As we head into the second half of 2024, hot cryptos are proving they’re a force to be reckoned with in the market. Bitcoin’s (BTC-USD) climb past the $63,000 mark clearly indicates this strength, aligning with previous patterns where it tends to increase its pace several months after halving. As the impact of this event fully unfolds and expected rate cuts begin to work their magic, a sharp bounce by late 2024 or early 2025 appears likely. Altcoins are expected to follow Bitcoin’s surge as well.
In this potential upswing, the specter of the now-defunct Mt. Gox exchange returns, with plans to distribute 950,000 bitcoins to its users. That will inject both volatility and volume into the market. However, this factor is unlikely to derail the broader momentum projected in the cryptocurrency sector.
Given the current trends and global shifts toward cryptocurrency adoption, experts are anticipating a new bull run. Therefore, now is the right time to invest in these three hot cryptos.
Hot Cryptos: Solana (SOL-USD)
Solana (SOL-USD) is one of the most popular cryptocurrencies, and it is currently trading at $153 after experiencing a 15% correction in the last three months. Nevertheless, many investors are taking this chance, believing the upcoming trading sessions will be pivotal. This sentiment is backed by the belief that Solana will not only rebound but may even outperform its present levels, demonstrating its durability and high market confidence.
Also, Solana’s technical developments, such as its connection with the LayerZero bridging network, make it more attractive. This advancement extends Solana’s integration with other blockchain networks, making it easier to exchange assets and data.
Moreover, Solana distinguishes itself with unmatched transaction speeds and scalability. It executes transactions faster and cheaper than Ethereum (ETH-USD), earning the nickname “the Ethereum killer.” When compared against real-world scenarios, Solana is a whopping 46 times faster than Ethereum. This efficiency puts Solana in a strong position, making it a compelling crypto to add to your portfolio.
Avalanche (AVAX-USD)
Avalanche (AVAX-USD) is really catching the limelight, especially for supporting decentralized applications (dApps) and smart contracts. With dApps on the rise, there’s a high need for platforms that can process transactions quickly and securely. Well, that’s exactly what Avalanche delivers with its Directed Acyclic Graph (DAG) mechanism. It is like the speed demon of blockchain platforms, allowing for super-efficient transactions and being a major asset for crypto enthusiasts.
Moreover, one of the big moves recently has been Avalanche’s Durango upgrade, featuring the Teleporter platform. This platform allows blockchain data exchange, significantly boosting Avalanche’s capabilities. It’s no wonder big names like JPMorgan (NYSE:JPM) and popular games like Off The Grid have chosen to build their apps on Avalanche.
Furthermore, currently priced around $28, Avalanche is eyeing the $30.34 resistance level, driven by robust momentum and optimism fueled by strategic partnerships like the recent collaboration with Stripe. This partnership simplifies buying AVAX directly, attracting more users. With all these exciting developments, Avalanche emerges as a lucrative bet for investors.
BNB (BNB-USD)
BNB (BNB-USD), the cornerstone of Binance’s vast ecosystem, remains one of the leaders in the crypto exchange market. As BNB is used in a range of services such as spot trading, futures and DeFi, it is required for many platform operations. This widespread use has led to a 135% bump in its value over the last year and positions BNB for further hikes as it adapts and grows.
To improve its real-world usability, the BNB Chain has implemented major speed and capacity advancements. One remarkable invention is the Multi Datastore for BSC Geth, which intelligently separates a single database into three components: Block, Trie and Snapshot. This separation streamlines data administration, improving performance and scalability, which is crucial for future expansion. These improvements create the foundation for profound growth in dApps in various fields, including DeFi, gaming and artificial intelligence (AI).
Lastly, BNB’s ascent to the position of fourth-largest cryptocurrency by market capitalization demonstrates Binance’s dependability and the community’s faith in the exchange in light of the evolving cryptocurrency scene.
On the date of publication, Nabeel Bukhari did not hold (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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
