In the face of an unstable financial market, novice and professional traders are increasingly interested in buying digital assets with good future potential. Looking ahead, 2024 could unveil advantageous opportunities for seasoned investors. This outlook is tied to the probable surge in cryptocurrency market volatility amid concerns of a looming U.S. economic recession. In addition, the historically influential practice of Bitcoin halving is known for initiating growth cycles.
Below are the best cryptos worth considering before the end of the year. They include the most promising crypto projects with proven years of development experience and active communities.
Bitcoin (BTC)
Bitcoin (BTC-USD) has stood out as a top-tier, long-term investment. In November, it broke through pivotal resistance levels, steadying around $38,000. Analysts anticipate potential growth to reach between $45,000 and $50,000 over the next three to four months.
Throughout 2023-2024, Bitcoin retains its position as the most reliable cryptocurrency warranting a place in any portfolio. The primary growth outlook stems from the potential approval of a spot Bitcoin ETF within the U.S. market, anticipated to attract trillions of dollars. Bitcoin stands alone in its unquestioned status by the primary crypto regulator, the U.S. Securities and Exchange Commission (SEC). Conversely, the SEC views other cryptocurrencies as potentially unlawfully-issued securities.
Furthermore, Bitcoin demonstrates excellent capital inflow indicators, signaling investor confidence in BTC. If the SEC approves applications, BTC could easily surpass the $50,000 mark in the first days.
Solana (SOL)
Similarly, Solana (SOL-USD) holds considerable promise. Among the spectrum of best cryptos in the altcoin category, Solana deserves particular attention.
Despite navigating a crisis triggered by the collapse of investor FTX crypto exchange in November 2022, the coin persevered. In September 2023, a court ruling permitted FTX and Alameda to initiate the sale of blocked cryptocurrency amounting to $3.4 billion. Further, $1.16 billion of that constituted SOL, given FTX’s substantial token holdings. Notably, investors staked around 5.5 million SOL in FTX’s staking program in October. This move signaled positivity amid FTX’s revival efforts, consequently driving SOL’s price up by 30%.
The Solana blockchain stands as a prominent rival to Ethereum and has recently gained significant traction. Renowned for its high-performance capabilities and minimal fees, Solana emerges as an exceptionally appealing platform for developers and investors, particularly within the decentralized finance sector.
Simultaneously, SOL remains conspicuously undervalued. Its significant price plunge in November 2022, evident from October’s revelations, highlighted its undervaluation. The active endeavors of the project’s team in forming strategic partnerships and enhancing technical metrics might yield substantial profit as early as 2024.
Chainlink (LINK)
Chainlink (LINK-USD) persists as coins holding considerable promise. LINK has a decentralized network of oracles that allow blockchains to safely interact with external data streams. Simply put, it is a platform-mediator that aggregates databases and transmits them to the blockchain. The technology is particularly popular in the decentralized finance segment.
Over the past month, the coin appreciated by 160%. Also, growth was observed in other LINK metrics, setting three-month. Analysts believe that this growth is related to major partnerships and upcoming network updates. In particular, in June, the startup attracted SWIFT as a partner. And in autumn, the first joint programs were launched. Additionally, tomorrow the Saving v0.2 staking feature will be launched, allowing blocked coins to be withdrawn at any time.
The examples of SOL and LINK show that before the to-the-moon cycle, it makes sense to search for undervalued coins from the TOP-100. These coins may lack sufficient drivers to attract a sudden influx of capital. But if BTC rises by 10%, the synergy effect could boost altcoins by 20-30%.
On the date of publication, Julia Magas 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.
