The cryptocurrency market is once again buzzing with excitement as the spotlight shifts to the potential approval of spot exchange-traded funds (ETFs) for two major players: Bitcoin and Ethereum. This development injects a renewed sense of optimism into the market, hinting at the possibility of a resurgence in the cryptocurrency bull run.
With expectations of a bullish trend in 2024, investors are eyeing the digital asset industry, and here are three top cryptocurrencies to consider ahead of the potential bull run.
First up is Bitcoin, which has risen over 140% in 2023 thus far and continues tracking upwards. As the benchmark crypto asset, Bitcoin typically leads wider market moves, and its sustained upside bodes well for sentiment across other alternative coins.
Moreover, analysts cite upcoming catalysts like a potential spot Bitcoin ETF approval as well as the asset’s next mining reward halving event in April 2024, where previous instances have catalyzed exponential bull runs for BTC. These dynamics underline Bitcoin’s appeal as a core portfolio holding.
Ethereum builds upon this narrative as crypto’s second-largest cryptocurrency by market capitalization. The smart contract platform has itself gained 75% year-to-date, broadly keeping pace with Bitcoin’s ascent over recent months.
As Bitcoin and other cryptocurrencies gear up for the next bull run, Ethereum is poised to mirror its counterpart and potentially achieve new all-time highs.
Rounding out the top three is XRP, the native token for enterprise blockchain Ripple. XRP’s real-world use case adoption is accelerating, with cross-border payment firms increasingly integrating Ripple’s efficient settlement infrastructure to facilitate global money transfers.
This expanding utility for XRP beyond speculative buying presents unique investment merits and long runways for adoption by financial incumbents, keeping the asset at the forefront of consideration amid bullish macro outlooks.
While risks remain ever-present with cryptocurrencies, Bitcoin, Ethereum, and XRP collectively form a robust basket of exposure to crypto’s next expected growth leap.