Ethereum and BNB Rally Closer to ATH, Here’s Why a Leading Analyst Thinks ALGT is a Better Bet for Best Crypto Growth in 2024
The cryptocurrency market has gradually come back to life in 2024. Two major players, Ethereum (ETH) and Binance Coin (BNB) are strong talking points, with both currencies climbing closer to their all-time highs (ATH). However, a prominent analyst appears to be shaking things up, suggesting a lesser-known project, Algotech (ALGT), holds the potential for even greater growth this year. Let’s delve into possible reasons for this market sentiment and consider why ALGT might be a good call.
What you'll learn 👉
Ethereum price rally
On November 16, 2021, the price of ETH hit $4,891. In 2022, however, rising interest rates dampened investor appetite for riskier investments. The price of ETH settled below $900 during the 2022 crypto winter.
As investors’ confidence in the U.S. economic forecast increased, the ethereum boom continued from late 2023 into 2024. Ethereum prices were further supported in January 2024 when the Securities and Exchange Commission approved three bitcoin spot ETFs. For many cryptocurrency enthusiasts, this is a positive indication that Ethereum spot ETFs could be approved. In March 2024, the price of ETH shot up to $4,088.00.
Currently trading at $3,583.57 at the time of writing, investors appear to be bullish on ETH due to the rapidly growing DeFi ecosystem and events like the Ethereum merge to come.
BNB shows strong upward resilience
BNB’s bullish performance over the past month has been impressive. The high-utility token’s value has increased by 50% over the past 30 days and by 61% in March alone, reaching $645 on March 16—its highest level since November 2021. With this recovery, BNB has risen to within 7% of its May 10, 2021, all-time high of $690.
Although BNB is currently trading at $580.3 at the time of writing, several factors suggest that BNB could smash its previous ATH. The success of the BNB Chain has positioned it as the go-to platform for decentralized applications (dApps), offering faster transaction speed and lower fees compared to Ethereum. There’s also Binance’s dominant position in the crypto exchange landscape that further amplifies BNB’s appeal, benefiting from a massive user base that drives demand.
Why ALGT could be the breakout star of 2024?
Algotech (ALGT) is a decentralized algorithmic crypto trading platform that aims to revolutionize trading and investment through innovation and automation. This means that traders can now access a suite of sophisticated trading tools on a user-friendly platform from anywhere in the world.
A leading analyst known for accurately predicting the price of BNB has highlighted several factors that could make ALGT a potentially more attractive investment in 2024 than ETH and BNB.
According to the analyst, ALGT is in a good position to benefit from the enormous expansion that the algorithmic trading market is expected to see. This optimistic view is reflected in the speculation that ALGT could register a 1200% growth in 2024.
Compared to ETH and BNB, ALGT is still in its presale stage, and, when it goes live, it will have a smaller market cap. This is indicative of a very large room for explosive growth if Algotech gains widespread adoption.
On the subject of utility, the analyst also believes that Algotech has a unique value proposition that addresses the growing need for accessible, sophisticated trading tools.
To learn more about Algotech, visit the Algotech presale website or join the Algotech community.
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