The past few months have been a frustrating and despairing time for investors in the crypto market. Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have been stagnant and experienced significant price drops. Even meme coins like ‘fiesta’ are said to be nearing their end.
Despite these trends and some believing that the crypto bull market is over, there are still many who believe that the current downturn is just a quiet period in a cycle that will reignite soon and take digital assets to new highs.
There are still several coins and tokens that have the potential to skyrocket before the end of 2024.
Solana (SOL) is in a precarious position. While it has been a popular blockchain for many new projects, it has also faced criticism and potential legal issues. Recent rumors of a ‘huge case’ have added to the uncertainty. Additionally, the SOL ecosystem faced backlash after a drop in stablecoin daily volume, leading to suspicions of wash trading. However, SOL has shown the ability to surge on positive news, like VanEck’s plans to establish a trust for the token. If Solana becomes the second cryptocurrency to have an exchange-traded fund (ETF) approved, it could reach unprecedented highs before 2024 ends.
XRP also has the potential to surge. The cryptocurrency has been severely depressed due to Ripple’s legal battle with the SEC. If the regulator loses the fight in the next round of court battles, XRP could experience a significant surge, similar to the aftermath of the first case. Recent developments, such as the U.S. Supreme Court ruling against the SEC’s ability to use in-house rules, have further weakened the regulator’s authority. Ripple has also scored occasional wins, adding pressure on the SEC.
In the world of politics, the upcoming presidential elections have influenced the crypto markets, leading to the creation of meme coins and NFT collections centered around the main candidates, Joe Biden and Donald Trump. While any candidate-themed cryptocurrency could skyrocket if their associated politician wins, the MAGA tokens are currently appearing more likely than the Biden ones. This notion became even more true with reports that the Democratic party is considering replacing the elderly President on the November ballot after his performance in a recent debate. The MAGA (TRUMP) meme coin is the largest of the Trump cryptocurrencies and has already shown strong reactions to candidate-related news.
It’s important to note that this article is not investment advice and investing in cryptocurrencies carries risk.
