is the utility coin while the latter is used in the smart contract system.
$VET is one of the most valuable tokens in the national market with $2.5 billion market cap at the time of writing and healthy daily trading volumes. If you want to invest in the local DeFi industry, this project should be on your watchlist.
Huobi
This centralized exchange is one of the biggest in the whole country. It has been active since 2013 when the global crypto market was in its early development phase. Today, it is the largest trading ecosystems for people who want to work with digital assets. The role of Huobi in the evolution and expansion of the local sector of the larger ecosystem is hard to overestimate as it is the most popular destination for all retail investors in the region.
The exchange has a wide range of different products aimed at all types of investors. You can access the derivatives and OTC markets as well as use a variety of investment opportunities offered to adventurous clients. You can also run a wide range of automated strategies thanks to the API offered by the CEX. If you are into grid trading and statistical arbitrage, take a closer look at it.
The Huobi token (HT) has been tanking recently due to some regulatory issues, but it is still a very reliable digital asset for foreigners who want to explore the crypto world of China.
Filecoin
Real-world infrastructure projects like Filecoin are gaining traction by offering products that are often too expensive for an average internet user. This particular infrastructure is built with the sole goal of disrupting the existing cloud storage industry that has many problematic aspects like high costs and security.
$FIL tokens are used to pay for cloud storage offered by participants of the network. The P2P storage system ensures equal access to the product for everyone while allowing for a fairer distribution of tokens among vendors monetizing their disk space that they do not use. Consensus mechanisms are unique to the chain.
$FIL has a $2.5 billion market capitalization and enjoys strong support from the community of users who utilize the decentralized data storage network on a regular basis. Consider buying the coin only if you plan to actually use the functionality of this chain personally.
Qtum
Among popular Chinese cryptocurrencies, this project stands out thanks to its intriguing pitch. The developers are building a hybrid solution that offers a combination of the UTXO security model employed by Bitcoin and the functionality of the Ethereum Virtual Machine. In theory, Dapps deployed on this chain will have a little bit more flexibility and versatility.
Qtum is a smart-contract ecosystem that aspires to create a functional development ecosystem attracting businesses requiring individually tailored technological solutions. The relative simplicity of the Qtum’s architecture and the use of user-friendly instruments make it an attractive proposition for companies who are venturing into the world of decentralization to improve their business processes.
The $QTUM token has struggled to secure a good position in the market but still has good metrics compared to less fortunate projects.
Ontology
Designed to work as a multi-chain project, Ontology is a versatile digital environment where decentralized applications can easily communicate to each other and share information. The core functionality is to provide encrypted IDs, reputation tracking, and other social tools operational across a multitude of chains to support interoperability in an environment where personal data is protected well.
The idea behind Ontology is to create a set of fully customizable tools for developers as well as modules that can be easily integrated into any solution. Unique encrypted IDs and reputation tracking can be useful to businesses, individuals, and governments.
Right now, the $ONT token is not in its best state with metrics falling for over three years in a row. While the pitch for Ontology sounds great, its performance has been lacking so far.
BytomDAO
The wave of generative AI solutions has taken the world by storm as we are seeing new exciting ways to use the technology for coding, writing, image generation, music making, and more. The BytomDAO project has an ambitious idea to use AI for governance in an approach they call “Create AGI – decided by AGI”. The goal is to create a new form of organizing an ecosystem with a strong emphasis on the use of expert artificial intelligence systems.
The BTM token was first issued over 6 years ago. Unfortunately, it did not capture the attention of retail investors as the whole concept of BytomDAO sounded quite vague even when the first version of their whitepaper started making rounds in the community.
On the other hand, the use of AI is certainly on the rise. You don’t have to look too far away. Any retail trader can launch an AI-powered crypto trading bot with vendors like WunderTrading and benefit from machine learning applied to the world of finance. Hopefully, the hype around generative AI will be enough to keep $BTM alive.
Nervos CKB
This particular chain is known for its quantum-resistant capabilities which can be deployed easily thanks to the use of the custom virtual machine running on the RISK-V computer. The design is elegant and versatile allowing developers to quickly adapt to any solutions and implement new technology without issues. Thanks to this flexibility, Nervos is attracting millions in investments from individuals and institutions.
As a new promising development environment, Nervos is a step in the right direction considering the challenges that the our industry as a whole may face in the nearest future. $CKB, the native token, is doing very well in the market and has been stabilizing well. Its performance even more impressive in comparison with many other tokens issued by chains that also want to focus on security and interoperability. It is one of the most popular Chinese crypto coins.
Wanchain
Wanchain is all about facilitating cross-chain operations and data sharing between different networks. The dev team hopes to deliver a better infrastructure allowing for more efficient interoperability compared to their competitors. Unfortunately, they have been slow to roll out impressive features and look less promising than many other similar projects.
The interest toward Wanchain lives on thanks to the unique approach to the problem of interchain communication as it uses fractionalized computation, threshold signatures, and focuses strongly on verifying the integrity of each transaction. The $WAN token is used for staking and as a collateral for transactions between different chains.
The main takeaway
The vast country under the sky has a unique DeFi economy which is quite different from what we are seeing in other regions. The focus of the participants is on building actionable and practically implementable solutions that work right here and right now. The involvement of authorities in the process of building appropriate regulatory frameworks allows many national corporations to effortlessly adopt new technology from the likes of VeChain, Nervos, and others.
We do not suggest that you should start buying all tokens originating from the Country under the Sky, but it is a good idea to keep track of the most promising performers and have a small stash of their coins just in case they suddenly decide to go to the moon.