The cryptocurrency market witnessed various developments this week, particularly with Bitcoin reaching its all-time high of $103,647. The recent U.S. presidential election and the victory of pro-crypto leader Donald Trump have influenced this. The ecosystem expects the implementation of several crypto-friendly policies. Additionally, the incoming Securities and Exchange Commission (SEC) may adopt a more accommodating approach, unlike its previous chair Gary Glenser. The global cryptocurrency market is expected to reach an estimated market size of USD 56.7 Billion.
With several cryptocurrencies gaining traction, given the current market trends. Here are some top cryptocurrencies that have the potential to give exceptional long-term and short-term returns.
Bitcoin (BTC)
Market Sentiments: Extremely Bullish
Current Price: $100,081.13
Circulating Supply: 19.79 Million BTC
Market Cap: $1.97 T
Bitcoin has recently surged to its all-time high making an exceptional recovery from its previous lows from the bear market. Winning of the pro-crypto president in the US election, increase in institutional interest, and global adoption have influenced the recent surge of Bitcoin. Major brands such as Gucci and Ferrari accepted its utility and integrated bitcoin into their payment systems. Additionally, financial giants like Blackrock and Fidelity have launched their spot Bitcoin ETFs, resulting in the recent surge.
Why Bitcoin is a Top Pick?
- Surged more than 10% in the last week
- High liquidity and global adoption
- Increased institutional interest and market dynamics
- Favorable regulatory policies
Ripple (XRP)
Market Sentiments: Bullish
Current Price: $2.34
Circulating Supply: 57.18 Billion XRP
Market Cap: $133.88 B
Ripple has surged over the past month by 333% after its partial victory in the lawsuit against the SEC, surpassing major competitors like Solana. This has led to an increase in the market cap, exceeding $100 billion as it approaches the $3 mark. XRP is widely used for cross-border payments with its growing institutional interest. Moreover, XRP has witnessed a potential increase in its trading volumes and Relative Strength Index (RSI). This can lead to a further increase in its value.
Why XRP is a Top Pick?
- Quick international transactions at a low cost increase its real-world utility
- Approval of spot XRP ETFs may increase institutional investments.
- XRP ledger is extensively adopted by banks and other financial institutions
- Partial win in the legal battle.
Ethereum (ETH)
Market Sentiments: Positive
Current Price: $3,914.19
Circulating Supply: 120.44 Million ETH
Market Cap: $471.97 B
Ethereum has gained momentum after its upgrade to Ethereum 2.0 as it increased its scalability. The upgrade has reduced its transaction cost, which significantly attracted investors and developers. Moreover, Ethereum, the second-largest cryptocurrency, continues to dominate the Decentralized ecosystem. Its shift to proof-of-stake has improved its efficiency and sustainability, with around 47.4 million coins staked. This has pushed the price of ETH. While Bitcoin is popularized as digital gold, Ethereum provides versatility by offering a foundation for stablecoins, NFTs, gaming, and more.
Why ETH is a Top Pick?
- It is a prominent player in defi and smart contracts
- Increase in utility with the expansion of layer 2 networks.
- Rapid expansion in the ecosystem
- Strong market interest and bullish sentiments.
Dogecoin (DOGE)
Market Sentiments: Optimistic
Current Price: $0.4008
Circulating Supply: 147017 Billion DOGE
Market Cap: $58.978 B
Dogecoin (DOGE) was originally launched as a meme coin, it has been recently accepted and recognized as a cryptocurrency. It has now evolved as a digital asset with several real-world utilities such as tipping, allowing microtransactions, and content creators. It has witnessed an increase of 420% in 2024, which indicates investor interest with optimistic market sentiments. Moreover, the winning of Donald Trump may result in a price increase if the bullish market sentiments persist. It has appreciable liquidity in the market, indicating the potential for further price appreciation.
Why DOGE is a Top Pick?
- It is endorsed by celebrities such as Elon Musk
- It is backed by an engaging community and user base.
- Increased mainstream visibility
- Can be used for microtransactions.
Cardano (ADA)
Market Sentiments: Positive
Current Price: $1.09
Circulating Supply: 35.11 Billion ADA
Market Cap: $38.2 B
With a surge of 228% from September to December, its value has reached $1.09 in a short time. It works proof-of-work (PoS) consensus mechanism called Ouroboros, it aims to resolve issues like scalability, interoperability, and sustainability. Its platform supports dApps and smart contacts, positioning it as a strong competitor against Ethereum. This week, the value of ADA has surged notably, with new partnerships and developmental projects. Analysts are optimistic about the future as it is expected to reach $2.22 recently.
Why ADA is a Top Pick?
- Widely accepted for its energy efficiency as it works on the PoS consensus mechanism
- Notable increase in innovative projects and partnerships.
- Long-term growth potential with an emphasis on scalability and interoperability.
Conclusion
Investor looking to expand their portfolios requires analyzing factors such as risk tolerance and investment goals. This week has witnessed the growth of pioneers such as Bitcoin and Ethereum along with the rise of newcomers such as Cardano, Ripple, and Dogecoin. The record-breaking rally of Bitcoin, technological upgrades of Ethereum, and increased utility of Dogecoin, Cardano, and Ripple have influenced the market sentiments. The cryptocurrency market is subject to risks and volatility. So investors should stay informed of the market trends, investment goals, and other factors to prevent financial loss.