With Bitcoin (BTC) climbing over $57,000 for the first time in over two years, many believe we are in the early stages of the next bull run for the cryptocurrency market. Many analysts anticipate BTC to go even further, given that the project will undergo its next halving cycle in April this year. Analysts consider halving cycles as bullish as they reduce the supply of an asset.
Hence, let’s look at the three best projects to watch if we enter a bull run later this year.
Top 3 cryptocurrencies that could explode in the next bull run
Solana (SOL):
Solana (SOL) was among the best-performing cryptocurrencies of 2023, rallying by nearly 1000% at one point. SOL’s growth is especially commendable, given that the project was one of the worst affected by the collapse of FTX. The asset is currently up by 385% since February 2023.
Also Read: Top 3 Cryptocurrencies to Buy Before Bitcoin Halving
If we enter a bull run later this year, SOL’s price may hit a new all-time high. According to Telegaon, the asset could hit a maximum of $165.16 this year, a rise of about 51.9% from current levels.
Avalanche (AVAX):
Avalanche (AVAX) is another popular crypto project that could skyrocket in the next bull run. The project is known for its high transaction throughput and low fees, which could help the asset gain mass adoption.
Also Read: Top 3 Cryptocurrencies to Watch In March 2024
AVAX, like Bitcoin (BTC) and Ethereum (ETH), hit its all-time high in November 2021. If BTC hits a new all-time high, AVAX might follow suit.
Shiba Inu (SHIB):
Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. However, the asset has been dwindling since its October 2021 highs. Nonetheless, if we enter a bull run later this year, SHIB may turn things around and hit new highs. Moreover, the SHIB team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can reduce the project’s supply while the general market enters a bull run, SHIB may surpass its all-time high of $0.00008616.