In 2024, crypto continues its upward momentum from 2023. Key narratives include the launch of spot Bitcoin (BTC-USD) ETFs and a range of upgrades from major cryptos, which could continue to provide more fuel to this impressive rally to start the year.
For those looking to take a bullish angle on the momentum we’re seeing in the crypto realm right now, let’s dive into three moonshot tokens that could be the best ways to play this momentum.
Avalanche (AVAX-USD)
Known as a multi-chain smart contract which Ethereum (ETH-USD) is 100% compatible with, Avalanche (AVAX-USD) is set to dominate in 2024. Through its dependable and efficient transaction processing and unique consensus, investors can rely on AVAX-USD as an investment.
Its history record runs back to 2021 when its transaction reached 470% and its native token was over 3,300%.
With three blockchains dividing tasks, it achieves exceptional efficiency, processing over 4,500 transactions per second and finalizing transactions in under two seconds. It supports Ethereum compatibility via the Avalanche Bridge and employs its consensus mechanism, Avalanche consensus, for secure and fast transaction validation.
Avalanche comprises three main blockchains: the Exchange Chain (X-Chain), Platform Chain (P-Chain) and Contract Chain (C-Chain), ensuring high throughput and interoperability. With a capped supply of 720 million AVAX tokens, its distribution plan includes allocations for staking rewards, team members and partnerships.
Staking AVAX yields approximately 11.57% annually, with accessible entry for validators. Avalanche gained traction through partnerships with major financial institutions like JPMorgan (NYSE:JPM) and Citi (NYSE:C), boosting daily transactions and active addresses. That validates AVAX’s potential. Despite a dip in early 2024, Avalanche remains resilient with growing trading volumes and community engagement, hinting at recovery.
Cardano (ADA-USD)
Cardano (ADA-USD) surged 20% last week, briefly surpassing $0.600, sparking optimism among analysts. Breaking a 784-day resistance level, CryptoBusy predicts potential gains. Analyst Ali Martinez foresees a bullish trend, suggesting ADA may reach $10 by early 2025.
BeInCrypto’s Ali Martinez observed parallels between ADA’s current price trend and its late 2020 pattern. ADA traded sideways before a bull run from November 2020 to August 2021, reaching $3. History suggests a similar consolidation phase until April 2024, followed by a potential surge to $8 by January 2025, marking a 1,003.87% increase. Martinez anticipates ADA to follow this pattern, setting the stage for a future rally.
In a recent Mango Way update, Cardano has emerged as a focal point in the cryptocurrency market. Analysts anticipate a bullish surge, projecting prices to reach $0.62. This optimism follows ADA’s notable 20% uptick, signaling robust momentum. Amidst market fluctuations, the analyst advises vigilance. With promises of bringing substantial gains to its investors, this positions Cardano in a good light for more opportunities in the future.
Ethereum (ETH-USD)
When it comes to efficiency, scalability and security, Ethereum is not one to miss. Indeed, the world’s second-largest cryptocurrency stands next in line to receive a spot ETF, if the SEC is indeed doling them out like candy.
The upcoming Ethereum Cancun-Deneb (“Dencun”) hard fork, deployed on March 13, prioritizes scalability and security through Ethereum Improvement Proposals (EIPs), notably EIP-4844 for proto-dank sharding. That upgrade marks the start of “The Surge” era, aiming for mass scalability via layer-two rollups, enhancing Ethereum’s accessibility and utility, particularly in DeFi 2.0.
Reuters reports that the U.S. SEC plans to meet with spot Ethereum ETF applicants next month to discuss Ether-based investment bids. The SEC has delayed decisions on these products until May, starting with VanEck’s filing. Other applicants, including BlackRock (NYSE:BLK) and Grayscale, await responses.
Ethereum surged after breaking the $3,200 resistance, surpassing hurdles at $3,320 and $3,400, peaking at $3,892.06.
On the date of publication, Chris MacDonald 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.
