3 Cryptos to Buy Before the Bitcoin ETF Goes Live

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The recent spike in Bitcoin’s (BTC-USD) price above $38,000 has brought a fresh wave of crypto investors into the market. With the long-awaited Bitcoin ETF potentially going live in 2024, renewed optimism avails for a bull run.

However, it goes far beyond the ETF. Bitcoin has major catalysts approaching, like the mining reward halving projected for mid-2024. This event occurs every few years, cutting the rewards that miners receive by half and significantly impacting supply and demand dynamics over the long run. Considering mining rewards are the only new bitcoins entering circulation, halvings tend to precede major bull runs.

Also, macroeconomic factors align to Bitcoin’s favor. Interest rates are still painfully high but will likely decline in 2024 or early 2025. Lower rates combined with the ETF and halving could create a perfect storm for crypto.

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Less risky crypto projects for newcomers are important for long-term staying power. Let’s delve into three bigger cryptos that could perform well in the next bull market, especially if a Bitcoin ETF gets approved soon.

Bitcoin (BTC-USD)

Bitcoin cryptocurrency with pile of coins, Vector illustrator
Bitcoin cryptocurrency with pile of coins, Vector illustrator

Source: Sittipong Phokawattana / Shutterstock.com

Bitcoin is the obvious top pick for any crypto portfolio right now. Since it has several major catalysts lining up in 2023 and 2024, it could kickstart the next major bull run. As digital gold, BTC has a built-in scarcity and capped supply that no other crypto can match. Specifically, only 21 million BTC will be in existence.

Of course, Bitcoin has downsides too. The network is rather slow and inefficient for payments compared to newer cryptos. Transactions can take over an hour to process, and fees are high due to congestion issues.

When adding crypto exposure or balancing a portfolio with some uncorrelated assets, Bitcoin should be the first token of choice right now. Unless something catastrophic happens to destroy trust in crypto entirely, Bitcoin has likely seen its final bear market bottom around $15,000-$17,000.

With the macro backdrop improving in 2024, a crashing of Bitcoin seems unlikely. As noted in June 2022, Bitcoin was not expected to break below $15,000, even in a worst-case scenario. Indeed, it bottomed around that level. Further, $25,000 might possibly be the new floor once the ETF goes live.

Ethereum (ETH-USD)

Etereum coin is in pocket. Ethereum is a decentralized, open-source blockchain with smart contract functionality. ETH crypto
Etereum coin is in pocket. Ethereum is a decentralized, open-source blockchain with smart contract functionality. ETH crypto

Source: Thaninee Chuensomchit / Shutterstock.com

Although Ethereum (ETH-USD) differs from Bitcoin, it’s been an exceptional long-term investment nonetheless.

As the second largest crypto by market cap, Ethereum dominates the smart contracts and Web 3.0 spaces. It allows decentralized apps and services to run on its network via the Ethereum Virtual Machine (EVM). In contrast, Bitcoin’s capabilities are quite limited to maximize security. It only supports peer-to-peer payments out of the box.