In the dynamic cryptocurrency landscape, presales provide early access to emerging tokens. February 2024 showcases notable presale events, offering enthusiasts a glimpse into potential future trends. The market of tokens gained traction in the financial sector and has made investors buy them.
Indeed, 2023 was a comeback year for cryptocurrencies, but the market is optimistic that 2024 will be an even better year for bulls. Following the recent approval of spot Bitcoin (BTC-USD) ETFs, many tokens are now surging in terms of investor interest.
Understanding this evolving market is crucial for newcomers. This curated list highlights notable crypto assets that could see significant upside in February and beyond.
Ethereum (ETH-USD)
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Since the SEC’s approval of spot Bitcoin ETFs on Jan. 11, institutional interest surged in this asset class as a whole. Accordingly, the world’s second-largest cryptocurrency Ethereum (ETH-USD) should rightly gain plenty of attention in this sort of environment. That’s because Ethereum is often viewed as the next token likely to see a spot ETF approved, at least according to experts
This anticipation has led Ethereum to outperform Bitcoin, a trend that’s continued for sometime. Additionally, the expectations is that a successful Dencun upgrade could generate the sort of fundamental buying activity to support a continued rise.
Also, Ethereum’s recent shift to a proof-of-stake network positions this network well in terms of scalability and efficiency, with other deflationary factors coming into play. For those thinking long-term, and looking to play the rise of DeFi, Ethereum remains the top pick in the crypto sector to consider.
Solana (SOL-USD)
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If you’re betting big on Bitcoin, Solana (SOL-USD) should be in your portfolio given its remarkable growth. Analysts, like Chris Burniske, foresee Solana potentially reaching $750 per token, given its strong performance and network support. And, the network’s functionality in supporting NFTs and NFT applications contribute to its recent surge.
Solana boasts a resilient network with over 2,500 dedicated developers, ensuring its long-term vitality. With a 50% retention rate, it maintains balanced engagement. Innovations like Firedancer, a validator client, promise enhanced processing capabilities. Additionally, recent collaborations, such as a big one with Filecoin, further strengthen its growth trajectory and position as a top scalability network.
Importantly, Solana has also surpassed Ethereum in January 2024 in a key metric, with $365 million in monthly sales seen on its network. Increased user engagement and Magic Eden’s impact have contributed to these outsized transaction revenues. This suggests Solana could continue to gain market share and become a leading layer-1 network for long-term investors.
Avalanche (AVAX-USD)
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Avalanche (AVAX-USD) surged from 20th place to 9th overall in the market cap rankings during Q4 2023. This surge is due to notable growth in daily transactions, up 450% year over year (YOY). It appears the introduction of Avascriptions on the Avalanche C-Chain drove this increase.
In November, inscriptions resembling Bitcoin Ordinals emerged, driving daily revenue on the blockchain to $10.6 million by December 20. Interest surged in AVAX due to increased demand for Avascriptions. Despite a record 6.3 million transactions on November 22, active addresses declined by 50% from 89,400 to 44,400.
Additionally, it gained attention for institutional adoption, including JPMorgan’s use of its subnet, becoming a top DeFi investment choice. AVAX experienced rapid growth in total value locked (TVL) and dApp utilization, with interest surging from mid-October. Its market cap surged over 100% since December 2023, contrasting Ethereum’s stagnation.
On the date of publication, Chris MacDonald did not have (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.comPublishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
