The cryptocurrency market’s future seems bright as long as international corporations see interest in the real-world value of blockchain technology and investors bet on crypto picks based on their technological and growth potential.
Banks now conduct blockchain technology pilots, emphasizing the improvement of the infrastructure supporting central bank digital currencies (CBDCs) and promoting blockchain interoperability.
Meanwhile, key use cases are increasing in popularity worldwide. These include cross-border transactions, credit scoring and lending, deposit tokens and purpose-bound money. Given these advances’ growing utility potential, the following assets present the most promising competitive features on the market.
Bitcoin (BTC)
Bitcoin (BTC-USD) is regaining investor interest, largely driven by the anticipation of two key events in 2024: BTC halving and potential BTC ETF approval. On Dec. 3, Bitcoin surged to $40,000 for the first time in a year, rallying more than 120%. Analysts predict this surge is just the beginning of the bullish cycle.
Market leaders, in particular, anticipate Bitcoin reaching the $100,000-150,000 mark in 2024. The Standard Chartered Bank called the approvals of a series of ETFs the main price driver.
Combined with the macroeconomic and geopolitical environment, which will likely remain favorable for new capital inflows into digital assets, new potential Fed rate cuts may accelerate Bitcoin’s reaching new highs in 2024. According to Gracy Chen, Managing Director of crypto exchange Bitget, the anticipation of Federal Reserve interest rate cuts has propelled commodity prices higher. She highlighted that “given the potential for a recession in the U.S. economy, fund managers predict an 80% consensus level for a trend of interest rate reduction in 2024, marking the highest level ever recorded.”
She also noted a strong speculative sentiment in the market as “a new asset category within the Bitcoin ecosystem, ORDI, surged over the weekend.”
Furthermore, the approval of ETFs will signal increased mainstream adoption of Bitcoin. Right now, it remains the only digital asset recognized by the SEC.
Toncoin (TON)
The potential for scalability and mass adoption remains the primary criteria investors consider when making crypto picks — and Toncoin (TON-USD) has it all.
Initially developed by the Telegram team and later advanced by the community, Toncoin stands as a decentralized internet platform harnessing scalability and blockchain interoperability. It enables payment management and handles millions of transactions per second, showcasing impressive performance capabilities.
This positioning establishes TON as a pivotal player in the dynamic digital landscape, creating a Web3 ecosystem within Telegram. TON emerges as a pioneer in bridging Web2 and Web3, catalyzing the widespread adoption of cryptocurrencies.
The growing potential of TON is evident through its recent blockchain support by leading crypto companies such as Animoca, KuCoin, and Bitget. The latter announced the integration of TON into Bitget Wallet, aiming to make Web3 services accessible to millions of users. Following integration news, TON’s price surged 18% last week.
Litecoin (LTC)
Similar to Bitcoin, Litecoin (LTC-USD) is a cryptocurrency with high transaction speeds — a strategically strong quality supporting its status as one of the promising crypto picks for 2024. Its high transaction throughput makes it a favored payment choice among crypto users, often referred to as the silver to Bitcoin’s gold. As more individuals use Litecoin for storing wealth and making transactions, its popularity is expected to grow in 2024.
Last week, Litecoin’s value surged from $66.64 to $71.86. Currently valued at $5.1 billion, forecasts suggest it might reach $108.25 by the beginning of Q1 2024, with some sources predicting a 44.22% increase to $106.56 next year. Coinpedia’s Litecoin price prediction indicates potential investments and broader acceptance by well-known institutions as a payment method. With various influential events affecting the LTC market sentiment, some expect LTC’s price to soar above $131 in 2023.
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.
