The fourth quarter of the year, which aligns with the fall season, is predicted to bring a strong rally in the crypto market. Analysts believe that while the 2024 bull run has been largely subdued, it may gather strength this fall and extend into Q1 2025. Among the cryptocurrencies expected to rally, six are particularly worth keeping an eye on.
Bitcoin (BTC)
Market Cap: $ 1.17 Trillion
YTD Performance: +37.82%
Bitcoin remains the undisputed leader in the cryptocurrency market, being the first-ever digital asset created in 2009. Its price movements have a ripple effect across the entire market; when Bitcoin rises, it often pulls other cryptocurrencies.
This fall, Bitcoin is expected to maintain its dominance, driven by several factors. Historically, Bitcoin has performed well in Q4, with an average gain of 88% in eight out of 11 years between 2012 and 2023. This trend suggests that Q4 2024 could see another rally, potentially setting new all-time highs. In addition, the launch of spot Bitcoin ETFs in early 2024 has strengthened the fundamental outlook for Bitcoin. Although momentum has slowed, the potential for institutional investment remains strong, which could further drive prices higher.
A long-term bullish outlook on Bitcoin is also supported by the macroeconomic backdrop, including the April 2024 halving event and the possibility of interest rate cuts later in the year.
Ethereum (ETH)
Market Cap: $ 305.06 Billion
YTD Performance: +9.95%
Ethereum is the second-largest cryptocurrency by market cap and the leading platform for decentralized applications (dApps) and smart contracts. Ethereum’s ecosystem is massive, with thousands of projects building on its blockchain, from decentralized finance (DeFi) protocols to non-fungible tokens (NFTs).
Ethereum’s ongoing development, particularly the transition to Ethereum 2.0, is expected to enhance its scalability, security, and usability. This upgrade will significantly reduce Ethereum’s energy consumption and improve its scalability, making it more attractive to developers and investors.
In addition, the recent approval of spot Ethereum exchange-traded funds ETFs in the U.S. by the SEC could lead to increased institutional investment and liquidity, driving up prices. Although the ETFs went live only at the end of July, BlackRock’s iShares Ethereum Trust (ETHA) has already surpassed $1 billion in net inflows, becoming the first U.S. spot ETF to achieve this milestone. This speaks to the growing demand for these innovative financial products.
Litecoin (LTC)
Market Cap: $ 4.68 Billion
YTD Performance: -11.38%
Litecoin is often referred to as the silver to Bitcoin’s gold. Created by Charlie Lee in 2011, LTC is one of the oldest and most established cryptocurrencies. It was designed to complement Bitcoin by offering faster transaction times and lower fees.
Litecoin has consistently maintained its position as one of the top cryptocurrencies by market cap. This fall, the asset is particularly interesting due to its recent halving event, which occurred in August 2023. Historically, Litecoin’s price has surged following a halving event, as the reduced supply of new LTC entering the market creates upward pressure on its price.
Litecoin is also seeing increased adoption as a payment method, thanks to its low transaction fees and fast processing times. With the growing acceptance of cryptocurrencies by merchants globally, Litecoin could continue to see increased demand, which would in turn trigger a price rally.
Solana (SOL)
Market Cap: $ 61.98 Billion
YTD Performance: +30.22%
Solana is a high-performance blockchain platform designed for decentralized applications and cryptocurrencies. It addresses the scalability issues faced by other blockchains, such as Ethereum, by offering fast transaction speeds and low fees.
Solana has gained popularity as one of the most promising blockchain platforms, with the network capable of processing up to 65,000 transactions per second (TPS). This, combined with its lower fees compared to Ethereum, has made it a favourite among developers, leading to the launch of numerous meme coins, DeFi projects, and NFTs on the platform in 2024.
Solana has recently secured a major win with the approval of two spot Solana ETFs in Brazil. The success of these ETFs could pave the way for similar products in other countries, including the U.S., where entities like VanEck have already filed their applications.
PEPE (PEPE)
Market Cap: $ 3.16 Billion
YTD Performance: +465.41%
PEPE is a deflationary meme coin launched on the Ethereum blockchain as a tribute to the iconic internet meme character Pepe the Frog, created by Matt Furie. The meme gained widespread popularity in the early 2000s, and the PEPE cryptocurrency aims to capitalize on the same viral appeal that has driven the success of other meme coins like Shiba Inu and Dogecoin.
PEPE is designed to appeal to the cryptocurrency community by maintaining a no-tax policy and being transparent about its lack of utility, embracing its identity as a pure meme coin. Its launch did not utilize traditional methods such as initial coin offerings (ICOs), presales, or airdrops to distribute its tokens. Instead, it has relied entirely on the popularity of the Pepe the Frog meme to attract interest from potential investors. Still, the meme coin achieved a $1 billion market cap in a little over a week.
One of the unique aspects of PEPE is how traders and analysts use it as a way to gain exposure to Ethereum’s potential growth, viewing it as a high-beta asset that can amplify gains, especially during a rally. As such, should ETH embark on a climb this fall, PEPE is expected to follow suit, with much larger gains.
DogWifHat (WIF)
Market Cap: $1.48 Billion
YTD Performance: +725.75%
WIF is a high-beta asset for Solana—investors use it to gain exposure to Solana’s potential growth. The meme coin earned this title during its parabolic run in Q1 this year when it flipped both PEPE and Bonk to become the third-largest meme coin. This period was marked by new highs for WIF almost every day in March. Despite eroding much of these gains, WIF remains a favourite for another leg up heading into the fall. If Solana continues to grow, more investors may join the Solana blockchain, driving demand for top meme coins like WIF.
Final Thoughts
Fall 2024 is here, and analysts predict a rally driven by various factors. If you are looking to capitalize on the next big market surge, these six cryptocurrencies are worth keeping an eye on.
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