Weekend Watchlist: Top 3 Cryptocurrencies on the Rise

• Anticipation of Potential Bitcoin ETF Approval Holds Crypto Market in Suspense
• Three Cryptocurrencies to Monitor Closely This Weekend
• Bitcoin (BTC)
• Ethereum (ETH)
• Solana (SOL)

Anticipation of Potential Bitcoin ETF Approval Holds Crypto Market in Suspense

The cryptocurrency market is on tenterhooks, anticipating a possible approval of a spot Bitcoin$42,260 -0.64% (BTC) Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC). Should the SEC give its approval to a spot BTC ETF, the market could surge into a bull run, with prices potentially exploding much like they did in 2021. This weekend, keep your eyes on these three crypto projects.

Three Cryptocurrencies to Monitor Closely This Weekend

Bitcoin (BTC)

At the apex of the market, Bitcoin (BTC) sets the pace for other cryptocurrencies. Should the SEC approve a spot BTC ETF, this pioneer cryptocurrency is expected to spark a rally. Many market analysts foresee the SEC giving the green light to one or more ETF applications this week. Bloomberg reports a 95% probability of the financial watchdog approving an ETF application. Thus, keeping tabs on BTC this weekend seems wise. The larger market is likely to echo BTC's movements. BTC's price currently stays over $46,000, nearing its highest point since March 2022.

Ethereum (ETH)

Ethereum$2,315 -2.42% (ETH), the second-largest cryptocurrency by market cap, also commands attention. Although the asset experienced an approximately 80% surge in 2023, it didn't quite reach the heights of Solana$104 5.03% (SOL), which saw an over 900% rally. However, should a spot BTC ETF get the nod, ETH could closely mirror BTC's movements.

Solana (SOL)

Solana (SOL), one of 2023's best performing cryptocurrencies, has experienced a noticeable dip at the start of 2024. Currently the fifth-largest cryptocurrency, SOL's price has dropped below $100, potentially presenting a good buying opportunity for newcomers. At present, SOL has dropped 4% on the daily chart and 7.7% on the weekly chart. However, the recent downturn may be short-lived and SOL could soon regain its footing. More importantly, if a spot BTC ETF is approved ushering in a bull run, SOL's price could return to its previous all-time high.

Edited by Jonathan Stoker