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* Bitcoin ETF Countdown: Top 7 Cryptos to Buy Before the Boom

SPECIAL REPORT The Top 7 Stocks for 2024

BITCOIN ETF COUNTDOWN: TOP 7 CRYPTOS TO BUY BEFORE THE BOOM

Most cryptos will benefit from the approval of a Bitcoin ETF

By Alex Sirois, InvestorPlace Contributor Dec 26, 2023, 6:30 am EST December 25,
2023

* Bitcoin (BTC-USD): The markets are gearing up for ETF approval, and Bitcoin
will benefit substantially.
* Ethereum (ETH-USD): Ethereum has a real ability to return to its 2021 price
levels.
* Cardano (ADA-USD): Cardano will continue to challenge Ethereum and garner
significant developer interest.
* Keep reading for information about more cryptos that will benefit from a
Bitcoin ETF!

Source: Sittipong Phokawattana / Shutterstock.com

Mounting evidence points to an upcoming spot Bitcoin ETF approval. A recent
report from Coin Telegraph notes the general expectation is that approval will
occur by January 10th.

That’s good news for the cryptocurrency markets and Bitcoin (BTC-USD)
prices. Bitcoin has historically set the course for the broader cryptocurrency
markets and is very much the case this time around. Spot Bitcoin ETF approval
will send overall demand higher. In turn, it makes sense for investors to
consider cryptocurrencies across the board. Investors should pay particular
attention to these cryptocurrencies, which are in a strong position.

BITCOIN (BTC-USD)

Source: Sittipong Phokawattana / Shutterstock.com

It is currently a very good time to consider buying Bitcoin in light of
soon-to-come ETF approvals.

Analysts from K33 are particularly optimistic about the implications of cash
creation setups by ARK Invest and BlackRock (NYSE:BLK). The fact that both
companies recently set up cash creation for their funds serves as a particularly
strong indicator.

Spot trading volume of Bitcoin has been robust over the last week — again, a
strong sign. Additionally, there are indications that institutional appetite for
Bitcoin-related risk is also high at the moment. That further suggests investors
of all sizes are gearing up for a substantial period of profit taking upon spot
Bitcoin ETF approval.

Investors should remain aware that the likelihood of profit taking on and around
January 10th will affect prices. There are likely to be dramatic price swings as
a consequence of approval. There will likely be significant volatility around
the date, but investors should also note that spot Bitcoin ETF approval is a
long-term positive as well.

ETHEREUM (ETH-USD)

Source: shutterstock.com/BT Side

Generally speaking, Ethereum (ETH-USD) prices move in a highly correlated manner
with the price movement of Bitcoin. That hasn’t necessarily been the case
recently: At the time of writing, Ethereum prices have fallen by roughly 3% over
the past seven days while Bitcoin has increased by 2%.

Regardless, I believe the pattern will continue to hold. Bitcoin, again, is
highly likely to move rapidly upward as January 10 approaches. Ethereum should
move upward along with Bitcoin — as it usually does. Investors should remember
that Bitcoin and Ethereum are regarded as being integral cryptocurrencies and
are treated somewhat differently. Most investors consider both to be legitimate
long-term investments.

The point is that there are likely to be strong returns available to investors
who establish a position in Ethereum before Jan. 10. Ethereum is the leader in
dApps and smart contracts, which are integral to the operation of cryptocurrency
and Web 3. ETH prices were much higher in 2021, and the macroeconomic picture is
shifting rapidly again. It is suggestive of the possibility for Ethereum to test
former highs in 2024.

CARDANO (ADA-USD)

Source: Shutterstock

Cardano (ADA-USD) has gained a lot of followers over the past few years. The
project continues to devote itself steadfastly to security and empiricism above
all else. It is that devotion that has resulted in such a large following for
Cardano.

Investors who put their capital behind Cardano believe the slow, steady approach
will lead to the highest likelihood of long-term returns. The project is done
very well in 2023 in terms of price, having more than doubled from 25 cents to
nearly 60 cents at the time of writing. That said, most of Cardano’s strong
performance has occurred over the last few weeks. Before that, many investors
and critics had continually wondered if Cardano was ever going to live up to its
billing.

The coin intends to continue to challenge Ethereum for its position and strength
in the apps and smart contracts. Developers have shown strong interest in
Cardano, and their participation is key to its future development. Earlier this
year, a report surfaced, noting that developers were most focused on Ethereum
and Cardano above all other projects. Those developers are focusing on those
projects because they are the most promising, meaning they are also the most
promising as investments.

