In recent weeks, the total cryptocurrency market has seen substantial gains, driven primarily by Bitcoin (btc). This trend appears to present an opportunity to investorsgiven the widespread anticipation of sustained profitability.
As the year ends, along with the holiday season, certain CRYPTOCURRENCIES They stand out as opportunities that investors should consider, with the aim of obtaining future rewards. For this reason, Finbold has identified the following five cryptocurrencies to invest in during this Christmas period.
Cardano (ADA)
He Cardano (ADA), which prioritizes scalability, interoperability and sustainability, is experiencing notable growth in development activity. This is part of efforts to expand its use cases and improve the value of the token.
In particular, ADA has become an attractive option for the holiday season, considering that the token has been a confinement in recent days, rebounding more than 50% in December.
This bullish trend finds support in bullish on-chain metrics. For example, data from the cryptanalyst platform Holy suggests a possible continuation of gains, as seen in the number of wallets. Following a sudden loss of small portfolios on November 17, primarily within the 1-10 ADA range, representing 98.1% of affected portfolios, a decline in addresses of this size often indicates capitulation and a possible point inflection in price.
Fundamentally, technical indicators hints that ADA is preparing for a substantial rebound. Cryptoanalyst Tyler Strejilevich previously noted a bullish cross on moving averages in the weekly period. Historical instances of this pattern caused a significant surge, propelling ADA from $0.041 to its 66-week all-time high of $3.09. If history repeats itself, Cardano could reach $33 by January 2025.
In the latest update, ADA is trading at $0.61, reflecting a daily loss of about 4%, while the weekly chart shows an increase of 1%.
Solana (SUN)
solarium( SUN) has shown resilience in recent months, recovering from a significant correction during the FTX crypto exchange collapse saga. Beyond resilience, solarium positions itself for adoption through strategic initiatives along with product launches and partnerships.
It is worth noting that several initiatives, such as the launch of the Saga smartphone, highlight a possible bullish sentiment for SOL. In this sense, the device sales skyrocketed after it emerged that the devices come with a free BONK airdrop, while Solana's SPL tokens have seen increased demand after being listed by Coinbase.
Furthermore, the investment giant VanEck has He suggested that Solana can surpass Ethereum (ETH) if the network sees increased adoption of metrics like market capitalization, total value locked (TVL), and active users.
At the time of writing, SOL was valued at $74, experiencing a 5% loss in the last seven days and a 12% gain on the monthly chart.
Polygon (MATIC)
Polygon (MATIC), a growing blockchain, is a promising holiday investment backed by significant on-chain activity. Increasing whale activity towards the end of November, with MATIC whales purchasing 120 MATIC in a week, indicates an uptrend for the token.
Notably, Polygon has made progress on the development front, introducing the Polygon Portal to improve user experience in the Web3 domain. Furthermore, the completion of the trial for the Polygon Miden node further contributes to the strength of the network and signals a possible recovery.
As of the latest update, MATIC is valued at $0.85, reflecting a daily loss of almost 2%, with a decline of 7% on the weekly chart.
Avalanche (AVAX)
avalanche (AVAX) stands out as a digital asset poised for significant gains amid short-term broad market pullbacks. AVAX has witnessed consecutive price increases, trading above $40. support level.
Analysts anticipate a target of $50 in the coming weeks as high-profile investors including Digital Currency Group (DCG), Galaxy Digital and CoinShares express bullish sentiments on Avalanche heading into 2024.
At the same time, the bullish scenario is also highlighted by on-chain data, which reflects a more than 300% increase in AVAX market capitalization since October, with total value locked (TVL) approaching the billion mark. of dollars.
On the weekly chart, AVAX has gained over 25%, trading at $41.90 at press time.
Bitcoin (BTC)
bitcoinThe pioneering cryptocurrency, has recently recovered, surpassing the $40,000 mark, partly driven by anticipation surrounding the possible approval of a Bitcoin exchange-traded fund (ETFs). Market consensus suggests that Bitcoin is poised to hit a record high post-approval, which will attract significant institutional capital.
The upcoming Bitcoin halving event scheduled for next year is also seen as a key catalyst to boost the asset's value. Considering that the Bitcoin rally has seen a pause in recent days, it offers an opportunity to invest as the broader market anticipates a future rally.
This potential is complemented by the notion that its proponents believe Bitcoin is an uncorrelated asset similar to gold, making it an attractive investment.
At press time, Bitcoin is valued at $42,175, with a daily loss of about 1% and a weekly decline of almost 4%.
Taking all factors into account, the aforementioned cryptocurrencies have the potential to rally in the future, with the holiday season presenting a timely entry point. However, its performance will largely depend on the overall market sentiment.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.
