Top 5 Cryptocurrencies to Follow in July 2024

Historically, July has been synonymous with significant gains, and this year may confirm that trend. For smart investors, now is the perfect time to reassess your portfolio and take advantage of market opportunities. Five cryptocurrencies stand out in particular due to their growth potential and the latest developments in the environment. Whether you’re an experienced investor or new to the world of cryptocurrencies, these five assets are worth your full attention. Find out why Bitcoin, Solana, Ethereum, BNB, and XRP are the cryptocurrencies to watch in July.

1. Bitcoin (BTC)

July promises to be a strategic month for Bitcoin, the most iconic cryptocurrency on the market. Historically, this month has often recorded significant gains for Bitcoin. Since 2013, July has been a strong month with an average gain of 7.98% and a median gain of 9.6%. These historic achievements are not coincidences, but reflect a robust trend that is likely to be repeated this year.

Despite Bitcoin’s recent drop below $60,000, several technical indicators point to an imminent recovery. For example, the Pi Cycle Top indicator shows that Bitcoin price has fallen below the market bottom for the first time in 2024, signaling a possible trend reversal. Furthermore, analysis of past market cycles and price patterns suggests that Bitcoin is likely to see a significant upswing in July.

Despite the recent large outflows, institutional investors could regain their confidence thanks to positive market signals. CoinGlass analysts estimate that Bitcoin could rise by 10% to 25% by the end of July if historical trends continue.

2. Solana (SOL)

Solana has emerged as one of the most promising cryptocurrencies to watch in July. Solana is known for its speed and scalability and has recently attracted the attention of institutional investors. Asset management giant VanEck announced that it had filed with the SEC to launch an ETF based on Solana, which had an immediate and significant impact on the market. Following this news, SOL’s value increased by 8.1% and this trend is likely to continue.

This initiative by VanEck is not an isolated case. In Canada, asset management firm 3iQ has also applied to list a Solana ETF on the Toronto Stock Exchange. If the product is approved, investors would not only have direct access to Solana, but also attractive staking returns estimated at 6-8%. This dual recognition in North America highlights Solana’s growing credibility as a valuable cryptocurrency.

VanEck’s proposed ETF is the first of its kind in the US cryptocurrency sector, and this progress could pave the way for even broader institutional adoption of Solana. The fact that reputable asset management companies are choosing Solana as their new investment product underscores the legitimacy and appeal of this blockchain. This positive momentum is likely to attract more institutional investors, increasing the adoption and usage of Solana in financial markets.

3. Ethereum (ETH)

Ethereum has established itself as another cryptocurrency to watch in July. As the second-largest cryptocurrency by market cap, Ethereum has always been at the center of crypto innovation, and recent news has further strengthened that possibility.

VanEck has filed Form 8-A for a spot Ethereum ETF, following the success of its previous ETF, a significant step towards the launch of this highly anticipated product. The announcement of the filing coincides with a dramatic increase in activity on the Ethereum network, with the number of active addresses increasing by 56% in just one week. This burst of activity is often a precursor to a big event, and in this case, it signals eager investor anticipation for the approval of an Ethereum ETF.

The growing interest in an Ethereum ETF is also fueled by major companies such as BlackRock, which have filed similar applications. This institutional dynamic suggests growing confidence in Ethereum not only as a technology platform, but also as a viable investment asset. Experts predict that the approval of these ETFs could change the crypto investment landscape and attract a new wave of institutional capital.

Currently, ETH price is in a stable range, but analysts are optimistic about future upside. With ETF approval looming, some estimate that ETH could reach $4,000. This expectation, combined with increased network activity, positions Ethereum as an exceptional investment opportunity in July.

4. Binance Coin (BNB)

Binance Coin (BNB) continues to stand out as a solid investment opportunity in the cryptocurrency ecosystem. Launched in 2017, this cryptocurrency offers significant benefits to holders on the Binance platform. By holding BNB, users can benefit from reduced trading fees, access to the exclusive Launchpad and Launchpool programs, and cashback on purchases made with the Binance Visa Card. These incentives strengthen demand for BNB and increase its utility within the Binance ecosystem.

One recent initiative that has piqued investor interest is Binance’s HODLer Airdrops program. The program rewards users who hold BNB in ​​Binance’s Simple Earn lending product. The distributed tokens are from projects with large circulating supply and will soon be listed on Binance, providing additional incentives for holding BNB. This initiative aims to encourage BNB retention and actively reward users.

In summary, Binance Coin is well-positioned to offer interesting investment opportunities in July. BNB remains a strategic choice for investors looking to diversify their portfolios with assets with high growth potential, due to its numerous utilities on the Binance platform, its key role on the BNB Chain, and innovative programs such as HODLer Airdrops.

5. XRP (Ripple)

XRP, the native cryptocurrency of the Ripple platform, stands out for its ability to offer fast and low-cost transactions, making it an attractive choice for a variety of applications including remittances and cross-border payments. Launched in 2012, XRP continues to evolve with market needs and solidify its place among the leading cryptocurrencies.

One of the main reasons to consider investing in XRP this month is Ripple’s recent announcement of the launch of a USD-backed stablecoin on the XRP ledger. This new stablecoin is fully backed by USD deposits, short-term U.S. Treasury securities, and other cash equivalents, and aims to increase transparency and user trust. Ripple will issue monthly certifications from third-party auditing firms to ensure the stablecoin is fully covered and reassure investors and users about its stability. David Schwartz, CTO of Ripple and one of the original architects of the XRP ledger, emphasized that the stablecoin could be a “game changer” for users and developers.

Ripple has also introduced products such as On-Demand Liquidity (ODL), which allows for effective and economical cross-border transfers using XRP. The increasing adoption of these solutions by financial institutions and businesses around the world has increased the demand for XRP and contributed to its valuation.