Crypto Expert’s Picks: 5 Cryptos To Buy, HODL, Or Sell Now
23 November 2023 - 7:10PM
NEWSBTC
Renowned crypto expert and Forbes’ Director of Digital Asset
Research, Steven Ehrlich, has provided insights on five prominent
cryptocurrencies in the current market landscape. Solana Shakes Off
Setbacks, Positioned As Top Crypto To Buy Bitcoin BTC), the most
prominent cryptocurrency, has experienced a remarkable 120% surge
in 2023. After a long wait for Securities and Exchange Commission
(SEC) approval of a Bitcoin exchange-traded fund (ETF), recent
developments indicate that a Spot Bitcoin ETF could finally get the
green light by January, as many in the crypto community have
predicted, according to Ehrlich. Related Reading: HTX Recommence
Operations After Temporary Halt Due to Hack Introducing Bitcoin
ETFs is anticipated to generate significant demand from mainstream
investors, contributing to a potentially bullish environment.
Furthermore, the impending fourth halving event in April, which
reduces block rewards and slows down supply, adds to the positive
outlook for Bitcoin. While Ethereum (ETH), the second-largest
cryptocurrency, has demonstrated substantial growth historically,
its performance this year has been comparatively modest, with a 65%
increase. Concerns about regulatory ambiguity in the United
States, particularly as it relates to tokens like Ethereum, have
dampened investor confidence. In addition, despite a major upgrade
aimed at improving efficiency and reducing energy consumption,
Ethereum’s growth in key metrics, such as transactions per second
and active users, has been underwhelming; for these reasons,
Ehrlich believes investors need to hold ETH tokens. Solana (SOL),
on the other hand, often referred to as the “Ethereum killer,”
suffered setbacks following the collapse of FTX in 2022. However,
the stigma surrounding Solana has dissipated, leading to an
impressive 313% gain this year. According to Ehrlich, Solana
stands out for its “robust technology,” capable of processing
thousands of transactions per second and potentially reaching
50,000 transactions per second. As such, Ehrlich believes this is a
buy signal for SOL. Binance Coin At Crossroads Binance’s native
token, BNB, experienced significant growth, reaching a peak value
of $100 billion. However, recent developments, including Binance
founder Changpeng Zhao’s guilty plea, substantial fines, and his
decision to step down as CEO, have instigated a decline in BNB’s
value. While BNB’s utility within the Binance ecosystem and
rebate mechanisms for traders may provide some support, concerns
arise if traders abandon the exchange en masse. Given these
developments, BNB’s future remains uncertain, and Ehrlich believes
that BNB could fall even further, stating that investors should
consider selling the token. Blur, a marketplace focused on
non-fungible tokens (NFTs), has emerged as a strong contender in
the NFT market. As the largest marketplace for Ethereum-based
collections, Blur rewards users with its native token, BLUR, based
on trading volume and provides voting rights for platform
governance. Related Reading: XRP On The Verge Of A Surge:
Analyst Pinpoints Next Bullish Targets While NFT trading
experienced a slump this year, recent signs of recovery, along with
notable brands such as Disney and Nike embracing NFTs, indicate a
potential rebound. However, Ehrlich believes investors should
exercise caution due to the risk of unexpected token airdrops
flooding the market. Overall, Bitcoin’s forthcoming spot ETF and
halving event, Ethereum’s regulatory challenges, Solana’s
technological prowess, BNB’s uncertain future, and Blur’s position
within the crypto NFT market are all factors that warrant
consideration. It remains to be seen how these
cryptocurrencies will react to further developments, and what will
be the impacts on their price actions for the last part of the
year. Featured image from Shutterstock, chart from
TradingView.com
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