Bitcoin

2 Cryptocurrencies to Buy Whether Bitcoin Hits Another All-Time High or Not

Published

8 months ago

11 June, 2024

2 Cryptocurrencies to Buy Whether Bitcoin Hits Another All-Time High or Not

Ethereum and Solana are expected to rise further in 2024, even if Bitcoin continues to trade sideways.

After Bitcoin hit a new all-time high of $73,750 in mid-March, crypto investors were understandably excited about its next destination. The crypto looked set to surpass the $100,000 level this year. But Bitcoin continues to trade around the $70,000 mark, leaving some crypto investors looking for potential alternatives.

If you are one of these investors, there are two cryptocurrencies to put on your radar right now: Ethereum (ETH -4.37%) and Solana (SUN -4.58%). Both will potentially rise further in 2024, regardless of whether Bitcoin moves forward or not.

Ethereum

The great catalyst for Ethereum now is the recent approval of eight new Ethereum exchange-traded funds (ETFs). They are ready to start trading soon, and when they do, it could lead to a huge influx of money from new Ethereum investors.

While this influx of cash is unlikely to come close to the amount of money that flooded into the new spot Bitcoin ETFs, it is, however, expected to be significant. For example, JPMorgan Chase predicts that the influx of new money into spot Ethereum ETFs could reach $3 billion in the next six months. And K33 Research, an independent crypto research firm, believes the number could be as high as $4 billion.

Image source: Getty Images.

The idea of so much new money flowing into Ethereum, which is already up 70% year to date, has some investors giddy. For example, some think Ethereum could outperform Bitcoin in the next six months simply due to the potential impact of the ETF boom. When you add the fact that Ethereum continues to release new technological upgrades to its main blockchain, there is increasing reason for optimism.

Solana

Like Ethereum, Solana increased 70% in the year. This comes after a monster year in 2023 when it soared by more than 900%. Although Solana’s upward trajectory has cooled a bit lately, there is still potential for a huge upward move in the second half of the year.

After taking a quick look at Solana’s key metrics, you’ll understand why. Almost every key metric has seen huge growth over the past 12 months. The number of users is increasing, transaction activity is increasing, and the size of the Solana blockchain ecosystem continues to grow by leaps and bounds.

In large part, this has to do with growing consumer adoption. Solana has become the preferred blockchain for buying, selling and launching meme coins. Even big celebrities (well, OK, B-list and C-list celebrities) are getting in on the action, with rappers, reality TV stars, and musicians launching their own meme coins on Solana. Since these celebrities have millions of social media followers, it’s possible to argue that Solana is getting a free marketing campaign aimed at its main user demographic (young, tech-savvy, and with plenty of disposable income to spend on crypto).

The good news is that all of this is not correlated with what is happening on the Bitcoin blockchain, so Solana could rise even higher even if Bitcoin continues to trade sideways.

The Layer 1 investment thesis

Ethereum and Solana share one important characteristic in common: they are both Layer 1 blockchains. This means they are the fundamental building blocks of the blockchain world. When it comes to any key blockchain niche – like non-fungible tokens (NFT), decentralized finance (DeFi), blockchain gaming or decentralized Web3 applications – the central starting point is always Layer 1.

This is what excites me about Ethereum and Solana as potential alternatives to Bitcoin. If you believe the general notion that a crypto market rally should help inject new life into every niche of the blockchain and crypto world, then Ethereum and Solana should be among the biggest beneficiaries.

A rising tide lifts all boats, and Ethereum and Solana are two of the biggest boats out there. Even if you’re on the sidelines of Bitcoin, it might be time to take a closer look at Ethereum or Solana.

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum and Solana. The Motley Fool has positions and recommends Bitcoin, Ethereum, JPMorgan Chase, and Solana. The motley fool has a disclosure policy.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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