The cryptocurrency market is going through a correction, with the global market cap falling 1.5% in the last 24 hours to $1.69 trillion. Many investors and analysts expected the market to rally after the SEC’s (Securities and Exchange Commission) historic spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval. However, the market seems to be cautious at the moment.
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Nonetheless, let’s look at three cryptocurrencies to watch in February 2024.
Top 3 cryptocurrencies to watch in February 2024
Bitcoin (BTC):
Bitcoin (BTC) is currently leading the market, and other tokens will likely follow its trail in February. BTC, and the larger market, has faced a significant correction over the last week. The asset is down 1.3% in the daily charts and 3.9% over the previous week.
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CoinCodex anticipates BTC’s price to fall to under $37k by January end. However, the price drop could be a lucrative entry point for many investors. Moreover, CoinCodex expects the original cryptocurrency to gain momentum in February. Furthermore, BTC will undergo its next halving cycle in April this year. The cryptocurrency may see a surge in inflow in the weeks following the halving.
Solana (SOL):
Solana (SOL) was one of the best-performing cryptocurrencies of 2023. However, the asset has faced a significant correction in the first few weeks of 2024. SOL’s price is down by 6.7% in the weekly charts and nearly 7% over the previous month.
The low prices may be an opportunity for new investors to buy into the asset. SOL may continue its bullish outlook from 2023 into this year. CoinCodex anticipates the cryptocurrency to reclaim the $100 mark by the second week of February.
Chainlink (LINK):
LINK is one of the few cryptocurrencies in the green right now. While BTC and other top projects are down, LINK has surged over 17% in the 14-day charts. Moreover, CoinCodex anticipates the asset to continue rallying in February. According to the platform, LINK could surpass the $20 mark by the end of January.