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After a spot Bitcoin ETF was approved by the SEC, the price of BTC slightly increased to $47,600. Concurrently, altcoins are seeing a meteoric rise, raising discussions of a possible altseason. The global crypto market cap reached a 21-month high of $1.85 trillion thanks to the spike in altcoin prices.
The leader of the group is Ethereum (ETH), whose price has surged above $2,600. Top altcoins Avalanche (AVAX) and Pullix (PLX) are fighting for the top spot in the 2024 altseason. Let's see which of these altcoins will drive the 2024 market surge.
While Bitcoin experiences marginal gains on the SEC approval, the Ethereum (ETH) price has surged past $2,500. For the first time since May 2022, the price of Ethereum has surpassed $2,640 on the daily chart, outpacing Bitcoin with a rise of 11%.
With gains of 17% on the weekly chart, the most popular altcoin is still quite positive, even though the price of ETH has plummeted to $2,590. In the upcoming days, a rally to $2,700 might occur if it keeps up the momentum. The surge is a continuation of ETH's recent weeks-long pattern of outperforming BTC. This pattern has sparked speculation that 2024 will see an altseason.
Scaling solutions like Avalanche (AVAX) have also benefited from the surge in the price of Ethereum. The price of AVAX has increased by more than 14% to erase the losses suffered over the last week.
Gaining momentum from the altseason, Avalanche has emerged as one of the top altcoins. The price of Avalanche briefly increased past the $40 resistance. The crypto market cap has also surged past $14.1 billion. However, the price of Avalanche has dropped back to the $38.50 level.
Interestingly, there has been a surge in the trading volume of AVAX, suggesting another potential move could happen soon. If the bulls break above the $40 resistance in the coming days, then the price of the coin could increase as high as $50 in January.
Pullix (PLX) is another DeFi project that has benefited from the altseason ignited by Ethereum. The price of PLX has surged to $0.08 but looks to extend its gains as high as $1. The potential of its parent platform, Pullix, is the reason why PLX has shown this much promise.
The DeFi project is built to address the problems of crypto exchanges. Pullix achieves this by bridging the gap between decentralized and centralized exchanges. It solves the problems of CEXs by offering low fees, increased security and privacy, along with a diverse range of assets.
Another major advantage of Pullix is the platform's emphasis on user privacy. With just an email address, you can start a trading account on Pullix. Strict KYC procedures are not required to verify an individual's identity.
Pullix has also solved the challenges of DEXs by offering greater liquidity. This is one of the only exchanges where users can freely trade stocks, forex, ETFs, and commodities from a single account. It is this connection to the global financial markets that gives PLX the potential to rally as high as $1 in 2024.
The altcoin market is experiencing a massive rally, with Ethereum leading the way and Pullix and Avalanche vying for the top stop. While AVAX is undoubtedly one of the best cryptos to invest in, it cannot compare with the potential of PLX.
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