Which cryptocurrencies should I buy before a Bitcoin ETF is approved? Hopes of approval of a Bitcoin ETF fueled Bitcoin’s rally. Bitcoin has risen significantly in value today, rising nearly 7% in the past day. Currently, Bitcoin is priced at around $45,830.99, bringing the global cryptocurrency market capitalization to approximately $1.76 trillion, a 5.49% increase from the previous day, according to Binance data.
Bitcoin's value exceeds $45,000, attracting new investors to the cryptocurrency market. Anticipation for the potential launch of a Bitcoin exchange-traded fund (ETF) in January 2024 has fueled bull market expectations. This positive sentiment isn't just because of the ETF outlook, however.
Bitcoin is also about to usher in the Bitcoin halving in mid-2024. This cyclical event cuts mining rewards in half, affecting supply and demand over time. Since mining rewards are the only source of new Bitcoins, these halving events often occur before Bitcoin's value increases significantly.
Additionally, the broader economic environment appears to be favorable for Bitcoin. High interest rates expected to fall in 2024 or early 2025, coupled with the upcoming ETF and halving events, may combine to create a favorable situation for the cryptocurrency market.
Given the potential approval of a Bitcoin ETF, investors may be curious about which cryptocurrencies to invest in ahead of the expected bull run. After thorough research, here are some cryptocurrencies that show potential:
Bitcoin
With potential ETF approval imminent, you should have invested in Bitcoin weeks ago, but now might also be a good time to consider investing in Bitcoin. Recent developments, such as ARK Invest and BlackRock preparing their funds for cash generation, are positive indicators.
Bitcoin spot trading volumes have been strong, and there has been a significant increase in institutional interest in Bitcoin-related investments, indicating the preparation phase for what could be important gains following ETF approval. However, investors should be prepared for volatility that could cause price swings around January 10, the expected date of approval.
Near Protocol
Near Protocol has increased in value after announcing Circle’s Testnet USDC and EURC on its network. The news caused the price to rise from $1.73 to $2.$23. Additionally, the integration of Inscription on the Near Protocol blockchain has also received a good response. Experts predict that the price of a Bitcoin ETF could reach around $5 before it is approved. Currently trading at $4.11, it has shown growth of 13.64% in the past 24 hours.
Litecoin
Often considered the "little brother" of Bitcoin, Litecoin is a long-standing cryptocurrency project that is similar to a faster version of Bitcoin with lower fees. It tends to closely follow Bitcoin's price movements, but with more volatility. If Bitcoin enters a new bull market in 2024, Litecoin has the potential to perform even better. While its use cases remain controversial, the historical association with Bitcoin makes it a cryptocurrency worth keeping an eye on.
ThorChain
ThorChain has also seen impressive growth, with its price reaching a high of $7.24 in December. Currently trading at $5.65, now could be a favorable time to invest, especially with the approval of a Bitcoin ETF. ThorChain is known for allowing the transfer of cryptocurrencies between different decentralized exchanges without the need to encapsulate the coins, enhancing trust in the ecosystem. With its recent integration with Edge Wallet, ThorChain’s increased accessibility may lead to increased demand and value for it. Experts predict that ThorChain may reach a high of $17.94 in 2024.
Pay attention to the morning and evening to avoid getting lost, and pin it to the top of the homepage. Daily spot passwords and bull market strategy layouts are shared for free! #LIT #BTC #ETH #near #etf
