In recent weeks, the overall cryptocurrency market has seen substantial gains, primarily driven by Bitcoin (BTC). This trend appears to present an opportunity for investors, given the widespread anticipation of sustained profitability.
As the year concludes, coupled with the festive season, certain cryptocurrencies stand out as opportunities for investors to consider, aiming to reap future rewards. Therefore, Finbold has identified the following five cryptocurrencies for investment during this Christmas period.
ADA seven-day price chart. Source: Finbold
Solana (SOL)
Solana( SOL) has exhibited resilience in recent months, recovering from a significant correction during the FTX crypto exchange collapse saga. Beyond resilience, Solana positions itself for adoption through strategic initiatives alongside product rollouts and partnerships.
It is worth noting that various initiatives, such as the rollout of the Saga smartphone, highlight a potential bullish sentiment for SOL. In this regard, the device sales spiked after it emerged that the devices come with a free BONK airdrop, while Solana’s SPL tokens have seen increased demand after listing by Coinbase.
Additionally, investment giant VanEck has suggested that Solana may surpass Ethereum (ETH) if the network sees increased uptake in metrics such as market capitalization, total value locked (TVL), and active users.
At the time of writing, SOL was valued at $74, experiencing a 5% loss in the last seven days and a 12% gain on the monthly chart.
SOL seven-day price chart. Source: Finbold
Polygon (MATIC)
Polygon (MATIC), a scaling blockchain, is a promising Christmas investment supported by significant on-chain activity. Growing whale activity towards the end of November, with MATIC whales purchasing 120 MATIC within a week, signals a bullish trend for the token.
Notably, Polygon has made strides on the development front, introducing the Polygon Portal to enhance the user experience in the Web3 domain. Additionally, the completion of the test version for the Polygon Miden node further contributes to the network’s robustness and signals a potential rally.
As of the latest update, MATIC is valued at $0.85, reflecting a daily loss of nearly 2%, with a 7% decrease on the weekly chart.
MATIC seven-day price chart. Source: Finbold
Avalanche (AVAX)
Avalanche (AVAX) stands out as a digital asset poised for significant gains amid overall short-term market retractions. AVAX has witnessed consecutive price increases, trading above the $40 support level.
Analysts anticipate a target of $50 in the coming weeks as high-profile investors, including Digital Currency Group (DCG), Galaxy Digital, and CoinShares, express bullish sentiments for Avalanche going into 2024.
At the same time, the bullish case scenario is also highlighted by on-chain data, reflecting a surge of over 300% in AVAX’s market cap since October, with total value locked (TVL) approaching the $1 billion mark.
On the weekly chart, AVAX has gained over 25%, trading at $41.90 at the time of press.
AVAX seven-day price chart. Source: Finbold
Bitcoin (BTC)
Bitcoin, the pioneering cryptocurrency, has recently rallied, surpassing the $40,000 mark, partly fueled by anticipation surrounding the possible approval of a spot Bitcoin exchange-traded fund (ETF). Market consensus suggests that Bitcoin is poised for a record high post-approval, attracting significant institutional capital.
The upcoming Bitcoin halving event scheduled for the next year is also considered a key catalyst for driving the asset’s value. Considering that Bitcoin’s rally has recorded a pause in recent days, it offers an opportunity to invest, with the general market anticipating a future rally.
This potential is complemented by the notion that proponents believe Bitcoin is a non-correlated asset akin to gold, making it an appealing investment.
By press time, Bitcoin is valued at $42,175, with a daily loss of approximately 1% and a weekly decrease of nearly 4%.
BTC seven-day price chart. Source: Finbold
Taking all factors into consideration, the mentioned cryptocurrencies have the potential to rally in the future, with the festive season presenting an opportune entry point. However, their performance will heavily depend on the general market sentiment.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
