The cryptocurrency rally continues to fire on all cylinders, with the price of Bitcoin (BTC-USD) recently hitting an all-time high of $69,202. The rally in BTC and other cryptocurrencies has accelerated ever since the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs) for the American marketplace in January.
Since last October, Bitcoin’s price has risen nearly 160%, with 44% of that gain coming in February of this year. Other cryptocurrencies, both large and small, are also seeing their prices rise sharply as investors move back into riskier assets amid expectations that interest rates will move lower in the coming months and with the U.S. economy showing signs of resilience. Here are the three best cryptos to buy for the next bull run: March 2024.
Bitcoin (BTC)
Analysts are revising their forecasts for the price of Bitcoin after it hit an all-time high of $69,202 on March 5. Some market observers are now predicting that Bitcoin’s price will top $150,000 by year’s end after the largest crypto by market cap topped its previous all-time high of $68,999.99 reached in November 2021. Bitcoin fell nearly 10% after briefly touching its new all-time high but quickly rebounded. Analysts say the sharp downturn was likely driven by profit-taking at historic highs.
Investors remain bullish on Bitcoin after its price has increased 52% so far in 2024 and tested all-time highs. Analysts cite continued tailwinds that should elevate the price of BTC even higher in coming months. Spot Bitcoin exchange-traded funds continue to see strong inflows. At the same time, Bitcoin is expected to benefit from lower interest rates and an upcoming halving event in April, which is when the rate at which Bitcoins are released, and the rewards given to miners, are literally cut in half.
Dogecoin (DOGE)
Love it or hate it, Dogecoin (DOGE-USD) has been on fire lately. So far this year, the price of DOGE has risen 70% as meme coin trading grows and the cryptocurrency rally broadens out beyond Bitcoin. Market data shows that trading in meme coins such as Dogecoin rose 61% in February of this year as more than $6.4 billion worth of the crypto changed hands. Meme coins are crypto based on popular internet memes. Unlike other cryptocurrencies, such as Bitcoin, meme coins serve no practical function.
In the case of Dogecoin, which is nothing more than an image of a cartoon dog, its inventor admits that he started the digital token as a joke. That fact hasn’t stopped retail investors from piling into meme coins as the rally in cryptocurrencies accelerates. Dogecoin’s price has increased 59% in the last month. Futures trading in DOGE just set a record, reaching $1 billion in volumes, with 70% of the bets on the long side. At the same time, short bets against Dogecoin lost $40 million at the start of March as the meme coin’s price continued to climb higher.
Ethereum (ETH)
Bitcoin isn’t the only mainstream cryptocurrency that’s rising rapidly. Year-to-date, Ethereum (ETH-USD), the second-largest digital asset by market cap, has seen its price rise 64% to a multi-month high of $3,850. Ethereum is rising on speculation that regulators in the U.S. will also approve spot ETFs tied to its price later this year as they have done for BTC. The price of Ethereum is now above $3,000 for the first time since April 2022 as excitement builds around potential ETFs.
The price of Ethereum is rising on expectations that the U.S. Securities and Exchange Commission will approve spot Ethereum ETFs by this summer. The Wall Street regulator approved spot Bitcoin ETFs for the U.S. market in January and now faces a deadline at the end of May to approve similar Ethereum ETFs. Analysts see ETF approval as a major catalyst for Ethereum as it would allow people and institutions to invest in the cryptocurrency without having to physically own tokens in a digital wallet.
On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
