The crypto community is on the edge of its seats for key catalysts emerging in 2024. The Security and Exchange Commission’s recently-approved spot Bitcoin (BTC-USD) ETFs are behind us. But there are plenty of other catalysts investors are eagerly awaiting this year.
For those looking for top cryptos to bet on this year, let’s dive into three on the top of my list. These are top-tier projects that should be deserving of investor attention, whether one is involved in the crypto sector or not
Ethereum (ETH-USD)
As Bitcoin ETFs are thriving in the limelight, Ethereum (ETH-USD) is now under the spotlight for potential opportunities. Despite a slower week, Ethereum’s long-term prospects remain positive, with technical indicators suggesting a potential boost to $2,430 and beyond.
In a recent X post, crypto analyst Michaël Van de Poppe sees three key factors affecting the future of Ethereum’s 2024 price journey. These factors include the Dencun upgrade, and growing interest in spot Ethereum Etfs, with seven firms, including BlackRock and ARK filing with the SEC.
The Dencun upgrade is expected to enhance transaction speed and cut costs, potentially boosting adoption and market value. In addition, the surge in Bitcoin prices during similar anticipation prepares for Ethereum ETFs’ arrival.
If spot Ethereum ETFs materialize, and/or this upcoming upgrade provides investor with a reason to buy, this is a token that could take off. Right now, Ethereum remains a top option investors should consider in this space, in my view.
Bitcoin (BTC-USD)
A spot Bitcoin ETF is now upon us. These investment-grade funds will allow institutional money managers to get into this space, and bet on Bitcoin’s price movements without leaning on derivatives or digital wallets. These ETFs can also create more demand from all investors, pumping the price of Bitcoin even higher.
Spot-BTC ETFs democratize access to Bitcoin and attract interest from institutional investors and pension plans, marking a market transition from current avenues available to investors.
The digital asset market has encountered hurdles due to FTX, Genesis, and BlockFi collapses, but now turn its head to network growth and adoption. Regulatory clarity is a great find for safe markets and innovation.
In 2024, institutional acceptance was a critical Bitcoin catalyst, as Bitcoin was seen as a sanctuary during the early 2023 financial turmoil. It was due to its liquidity and a perceived ‘risk off’ status that Bitcoin has been on the rise off of its lows.
Solana (SOL-USD)
Solana (SOL-USD) has recently taken over XRP in market value, claiming the throne of fifth position in the world of crypto market cap rankings in December. With a remarkable 2023 return of more than 500%, Solana far surpasses most other mid-tier tokens in terms of its growth potential.
Solana is dubbed the “Ethereum killer” due to its quicker, cost-competitive, and efficient blockchain. Unlike Ethereum’s transformation, Solana started as a proof-of-stake blockchain, boasting superior technology.
Factors like its early-mover advantage and network effects have influenced Solana’s ascension. With influential investors like Cathie Wood endorsing its potential, Solana’s mobile crypto strategy holds a significant advantage.
On the date of publication, Chris MacDonald 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.
