Endless opportunities await in the cryptocurrency market. After a prolonged crypto winter, optimism is returning as the market continues to make moves higher. Many anticipate a new bull market is forming, with the expectation that early investors could be the ones to reap significant rewards. This has led to the rise of cryptos to buy and hold.
In a volatile crypto market, this year’s recovery remains a topic of debate. While some speculative projects have struggled, larger and higher-quality cryptocurrencies have thrived. For those seeking stability over high-risk gains, here are three worthwhile cryptos to consider. These projects continue to have strong investment potential for those with a long-term investing time horizon.
So here are the best cryptos to buy for November.
Bitcoin (BTC-USD)
Among a diverse range of digital assets, Bitcoin (BTC-USD) stood as the shining gem in 2023, delivering a strong 67% gain thus far this year. The forthcoming halving event in 2024 has reminded seasoned observers of past surges linked to such events. Additionally, as the indisputable leader in the cryptocurrency sphere, Bitcoin’s demand is expected to rise with the growing adoption of digital assets and the launch of new spot Bitcoin ETFs over time.
As the pioneer of the blockchain ecosystem, BTC sets the tone for the entire crypto market. Following reports that the US SEC’s approval odds for a spot Bitcoin ETF have risen, the digital asset saw a significant surge. I think this could continue to be a positive topic of discussion for Bitcoin moving forward.
Bitcoin’s performance this year has been impressive, but many experts still think there’s potential for more growth. A $120,000 target by 2024 is predicted by Standard Chartered, driven by an upcoming halving event, a pattern seen in historical Bitcoin rallies. Bitcoin remains the crypto world’s blue chip, poised to benefit from increasing digital asset adoption.
Solana (SOL-USD)
In the volatile crypto landscape, Solana (SOL-USD) has drawn attention due to its significant price drop, falling from $260 in 2021 to about $24 per token at its low. Although it faced headwinds from FTX’s asset sale, including a substantial 55.75 million SOL, experts think the selling pressure may be exaggerated, considering the long vesting period from 2025 to 2027. Beneath the turbulence of selling and regulations, Solana has shown some impressive resilience, especially in decentralized finance.
Solana has surged over 45% from September lows, propelling its market cap beyond $10 billion and making it the seventh-largest cryptocurrency, recently surpassing Cardano. This positions Solana as a potential long-term investment for those bullish on DeFi’s growth, and it’s certainly a project with tremendous momentum right now.
Indeed, while Bitcoin may have stolen the spotlight, Solana deserves attention. After months of challenging trading following its peak in July, the coin, linked to crypto entrepreneur Sam Bankman-Fried (SBF), has become its own. Solana has shifted to a bullish trend by breaking previous lower highs and ventured into the mobile crypto market with the Saga phone, enhancing its decentralized presence and attracting new users.
For those bullish on the future of crypto as a decentralized place for things to happen, I think one of the key ecosystems to watch is Solana.
Ethereum (ETH-USD)
Ethereum (ETH-USD) has been an exceptional investment for long-term investors in the crypto realm, with its price surging over 52,000% since its launch in July 2015. However, Ethereum has faced significant volatility over certain periods. Its recent price action highlights just how volatile Ethereum can be, with its native token currently trading 68% below its all-time high from November 2021. I think this recent price decline makes Ethereum an attractive buy. This makes it one of those cryptos to buy.
Over the past week, Ethereum has seen some positive momentum build. This appears to be due to broader bullish enthusiasm over crypto in general. Additionally, Ethereum’s status as the blockchain upon which most decentralized applications are built has positioned this project well for long-term growth (assuming on-chain adoption continues to increase)
Ethereum is currently in a position where many long-term investors see game-changing return potential, particularly in the realm of decentralized applications (dApps).
On the date of publication, Chris MacDonald has a LONG position in ETH, SOL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
