3 Cryptos That Can Continue to Rip Higher in 2024

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What a year it was for most cryptos! As we reflect on 2023, and what is to come in 2024, many investors may certainly be considering the cryptos that may be winners for their portfolios.

Overall, the future outlook for the next year is positive. Speculation has been building around an imminent approval for a spot Bitcoin (BTC-USD) ETF, possibly by January 10th, boosting optimism for cryptocurrency markets. Historically, Bitcoin has influenced the broader crypto landscape, making it wise for investors to explore promising cryptocurrencies in anticipation of increased demand.

Additionally, the unexpected surge in cryptocurrencies last year can be partly attributed to fintech platforms’ flexibility in providing global access to investors and users. However, a key catalyst is in demographic shifts, as Millennials and Generation Z invest in what they know and love—cryptos. 

So now, examining potential digital assets for gains in 2024 is an exercise worth taking. Let’s delve into three cryptos I highly recommend investors should at least research for the coming year.

Bitcoin (BTC-USD)

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Now is an opportune time to consider Bitcoin purchases amid impending ETF approvals. Various analysts have expressed optimism on this front, citing cash creation setups by ARK Invest and BlackRock as strong indicators. Robust Bitcoin spot trading volume and high institutional appetite for Bitcoin-related risk reinforce expectations for significant profit-taking.

Anticipation has grown in recent months for a spot Bitcoin ETF approval, with the Securities and Exchange Commission (SEC) setting the now-past December 29 filing deadline. Another potential catalyst is the April 2024 halving event, enhancing BTC scarcity. 

As the original cryptocurrency, Bitcoin remains a top choice due to its capped supply and deflationary nature. It offers an optimal risk-to-reward profile for long-term investors. Key developments in 2024, including potential ETF approval and the halving event, make it an exciting year for Bitcoin. With the Federal Reserve expected to cut rates, Bitcoin is poised to surpass previous all-time highs.

Ethereum (ETH-USD)

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Ethereum (ETH-USD), a major player in smart contracts and Web 3.0, is boosted by its distinctive Ethereum Virtual Machine (EVM). BlackRock’s proposed Ethereum ETF signals institutional entry, potentially elevating ETH prices. With an impressive 22% surge in the past six months, Ethereum’s role has expanded role in blockchain and gaming. It stands ready for a projected value increase to $8,000 by 2026, endorsed by analysts like Standard Chartered.

Ethereum prices usually align closely with Bitcoin’s movement. But recently, Ethereum has fallen while Bitcoin has been moving sideways or up. However, the historical pattern suggests Ethereum will likely rise as Bitcoin surges toward January 10. Ethereum, a leader in decentralized applications and smart contracts, presents an opportunity for strong returns in 2024.

In fact, Ethereum is undergoing substantial network upgrades, aiming to enhance its speed and scalability. While it may not match the efficiency of lower-cost blockchains, Ethereum is the most feature-rich and time-tested option in the crypto space. Accordingly, this token remains a focal point for ecosystem coins, driving potential upside surpassing Bitcoin in the next bull run.

Solana (SOL-USD)

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Solana (SOL-USD) maintains its favorable reputation in 2024, offering similar functionality to Ethereum, but at lower costs and significantly higher speeds. Known for its efficiency, Solana is poised to sustain investor interest, especially amid ongoing concerns about Ethereum’s performance. 

Also, SOL has rapidly become one of the standout cryptocurrencies. After facing technical selling pressure, its narrative shifted substantially during the “Uptober” cycle. And, it has since surged, gaining 51% in market value over the past week. This makes it the fourth most valuable virtual currency with a market capitalization of $49.3 billion. Additionally, the successful Hyperdrive Hackathon in November, drew over 7,000 participants and 907 projects. This indicates sustained developer interest and positions Solana for further development and increased utility.

On the date of publication, Chris MacDonald has a LONG position in ETH, SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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