Written by Christopher Liew, CFA at The Motley Fool Canada
The two largest cryptocurrencies, Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH), made strong waves in 2023. The former surged 154%, reminiscent of its glory days, while the latter’s 91% return wasn’t bad at all.
Their momentum could carry over into 2024 following the US security regulator’s approval of 11 exchange traded funds (ETFs) for Bitcoin. Some fund managers expect ETFs for Ethereum to follow.
With this development and tailwind, is it a good time to invest in cryptos? As of this writing, BTC and ETH sell for US$40,727.64 and US$2,370.80, respectively. But besides the high prices, cryptocurrencies remain risky plays.
For regular or risk-averse investors, tech stocks like Computer Modelling Group (TSX:CMG), Payfare (TSX:PAY), and Evertz Technologies (TSX:ET) are safer investments and have more potential than any other cryptocurrency.
