The cryptocurrency market is bracing itself for a potential spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval from the SEC (Securities and Exchange Commission). If the SEC approves one or more spot BTC ETFs, there is a chance that the market will enter a bull run, and prices may skyrocket like in 2021.
Hence, let’s look at three crypto projects to watch this weekend.
Top 3 cryptocurrencies to watch this weekend
Bitcoin (BTC):
Bitcoin (BTC) is the current market leader, with other coins following. If the SEC approves a spot BTC ETF, the original crypto will be the first to rally. Many analysts anticipate the SEC to greenlight one or more ETF applications this week. According to Bloomberg, there is a 95% chance of the financial watchdog approving an ETF application. Therefore, it is a good idea to watch BTC over this weekend. The larger market will likely mirror BTC’s movements.
BTC’s price currently holds above $46,000 and is almost at its highest since March 2022.
Also Read: Top 3 Cryptocurrencies Under $1 That Could Surge in Q1 2024
Ethereum (ETH):
Ethereum (ETH) is the second-largest cryptocurrency by market cap. Although the asset surged by nearly 80% in 2023, its performance did not come close to the likes of Solana (SOL), which rallied by over 900%. However, if a spot BTC ETF is approved, ETH may follow BTC’s movement very closely.
Also Read: Ethereum (ETH) Mid-January Price Prediction
Solana (SOL):
Solana (SOL) was among the best-performing cryptocurrencies in 2023. However, the fifth-largest crypto has faced a sharp correction at the beginning of 2024. SOL’s price has fallen below $100 and may be a good entry point for new buyers.
SOL is currently down 4% on the daily chart and 7.7% on the weekly chart.
Despite the recent correction, there is a possibility that SOL will regain traction soon. Moreover, if a spot BTC ETF is approved and we enter a bull run, SOL’s price may reclaim its previous all-time high.
