- Trump’s election victory and ETF optimism have propelled top altcoins like XRP, HBAR, and SOL to impressive quarterly gains and market caps.
- Analysts predict Bitcoin and Ethereum ETFs will lead, paving the way for regulated altcoin ETFs like Hedera, spurring adoption in 2024.
As the crypto market heats up in the final stretch of 2024, the buzz surrounding crypto ETFs has drawn significant attention. Recent political developments, like Donald Trump’s surprising election victory, have fueled optimism among investors, creating positive hope around top altcoins like XRP, Hedera (HBAR), and Solana (SOL). Analysts anticipate this optimism could push these cryptocurrencies for next year’s bull as well.
Analysts eye these altcoins, especially after Bloomberg analysts Eric Balchunas and James Seyffart predicted that Litecoin and Hedera ETFs might lead the way. Their regulatory clarity sets them apart from assets like Solana and XRP, which face hurdles from the U.S. Securities and Exchange Commission (SEC). This evolving scenario could redefine opportunities for institutional and retail investors alike.
The first wave of ETF approvals is expected to focus on Bitcoin and Ethereum offerings, which have already garnered significant interest from institutional investors. As CNF already reported, companies such as Franklin Templeton, Bitwise, and Hashdex have submitted applications for these funds, signaling confidence in regulatory approval. If successful, it could pave the way for altcoins to follow suit.
Crypto Market Surges Post-Trump Win
After Trump’s November win, the market witnessed notable gains, with investors expecting further pro-crypto stance from the Republican government. XRP, for instance, saw its price climb 54.65% over the past month to $2.31, reaching a market cap of $132.3 billion. The coin’s quarterly growth hit an impressive 270%, making it the fourth-largest cryptocurrency by market cap.
Meanwhile, Hedera’s HBAR surged 114.60% last month to $0.316, securing a 420% quarterly growth and a market cap of $12.08 billion. Despite a 22% dip to $157 last month, Solana recorded a 26% gain for the quarter. Its $94.78 billion market cap ranks it as the sixth-largest cryptocurrency. These performances underline the impact of regulatory and market trends on the crypto sector.
For XRP investors, selling pressure has intensified as the coin nears $3, with projections showing resistance at $2.92. HBAR could aim for $0.45 by year-end if Bitcoin’s momentum provides support. Solana is also likely to retest $260, driven by increased activity on its network.
ETF Approvals and Year-End Price Targets
Hedera’s classification as a non-security by the SEC enhances its potential for an ETF debut ahead of XRP, which remains embroiled in regulatory challenges. Some analysts believe Ripple could regain strength if the SEC drops its ongoing case, potentially spurring XRP’s price to new highs. Expectations of regulatory clarity in 2024 might catalyze broader adoption.
Solana’s network activity and speculative interest suggest that its consolidation around $200 could soon break upward. While four-figure targets remain speculative, reaching $260 appears plausible if investor demand stays strong. In contrast, the metaverse-focused CEEK Coin has lagged, with its performance faltering due to waning interest in its project.
The final months of 2024 could offer both opportunities and risks for crypto enthusiasts. As the ETF conversation develops, altcoins like XRP, HBAR, and SOL remain firmly in the spotlight, poised to close the year with strong potential for gains. The broader crypto market, meanwhile, awaits clarity that could redefine its trajectory in the new year.
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