The cryptocurrency space is abuzz with the approval of a spot Bitcoin (BTC) ETF (Exchange Traded Fund). Ironically, not BTC, but altcoins have begun to surge, with many rallying double digits in the daily charts. BTC, on the other hand, has rallied by under 1% in the last 24 hours.
There is a possibility that we may enter a bull run in 2024. In such a scenario, many cryptocurrencies may rally by over 1000%, turning $5 investments into $500.
Top 3 cryptocurrencies that could turn $5 into $500 in 2024
Solana (SOL):
Solana (SOL) was among the best-performing cryptocurrency assets in 2023. From January 2023 to December 2023, SOL’s price rallied by nearly 1000% at one point before facing a correction. If we enter a bull run this year, SOL might display a similar performance and could turn a $5 investment into $500.
Also Read: Here is How Much $1,000 Invested in Solana (SOL) 3 Years Ago Would be Worth Now.
Despite the recent correction, SOL is still up by over 520% since January last year.
XRP:
XRP is one of the most popular cryptocurrencies for cross-border remittance. However, the token’s legal status faces uncertainty as the SEC vs. Ripple lawsuit is now in the US high court. If the fintech company receives a favorable ruling, XRP’s price may surge. Moreover, if we enter a bull run later this year, XRP may surpass its all-time high.
Also Read: Top 3 Cryptocurrencies Under $1 That Could Surge in Q1 2024
Furthermore, Ripple has partnered with several financial institutions, which may further boost XRP’s adoption.
Shiba Inu (SHIB):
Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. However, the token faced a considerable struggle in 2023. Nonetheless, fans and investors expect SHIB to gain traction this year. The SHIB team has unveiled a new burn mechanism, which some say can remove trillions of tokens yearly. If the team can reduce the asset’s supply and we see a spike in adoption, SHIB has the potential to rally by 1000%.