3 cryptocurrencies to turn $100 into $1,000 for end of 2024
In recent months, the crypto market has assumed an aura of frustration – if not outright despair – for those investors seeking to take advantage of cryptocurrencies’ tendency to rapidly multiply their value during bull cycles.
Crypto greats such as Bitcoin (BTC) and Ethereum (ETH) have been mostly stagnant but also featured significant price drops – such as the ones they are experiencing at the time of publication – while even the meme coin ‘fiesta’ is said to be near its end.
Despite the recent trends – and despite some believing the crypto bull market may already be at its end – there are still many who believe that the June downturn is but a quiet period in a cycle that will soon reignite and take numerous digital assets to ever higher highs.
Whatever the case for the broader crypto market may be, there remain several coins and tokens that hold the potential for rocketing before the end of 2024.
Solana (SOL)
As of late June 2024, Solana (SOL) finds itself in a precarious position. The fact that it has been such a popular blockchain for millions of new projects has exposed the Solana network both to criticism and potential legal issues – if recent rumors of a ‘huge case’ are true.
Additionally, the SOL ecosystem came under fire on June 27 after a 90% drop in stablecoin daily volume made many suspect wash trading was used to inflate the numbers, and that much of Solana’s popularity amounts to little more than smoke and mirrors.
Despite this, SOL has also proven to rapidly surge on positive news as it did after VanEck’s plans to establish a trust for the token were unveiled. Given that Solana is considered the likeliest cryptocurrency to have an exchange-traded fund (ETF) approved – after Ethereum, that is – it might just rocket to unprecedented highs before 2024 is out.
XRP (XRP)
The argument for XRP’s likely surging has remained largely unchanged for years. XRP is a major cryptocurrency whose price is severely depressed by the long legal battle between Ripple and the SEC. Based on this assessment, it appears obvious that, should the regulator lose the fight in the next round of court battles, XRP has the potential to surge if the aftermath of the first case is anything to go by.
Though the argument is relatively old, it has been reinforced by several developments in the last 12 months. The most recent of these is that the SEC’s authority appears to be on a descent.
While far from a coup de grâce for the Ripple battle, the U.S. Supreme Court’s (SCOTUS) ruling against the regulator’s ability to use in-house rules has certainly hampered the SEC’s ability to prevail in future cases.
In general, the Commission is finding itself under mounting pressure, as Coinbase (NASDAQ: COIN) recently filed its own lawsuit against it and several other agencies, and Ripple has also been scoring occasional wins over the months.
Libra (LIB)
Libra (LIB) is a cryptocurrency that has gained significant attention due to its association with the social media giant Facebook. Despite facing regulatory challenges and resistance from governments around the world, there is still potential for Libra to see substantial growth in the coming years.
Facebook’s large user base and global reach provide a strong foundation for the adoption and use of Libra. If Facebook is able to navigate the regulatory landscape and gain widespread acceptance for its cryptocurrency, the value of Libra could increase significantly.
Additionally, the development of the Libra Association, a consortium of companies that will govern the cryptocurrency, adds credibility and support to the project. With continued advancements in technology and increased adoption of cryptocurrencies, Libra could be a promising investment for the future.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.