LITECOIN (LTC-USD)

Source: Shutterstock

Litecoin (LTC-USD) is a lot like Bitcoin. In fact, Litecoin is essentially
identical to Bitcoin in terms of its code. There are some differences concerning
overall supply in that there are four times as many LTCs available to investors,
at 84 million overall. In general, Litecoin is simply Bitcoin with some minor
differences in terms of code but faster speeds and lower fees. Faster speeds and
lower fees are, of course, things that investors and crypto enthusiasts like.

Given that Litecoin and Bitcoin are so similar, it’s probably not surprising to
understand the two tend to move in a correlated fashion. However, Litecoin tends
to move in a more volatile fashion than Bitcoin does. So, when Bitcoin moves
down, Litecoin tends to move downward even faster. Conversely, when Bitcoin
rises Litecoin tends to rise even faster. That’s particularly important at the
moment because Bitcoin prices are very likely to rise before Jan. 10. There’s
every indication that Litecoin could amplify gains in a pronounced fashion.

SOLANA (SOL-USD)

Source: sdx15 / Shutterstock.com

In 2024, Solana (SOL-USD) will continue to benefit from the reputation it has
built in the past few years. Solana does a lot of what Ethereum does, except at
lower prices and much higher speeds. That’s exactly how Solana made its name and
it’s exactly why it’s going to continue to garner investor interest overall.

Investors know that altcoins, i.e., everything not named Bitcoin or Ethereum,
are not to be taken lightly. Ethereum, in particular, continues to face a lot of
scrutiny. It’s always been slow and expensive. Even after switching its
consensus mechanism to proof of stake in 2022, those same problems continue to
plague Ethereum.

The company recently conducted its Hyperdrive Hackathon in early November. More
than 7,000 participants submitted 907 final projects as a result of the
hackathon. Those numbers clearly suggest that developers continue to be highly
interested in Solana. Thus, it’s highly likely that Solana will continue to be
developed, which will increase its overall utility and strength.

CHAINLINK (LINK-USD)

Source: Stanslavs / Shutterstock.com

Chainlink (LINK-USD) is highly focused on creating the utility of smart contract
interoperability. The central premise of the project is it operates a network
that centralizes information. Chainlink is one of many projects focused on
bringing together the data contained in smart contracts housed in disparate
networks.

One of the fundamental hurdles of Web 3 is exactly that. Countless smart
contracts are being created on numerous blockchains. That information is far
less valuable if it cannot interact with other data.

The integration of off-chain data into smart contracts promises to speed up the
evolution of Web 3. One of the more interesting aspects of Chainlink is that it
allows users to operate nodes. Those node operators are essentially running the
infrastructure of the network and can monetize. It’s difficult to say Chainlink
is particularly well-positioned to benefit from the approval of spot Bitcoin
ETFs. However, it is simply a strong project with a real utilitarian purpose.
So, for that reason, it remains worth considering as an investment.

RIPPLE (XRP-USD)

Source: Shutterstock

Ripple (XRP-USD) continues to head in the right direction as 2024 approaches.
This year was particularly strong for Ripple and XRP as it proved successful in
its court case against the SEC. While the court victory didn’t necessarily
launch XRP’s price much higher, like many anticipated, it was a milestone
nonetheless.

At its heart, XRP remains a fast and inexpensive cross-border settlement token.
It’s that utility that makes XRP particularly strong and noteworthy. That
utility has also garnered international attention.

The Central Bank of Ireland recently approved XRP as a virtual asset service
provider. Earlier in 2023, the company received similar approval in Dubai.
Ripple is now legally capable of providing crypto services within those
respective jurisdictions.

Again, I’m not so sure the approval of spot Bitcoin ETFs is intrinsically tied
to Ripple and XRP. Bitcoin ETF approval should push XRP higher, which is
generally good, but investors should simply consider the project keeps showing
signs of positive momentum overall. Those wins, in addition to bitcoin ETFs,
should all serve to propel prices higher.

On the date of publication, Alex Sirois did not hold (either directly or
indirectly) any positions in the securities mentioned in this article. The
opinions expressed in this article are those of the writer, subject to the
InvestorPlace.com Publishing Guidelines.

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https://investorplace.com/2023/12/bitcoin-etf-countdown-top-7-cryptos-to-buy-before-the-boom/.

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