In 2024, crypto continues its upward trend from 2023. One of the most important stories is the introduction of Spot Bitcoin (BTC USD) ETFs and a slew of upgrades from major cryptos that could add even more fuel to this impressive rally earlier in the year.
For those who want to look at the momentum we are currently seeing in the crypto space from an optimistic perspective, let’s take a look at three moonshot tokens that could be the best ways to take advantage of this momentum.
Avalanche (AVAX-USD)
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Known as a multi-chain smart contract, the ether (ETH-USD) is 100% compatible with, avalanche (AVAX-USD) is likely to dominate in 2024. With reliable and efficient transaction processing and unique consensus, investors can rely on AVAX-USD as an investment.
Its historical record dates back to 2021, when its transactions reached 470% and its native token was above 3,300%.
By dividing tasks across three blockchains, exceptional efficiency is achieved by processing over 4,500 transactions per second and completing transactions in under two seconds. It supports Ethereum compatibility via the Avalanche Bridge and leverages its consensus mechanism, Avalanche Consensus, for secure and fast transaction validation.
Avalanche consists of three main blockchains: the Exchange Chain (X-Chain), the Platform Chain (P-Chain) and the Contract Chain (C-Chain), which ensure high throughput and interoperability. With a limited supply of 720 million AVAX tokens, the distribution plan includes allocations for staking rewards, team members and partnerships.
Mark out AVAX return approx. 11.57% annually, with accessible access for validators. Avalanche gained traction through partnerships with major financial institutions such as JP Morgan (NYSE:JPM) And City (NYSE:C), which increases daily transactions and active addresses. This confirms the potential of AVAX. Despite a decline in early 2024, Avalanche remains resilient with growing trading volumes and community engagement pointing to a recovery.
Cardano (ADA-USD)
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Cardano (ADA USD) rose 20% last week and briefly surpassed $0.600, sparking optimism among analysts. CryptoBusy breaks a 784-day resistance level and forecasts potential gains. Analyst Ali Martinez foresees An uptrend that suggests ADA could reach $10 by early 2025.
BeInCrypto’s Ali Martinez observed parallels between ADA’s current price trend and its pattern at the end of 2020. ADA traded sideways before entering a bull market from November 2020 to August 2021, reaching $3. History suggests a similar period of consolidation until April 2024, followed by a possible rise to $8 by January 2025, representing a gain of 1,003.87%. Martinez expects ADA to follow this pattern and set the stage for a future rally.
In a recent update from Mango Way, Cardano has become a focal point in the cryptocurrency market. Analysts assume so a bullish rise, Predicted prices will reach $0.62. This optimism comes on the heels of ADA’s notable 20% rise and signals robust momentum. Given the market fluctuations, the analyst advises vigilance. With the promise of delivering significant profits to its investors, Cardano is in a good light for further opportunities in the future.
Ethereum (ETH-USD)
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When it comes to efficiency, scalability and security, Ethereum cannot be overlooked. In fact, the world’s second-largest cryptocurrency is next in line to get a spot ETF if the SEC actually hands it out like candy.
The upcoming Ethereum Cancun-Deneb (“Dencun”) hard fork, launching on March 13, prioritizes scalability and security through Ethereum Improvement Proposals (EIPs), specifically EIP-4844 for proto-Dank sharding. This upgrade marks the beginning of “The Surge” era, aimed at mass scalability via Layer 2 rollups and improving the accessibility and utility of Ethereum, especially in DeFi 2.0.
Reuters Reports that the US Securities and Exchange Commission (SEC) plans to meet with potential Ethereum ETF applicants next month to discuss Ether-based investment offerings. The SEC initially postponed its decisions on these products until May VanEcks Submission. Other applicants including BlackRock (NYSE:BLACK) And Grayscalewaiting for answers.
After breaking the resistance at $3,200, Ethereum skyrocketed and cleared the hurdles at $3,320 and $3,400 to reach a high of $3,892.06.
At the time of publication, Chris MacDonald 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 and are subject to InvestorPlace.com’s publication policies.