With the holiday spirit in full swing, many investors are looking to capitalize on potential opportunities in cryptocurrencies, and thanks to the 24×7 nature of the asset class, the gains and losses aren’t confined to normal trading windows.
Optimism has been running high lately with Bitcoin's historic climb above $100,000 and anticipated further gains if President-elect Donald Trump’s planned strategic Bitcoin reserve becomes a reality once he enters office.
Bitcoin's bullish run has rubbed off on the broader market, with the total cryptocurrency market capitalization increasing by 8% over the month, according to CoinMarketCap.
However, the sheer value of blue-chip currencies like Bitcoin could unnerve an average trader. Even fractional units could cost a bomb for people who do not intend to invest heavily.
In light of these developments, we look at some pocket-friendly cryptocurrencies that could experience upsides this Christmas and deserve a space in your bag.
ENA
Ethena Labs ENA/USD has attracted significant attention lately after the Trump-backed cryptocurrency project, World Liberty Financial, went on a buying spree.
The platform has bought nearly $670 million of ENA tokens for its decentralized finance activities and also announced a partnership with Ethena Labs.
Large investors seemed to have taken a liking to these developments. In the past three days, a whale accumulated over $13 million worth of ENA, according to on-chain data.
Additionally, sentiment around the coin was strong on social media, with positive mentions jumping to 91%, according to TradingView.
Price Action: The coin was valued at $0.8873 as of this writing, 41% below its all-time high of $0.8873.
LINK
Like ENA, Chainlink LINK/USD has also benefitted from World Liberty Financial purchases. The Trump-linked platform has accumulated nearly $1.75 million in LINK tokens as of this writing.
Additionally, a new partnership with the Shiba Inu SHIB/USD ecosystem has boosted the spirits of LINK holders.
LINK has surged more than 46% this year. Its network value-to-transaction ratio, analogous to the price-to-earnings ratio for stocks, was around 25. The lower value indicated that it was undervalued, potentially paving the way for market value growth.
Price Action: The coin was valued at $22.32 as of this writing, 57% below its all-time high of $52.70.
See Also: MicroStrategy’s Aggressive Bitcoin Strategy Raises Eyebrows In Crypto Community
Pudgy Penguins
Bored? Don't worry, we have some meme coin action for you.
The newly launched coin of the famous Pudgy Penguin (PENGU) brand has made heads turn, skyrocketing 434% in a week that saw the broader market crack heavily.
In less than a week since launch, PENGU has skyrocketed to a $1 billion market valuation, becoming the sixth-largest meme coin.
Price Action: The coin was valued at $0.02618 as of this writing.
XRP
It's time for some A-listers! Payment-focused cryptocurrency XRP XRP/USD has been given a new lease of life after Trump's victory.
The coin has been the best-performing altcoin since the election day, more than quadrupling in value.
With SEC Chair Gary Gensler's tenure coming to an end and cryptocurrency-friendly Paul Atkins set to succeed him , investors feel more confident about XRP, the coin that bore the brunt of regulatory pressures in the last few years.
Moving averages flashed a ‘Buy' signal for XRP while positive social mentions increased to 81%.
Furthermore, whales have been piling XRP in recent days, reflecting a bullish sentiment.
Price Action: The coin was valued at $2.22 as of this writing, 34.4% below its all-time high of $3.40.
Bitcoin SV
While Bitcoin can be an expensive buy, how about its cheaper play?
Bitcoin SV BSV/USD, a Bitcoin hard fork, has been seen reacting euphorically to the leading cryptocurrency's upward moves. In fact, BSV hit its highest value since mid-April when Bitcoin hit $100,000.
Price Action: Its current price was $50, orders of magnitude less than Bitcoin’s. This might make it a suitable purchase for people wishing to gain exposure to the top cryptocurrency’s movements without burning a hole in their pocket.
Benzinga also reached out to Dan Polotsky, founder of leading Bitcoin ATM operator CoinFlip, who revealed coins he was personally excited about.
"I can't predict what will happen this Christmas; however, I do love frog-based Pepe PEPE/USD, dogwifhat WIF/USD, Bonk BONK/USD, and Popcat (POPCAT)," Polotsky said.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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