The cryptocurrency market experienced a correction in the past week, witnessing a 2.2% drop in the global market cap to $1.62 trillion within the last 24 hours.
Despite this, numerous analysts are optimistic about a resurgence in market activity during the upcoming holiday season. Researchers and investors are anticipating a bullish trend in 2024, driven by the potential introduction of a Bitcoin (BTC) Exchange Traded Fund (ETF) and BTC’s upcoming halving.
This expectation of a bullish market could encourage investors to increase their asset holdings in the final week of December, potentially leading to notable price increases. Against this backdrop, here are the top three cryptocurrencies worth closely monitoring during this holiday season.
Keep an Eye on These 3 Cryptocurrencies During the Holiday
Solana (SOL):
Solana (SOL) has emerged as one of the top-performing cryptocurrencies in the year 2023. From January onwards, the token has witnessed an impressive surge of more than 597%, surpassing the performance of Bitcoin (BTC) within the same period. Nevertheless, the cryptocurrency has recently experienced a correction of 4.8% according to daily charts. Despite this correction, there is potential for another upswing in SOL’s price as the year draws to a close.
Avalanche (AVAX):
Earlier this month, Avalanche (AVAX) experienced a surge in its price attributed to a partnership with JPMorgan and Citi. Additionally, a substantial token unlocks likely contributed to its upward momentum. Despite facing a 7.5% correction in the daily charts, the cryptocurrency has maintained an 11% increase over the past week. Furthermore, there is potential for another price rally for AVAX during the holiday season.
Bitcoin (BTC):
Bitcoin (BTC) currently holds the position of being the dominant force in the market, and there is a likelihood that the prices of the pioneer cryptocurrency will experience an upswing later this month. Investors may opt to expand their holdings in this asset, especially considering the potential approval of a spot Bitcoin ETF in the early months of the upcoming year. Additionally, VanEck CEO Jan Van Eck, in a recent CNBC interview, conveyed his optimistic outlook on BTC, suggesting that the cryptocurrency could achieve a new all-time high within the next 12 months.