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Here are the top 5 altcoins to watch as the broader digital currency ecosystem enters a new era with the recent spot Bitcoin ETF approval.
The altcoin market is likely to explode following the approval of the spot Bitcoin ETF product by the US SEC. If expert projections come to pass, Bitcoin’s price might rally and this might serve as a boost to altcoins with a strong correlation to the top coin.
These underlisted altcoins have the fundamental, community, and historic backing to gain intense traction in the coming months.
Solana (SOL)
Solana is one of the best altcoins of 2023 and is looking primed for more impressive leaps this year. The coin is changing hands for $100.67, up by 3.84% in the past 24 hours.
With a growth of more than 525% year-on-year, Solana remains an attractive option for traders judging by its enhanced scalability potential, fast transaction speeds, and lower cost compared to its peers.
The Solana hourly chart shows the formation of a bullish flag which points to an impending bull run. A break above the $110 price mark is considered a catalyst zone that should be watched out for.
Injective (INJ)
Injective is considered a sleeping giant whose time has almost come. The project, designed to power the growth of DeFi applications, is set to undergo the Volan Upgrade that will give it a much-needed facelift. This upgrade might catalyze its resurgence in the long term.
Injective is coming up with the Volan upgrade.
The upgrade would add new capabilities & improvements to Injective like:
– IBC Cross-Chain Expansion
– Enhanced Scalability
– RWA Module$INJ had a massive year in 2023 & this upgrade would make Injective look even more appealing. pic.twitter.com/MuA58Y9sAA— Lark Davis (@TheCryptoLark) January 8, 2024
Injective is priced at $40.64, up 3.64% in the past 24 hours. The coin has a market capitalization of $3,396,223,734 and a trading volume of $416,690,202.
Celestia (TIA)
Celestia is a modular blockchain that enables developers to deploy applications without hassles. The digital currency has been in an ascending parallel channel since November.
The growth of the token has been characterized by the breach of its support and resistance zones and it just attained its new All-Time High (ATH) of $17.26 within the hour of writing.
Celestia is currently in price discovery and a more bullish upshoot is possible from this point on
Polygon (MATIC)
Polygon is a valid protocol to keep on a watchlist as it is constantly pushing new frontiers in the dynamic digital currency ecosystem.
With the launch of the Polygon CDK toolkit, more developers are beginning to embrace Polygon as a channel to create diverse applications to serve humanity.
Polygon has unveiled the plans to upgrade MATIC to POL to truly reflect its growth trajectory. This shift might have an underlying impact on the performance of the asset in the long term.
MATIC is worth $0.9078 at the time of writing, up 8.18% in the past 24 hours.
Avalanche (AVAX)
Avalanche is another high performer which is still a far cry from its previous ATH of $146.22. While it started 2023 in a bearish mode, it eventually ended it as one of the high fliers, soaring by over 210% year-on-year.
Avalanche is seeing a lot of massive institutional adoption with growing Inscriptions and DeFi ecosystems. These fundamentals position it in line for further growth from its current price of $38.87.