Renowned crypto expert and director of digital asset research at Forbes, Steven Ehrlich, has provided bitcoin-is-up-120-this-year-here-are-four-other-cryptos-to-buy-hodl-or-sell/?sh=29676d5b7a82″ target=”_blank” rel=”nofollow”>perspectives about five prominent cryptocurrencies in the current market landscape.
Solana recovers from setbacks and positions itself as the best cryptocurrency to buy
bitcoin (btc), the most prominent cryptocurrency, has seen a remarkable 120% surge in 2023. After a long wait for the Securities and Exchange Commission (SEC) to approve a bitcoin exchange-traded fund (ETF), developments recent indicate that a bitcoin Spot ETF It could finally get the green light in January, as many in the crypto community have predicted, according to Ehrlich.
The introduction of bitcoin ETFs is expected to generate significant demand from mainstream investors, contributing to a potentially bullish environment. Additionally, the impending fourth halving event in April, which reduces block rewards and slows supply, adds to the positive outlook for bitcoin.
While ethereum (eth), the second largest cryptocurrencyAlthough it has historically demonstrated substantial growth, its performance this year has been comparatively modest, with an increase of 65%.
Concerns about regulatory ambiguity in the United States, particularly when it comes to tokens like ethereum, have weakened investor confidence. Furthermore, despite a major update aimed at improving efficiency and reducing power consumption, ethereum‘s growth in key metrics such as transactions per second and active users has been disappointing; For these reasons, Ehrlich believes investors should hold eth tokens.
Solana (SOL), on the other hand, often called the “ethereum killer,” suffered setbacks following the collapse of FTX in 2022. However, the stigma surrounding Solana has dissipated, leading to an impressive 313% profit this year.
According to Ehrlich, Solana stands out for its “robust technology,” capable of processing thousands of transactions per second and potentially reaching 50,000 transactions per second. As such, Ehrlich believes this is a buy signal for SOL.
Binance coin at the crossroads
Binance’s native token BNB saw significant growth, reaching a peak value of $100 billion. However, recent events, including Binance founder Changpeng Zhao’s guilty plea, substantial fines, and his decision to resign as CEO, have caused a decline in BNB’s value.
While BNB’s utility within the Binance ecosystem and refund mechanisms for traders may provide some support, concerns arise if traders leave the exchange en masse.
Given these developments, the future of BNB remains uncertain and Ehrlich believes that BNB could fall furtherstating that investors should consider selling the token.
Blur, a marketplace focused on non-fungible tokens (NFTs), has emerged as a strong contender in the nft market. As the largest marketplace for ethereum-based collections, Blur rewards users with its native token. BLURbased on trading volume and provides voting rights for platform governance.
While nft trading has seen a dip this year, recent signs of recovery, along with nft adoption by notable brands like Disney and Nike, indicate a possible rebound. However, Ehrlich believes investors should exercise caution due to the risk of unexpected token launches flooding the market.
Overall, the upcoming bitcoin spot ETF and halving event, ethereum‘s regulatory challenges, Solana’s technological prowess, BNB’s uncertain future, and Blur’s position within the crypto nft market are factors worth consideration. .
It remains to be seen how these cryptocurrencies will react to new developments and what the impacts will be on their price actions during the latter part of the year.
Featured image from Shutterstock, chart from TradingView.com
