With increasing interest in digital assets among new traders, the demand for cryptocurrencies with promising future prospects is on the rise. With the potential approval of a Bitcoin ETF on the horizon, investors are looking to buy promising assets before year-end to seize the opportunity.
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 to buy before the end of the year. They include the most promising crypto projects with proven years of development experience and active communities.
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 it could reach between $45,000 and $50,000 over the next three to four months.
Throughout 2023-2024, Bitcoin will retain its position as the most reliable cryptocurrency. This earns it a place in any portfolio. Its primary growth outlook stems from the potential approval of a spot Bitcoin ETF within the U.S. market, anticipated to attract trillions of dollars. Plus, BTC remains the only cryptocurrency that has decent support from the Securities and Exchange Commission (SEC). Currently, the SEC considers other cryptocurrencies as potentially illegal securities, restricting their access to the traditional exchange market.
Furthermore, Bitcoin demonstrates excellent capital inflow indicators, signaling investor confidence in BTC. If the SEC approves spot ETF applications, BTC could easily surpass the $50,000 mark in the first few days.
Similarly, Solana (SOL-USD) holds considerable promise. Solana deserves particular attention among the best cryptos in the altcoin category.
Despite navigating a crisis triggered by the collapse of the 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. $1.16 billion of that constituted of 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 is an exceptionally appealing platform for developers and investors, particularly within the decentralized finance sector.
Moreover, SOL remains significantly undervalued as evidenced by its recent price surge. 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-USD) persists as a coin holding considerable promise. LINK has a decentralized network of oracles that allow blockchains to interact with external data streams safely. 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 a new three-month record. 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. In the fall of 2023, 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.