Is there a significant opportunity in the crypto market that you’re prepared to take advantage of, potentially leading to substantial gains for your investments?
During the approaching Bitcoin halving in 2024, when historically the price increases due to decreased coin supply, it’s a prime opportunity to keep an eye on altcoins and make thoughtful investments. This guide introduces you to the top 5 altcoins worth observing during Bitcoin’s halving event. These coins were handpicked based on their promising market prospects and groundbreaking features as per industry experts’ forecasts.
For both newcomers to cryptocurrency and seasoned investors, here are five coins that could be valuable additions to your portfolio in anticipation of the upcoming halving events.
1. Ethereum
The market value of Ethereum, the second largest cryptocurrency globally, amounts to $421.09 billion at present. The relationship between Ethereum and Bitcoin is well-documented, and an anticipated Bitcoin halving in 2024 may positively impact Ethereum as well.
When I penned down this report, Ethereum’s price stood roughly at $3,048 based on the information from Coinmarketcap.
Following the Bitcoin halving in 2020, Ethereum’s price saw a substantial increase of approximately 103% by August 31st, climbing from around $211 to $428. Based on past trends, Ethereum has often shown strong growth following a halving event.
In the same year, the price of Ethereum climbed around 295% and went from $185 to reach a pre-halving value of $730.
After every Bitcoin halving, Ethereum has consistently shown a pattern of growth, although the magnitude of this expansion has differed in each instance.
After Bitcoin underwent halving in 2020, Ethereum’s price saw a significant increase of approximately 2543% when compared to its all-time high of $4891, which was reached on November 16, 2021.
Based on the predictions of industry experts, Ethereum’s price could drop after Bitcoin’s halving, possibly falling to around $3,900 by April 2024. This is approximately 25% lower than its all-time high, but a significant 75% rise from its current value.
A optimistic viewpoint looks promising, as predictions indicate a significant increase to around $6,300 by July 2024’s end. However, there may be a brief decline to approximately $3,700 before experiencing another surge, surpassing $10,000 in the year 2025.
Ethereum’s value as a platform for building decentralized apps and smart contracts is an important factor in its optimistic forecast. Following the 2020 halving event, Ethereum has continued to advance with significant milestones like the debut of Ethereum 2.0. This upgrade intends to enhance the network’s capacity and effectiveness by moving from the proof-of-work (mining) consensus mechanism to a proof-of-stake (staking) one.
2. Polygon (MATIC)
Among the cryptocurrencies potentially experiencing growth following Bitcoin’s halving event, Polygon takes the number two spot. This is due to:
The price of Polygon (MATIC) is around $0.89 based on data from various sources. There can be slight differences in price among different cryptocurrency exchanges.
Regarding the Bitcoin Halving in 2024 and its potential influence, it’s essential to acknowledge that such occurrences can significantly affect the entire cryptocurrency market. The Bitcoin halving could lead to a surge in demand and interest, causing a ripple effect on other digital currencies like Polygon (MATIC). Consequently, investors might be drawn to explore more investment opportunities within the crypto sector as a whole.
Based on the analysis of an experienced prediction model, there’s a strong possibility that Polygon (MATIC) could experience a price surge exceeding 268% in the wake of the Bitcoin halving scheduled for 2024. This forecast implies a substantial hike, setting a new milestone as the highest MATIC value for Ethereum’s most effective scalability solution. Approximately seven months post-halving, around November 2024, MATIC is projected to attain its peak at $3.16.
3. Solana Altcoins
Following Bitcoin’s halving, Solana (SOL) could experience a significant price surge, according to the predictions of well-known analyst Guy Turner. Turner believes that SOL has great potential and may rise by approximately 35% to 45%, surpassing the $300 mark.
Based on the analysis of Solana’s price trends during the initial months of 2024, as depicted in its weekly and monthly charts, the cryptocurrency is performing exceptionally well. Nevertheless, there could be challenges ahead when attempting to break through the $300 mark.
According to Turner’s assessment, if Bitcoin’s price increases after the halving event, Solana could potentially reach a market capitalization of over $300 million.
Additionally, the price trend for SOL may be influenced by several significant occurrences outlined in the Solana Foundation’s roadmap. These events consist of:
Additionally, Solana’s dApp ecosystem has recently set a new record with over $4.6 billion in total value locked (TVL). The surge in TVL can be attributed to various factors, including the widespread appeal of meme coins and the collective optimism among individual and institutional investors regarding the market.
After the Bitcoin halving, there’s a good chance that Solana will experience increased buying pressure, potentially pushing its price up to $300 or more. This could happen if Bitcoin undergoes a significant price increase following the halving event.
4. Ordi (Ordinals)
The ORDI token is a distinctive type of digital currency connected to Bitcoin. Unlike other digital currencies that function independently, ORDI employs a system called Ordinals. This system enables ORDI tokens to be linked to tiny fractions of Bitcoin, giving it a distinct characteristic.
In simpler terms, ORDI tokens make use of Bitcoin’s Ordinals protocol instead of relying on separate blockchains for tokenization. This innovative approach allows digital assets to be attached directly to the tiniest units of Bitcoin – satoshis.
The value of ORDI is linked to Bitcoin’s, so whenever significant modifications occur in Bitcoin, such as the “halving” process, ORDI may experience corresponding price fluctuations.
Currently, one ORDI token is valued at approximately $42.96. According to experts’ predictions, the price of ORDI may surge following the Bitcoin halving in 2024. Some believe that ORDI’s value could rise by as much as 104%, resulting in a price of around $87.83 roughly nine months after the event. Another forecast suggests that ORDI will reach $55 by the year 2025, which is when the Bitcoin halving buzz might cause its price to reach its maximum point.
5. Chainlink
Within the cryptocurrency world, there’s much discussion about how the cost of Chainlink (LINK) may be affected after the upcoming halving event.
Following the halving event, Chainlink (LINK) might experience substantial price hikes according to certain analyses. One such prediction puts the potential price for LINK at $89.76, which equates to a remarkable increase of approximately 515% from its current value of around $14.52. This forecast is derived from previous market trends and the influence past occurrences had on other digital currencies.
Following the Bitcoin halving in 2020, Chainlink’s price experienced a significant increase, rising by over 400% from $3.69 to $18.8 within just under six months. If history repeats itself, we can estimate that the price surge would be around $71.19, leading to a new high of approximately $159.61.
Conclusion
During a Bitcoin halving, many altcoins tend to experience price increases. Selecting the right ones to invest in could lead to profitable returns. But remember, it’s crucial to conduct thorough research and assess your own risk tolerance before making any investment decisions. It’s essential not to disregard the inherent volatility of cryptocurrencies while getting excited about the upcoming 2024 Bitcoin halving event.
Have a safe investment journey!
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2024-04-16 12:53