Bitcoin (BTC) Price Explodes to 21-Month High, Solana (SOL) Developments, Ripple (XRP) Price Predictions: Recap Jan 2

TL;DR

• BTC’s price exceeds $45,000, possibly influenced by expectations of US spot ETF approvals.
• SOL’s value reaches nearly $115, surpassing Binance Coin in market ranking. Its increased internet searches and high NFT sales indicate growing interest.
• XRP shows positive trends with predictions for significant price increases in 2024, potentially reaching new highs.

Bitcoin (BTC) Enters 2024 With a Splash

The primary cryptocurrency started the new year on the right foot, with its price surging above $45,000 for the first time since April 2022.

The impressive performance might be driven by the spot ETF hype. The United States Securities and Exchange Commission (SEC) is expected to decide whether to approve or reject several applications coming from finance giants in the first quarter of 2024.

The deadline for BlackRock, the world’s largest asset manager, is January 15. Other behemoths, including Fidelity, WisdomTree, and VanEck, are also set for that day.

The potential approval of a spot Bitcoin ETF in the US is expected to positively impact the price of the digital asset for several reasons. It will make it easier for institutional investors to gain exposure to BTC, as it will remove many of the challenges associated with investing in crypto such as self-custody, for example.

An approved Bitcoin ETF might also signal regulatory confidence in the crypto market, thus boosting investor confidence and attracting more retail investors. 

Some experts, including Fox Business reporter Charles Gasparino and the popular YouTuber Lark Davis, think the move could see the light of day by the end of this week.

Those curious to find out whether Bitcoin is poised to reach a new all-time high in 2024 (according to some prominent figures) could take a look at our dedicated video below:

Solana (SOL) is Also Flying High

Another crypto asset that has been in the spotlight for quite some time is Solana (SOL). Today (January 2), its value continued the uptrend, spiking to almost $115 (per CoinGecko’s data), while its market capitalization exceeded $49 billion. Thus, it reclaimed its position as the fourth-biggest asset in the market, leaving Binance Coin (BNB) in the fifth spot.

Its price performance might be one reason Solana Google searches surpassed those for Ethereum (ETH) last month. Besides its rising popularity on the Internet, Solana’s on-chain trading volume charted spectacular peaks at the end of December, outpacing its rival for several days.

It also had success in the non-fungible token field. Solana NFT sales volume hit almost $75 million (weekly) towards the end of last month, whereas Ethereum comprised approximately $72 million.

Is Ripple (XRP) Ready to Explode?

Last but not least, we will touch upon another crypto asset that has been highly intriguing for investors – Ripple’s XRP. 

Numerous analysts and experts have noted its positive moments in 2023, expecting a significant surge in the ongoing year. The X (Twitter) user EGRAG CRYPTO predicted that XRP could soar to $1.20 by the end of March. 

Dark Defender was even more bullish, believing the coin’s price might reach $1.88 and then skyrocket to an ATH of $5.85 in Q2 2024.