After Bitcoin hit a new all-time high of $73,750 in mid-March, crypto investors were understandably excited about where it could head next. The crypto seemed poised to skyrocket past the $100,000 level this year. But Bitcoin continues to trade right around the $70,000 mark, leaving some crypto investors searching for potential alternatives.

If you're one of those investors, there are two cryptocurrencies to put on your radar screen right now: Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL). Both will potentially soar higher in 2024, whether or not Bitcoin goes along for the ride.

Ethereum

The big catalyst for Ethereum right now is the recent approval of eight new spot Ethereum exchange-traded funds (ETFs). They're set to start trading soon, and when they do, it could lead to a huge influx of new investor money into Ethereum.

While this influx of money isn't likely to be anywhere close to the amount of money that flooded into the new spot Bitcoin ETFs, it's nonetheless expected to be significant. For example, JPMorgan Chase predicts that the influx of new money into spot Ethereum ETFs could be as high as $3 billion over the next six months. And K33 Research, an independent crypto research firm, thinks the number could be as high as $4 billion.

The thought of so much new money flowing into Ethereum, which is already up 70% for the year, has some investors giddy. For example, some think Ethereum might outperform Bitcoin over the next six months, simply due to the potential impact of the ETF boom. When you add in the fact that Ethereum continues to roll out new tech upgrades to its core blockchain, there's growing cause for optimism.

Solana

Like Ethereum, Solana is up 70% for the year. This comes on the back of a monster year in 2023 when it skyrocketed more than 900%. While Solana's upward trajectory has cooled somewhat of late, there's still potential for an enormous move upward in the second half of the year.

Once you take a quick look at Solana's core metrics, you'll understand why. Just about every key metric has experienced tremendous growth over the past 12 months. The number of users is way up, transaction activity is way up, and the size of the Solana blockchain ecosystem continues to grow by leaps and bounds.

In no small part, this has to do with soaring consumer adoption. Solana has become the go-to blockchain for buying, selling, and launching meme coins. Even big-time celebrities (well, OK, B-list and C-list celebrities) are getting in on the action, with rappers, reality stars, and musicians launching meme coins of their own on Solana. Since these celebrities have millions of followers on social media, it's possible to argue that Solana is getting a free marketing blitz directed at its core user demographic (young, tech-savvy, and with plenty of disposable income to spend on crypto).

The good news is that all of this is uncorrelated with what's happening on the Bitcoin blockchain, so Solana can soar higher, even if Bitcoin continues to trade sideways.

The Layer 1 investment thesis

Ethereum and Solana share one key trait in common: They're both Layer 1 blockchains. This means that they're the fundamental building blocks of the blockchain world. When it comes to any key blockchain niche -- such as non-fungible tokens (NFTs), decentralized finance (DeFi), blockchain gaming, or decentralized Web3 applications -- the core starting point is always the Layer 1.

That's what has me excited about Ethereum and Solana as potential Bitcoin alternatives. If you buy into the general notion that a crypto bull market rally should help to inject new life into every single niche of the blockchain and crypto world, then Ethereum and Solana should be among the biggest beneficiaries.

A rising tide lifts all boats, and Ethereum and Solana are two of the biggest boats out there. Even if you're on the sidelines about Bitcoin, it might be time to take a closer look at Ethereum or Solana.

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JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominic Basulto has positions in Bitcoin, Ethereum, and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, JPMorgan Chase, and Solana. The Motley Fool has a disclosure policy.

2 Cryptocurrencies to Buy Whether Bitcoin Hits Another All-Time High or Not was originally published by The Motley Fool