Investing in Cryptos: 3 Hot Picks for July 2024

Heading into the second half of 2024, the hot cryptos are proving that they are a force to be reckoned with in the market. Bitcoins (BTC USD) Climb above the $63,000 mark This clearly shows this strength and is consistent with previous patterns where the pace tends to increase a few months after the halving. If the impact of this event fully unfolds and the expected rate cuts take effect, a significant rebound by the end of 2024 or early 2025 appears likely. Altcoins are also expected to follow Bitcoin’s rise.

In this potential upswing, the specter of the now-defunct Mt. Gox exchange returns, with plans to do so Distribute 950,000 Bitcoins to its users. This will bring both volatility and volume into the market. However, this factor is unlikely to affect the overall momentum predicted in the cryptocurrency sector.

Given current trends and global shifts towards cryptocurrency adoption, experts are expecting a new bull market. Therefore, now is the right time to invest in these three hot cryptos.

Hot Cryptos: Solana (SOL-USD)

Solana (SOL USD) is one of the most popular cryptocurrencies and is currently trading at $153 after experiencing a 15% correction in the last three months. Nevertheless, many investors are taking advantage of this opportunity, anticipating that the upcoming trading sessions will be crucial. This sentiment is supported by the belief that Solana will not only recover but potentially even surpass its current levels, demonstrating its resilience and high market confidence.

Also the technical developments of Solana, such as its connection with the LayerZero bridging network, make it more attractive. This advancement expands Solana’s integration with other blockchain networks and makes it easier to exchange assets and data.

Additionally, Solana features unmatched transaction speeds and scalability. It carries out transactions faster and cheaper than ether (ETH-USD), which earned him the nickname “the Ethereum Killer.” Compared to real-world scenarios, Solana is an impressive achievement 46 times faster as Ethereum. This efficiency puts Solana in a strong position and makes it an attractive cryptocurrency to add to your portfolio.

Avalanche (AVAX-USD)

avalanche (AVAX-USD) is very popular, especially in supporting decentralized applications (dApps) and smart contracts. As dApps are on the rise, there is a high need for platforms that can process transactions quickly and securely. Well, that’s exactly what Avalanche delivers with its Directed acyclic graph (DAG) mechanism. It is like the speed demon of blockchain platforms, enabling super efficient transactions and a great asset for crypto enthusiasts.

Furthermore, Avalanche was one of the big moves in recent times Durango upgrade, with the teleporter platform. This platform enables blockchain data exchange and significantly increases Avalanche’s capabilities. No wonder big names like JP Morgan (NYSE:JPM) and popular games like Off The Grid have chosen this create their apps on Avalanche.

Additionally, Avalanche is keeping an eye on the price currently hovering around $28 resistance level of $30.34, driven by strong momentum and optimism, driven by strategic partnerships like the recent one Cooperation with stripes. This partnership makes it easier to purchase AVAX directly, attracting more users. With all of these exciting developments, Avalanche is shaping up to be a lucrative bet for investors.

BNB (BNB-USD)

BNB (BNB-USD), the cornerstone of Binances The massive ecosystem remains one of the leaders in the crypto exchange market. Since BNB is used in a range of services such as spot trading, futures and DeFi, it is necessary for many platform operations. This widespread use has led to a Increase in value by 135% over the last year, positioning BNB for further increases as it adjusts and grows.

To improve real-world usability, the BNB chain has made significant speed and capacity improvements. A remarkable invention is this Multi data storage for BSC Geth, which intelligently divides a single database into three components: Block, Trie and Snapshot. This separation optimizes data management and improves performance and scalability, which is critical for future expansions. These improvements lay the foundation for profound growth of dApps in various areas, including DeFi, gaming and artificial intelligence (AI).

Finally, BNB’s rise to the position of fourth largest cryptocurrency by market cap shows Binance’s reliability and the community’s trust in the exchange given the evolving cryptocurrency scene.

At the time of publication, Nabeel Bukhari did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.

The responsible publisher did not hold, directly or indirectly, any positions in the securities mentioned in this article at the time of publication.