Cryptos to buy are regaining their allure on the back of favorable regulatory updates and market conditions.
The U.S. Securities and Exchange Commission’s (SEC) recently green-lit spot Bitcoin (BTC-USD) ETFs, a game-changer for the sector. It highlights the industry’s maturity and has paved the way for future innovations, including an Ethereum (ETH-USD) ETF. This approval opens up thrilling new investment avenues in the crypto realm.
Additionally, the cryptocurrency market is on an exceptional growth path, set to reach $51.5 billion by 2024. By 2028, its expected to expand by 8.62% to hit a whopping $71.7 billion. Moreover, crypto users are projected to surge to one billion by 2030.
Hence, this surge in demand, driven by wider acceptance and integration into the mainstream financial system, indicates a bullish trend for cryptos.
Bitcoin (BTC-USD)
Riding the bullish tide, Bitcoin has surged an impressive 114% over the past year. The approval of a Bitcoin spot ETF has added another layer to its growth story, fueling optimism in the market. Investing mavericks such as Cathie Wood’s ambitious projection of BTC’s price reaching $1.5 million by 2030 significantly adds to the enthusiasm.
Moreover, BTC’s network continues to evolve and expand in its fundamental strength and long-term viability. This record-breaking difficulty level exceeding 80 trillion is a positive indicator for Bitcoin, which showcases the network’s increasing computational strength. Also, its hash rate of 562.81 exahashes per second underscores the vast resources committed to mining and securing the BTC network blockchain.
Looking ahead, VanEck predicts a new peak for Bitcoin by late 2024, driven by political and regulatory changes post-election. This outlook transcends market dynamics, positioning BTC as one of the top cryptos to buy
Ethereum (ETH-USD)
Ethereum has emerged as a standout investment. Boasting a remarkable 75% bump in value over the past year, its market cap exceeds $350.17 billion.
Also, multiple positive developments are anticipated to drive the price of ETH higher. The enhancement of its Layer 2 scaling solutions and its upcoming EIP-4844 upgrade promises to transform Ethereum’s scalability by drastically cutting roll-up gas fees.
Furthermore, the anticipation for a potential Ethereum spot ETF should be a major catalyst for ETH in the next few months. Drawing parallels from Bitcoin’s pre-ETF surge, Ethereum’s price forecasts for 2024 are impressively optimistic, with predictions ranging from $6,000 to a whopping $10,000.
Solana (SOL-USD)
Solana (SOL-USD) is the world’s fifth most valuable token. With a stellar run in the past year, it is surging by an impressive 351.2% increase in value. This jump reiterates its position as arguably the top ‘Ethereum Killers’, especially in the decentralized finance (DeFi) sector.
Recently, Solana announced the introduction of token extensions, which are likely to transform token creation by adding multiple new features. This move significantly adds to Solana’s appeal to developers. Solana Mobile 2 further fuels the excitement, as it has garnered $45 million in sales within the first month.
Additionally, Solana Labs is set to introduce Runtime v2, aiming to enhance network performance and developer experience for smoother transactions and wider adoption. Amidst Solana’s innovative strides, Chris Burniske, a former ARK Invest analyst, predicts SOL’s ascent to a mind-boggling $750.
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