As 2024 draws near, the cryptocurrency market continues to rise, with Bitcoin (BTC) surpassing the $40,000 mark, pushing the total market value above $1.6 trillion. A compilation of cryptocurrencies considered “worth every penny” by market participants has been gathered, highlighting those worth buying based on the overall market outlook.
Bitcoin has seen a 160% increase since the beginning of 2023, already surpassing the critical $43,000 level. With the upcoming block reward halving event in April 2024 and the potential approval of a spot Bitcoin exchange-traded fund (ETF), it may not be too late to capitalize on the expected rally.
Currently, Bitcoin is experiencing over a 5% increase in the last 24 hours, priced around $43,000. Recent data indicates BTC has risen by 2.63% over the last week and 17.64% over the past month.
Ethereum (ETH), the largest smart contract platform and altcoin, has also made significant gains in 2023. Starting the year below $1,200, ETH has now crossed the $2,000 threshold. According to data from Into The Block, three out of four ETH investors are currently in profit, with no signs of heavy selling pressure, indicating strong investor confidence and positive future expectations. ETH is currently trading at $2,233, marking a 4.82% increase for the day, with a 0.35% rise over the last week and a 14.21% increase over the past month.
Another major cryptocurrency that has recorded substantial gains alongside Bitcoin is Cardano (ADA). Data from Defi Llama shows that the total value locked (TVL) on the Cardano blockchain briefly hit $444 million and is currently at $420 million, continuing an upward trend. At the time of writing, ADA’s price has increased by 7.11% in the last 24 hours to $0.5922, with a 0.90% decrease over the last week but a significant 57.04% rise over the past month. Considering their past performance, these cryptocurrencies have a high chance of continuing their price increases into the next year, making them some of the best cryptocurrencies to buy in January 2024.