The cryptocurrency space continues to evolve. It is becoming more entrenched in global financial systems and normalized in the process. This normalization has led to this list of cryptos to buy to December.
The cryptocurrency space continues to be dominated by leading names, including Bitcoin (BTC-USD) and Ethereum (ETH-USD). They will continue to dominate the market in 2024, and as they move, so will altcoins.
Growth is returning, manifesting as continued Capital inflows into the cryptocurrency market. The current market cap is above $1.6 trillion after beginning 2023 at just over $800 billion. There is plenty of room left to grow, given that the market cap reached 2.8 trillion in late 2021.
So with that context out of the way, here are the cryptos to buy for December.
Bitcoin (BTC-USD)
Bitcoin (BTC-USD) Has risen sharply throughout 2023, which might dissuade some investors from considering purchasing at this point. However, that’s a bad idea.
Everyone is aware of spot Bitcoin ETFs and their likelihood of becoming a reality in 2024. Bitcoin ETFs, or a near certainty at this point, will further normalize the wider adoption of cryptocurrency into the overarching financial system.
Thus, that’s why I and many other people remain bullish on Bitcoin even as it has passed the $40,000 mark. Remember, Bitcoin rose above $60,000 in 2021. It has since become more normalized, making the investment case that much easier overall.
Bitcoin also remains by far the most important cryptocurrency and dominates the space. As it goes, so goes everything else in the space. If you believe that cryptocurrency is going to continue to rise in value in 2024 due to lower interest rates, then you have to consider that Bitcoin must be one of those cryptos to buy.
Hedera (HBAR-USD)
Hedera (HBAR-USD) is a great position heading into 2024 as cryptocurrency continues to become more and more normalized. It is known as the leading enterprise use case cryptocurrency that will matter more.
The company lays out a bunch of reasons for which enterprises should consider using it on its website. Those reasons include fraud detection and mitigation, asset tokenization, and permissioned blockchain development.
It’s easy to assume that more and more Enterprises will be considering blockchain and cryptocurrency as cryptocurrency further integrates. Hedera has already carved out a strong position there, which will benefit the company in 2024.
Speaking of becoming increasingly integrated into the dominant financial networks, Hedera is one of a handful of cryptocurrencies that currently have ISO 20222 compliance. ISO 20222 compliance is a standard for global interoperability of payment systems and is broadly related to banking standards such as SWIFT. Investors should expect that a Hedera will soon be fully interoperable on global standards at scale.
Solana (SOL-USD)
Solana (SOL-USD) rose to fame as an alternative to Ethereum. Solana continues to make strides in that direction. Investment in the project has skyrocketed in 2023 after falling precipitously in 2022.
Even though Solana has risen from $10 to above $70 in late 2023, there’s plenty of room left to grow. Solana traded at more than $235 in late 2021 before the Federal Reserve jacked up rates. All indications are that great hikes are over. We are at peak rates, and everyone is anticipating rate cuts in 2024. Of course, that sets up a situation where Solana and everything else predicated upon growth can run much higher.
Investors have long been interested in Solana because they believe it is more price-effective and efficient than Ethereum. Cathie Wood applauded Solana for those characteristics in mid-November. She has developed a reputation for spotting innovative growth, and she’s not the only one who believes in Solana now.
On the date of publication, Alex Sirois 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.
