Investors are eagerly setting their sights on the next big opportunity as the SEC’s nod to a Bitcoin (BTC-USD) ETF paves the way for an Ethereum (ETH-USD) ETF. Standard Chartered Bank insiders pinpoint May 23 as the day to watch, igniting a rush among investors to secure their positions early. This shift toward Ethereum ETFs heralds a promising phase for those aiming to capitalize on rapid market gains.
Moreover, the cryptocurrency market is on track to achieve a remarkable milestone, with revenue forecasted to reach $51.5 billion in 2024. Subsequently, a steady climb with an 8.62% compound annual growth rate is on the horizon through 2028, culminating in a robust $71.7 billion. Today’s investors have a prime opportunity to position themselves for maximum returns on Ethereum ETFs. This anticipated event is set to spark a market surge. So, let’s look at three cryptos to buy before the Ethereum ETF boom.
Ethereum (ETH)
Ethereum (ETH-USD) is a compelling investment avenue, trailing closely behind Bitcoin, showcasing a robust 37.7% growth over the last six months and boasting a market capitalization of $299 billion. With the crypto community abuzz, Ethereum’s upcoming EIP-4844 enhancement is set to revolutionize its scalability, significantly reducing roll-up gas fees and marking a pivotal moment for its potential market impact.
Adding to the excitement, Ethereum’s co-founder Vitalik Buterin’s initiative to increase the gas limit has injected a new lease of life into Ethereum’s valuation, pushing it to unprecedented heights since May 2022.
Furthermore, the potential approval of an Ethereum spot ETF in May, as anticipated by Standard Chartered, can herald an era of significant growth. Given the historical surge in Bitcoin’s value pre-ETF approval, Standard Chartered’s projection of Ethereum reaching a $4,000 price target appears optimistic and achievable. This positions ETH-USD as an attractive choice for investors.
Bitcoin (BTC)
Bitcoin’s (BTC-USD) rally over the past year has been spectacular, with a 123.5% surge, propelling it beyond the $48,000 mark. This leap forward gained further momentum with the approval of the Bitcoin spot ETF, sparking sky-high expectations. Cathie Wood’s bold forecast of Bitcoin reaching $1.5 million by 2030 and Standard Chartered’s prediction of $50 billion to $100 billion in inflows this year underscores the growing confidence in Bitcoin’s potential.
On the technical front, Bitcoin’s network difficulty has reached new heights, marking a 1.65% increase to a record 73.2 trillion. This significant rise signals a boost in computational power, strengthening the network’s security.
As the tech landscape evolves, Bitcoin’s influence continues to widen. VanEck’s projection of a new peak for Bitcoin by late 2024, spurred by post-election political and regulatory shifts, highlights the move towards decentralized networks. This vision goes beyond mere market dynamics, spotlighting the growing significance of cryptocurrencies in the fast-changing tech environment of 2024.
Solana (SOL)
Solana (SOL-USD) swiftly climbs the layer one network ranks, surpassing competitors with its rapid transactions and positioning it as a strong contender against Ethereum in the DeFi sector. With a remarkable 403.64% price increase over the past year, it is now the fifth most valuable token worldwide. Following a brief dip, this comeback highlights its market resilience and appeal.
Moreover, Solana’s vibrancy is evident from the surge in NFT and decentralized exchange activities, boosting its total value and drawing retail and institutional investor attention. Optimistic forecasts fuel their growing interest, suggesting a potential 50-fold increase in value within the year.
Furthermore, Solana Mobile 2 swiftly surpassed its predecessor, securing 30,000 preorders in 30 hours. Solana Labs plans to boost network capabilities with Runtime v2, a concurrent transaction processor to enhance network performance and developer experience, marking a significant step toward transaction optimization and fostering growth and innovation.
On the date of publication, Muslim Farooque 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.
