As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market cycles and trends. The current bull run in Bitcoin and altcoins is undeniably exciting, especially with predictions pointing towards astronomical figures for Bitcoin before 2024 ends.
Over the last week, numerous optimistic forecasts suggest that Bitcoin could reach or exceed $100,000 by the end of 2024. These predictions stem from recent events, including Bitcoin surpassing $89,000 following Donald Trump’s victory in the U.S. Presidential elections.
This new record prompted asset managers like Bernstein to urge crypto investors to consider adding Bitcoin to their portfolio. Similarly, Bitwise Chief Investment Officer, Matt Hougan, stated that despite new investors looking to join the surge, long-term Bitcoin holders have not yet sold below $100K. According to Polymarket’s 2024 performance market, which is based on Kalshi’s odds, there is a 61% possibility that Bitcoin will reach $100,000 by the end of the year.
This situation suggests that Bitcoin is experiencing a surge, often referred to as a “bull run.” As a trader or investor, it’s crucial to capitalize on these signs pointing towards an uptrend. Meanwhile, crypto enthusiasts in Nigeria are seeking chances to invest in alternative cryptocurrencies, even if they may have missed the initial Bitcoin opportunity.
Amidst this surge of excitement, a few cryptocurrencies are in a position to see substantial development before the year is over. Trump’s victory raises the possibility of a historic cryptocurrency bull run. Here are five altcoins to keep an eye on for crypto lovers in Nigeria.
Top 5 Altcoin to Invest in the Current Bull Run
Solana (SOL)
Over the past 24 hours, the popularity of The AI Prophecy (ACT) and Peanut Squirrels PNUT has significantly increased, causing both memecoins to soar in value on Binance, reaching a combined market capitalization of $1 billion after trading hours. This surge occurred on Monday following Binance’s announcement that these two newly minted Solana memecoins would be listed on their platform.
When traders decide to invest in these two offerings, they must first obtain Solana’s local SOL token to cover transaction costs.
Mert Mumtaz, head of Helius and a provider for Solana’s infrastructure, has unveiled plans to significantly boost the network’s capacity to handle transactions per second (TPS), as the value of SOL, Solana’s native cryptocurrency, nears its record high of $260.06. Mumtaz suggests that a forthcoming update could potentially increase the network’s TPS by a staggering 1,000-fold.
Dogecoin (DOGE)
On Tuesday, following Donald Trump’s declaration that Elon Musk and Vivek Ramaswamy would lead the new Department of Government Efficiency (DOGE), the price of Dogecoin surged by over 10% to $0.3869 during early trading hours in Asia on Wednesday.
Currently, at the time of this writing, Dogecoin (DOGE) is being traded at approximately $0.3584. Over the last week, its value has increased by a significant 75.96%. Moreover, DOGE’s market capitalization surpasses $41.2 billion, positioning it as the sixth-largest cryptocurrency by market value. This valuation outweighs both the $36.9 billion and XRP‘s $32.7 billion.
Supported by Trump and Elon Musk, DOGE is a coin to look out which might give you a 1000x or more.
XRP
As a crypto investor, I’ve noticed that the price of XRP has shown a modest surge over the past day, gaining approximately 8.16%. At present, it is trading at around $0.6517, and its market capitalization stands impressively high at roughly $36,000 million.
Over the last 24 hours, a surge in trading activity coincides with the rise in XRP’s price. This increase in activity can be attributed to the buzz surrounding possible changes in regulation due to rumors about Gary Gensler stepping down and potential shifts in policy.
A significant technological occurrence that might result in substantial profits is the potential surge of XRP beyond its four-year downtrend. As XRP’s positive chart pattern emerges and Bitcoin’s robust performance provides momentum, reaching $1 within the next few weeks or months appears to be a realistic possibility.
Polkadot (DOT)
Based on a recent tweet and chart analysis, it appears that Polkadot (DOT) is exhibiting bullish tendencies. The tweet suggests that DOT has broken free from its falling wedge formation, which could potentially signal an upcoming bullish trend.
Since breaks from falling wedge patterns occasionally propel subsequent rallies to surpass the pattern’s height by a minimum of twofold, traders and investors are closely monitoring this structure. Currently, Polkadot is priced at $5.07, with a 24.91% increase in trading volume over the past week.
As an analyst, I’m excited about the buzz surrounding Polkadot’s vision to unite prominent blockchain networks such as Ethereum and Bitcoin. What sets Polkadot apart is their ambition to create a harmonious world where multiple blockchains can thrive together. One of the key aspects that caught my attention is their use of para-chains, which promise faster transaction speeds compared to traditional networks.
SUI (SUI)
Recently, the Binance listing of CETUS is sending a SUI-based DEX token to reel in double gains.
On Monday, CETUS was priced at $0.163, but by Tuesday it skyrocketed to an astounding peak of $0.341, causing a rapid and significant market reaction. The token’s total value stands around $187 million right now, and it has currently leveled off at $0.32.
In a similar vein, Warped Games unveiled their strategic alliance with Mysten Labs, set to construct on the Sui platform on November 12th. With further advancements in the pipeline, the value of Sui is expected to surge, making it an intriguing prospect for potential investors.
Price Analysis Comparison with Nigerian Naira
| Cryptocurrency | Current Price (USD) | Price (NGN) | Notes |
| Solana (SOL) | $260.06 (all-time high) | ₦452,634.34 | Recently boosted by demand for new memecoins |
| Dogecoin (DOGE) | $0.3584 | ₦622.30 | Recently witnessed an uptrend due to support from Trump and Musk |
| XRP | $0.6517 | ₦1,133.71 | Bullish movement with increased trading activity. |
| Polkadot (DOT) | $5.07 | ₦8,818.73 | Showing a bullish trend after exiting a falling wedge pattern. |
| SUI (SUI) | $0.32 | ₦556.48 | Showing positive movement with recent partnership announcements |
Conclusion
As a trade analyst, I am excitedly observing the ongoing bull run, and some predictions suggest that Bitcoin could potentially hit remarkable heights within the next couple of months. Meanwhile, the future of leading altcoins seems poised for revelation over the upcoming weeks, given the growing buzz surrounding them.
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2024-11-13 14:13