Cryptoassets have been gaining momentum in recent months following a huge influx of institutional investors into the market. These inflows were sparked in Q2 2023 after BlackRock's Bitcoin (BTC) Spot ETF filing opened the door to more traditional companies wanting to be part of the market leadership. As cryptocurrencies continue to rise in price, here is a list of the top 5 cryptoassets to keep an eye on in 2024.
Bitcoin
Based on recent performance and future events, it's no surprise that Bitcoin is the asset to watch for the 2024 bull market. Starting in the fourth quarter of 2023, investors increased their appetite for the market leader, pushing the price above $44,000 by the end of the year.
This year, Bitcoin soared to an all-time high of more than $72,000 following ETF approval, dragging the entire crypto market into a bullish phase. Bitcoin is an asset aiming for even higher prices due to the halving event scheduled for April. A halving that reduces Bitcoin rewards is historically expected to be a bullish phase for Bitcoin.
Ethereum
The leading altcoins are the crypto assets to watch for the rest of the year, with key metrics showing signs of asset growth. Currently trading at $3,292, analysts believe ETH holds the key to the next bull market.
Reasons range from prospects attracting institutional investor attention, Dencun upgrades, and potential spot ETF approval from the Securities and Exchange Commission (SEC).
Solana
Solana (SOL) has been witnessing positive movement since Q3 2023, registering massive inflows from institutional investors. SOL is trading at $171.57 and is up 68% for the month, although it is facing a mild correction at the moment.
Last year, Solana soared 830%, reversing the tide from the 2022 crypto market crash following the decline of the Terra stablecoin and the subsequent implosion of FTX.
Dogecoin and BOME
Dogecoin (DOGE) and Book of Memes (BOME) are two meme coins that could record further gains in 2024, according to analysts. DOGE traded less than 1% in the past 24 hours due to a market-wide correction, but is up 80.6% over the past year and is up 104%.
BOME, on the other hand, is a meme coin that has been trending in the social media space just as Solana meme coin continues to trend. BOME price has increased by 4.5> in the last 24 hours and 59.9% in the past 7 days.
Also read: Top meme coin records liquidation as market outflow expands
