- The recent spot Bitcoin ETF approval will provide a new avenue for public investment.
- Attention is now turning to potential outperformers relative to Bitcoin in 2024.
Bitcoin’s remarkable surge over the past year, despite facing negative headlines, legal challenges, and regulatory scrutiny, has been further fueled by a significant development in the market. Additionally, the Securities and Exchange Commission’s (SEC) approval for 11 Bitcoin Exchange-Traded Funds (ETFs), marks a major milestone for the cryptocurrency market. These investment funds will track Bitcoin prices, providing a new avenue for public investment in the digital asset.
As the crypto market gains positive momentum, attention is turning to potential outperformers relative to Bitcoin in 2024. Here are the top five cryptocurrencies that analysts believe have the potential for superior performance.
Ethereum (ETH)
- 24-H Market Cap: $312 Billion
- 24-H Trading Volume: $30 Billion
Ethereum has demonstrated resilience and impressive gains. Following the approval of Bitcoin ETFs, Ethereum experienced a substantial surge, surpassing $2,650. Analysts anticipate Ethereum to outperform Bitcoin in the first quarter of 2024, with the current price standing at $2,646. Over the last 24 hours, ETH has witnessed a 12% increase, accompanied by a 53% rise in daily trading volume to $30 billion.
BNB (BNB)
- 24-H Market Cap: $47 Billion
- 24-H Trading Volume: $1 Billion
Despite hurdles faced by the Binance exchange, its native cryptocurrency, BNB, has maintained stability at around $316. While a meaningful recovery is yet to materialize, analysts suggest that a sustained price above $310 could signal a slowdown in selling pressure. BNB’s daily trading volume has soared by 25% in the last 24 hours, reaching $1 billion.
Solana (SOL)
- 24-H Market Cap: $42 Billion
- 24-H Trading Volume: $5 Billion
Solana emerged as one of the best-performing cryptocurrencies in 2023, witnessing a remarkable 666% increase in value. The release of several new memecoins on the Solana blockchain has contributed to its ecosystem’s growth.
The demand for Solana memecoins, driven by the success of projects like BONK, has reached an all-time high. Solana is currently priced at $106, exhibiting a 51.45% increase in value over the past month, with a daily trading volume of $5 billion, making it the 6th most traded cryptocurrency globally.
XRP (XRP)
- 24-H Market Cap: $32 Billion
- 24-H Trading Volume: $2.6 Billion
Ripple’s XRP has been gaining attention since July 2023, particularly after a partial victory against the SEC. Recent bullish momentum and signs of a strong comeback are attracting traders. XRP, currently priced at $0.6158, has seen a 10% increase in the last 24 hours, with daily trading volume surging over 48% to $2.6 billion.
Cardano (ADA)
- 24-H Market Cap: $20.6 Billion
- 24-H Trading Volume: $1.3 Billion
Cardano (ADA) is making a strong comeback in the crypto market. CoinShares’ latest digital asset fund flow report indicates a total market inflow of $151 million in the first week of 2024. This surge is attributed to the bullish sentiment around spot Bitcoin ETFs, awaiting regulatory approval.
ADA is currently trading at $0.6007, marking an impressive 23% surge in the last 24 hours. Notably, the daily trading volume for ADA has surged by over 108% in the same period, reaching $1.3 billion. Investors are closely eyeing Cardano’s resurgence as it joins the ranks of cryptocurrencies with the potential for a robust performance in 2024.
