As per a rising consensus among analysts, the commencement of the next crypto bull market rally is evident. Excitement is mounting over the introduction of new crypto investment products, leading to a surge in major cryptocurrencies and signaling the departure from the prolonged “crypto winter.”
This marks a pivotal moment to identify coins and tokens poised for significant growth amidst the broader crypto market rally. Three standout candidates on the radar are Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Chainlink (CRYPTO: LINK).
Bitcoin: Bitcoin emerges as a standout choice for crypto investment in 2024, showcasing remarkable resilience after a shaky start to the year when it briefly dipped below $40,000. With a substantial 35% increase year-to-date and maintaining stability above the $50,000 threshold, Bitcoin’s momentum is undeniable.
The recent surge is largely attributed to the Securities and Exchange Commission’s (SEC) approval of new spot Bitcoin exchange-traded funds (ETFs) in January. This regulatory green light has bolstered Bitcoin’s status as a viable asset for diversified portfolios, driving unprecedented investor fund inflows into these ETFs and subsequently propelling Bitcoin’s price upwards.
Looking ahead, Bitcoin is poised for further growth, fueled by the impending halving event scheduled for April. Historical precedent from three previous Bitcoin halving events suggests a potential surge to new all-time highs. Anticipation is palpable among investors, with Bitcoin’s milestone of $69,000 appearing well within reach, and projections of reaching $100,000 or beyond by year-end gaining traction.
Ethereum: Amid the fervor surrounding the approval of spot Bitcoin ETFs, Ethereum is also experiencing notable upward momentum. This is primarily fueled by the prevailing narrative that Ethereum could be the next cryptocurrency in line to receive approval for its own spot ETF. Several Wall Street firms have already submitted applications, with SEC approval potentially on the horizon as early as May.