The crypto market’s recent upswing presents a favorable opportunity for certain Christmas crypto picks. The 2023 market rebound has renewed investor optimism moving into 2024, driven by factors like the potential approval of a Bitcoin ETF. Key focus areas include the development of major cryptocurrencies and a preference for utility over meme cryptos.
Among various projects, these three Christmas crypto picks are worth considering for your portfolio.
Avalanche (AVAX-USD)
Avalanche (AVAX-USD) witnessed a significant 32% surge, though a subsequent seven percent dip followed. Despite this, the core fundamentals of Avalanche remain consistent. The network grew modestly at 0.29%, indicating restrained enthusiasm. Large holders decreased by 0.55%, while large transactions spiked to over 11%, signaling a bullish trend.
AVAX maintains its upward trajectory, defying the bearish market trends preceding the FOMC meeting. On-chain analysis explores the factors influencing AVAX’s recent surge, with a notable 120% price jump from $16 to $41 in the past month. Remarkably, AVAX sustains its bullish momentum amid declines in top cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD) ahead of the Fed’s rate decision on December 13.
Avalanche’s recent surge, fueled by a strategic focus on real-world assets (RWAs) and GameFi, positions it for 2024. Partnerships with major banks, a $50 million fund (Avalanche Vista) for RWA research, and a predicted $3 trillion tokenized asset market contribute to investor confidence. This is evident in the TVL rise from $573.36 million to $936.48 million last month.
Solana (SOL-USD)
Solana (SOL-USD) surged in the past year, positioning itself as a long-term crypto investment with solutions to Ethereum’s limitations. Despite past challenges, Solana’s resilience and innovations, like the Saga phone, signal its growth trajectory in the digital currency landscape.
Solana emerged promising improvements over Ethereum’s weaknesses, particularly in fees and speed. The crypto’s growth is faster than Bitcoin’s, making it a top option in Christmas crypto picks.
Solana’s surge persisted as SOL and meme coin Bonk (BONK-USD) hit new highs. Solana NFTs outpaced Ethereum in trading volume. SOL reached $73.85, a 19-month peak, showing significant recovery from its 2022 low. BONK reached $0.00001314, setting a new record.
Ethereum (ETH-USD)
Ethereum (ETH-USD) outshines Bitcoin as one of the Christmas crypto picks, offering superior ecosystem support and energy efficiency through proof-of-stake. With diverse applications and the potential for an Ether ETF, ETH stands as an accessible and attractive crypto investment.
Ethereum, the second-largest cryptocurrency, dominates smart contracts and Web 3.0, enabling decentralized apps through its Ethereum Virtual Machine (EVM). Unlike Bitcoin, Ethereum’s capabilities extend beyond peer-to-peer payments. Post-Merge, ETH supply has become deflationary, with more being burned than issued as staking rewards, resulting in a 1.75% annual decrease, outpacing Bitcoin’s inflation rate.
Additionally, BlackRock continues to make significant strides in the digital asset space, seeking approval for diverse crypto-related financial products. The spotlight is on its proposed Ethereum ETF, potentially providing institutional investors a novel entry into the crypto market and likely driving further price surges. With $8.5 trillion in assets, BlackRock’s foray into Ethereum is poised to introduce new institutional products, attracting fresh capital to ETH.
On the date of publication, Chris MacDonald has a LONG position in SOL-USD, ETH-USD. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.