After 2022’s crypto winter, the market is beginning to thaw. Market-leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have nudged the crypto market upward and are primed for another bull run. New investors can benefit from dollar-cost averaging, which combats day-to-day price volatility by buying a set amount of cryptocurrency on a regular schedule.

Bitcoin (BTC)

As 2024 begins, Bitcoin is surrounded by optimism. A blend of influential factors suggest that the crypto’s future is brighter than ever. The leading cryptocurrency had an impressive start to the year, reaching prices that were more than double what they were at this time last year. However, BTC couldn’t sustain these astronomical highs and soon started to fall.

However, analysts are confident that the bearish phase is thawing and that BTC will bounce back strongly this year. The upcoming Bitcoin Halving event (which has historically sparked bull runs), rate cuts, and the possibility of spot Bitcoin ETF approval are all expected to drive the price of BTC higher. As such, many believe that Bitcoin is on the verge of a ‘supercycle’. This could propel the coin to new heights that have yet to be seen.

Ethereum (ETH)

Ethereum is the world’s second largest cryptocurrency and has a lot to offer. Many see it as a digital store of value and a means of value transfer. Others use it for dApp development, trading non-fungible tokens, and decentralized finance (DeFi). Some analysts believe that Ethereum could reach a valuation of $40,000 by 2030. While this seems highly ambitious, it does seem realistic if the coin continues to innovate and provide scalability solutions. The Best of crypto recovery 2024 is a testament to its resilience and growing maturity. Despite the challenges and volatility experienced in previous years, the industry has demonstrated its ability to adapt, innovate, and evolve.

However, despite these positive predictions, Ethereum prices can still crash and burn along with the rest of the crypto market. Therefore, you should always carry out your own research before investing in any asset. Only invest what you can afford to lose. Thanks for reading! We may earn money from sales of products or services featured on this page.

Litecoin (LTC)

Litecoin is one of the oldest and most popular cryptocurrencies. It has a solid network with a devoted community and wide merchant adoption. Litecoin is also very fast, making it an ideal cryptocurrency for small transactions and for paying fees that are too high for Bitcoin’s network. Like other cryptocurrencies, Litecoin has a finite supply with a hard cap of 84 million coins. This scarcity can cause prices to increase as demand grows. New technological developments that improve scalability, security, and usability can also boost prices.

However, it’s important to note that the cryptocurrency market is extremely volatile and that making long-term forecasts is risky. Your decision to buy Litecoin should depend on your individual risk tolerance and investment goals. Read our full advisory disclaimer here.

Ripple (XRP)

Unlike Bitcoin and other cryptocurrencies, Ripple is not mined and therefore does not rely on miners to increase its value. However, XRP’s price is still dependent on the sentiment of investors and the broader cryptocurrency market. XRP has proven its value as a bank-to-bank payments network, with multiple financial institutions piloting the cryptocurrency for low-cost cross-border transfers. It has also gained a large community and developer support.

The partial win in the SEC lawsuit is a positive development for Ripple and could boost its future prospects. However, the crypto is vulnerable to further legal issues and the overall market’s volatility. This may keep the XRP price down for some time. But a strong recovery in the broader market could help XRP to rebound. XRP is available to trade on many top crypto exchanges.

Solana (SOL)

After gaining ground in the crypto space, Solana is poised for further growth. The platform provides affordable transaction fees and is extremely secure and effective. Its future prospects are promising, but it’s important to note that cryptocurrencies are highly volatile investments. As such, it is recommended that investors thoroughly research a coin before purchasing it.

Currently, Solana is in an uptrend with a bullish signal from the technical chart. The chart above shows a confirmed Three White Soldiers Japanese candlestick continuation pattern, which is a bullish sign. Furthermore, the price is also above its 50-day SMA. Solana is backed by a solid team and significant names in the crypto industry. Its blockchain is fast and scalable, making it an excellent alternative to Ethereum. Its ecosystem hosts DeFi projects, NFT marketplaces, and crypto lending protocols.

Conclusion

Despite a challenging start to the year, many experts expect 2024 to be a year of crypto growth. The key drivers are likely to be a strong US economy, institutional interest in DeFi and the SEC’s approval of spot Bitcoin ETF applications.