Expert Insights: Top 3 Must-Have Cryptos for Big Gains in 2024 – Featuring Bitcoin

full version at en.coinotag

The cryptocurrency market has been predominantly red lately.
However, there is a silent accumulation happening, particularly with major cryptocurrencies such as Bitcoin and Ethereum.
The approval of Bitcoin and Ethereum spot ETFs has been a significant driving factor, attracting institutional interest.

Exploring Top Cryptocurrencies for Significant Gains in 2024

Bitcoin (BTC): The King of Cryptocurrencies

Bitcoin remains the pioneering leader in the crypto market. Its strong fundamentals and first-mover advantage make it the most influential cryptocurrency. This year has brought noteworthy developments for Bitcoin. The approval of Bitcoin spot ETFs in January has significantly impacted its market standing, driving the price to a new all-time high (ATH) of $73,737, a substantial increase from its current price of $61,430, which is only 16.7% away from the ATH.

The recent Bitcoin halving in April, an event that occurs every four years and halves the reward for mining new blocks, has historically been followed by a bull run. This halving event not only reduces the inflation rate of Bitcoin but also enhances its attractiveness as a hedge against inflation, especially for institutional investors. With Bitcoin’s limited supply of 21 million coins, a supply shock is anticipated on exchanges, potentially driving the price even higher.

Ethereum (ETH): The Backbone of DeFi

Following Bitcoin, Ethereum holds a significant position in the crypto market, both in terms of market capitalization and technological advancement. The approval of Ethereum spot ETFs on May 23 by the SEC has already led to a 20% price increase. However, the price has remained relatively stable since then. Further price appreciation is expected once these ETFs are actively traded, depending on the approval of SEC’s S-1 forms, which is anticipated to take one or two more months.

Ethereum’s robust fundamentals are also noteworthy. As the first blockchain to offer smart contracts, Ethereum has positioned itself at the forefront of the DeFi movement, transforming the financial landscape. Currently, Ethereum commands 60% of the total value locked (TVL) in DeFi. Institutional interest in Ethereum continues to rise, with the SEC having approved eight Ethereum spot ETFs from major players such as BlackRock, Fidelity, VanEck, and Grayscale. As trading begins, these ETFs are expected to attract substantial institutional investments.

API3 (API3): The Emerging Oracle Solution

API3 stands out in the competitive oracle sector, which is crucial for enabling blockchains to interact with real-world data. Despite the dominance of oracle projects like Chainlink and Pyth Network, API3 has been making significant strides and is currently active on nearly 50 blockchains. This project allows developers to directly integrate decentralized APIs (dAPIs) into smart contracts, enhancing data reliability and security.

API3’s upcoming launch of the Oracle Extractable Value (OEV) network is particularly noteworthy. OEV can extract value that would otherwise be captured by other parties, such as through arbitrage or liquidations, potentially offering new incentives for protocols. Given its innovative approach and growing adoption, API3 is expected to see increased accumulation and interest from investors.

Conclusion

In summary, the approval of spot ETFs has brought renewed institutional interest in major cryptocurrencies like Bitcoin and Ethereum, setting the stage for potential price increases. Bitcoin’s strong fundamentals and historical performance post-halving events, along with Ethereum’s pivotal role in DeFi, make them prime candidates for significant gains. Additionally, API3’s innovative solutions in the oracle space position it as a promising investment opportunity. Investors should keep a close eye on these developments as we approach 2024.