Assessing the Prospects for the Cryptocurrency Market in September 2024
The latest cryptocurrency market crash has caused panic among some investors, but that's no reason to avoid investing in these assets.
It is precisely during trend pullbacks that you can most profitably buy a promising asset, and then earn the maximum profit from its price growth.
We'll try to assess the growth potential of the most popular and liquid cryptocurrencies, taking into account current prices and past highs. This will allow you to make the most profitable investments if you decide to invest in cryptocurrencies.
We will not consider memocoins, as this category of digital money carries the highest risk, and it is not a fact that many of them will ever increase in value.
Bitcoin
Bitcoin still remains the leading cryptocurrency by market capitalization, making it a fairly liquid asset.
Today its price is $56,700 per coin, and the recorded historical maximum price is $71,000.
This means that we can assume a probable growth of 25%
Ethereum
For several years now, Ethereum has held a respectable second place among thousands of other cryptocurrencies, but recently the asset has fallen sharply in price.
Today, the price of Ethereum is $2,300 per coin, and the absolute maximum price was $4,600.
Therefore, if we assume an optimistic scenario for the growth of the cryptocurrency market, the coin could double in price or increase by 100%.
Binance Coin (BNB)
Binance Coin, the cryptocurrency from the Binance exchange, is the fourth most popular cryptocurrency, and if you exclude the stablecoin Tether USDt, then the third.
Binance Coin is currently trading at $515, with its highest price reaching around $700.
The growth prospect is around 35%, and it is quite realistic, as the Binance exchange is gaining popularity every day.
Solana (Solana)
In fourth place is the Solana cryptocurrency, which currently receives relatively little attention, although the daily turnover of this cryptocurrency is approaching $2 billion.
Solana's current price is $132, with its highest price ever reached being $210.
There is a high probability that Solana could rise in price by 59% during the next uptrend.
Ripple
Ripple is one of the most controversial and at the same time most popular cryptocurrencies with high capitalization.
The price of one Ripple coin on September 11, 2024 is only 0.54 US dollars, while in the best times the coin cost 2.70 dollars.
Based on this, it can be said that there is a high probability that Ripple will increase in price by 5 times, or 400%. However, this is not a certainty, as the coin's price does not always correlate with the overall trend in the cryptocurrency market.
There is a fairly high probability that the cryptocurrency market will begin to grow after the US dollar interest rate is lowered, with the US elections providing an additional incentive for price growth.
So don't waste any time, and if you were planning to invest in cryptocurrencies, today is a great time to do so.
