It is possible that BTC’s potential recovery could act as a catalyst for a broader industry recovery. This points to a very important period for investors to strategically position their capital. In anticipation of the coming quarter, crypto expert Ivan Zhelev identified 5 cryptocurrencies that have the potential to dominate the next quarter.
Solana (SOL) is in first place
Solana is a smart contract platform with a unique architecture that allows it to process thousands of transactions per second while keeping costs extremely low. Users pay an average of less than $0.001 per transaction. Therefore, it is among the cheapest cryptocurrency ecosystems on the market. A few days ago, Solana’s DeFi ecosystem reached a major milestone. Thus, Total Value Locked (TVL) rose to a new annual high of over $655 million. This marks a significant increase of 211% since the $210.47 million TVL recorded on January 1, 2023. SOL is currently trading at $63.89. The token has experienced a price increase of approximately 64% in the last month.
SOL one-month price performance. Source: CoinMarketCapAccording to InvestAnswers, a leading crypto analyst, SOL is expected to reach 10% of Ethereum (ETH) in the next phase of market expansion. The analyst assumes that Ethereum will rise above $8,000 in the next bull market. Accordingly, he gives a price target of $231 for SOL if Solana reaches 10% of ETH’s market cap (a threshold it has already reached in the past). This represents a return on investment (ROI) of approximately 275% at the current price.
Leading altcoin Ethereum (ETH) ranks second
Ethereum is showing a positive trend above the $2,100 resistance level. The cryptocurrency recorded a significant gain of 19.8% on its monthly chart. Its current positive momentum is supported by several factors, including applications for spot ETFs and the expansion of Ethereum’s ecosystem driven by layer-2 solutions.
ETH one month price performance. Source: CoinMarketCapAdditionally, the US Securities and Exchange Commission (SEC) started the review process for Fidelity’s spot Ethereum ETF offering a few days ago. Similar applications from companies such as BlackRock are also awaiting regulatory green light. If approved, these ETFs will strengthen Ether’s status as a digital commodity. It will also make it less likely to be treated as a security. So, it will potentially drive more investors towards it.
Leading cryptocurrency Bitcoin (BTC) is also on the list
Bitcoin is currently aiming to regain the $40,000 level as it searches for a new all-time high, fueled primarily by speculation surrounding the potential approval of a spot exchange-traded fund (ETF) by US regulators. Moreover, it is very close to it.
Bitcoin monthly price performance. Source: CoinMarketCapThe ETF-related news, coupled with the upcoming halving event, is seen as a major event that could push Bitcoin to another record high. BTC gained over 14% on its monthly chart. At the time of writing, the leading cryptocurrency is trading at $39,418.
The fourth cryptocurrency is Ripple (XRP)
XRP (XRP) is the fifth largest cryptocurrency with a market cap of 33.1 billion. At the time of writing, it was trading at $0.62, representing an increase of 0.77% over the previous 24 hours. These gains follow a week in which the token lost 0.99% of its value, as opposed to a 57.3% increase for the year.
XRP monthly price chart. Source: CoinMarketCapLast year, the price of XRP increased by 53%. It outperformed 64% of the top 100 crypto assets during this period. It is trading above its 200-day simple moving average while experiencing 18 green days in the last 30 days. According to analyst Egrag Crypto, it is possible for XRP to reach $10 or $50, depending on its course.
If XRP reaches a price of $10, this would represent a growth of over 1,530% from current levels. On the other hand, if XRP reaches $50, it will indicate a rally of over 8,000%.
The last cryptocurrency is Shiba Inu (SHIB)
Finally, a more affordable option to prepare for a potential bull market. World-famous meme coin Shiba Inu (SHIB) has attracted the attention of investors again after its layer-2 solution Shibarium experienced a transaction boom of over 4,400% in recent days. According to data from Shibariumscam, transactions reached 5.1 million. This is the highest figure recorded since its launch. Following this, the value of SHIB increased by 1.37% to $0.0000085. The market value of Shiba Inu is $5 billion. This makes it the 18th largest cryptocurrency.
SHIB 24-hour price performance. Source: CoinMarketCapMeanwhile, the token is down almost 90% compared to its 2021 all-time high (ATH). However, investors are hopeful that it will regain its value in a potential bull market.
The opinions and predictions in the article belong to experts and analysts and are definitely not investment advice. As Kriptokoin.com, we recommend that you do your own research before investing.
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