Bitcoin, the leading cryptocurrency, has experienced a significant surge in value, recording a nearly 7% rise within a single day. Currently priced at around \(45,830.99, Bitcoin's remarkable growth has contributed to a global cryptocurrency market capitalization of approximately \)1.76 trillion, marking a 5.49% increase from the previous day, according to data on Binance.
This surge in Bitcoin’s value has caught the attention of new investors looking to enter the cryptocurrency market. Anticipation is particularly high for the potential launch of a Bitcoin Exchange-Traded Fund (ETF) in January 2024, which has fueled expectations of a bullish trend. However, the positive sentiment surrounding Bitcoin’s value is not solely dependent on the ETF prospects.
Bitcoin is also approaching significant events such as the mid-2024 Bitcoin halving. This event, which occurs periodically, reduces mining rewards by half and influences supply and demand over time. Since mining rewards are the only source of new bitcoins, these halving events typically precede substantial increases in the value of Bitcoin.
Moreover, the broader economic environment appears to be favoring Bitcoin. Expected decreases in high-interest rates in 2024 or early 2025, coupled with the upcoming ETF and halving event, could potentially create a synergistic and favorable situation for cryptocurrency markets.
With the potential approval of the Bitcoin ETF on the horizon, investors may be curious about which cryptocurrencies show promise before the anticipated bullish trend. After conducting thorough research, here are some cryptocurrencies worth considering:
1. Bitcoin
Bitcoin, as the pioneer cryptocurrency, should have been part of investment portfolios weeks ago, but now might also be a suitable time to consider investing. Recent developments, such as ARK Invest and BlackRock preparing their funds for cash creation, serve as positive indicators. Additionally, Bitcoin’s spot trading volume remains strong, and institutional interest in Bitcoin-related investments is steadily increasing. This suggests a preparation phase for significant gains post-ETF approval. However, investors should be prepared for volatility around January 10th, the expected date of approval, which may lead to price fluctuations.
2. Near Protocol
Near Protocol has seen appreciation in value following its announcement of Testnet USDC and EURC from Circle on its network. This news resulted in a price increase from \(1.73 to \)2.23. The integration of inscriptions on the Near Protocol blockchain has also been well-received. Experts anticipate that the price of Near Protocol could potentially reach up to \(5 before the Bitcoin ETF approval. Currently trading at \)4.11, it has shown a 13.64% increase in the last 24 hours.
3. Litecoin
Often considered a “smaller sibling” to Bitcoin, Litecoin is a well-established cryptocurrency project that operates as a faster version of Bitcoin with lower fees. It closely follows Bitcoin’s price movements but with greater intensity. If Bitcoin enters a new bull market in 2024, Litecoin has the potential to outperform it. While its use case is still debated, its historical correlation with Bitcoin makes it a cryptocurrency worth monitoring.
4. ThorChain
ThorChain has demonstrated impressive growth, reaching a high of \(7.24 in December. Currently trading at \)5.65, it may present an opportune time for investment, especially with the pending approval of the Bitcoin ETF. ThorChain stands out by enabling the transfer of cryptocurrencies across different decentralized exchanges without the need for wrapped coins, thereby enhancing trust in the ecosystem. With its recent integration with the Edge Wallet, ThorChain’s accessibility has increased, potentially leading to higher demand and value. Experts predict a possible high of $17.94 for ThorChain in 2024.
Investors interested in capitalizing on the potential approval of the Bitcoin ETF should carefully consider these cryptocurrencies. However, as with any investment, it is important to conduct thorough due diligence and remain aware of the inherent volatility in the cryptocurrency market.
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