The volatility of the crypto market has garnered both praise and criticism. With the anticipated Bitcoin halving, there is talk of a potential upswing in the crypto town. Bitcoin would have its moment post-halving, and altcoins are going to have a go. As of April 5, the total market cap for altcoins stood at 314.687 billion. Let’s examine more closely why altcoins are the preferred option for consumers.
Factors Behind Altcoins’ Price
Since the launch of Bitcoin, more than 9,000+ other cryptocurrencies have entered the market. The variety of applications that altcoins provide—from data oracles to governance—is what Bitcoin does not. Though BTC continues to be the dominant player as a reserve currency on major exchanges due to perceptions of long-term holding and its significant role as an intermediary for converting fiat currency to cryptocurrencies, altcoin prices frequently follow Bitcoin’s price fluctuations.
There could be a bull run following the fourth halving, which would have an immediate impact on the altcoin market. This is partially because new investors are diversifying into altcoins, which have a lower entry barrier and thus attract new retail investors who otherwise would not have been able to enter the market through bitcoin. Nevertheless, there are also times when altcoins rise in value while bitcoin’s price falls, suggesting that the relative outlooks of the two are in interaction. Many crypto analysts are positive about the rise of altcoins in the post-halving atmosphere as Bitcoin’s demand fades.
Altcoins to consider
Even though altcoins are considered riskier than Bitcoin, they have more room for innovation and technological advancements. In such a case, it is best to diversify investments with well-known altcoins like Ethereum, PEPE, Bitgert, Solana, and more.
Solana
Solana offers a wide range of smart contract applications, allowing developers to build decentralized applications, create NFTs, and establish DeFi platforms. Amid March’s market turbulence, Solana’s price displayed promising indications of a potential upward movement, characterized by a bullish pattern.
Bitgert
Bitgert could be another new, efficient investment option. Following ETH’s Dencun update, the Bitgert blockchain’s native crypto currency, BRISE, which exists in its own BRC-20 standard and is also compatible with the Ethereum Virtual Machine (EVM), has already attracted more investment from all around the world. The Dencun upgrade lowered the layer-2 transaction costs, which has catalyzed the interest of investors in the Bitgert token. Moreover, Bitgert is the second-fastest cryptocurrency, boasts a 100,000 TPS speed, and has approved over 25 million transactions since its 2021 debut, making it a top investment choice. The current price of BRISE is $0.000000207711, which has a 24-hour trading volume of 2.4 million. Even though the token experienced a major upswing from January to March, the price has suddenly fallen since then.
Because of the nature of the crypto market, price fluctuations are normal. With Bitcoin maximalists influencing price, its direct impact has shot down altcoin’s price. However, prominent cryptocurrencies from the Ethereum and Solana networks will positively bounce back once Bitcoin’s fantasy surge comes to a halt.
Ethereum
Ethereum continues to be a leading platform for decentralized applications and smart contracts. The price of Ethereum reached a temporary peak at around $3,700, but a subsequent round of profit-taking caused the upward trend to slow down, leading to an ongoing price correction. Confirmation of the rising wedge pattern could lead to another significant sell-off in ETH. Investors could potentially target the support levels at $3,200 and $3,000 in order to drop to $3,000. In addition, the value of ETH has increased due to the recent Dencun upgrade. Given its close ties to Bitcoin, there is anticipation of a further rise in Ethereum demand as the halving event approaches.
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