3 Cryptocurrencies to Buy: Ignoring the obvious is becoming increasingly difficult. Cryptocurrency investors are experiencing a strong surge in prices. Bitcoin is leading the charge with a 53% increase this year, while many other cryptocurrencies have also seen significant gains ranging from 30% to 50%. Additionally, some speculative meme coins have recorded gains in the triple digits for the year.
Which cryptocurrencies should you consider buying this March? Bitcoin is a good option. But if you want to spread out your investments, you might also think about adding Ethereum (ETH -3.81%) and Cardano (ADA -6.53%) to your portfolio. Let’s examine them closer.
Bitcoin
Everyone is paying close attention to Bitcoin because it’s doing really well. People are excited about the new Bitcoin investment funds that started in January and the interest hasn’t slowed down. Regular folks and big investors are both trying to get more Bitcoin, which has caused its value to go up a lot since the start of the year. In the past week, Bitcoin went up by 27%, in the past month by 50%, and overall this year by 53%.
Bitcoin is about more than just ETFs and its price. There’s also something called the halving, happening in late April. During the halving, the rewards for making new Bitcoins will be cut in half. This could make the price of Bitcoin go up, especially because more people are interested in buying it.
In the past, Bitcoin’s value has gone up after three halving events. Now, lots of investors believe it will happen again in the 2024-2025 cycle. Some think Bitcoin might even reach $100,000 by the end of the year. But remember, what happened before doesn’t always happen again in the future.
Ethereum
Ethereum’s value has gone up by around 60% this year, similar to Bitcoin. This increase is mainly because investors believe Ethereum might soon have its own ETF (Exchange-Traded Fund) like Bitcoin. Big investment companies such as BlackRock and Fidelity, which applied for Bitcoin ETFs in 2023, have also applied for Ethereum ETFs. If you believe in the idea of crypto ETFs, then if an Ethereum ETF gets approved in the next few months, it could greatly increase Ethereum’s value in the future.
Ethereum is updating its technology to stay ahead in the world of blockchain. One big update called Dencun will make Ethereum faster, able to handle more transactions, and more efficient. Experts think these improvements could help Ethereum do better than Bitcoin in 2024.
As an investor, you get to choose if Dencun fits well with Ethereum’s long-term plans. Looking at Ethereum’s future plans, Dencun seems to be the next step in making Ethereum faster and better over the coming years.
Cardano
Finally, Cardano has woken up after a long time of being inactive. In the last month, Cardano’s value has increased by over 50%, and it has gained 25% since the beginning of the new year. Despite still being valued at less than $1, Cardano might be a good cryptocurrency to buy while it’s still affordable, especially as the market continues to rise.
The main reason people are getting interested in Cardano is because more people are using it and there are more transactions happening on it. Also, there are more really big transactions taking place, which might mean big banks are starting to look into using this cryptocurrency. If that’s true, it could be a good sign for Cardano’s future.
Should you invest $1,000 in Bitcoin right now?
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The winner is…
If you have to pick one of these three cryptocurrencies, Bitcoin is the clear best choice. Even though its price is close to its highest ever at $69,000, it still seems undervalued when you look at how much people want it compared to how much there is. If you’re only getting one cryptocurrency for your collection in March, make it Bitcoin. But it’s smart to have different ones too. Cardano and Ethereum are good options to have alongside Bitcoin.
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