The cryptocurrency market started off to a good start early this year with Bitcoin touching $48,000 in January. Ethereum reached close to $2,700 leading to believe that the cryptocurrency markets could ignite a rally. Additionally, the SEC approved the Bitcoin ETF making the cryptocurrency markets attract fresh investments from trillion dollars worth of financial institutions. Therefore, the cryptocurrency sector entered the year on its best foot making investors hopeful of a price jump.
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In this article, we will highlight if these developments could make the cryptocurrency markets enter a bull run in February 2024. Here are the top 3 cryptocurrencies you need to watch out for this month that might generate profits in February 2024.
Top 3 Cryptocurrency To Keep An Eye On in February 2024
The king cryptocurrency slipped from $48,000 to $42,000 but is holding on to its resistance level. Bitcoin fared better in the charts when the US stock market was on a slippery slope due to the Red Sea crisis in mid-January. BTC could have another leg-up when the financial institutions take another entry position in the cryptocurrency. It is advised to pull out your investments once Bitcoin climbs around the $45,000 level and book profits.
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Ethereum moves in tandem with Bitcoin and could deliver equal returns to that of BTC. Historically, BTC and ETH have performed well in February, and 2024 could repeat the feat. The cryptocurrency market is firmly placed breaking new resistance levels each week. Therefore, ETH could spike in price this month and it is advised to initiate profit bookings when it climbs up the charts.
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- Shiba Inu
The leading meme currency is currently trading with five ‘zeroes’ and has more chances of deleting a ‘zero’ this month. The Shibarium layer-2 network could burn a series of SHIB tokens that could propel its price in the indices. However, an upward trajectory might not last long as SHIB could head south after the burns. It is advised to sell the token when it reaches four ‘zeroes’ and jump ship.