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Whether or whether Bitcoin Reaches Another All-Time High, Here Are 2 Cryptocurrencies to Purchase

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It seems sense that cryptocurrency investors were optimistic about where Bitcoin may go when it reached a new all-time high of $73,750 in mid-March. This year, the cryptocurrency looked ready to soar above the $100,000 mark. But because Bitcoin is still trading at around $70,000, some cryptocurrency investors are looking for possible substitutes. Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) are two cryptocurrencies that you should be keeping an eye on if you’re one of those investors. Whether or whether Bitcoin joins the ride, both have the potential to fly higher in 2024.

Ethereum: The Catalyst for ETFs

The recent approval of eight new spot Ethereum exchange-traded funds (ETFs) is the main driver of Ethereum at the moment. They are scheduled to begin trading in the near future, which may result in a significant inflow of fresh capital into Ethereum. Even while this money inflow isn’t anticipated to be nearly as large as the one that poured into the recently established Bitcoin ETFs, it is still anticipated to be substantial. For instance, JPMorgan Chase estimates that throughout the course of the next six months, the amount of fresh capital that might enter spot Ethereum ETFs could reach $3 billion. Furthermore, up to $4 billion is possible, according to independent crypto research firm K33 Research’s estimation.

Some investors are excited at the prospect of so much fresh capital pouring into Ethereum, which is already up 70% for the year. Due to the possible influence of the ETF explosion, some even think that Ethereum may beat Bitcoin over the course of the next six months. There’s more reason to be optimistic when you consider that Ethereum keeps adding new technological advancements to its basic blockchain. With these improvements, Ethereum is now much more scalable, secure, and user-friendly, making it a more desirable investment.

The Ascending Star: Solana

Solana is up 70% for the year, much like Ethereum. This follows a phenomenal year of 2023 in which it increased by almost 900%. Even if Solana’s recent rising trend has slowed down a little, the second half of the year still has the potential to see a huge increase. You’ll see why after quickly reviewing Solana’s key performance indicators. Almost all of the important metrics have grown significantly in the last 12 months. The scale of the Solana blockchain ecosystem is still expanding rapidly, as seen by the sharp increase in user base and transaction volume.

This is mostly due to the rapidly increasing usage by consumers. The preferred blockchain for purchasing, launching, and trading meme currencies is now Solana. Prominent figures in the entertainment industry, like as rappers, reality personalities, and artists, are also participating in the trend by releasing meme coins on Solana. It’s feasible to claim that Solana is receiving a free marketing campaign targeted at its primary user demographic—young, tech-savvy individuals with plenty of spare cash to spend on cryptocurrency—because these celebrities have millions of social media followers.

The good news is that Solana can rise even if Bitcoin is trading sideways because none of this is tied to what’s going on with the blockchain.

The Investment Thesis for Layer 1

One important characteristic that unites Ethereum and Solana is that they are both Layer 1 blockchains. This indicates that these are the essential components that make up the blockchain universe. The Layer 1 is always the fundamental starting point for each major blockchain specialty, including decentralized Web3 apps, blockchain games, non-fungible tokens (NFTs), and decentralized finance (DeFi).

I’m interested about Ethereum and Solana as possible substitutes for Bitcoin because of this. Ethereum and Solana ought should be among the greatest winners if you subscribe to the basic theory that a crypto bull market rise should assist to breathe fresh life into every single segment of the blockchain and crypto industry.

All boats rise with the tide, and Ethereum and Solana are two of the largest boats now in existence. Even if you’re not interested in Bitcoin, it could be time to investigate Ethereum or Solana more thoroughly. Due to the continuous improvements in their respective ecosystems, both have demonstrated exceptional resilience and development potential, and they are in a good position to profit from emerging market trends.

Ethereum and Solana are two cryptocurrencies to think about, regardless of whether Bitcoin soars to new heights or stays at a standstill. They are attractive investments in the rapidly changing world of digital assets because of their strong ecosystems, expanding usage, and noteworthy advancements. These two Layer 1 blockchains have the potential to lead the way in fostering innovation and providing smart investors with significant profits as the cryptocurrency industry develops.

What do you think?

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