Bitcoin surges on hopes for ETF approval. What cryptocurrencies should you buy before the ETF approval?

Today, Bitcoin experienced a notable increase in value, reflecting a nearly 7% rise within the last day. Presently, the price of Bitcoin is around $45,830.99, contributing to a global cryptocurrency market capitalization of approximately $1.76 trillion, marking a 5.49% growth from the previous day, according to data on Binance.

This surge in Bitcoin's value, exceeding $45,000, has attracted new investors to the cryptocurrency market. Anticipation is high for the potential launch of a Bitcoin Exchange-Traded Fund (ETF) in January 2024, fueling expectations of a bullish trend. However, the positive sentiment isn't solely due to the ETF prospects.

Bitcoin is also approaching significant events like the mid-2024 Bitcoin halving. This periodic event reduces the mining rewards by half, influencing supply and demand over time. Since mining rewards represent the only source of new bitcoins, these halving events typically precede significant increases in Bitcoin's value.

Additionally, the broader economic environment appears to favor Bitcoin. High-interest rates, expected to decrease in 2024 or early 2025, coupled with the upcoming ETF and halving event, could synergistically create a favorable situation for cryptocurrency markets.

Given the potential approval of the Bitcoin ETF, investors may be curious about which cryptocurrencies to invest in before the anticipated bullish trend. After thorough research, here are some cryptocurrencies that show promise:

1. Bitcoin

With potential ETF approvals on the horizon, you should have invested in Bitcoin weeks back, but now might also be a good time to consider investing in Bitcoin. Recent developments, like ARK Invest and BlackRock preparing their funds for cash creation, are positive indicators.

Bitcoin's spot trading volume has been strong, and there's a noticeable increase in institutional interest in Bitcoin-related investments, suggesting a preparation phase for significant gains post-ETF approval. However, investors should be prepared for volatility around January 10th, the expected date of approval, which might lead to price fluctuations.

2.Near Protocol

Near Protocol had appreciated in value following its announcement of Testnet USDC and EURC from Circle on its network. This news led to a price increase from $1.73 to $2.23. Additionally, the integration of inscriptions on the Near Protocol blockchain has been well-received. Experts anticipate its price could reach up to $5 before the Bitcoin ETF approval. Currently trading at $4.11, it's showing a 13.64% increase in the last 24 hours.

Also read: What are ETFs and How Does It Work?

3. Litecoin

Often considered a 'smaller sibling' to Bitcoin, Litecoin is a long-established cryptocurrency project, akin to a faster version of Bitcoin with lower fees. It tends to follow Bitcoin's price movements closely but with greater intensity. If Bitcoin enters a new bull market in 2024, Litecoin could potentially outperform it. Although its use case is still debated, its historical correlation with Bitcoin makes it a cryptocurrency to watch.

4. ThorChain

ThorChain has also seen impressive growth, with its price reaching a high of $7.24 in December. Currently trading at $5.65, it may be an opportune time for investment, especially with the pending approval of the Bitcoin ETF. ThorChain is notable for allowing the transfer of cryptocurrencies across different decentralized exchanges without the need for wrapped coins, enhancing trust in the ecosystem. With its recent integration with the Edge Wallet, ThorChain's accessibility has increased, potentially leading to higher demand and value. Experts predict ThorChain might reach a high of $17.94 in 2024.

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