Ethereum
6. Must buy cryptocurrencies after ETH ETF approval
On March 23, 2024, the United States Securities and Exchange Commission (SEC) approved the long awaited place Ethereum ETF, marking a major achievement for the cryptocurrency market. The move legitimizes Ethereum and also paves the way for increased institutional investment in the global crypto sector. Following this approval, investors are exploring alternatives to ETH in search of other promising cryptocurrencies that could capitalize on this increased market confidence. Here are some must-have cryptocurrencies to consider in this evolving landscape.
1. Bitcoin (BTC)
Bitcoin remains the dominant cryptocurrency and often sets the tone for market trends. The positive effect of the approval of Ethereum ETFs is expected to carry over to BTC, which also saw its ETFs approved earlier this year. Institutional interest in Bitcoin is steadily increasing, and given its limited supply and strong market presence, investors should make BTC a must-have cryptocurrency purchase for any cryptocurrency portfolio.
2. Ethereum Classic (ETC)
Ethereum Classic, the original Ethereum blockchain, continues to attract attention in the cryptocurrency community due to its dedication to immutability. Although it is not at the same level of development activity as Ethereum, it offers a distinctive value proposition thanks to its unchanged ledger. Investors looking to diversify their portfolios may consider ETC as an investment option.
3. Solana (SOL)
Solana, nicknamed “Ethereum killer”, is known for its high-speed, low-cost transactions, making it a favorite among non-fungible tokens (NFT) and decentralized applications (dApps). As Ethereum gains interest from institutional investors, other smart contract platforms such as Solana could also see increased interest. The developer-friendly and scalable environment offered by Solana positions it as a strong contender for potential future growth.
4. Polygon (MATIC)
Polygon is a “layer two” or “sidechain” scaling solution that improves the scalability and usability of the Ethereum network. Polygon provides a compelling solution to Ethereum’s congestion and costly transaction problems, enabling fast transactions and low fees. As Ethereum sees growing interest from institutional investors, demand for scalability solutions such as Polygon will also increase, positioning MATIC as a smart investment.
5. Chain link (LINK)
Chainlink is a decentralized oracle network, providing essential services to the blockchain ecosystem, which enables smart contracts to securely interact with real-world data. As more institutional investors enter the Ethereum ecosystem, the demand for secure and reliable data will increase. As Chain link dominates this space, it is well positioned to benefit from this trend.
6. Avalanches (AVAX)
Avalanche offers high throughput and low latency with its promising smart contract platform. What makes it an attractive option over Ethereum is its unique consensus mechanism and ability to work with other blockchains (interoperability). With the approval of the ETH ETF signaling wider acceptance of blockchain technology, avalanche has the opportunity to benefit from a flexible and efficient blockchain platform.
Conclusion
The SEC’s approval of Ethereum ETFs is a significant development, indicating a growing adoption of cryptocurrencies in traditional finance. This approval strengthens Ethereum’s position and also paves the way for increased interest and investments in other promising cryptocurrencies. Investors can capitalize on the growth and innovation of blockchain by spreading their investments across these much-needed cryptocurrencies. It is essential to conduct thorough research and carefully assess individual risk tolerance before investing in digital assets.