5 must-own cryptocurrencies before the Bitcoin ETF approval

December 06, 2023 10:00 AM PST | By Invezz
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The crypto market is on a positive trend, led by Bitcoin, which has gained 5% in the last 24 hours, currently trading at $43,906. This trend aligns with a broader week-long surge of over 12%, signalling bullish sentiment and growing investor confidence in cryptocurrencies.

The recent uptick in Bitcoin’s value, following the PCE inflation data release, reflects the market’s favourable response to economic indicators. This positive momentum extends to other cryptocurrencies such as Solana (SOL), Cardano (ADA), Ripple (XRP), Avalanche (AVAX), Polygon (MATIC), and the emerging ScapesMania.

Investors are eyeing these cryptocurrencies as key players in the market, especially with the anticipated approval of a Bitcoin ETF. Let’s take a closer look at each of these digital assets.

ScapesMania: fresh entry into the crypto landscape

ScapesMania is gaining recognition as a promising project for 2023 and beyond. It stands out for the robust economy offering multiple revenue streams as well as substantial potential ROIs during presale. 

Individuals and companies seeking short- and medium-term gains can explore ScapesMania’s proposition, with an active discount of nearly 70% before the presale concludes. Post-presale, the token’s listing price is set at $0.01 per coin, exceeding its current value. 

To learn more about presale and get involved, visit ScapesMania’s website.

The unique proposition of ScapesMania

ScapesMania’s unique value lies in its innovative gaming-centric concept, impressive presale figures, robust social media presence, and other positive aspects, positioning it as a potentially lucrative altcoin to hold.

Holders are encouraging others to participate in the presale to support this promising project and share in the potential benefits.

For more information on ScapesMania, visit the official website and follow its Twitter account and Telegram channel.

Solana (SOL): climbing the ranks in crypto trading

Solana price chart

Solana has secured the position of the 6th most-traded cryptocurrency globally, signifying its increasing popularity in the crypto market. The steady growth of the SOL price reflects the market’s optimistic outlook on Solana’s technology and potential for widespread adoption.

While Solana’s future appears promising, it must navigate the challenge of sustaining growth amid stiff competition in the crypto market. Continuous innovation and maintaining market position are crucial for its success.

Cardano (ADA): struggling for profitability

Cardano price chart

Cardano faces a challenging environment for investors, with only 35% currently in profit, in contrast to other leading blockchain protocols.

The cryptocurrency encounters significant resistance at $0.45, with 7.19 billion ADA tokens acquired at this price point. Overcoming this resistance is pivotal for Cardano’s market performance.

ADA’s success in breaking through the $0.45 resistance will be decisive for its future, potentially boosting profitability and investor sentiment. Failure to surpass this barrier may continue to pose challenges for its market performance.

Ripple (XRP): legal tensions and market impact

XRP price chart

Ripple is in a crucial legal battle with the SEC, sparking market speculation and heightened whale movements. Legal uncertainties have caused notable fluctuations in XRP’s price, coinciding with reported significant whale activities.

The resolution of Ripple’s legal issues with the SEC will profoundly affect its market performance. A positive outcome could boost investor confidence and price, while ongoing legal challenges may impede its growth.

Avalanche (AVAX): on the verge of a breakout

Avalanche price chart

Avalanche faces a crucial long-term weekly resistance at $24.69. If this level becomes a support, it could trigger a notable price surge.

Having recently surpassed the $24.69 resistance, AVAX has surged by 186% since late September. Holding this level as support is crucial for a potential 70% rally, aiming for a $35 target.

Sustaining above $24.69 could lead to substantial gains for AVAX. Conversely, a drop below this level may prompt a significant pullback, emphasizing the need to maintain current momentum.

Polygon (MATIC): whale movements signaling recovery

Polygon price chart

The MATIC token experienced a price correction, prompting a $90 million investment from whales, indicating confidence in its recovery. Despite a recent dip, MATIC has demonstrated resilience, maintaining a substantial portion of its monthly gains with a 20% overall increase. 

The significant whale investment and increasing network activity indicate a positive outlook for Polygon. However, sustained investor interest is crucial for its continued recovery and growth amid market volatility. 

The impact of a Spot Bitcoin ETF on the crypto market

The potential approval of a spot Bitcoin ETF in the United States has fueled optimism in the market. If approved, this ETF could provide institutional investors regulated access to Bitcoin, triggering a potential demand shock alongside the upcoming BTC halving. 

Factors like BlackRock’s involvement and a court ruling revisiting a rejection set this ETF application apart, creating a unique narrative in the evolving crypto landscape.

Final notes

With the awaited approval of a Bitcoin ETF on the horizon, certain cryptocurrencies demonstrate noteworthy potential and strategic significance. As Solana is gaining popularity, Cardano is navigating challenges, Ripple is overcoming legal hurdles, Avalanche is poised for a breakout, and Polygon is resilient in the face of market fluctuations.

In this realm, ScapesMania emerges as a distinctive and promising asset during its presale phase. With its visionary roadmap and current presale offerings, ScapesMania could be a worthy bet for those seeking a foothold in the crypto space. 

For a more in-depth exploration of ScapesMania’s offering, check out its official website, Twitter account, and Telegram channel.

The post 5 must-own cryptocurrencies before the Bitcoin ETF approval appeared first on Invezz


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