The crypto market started the year with optimism, with a massive rally. Despite this, the crypto market spent the first month of 2024 in a downtrend. Despite this, this year continues to be exciting for the crypto industry. Many important developments will occur. Many cryptocurrencies are likely to start rising in the coming months. Taking into account risks and potential, crypto expert Andreja Stojanovic explains 3 cryptocurrencies that should find a place in the portfolio of a knowledgeable crypto investor.
The first cryptocurrency: Solana (SOL)
Lately Solana has been on a bit of a roll, with some speculating that its blockchain and its token are now stronger than ever. In December, it surpassed its main rival in the space, Ethereum (ETH), in terms of Non-Fungible Token (NFT) sales. In this process, it added 600,000 new active addresses. In January, SOL transaction volume exceeded the $1 trillion threshold for the first time in years. Finally, right at the beginning of February, it saw single-day inflows of $2 billion.
Weird arbitrage enthusiasts also have something to look forward to. Because after Saga sold its smartphones, the team behind the project promised to launch its second crypto phone. Meanwhile, SOL is also performing well in the crypto market. The token has started to pick up steam again after losing some steam in late December. It increased by 8.76% in the last month. Additionally, it remained green by 6.47% in the last 24-hour transactions. At the time of writing, SOL was trading at $101.24.
Solana is followed by Chainlink (LINK)
In many ways, Chainlink’s strength lies in its unique role as a decentralized oracle service. While it is already well established, it has tremendous growth potential as more and more traditional companies enter the Web3 world. This notion is further strengthened by companies that have traditionally been hostile to cryptocurrencies, such as Vanguard, actively entering the cryptocurrency market.
Finally, looking at price movements alone, LINK has been one of the strongest tokens in 2024. In fact, while most major cryptocurrencies have been in the red since January 1, LINK is up 25.18% year-to-date (YTD). It increased by 34.19% in the last 30 days and 19.01% last week. Additionally, LINK was trading at $18.70, up 2.05% in the last 24 hours.
In last place is the leading crypto, Bitcoin (BTC).
The leading crypto saw a significant increase in Q4 2023. Additionally, expectations that the SEC is about to approve America’s first spot BTC ETFs have been supportive for Bitcoin at the start of 2024. Despite this, BTC has been struggling since January 1. Accordingly, YTD performance has only recently turned positive. In total, BTC is up 95.31% in the last 52 weeks, 1.48% in 2024, and 4.22% last week. Finally, it is up more than 4% in the last 24 hours.
Still, Bitcoin remains a strong choice thanks to the optimism surrounding the upcoming halving. Because halving is a process that has historically seen cryptocurrency rise anywhere from tenfold to a hundredfold. Indeed, many analysts say that BTC is poised to enter a major rally before the halving. Finally, Ark’s Cathie Wood believes that Bitcoin will slowly but surely replace gold as the primary store of value. Thus, Bitcoin’s reputation as ‘digital gold’ has increased even further.
The opinions and predictions in the article belong to the expert and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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