Widespread catalysts are rocketing some cryptos as the global crypto market is surging upward.
This will be the year that the crypto market outshines the traditional equity markets, notable due to the stretched valuation of tech companies such as Nvidia (NASDAQ:NVDA) and AMD (NASDAQ:AMD).
Oftentimes, the crypto market and the broader indices such as the S&P 500 move in tandem with a strong correlation. This happens especially during bull markets like we’ve been witnessed over the past few weeks.
Then, it sends a strong signal for investors to scoop up these cryptos to buy before they peak. So, let’s consider the top three.
Bitcoin (BTC)
The main coin that should be on everyone’s mind is Bitcoin (BTC-USD). The scheduled halving event in April is projected to significantly impact Bitcoin’s supply/demand dynamics.
BTC tends to rally before and after the halving event takes place. With the recent approval of the Bitcoin spot ETF, expect less liquidity for institutions to buy from over-the-counter markets. This will move them closer to buying from exchanges and thus, directly driving up the price of the currency.
These events have some analysts feeling very bullish, with predictions suggesting that Bitcoin could reach as high as $120,000 by the end of 2024.
Solana (SOL)
Solana (SOL-USD) is a high-performance blockchain that supports decentralized applications and finance. A February purchase could lead to substantial future gains. The network reported a substantial increase in active developers, daily user transactions, and unique fee payers at the end of last year.
Additionally, SOL will be focusing on Runtime v2, which promises to significantly improve network performance. Also, it will attract more developers to the platform. Runtime V2 aims for network efficiency and its Move programming language will allow for accessible, developer collaboration.
In terms of SOL’s price action, some analysts anticipate potential dips into the $70s before a recovery. But, the overarching sentiment remains optimistic. As a popular altcoin, a rising BTC price may lift SOL to new heights and into more bullish territory. Also, technical analyses suggest that Solana is on a stable upward path.
Chainlink (LINK)
Chainlink (LINK-USD) is a decentralized oracle network that’s making a comeback. This crypto was once a hot name in the industry before its popularity was overtaken by meme coins and other options.
This year could be big for LINK, as it rolls out its Cross Chain Interoperability Protocol (CCIP). And, it will integrate traditional finance (TradFi) markets with real-world assets (RWA) on the blockchain. This would allow people to tokenize and fractionalize assets such as real estate. In turn, that gives investors the option to own a tiny fraction of its overall value versus buying it outright.
Market analysts have a positive outlook on Chainlink’s price potential in the coming years. Some predictions have set to reach over $100 by the end of this year, and $126 per token by 2030. It trades at $20.30 at the time of writing.
With big developments on the horizon, investing in LINK now could lead to big gains down the road.
On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
