Are you ready to seize a major opportunity in the crypto world that could significantly boost your investment returns?
With the upcoming Bitcoin halving event, which historically triggers price surges by reducing the supply of coins, there hasn’t been a better time to monitor altcoins and invest your money judiciously. This guide highlights the top 5 altcoins to watch during Bitcoin halving 2024. The altcoins have been chosen for their strong market potential and innovative features based on experts’ predictions.
Whether you’re new to crypto or an experienced investor, these five coins are worth considering for your portfolio to potentially capitalise on the halving event.
1. Ethereum
Ethereum, the world’s second-biggest cryptocurrency, currently holds a market cap of $421.09 billion. Its correlation with Bitcoin is widely known and halving 2024 is expected to bring some good influence over Ethereum.
At the time of writing this report, ETH’s value was hovering around $3,048, according to the data available on Coinmarketcap.
After the Bitcoin halving in 2020, Ethereum (ETH) experienced a significant surge in its price (102.85% by 31st August, 2020, climbing from around $211 to $428). Historical patterns suggest that Ethereum has usually performed well after the halving event.
Ethereum price further jumped approximately 294.59% in the same year, taking its pre-halving value, $185 to $730.
This pattern of growth post-Bitcoin halving has been a recurring theme for Ethereum, though the scale of the increase has varied each time.
In the bigger picture, Ethereum price experienced a 2542.81% surge in value after Bitcoin halving in 2020 if we take its ATH, $4891 on November 16, 2021 as reference.
Expert forecasts indicate that Ethereum might experience a price decrease following the Bitcoin halving initially, potentially reaching approximately $3,900 by April 2024, which is 25% lower than its previous peak. However, this would still represent a substantial 75% increase from its current value.
The positive outlook shows further, with longer-term projections suggesting a surge to over $6,300 by late July 2024, followed by a temporary dip to $3,700, before rallying to reach a peak above $10,000 in 2025.
It is noteworthy that Ethereum’s utility as a platform for decentralized applications (dApps) and smart contracts also contributes to its positive outlook. After the 2020 halving, Ethereum continued to evolve with key developments such as the launch of Ethereum 2.0, which aims to improve the network’s scalability and efficiency through a transition from proof-of-work (PoW) to proof-of-stake (PoS).
2. Polygon (MATIC)
Polygon comes in second on the list of cryptocurrencies that could make gains after Bitcoin halves. Here’s why:
The current price of Polygon (MATIC) is approximately $0.89. This value shows an average from several sources, noting small variations among different exchanges.
As for the impact of the upcoming Bitcoin Halving in 2024, it’s worth noting that events like these can have a broad impact on the cryptocurrency market as a whole. This increase can have a knock-on effect on the prices of other cryptocurrencies, including Polygon (MATIC), as it might increase general interest and investment in the crypto market.
An expert’s prediction model suggests that the price of Polygon (MATIC) might rise by more than 268% following the Bitcoin halving in 2024. The algorithm forecasts a significant increase that would set a new record high for Ethereum’s top scalability solution. By November 2024, about seven months after the Bitcoin halving, MATIC is expected to reach a peak of $3.16.
3. Solana Altcoins
After Bitcoin’s halving, Solana (SOL) might see a big price jump. Guy Turner, a prominent analyst, thinks SOL will do really well. He says it could go up by 35% to 45% and reach over $300.
This prediction comes from looking at charts of Solana’s price over weeks and months at the start of 2024. These charts show that Solana is doing really well on both weekly and monthly timeframes. However, it might encounter some difficulty when trying to surpass the $300 price level.
In Turner’s analysis, he suggests that if BTC rallies post-halving, SOL could surpass the $300 milestone.
Also, SOL’s price direction will be affected by some important events listed in the Solana Foundation’s plan. These include introducing new types of tokens, launching new validator clients like Firedancer, getting more support from big institutions, and getting developers more involved.
Moreover, Solana has recently reached a record-breaking total value locked (TVL) in its decentralized application (dApp) ecosystem, exceeding $4.6 billion. This increase in TVL can be credited to several reasons, such as the popularity of meme coins and the positive market outlook shared by retail and institutional investors alike.
As a result, following the Bitcoin halving, Solana could witness a surge in bullish activity, possibly driving its price to $300 or higher, especially if Bitcoin experiences the anticipated rally after the halving.
4. Ordi (Ordinals)
The ORDI token is a special kind of digital money that works closely with Bitcoin. Unlike other digital currencies that operate on their own separate systems, ORDI uses a system called Ordinals. This system allows ORDI to be directly attached to tiny bits of Bitcoin, making it unique.
Unlike traditional tokens that exist on separate blockchain platforms, ORDI tokens leverage the unique capabilities of Bitcoin’s Ordinals protocol to inscribe digital assets directly onto individual satoshis, the smallest units of Bitcoin.
Because ORDI is tied to Bitcoin, when Bitcoin goes through big changes, like the “halving” event, ORDI’s value can also be affected.
Right now, one ORDI token is worth $42.961. With the upcoming Bitcoin halving in 2024, experts affirm that ORDI’s price will go up. They think it could increase by 104%, reaching $87.83 about nine months after the halving. Another prediction suggests that ORDI will hit $55 in 2025, around the time when the excitement from the Bitcoin halving could make its price peak.
5. Chainlink
The price of Chainlink (LINK), following the upcoming halving event, is a subject of interest within the crypto community.
After the halving event, the predicted price of Chainlink (LINK) could see significant growth. One algorithmic analysis suggests that LINK could reach as high as $89.76, representing a 515% increase from its current level of around $14.52. This estimate is based on historical market patterns and the impact similar events had on other cryptocurrencies.
After the Bitcoin halving in 2020, the price of Chainlink shot up by 409.5%, taking it from $3.69 to $18.8 in less than 6 months. If Chainlink repeats this pattern, the price jump would be approximately $71.19, resulting in a new high of approximately $88.58.
Conclusion
While the Bitcoin halving event has been a bullish catalyst for most altcoins, choosing the right altcoins could help you seize potential gains. However, it is advisable to do your own research and consider your risk appetite before investing. Amid the euphoria about the 2024 Bitcoin halving, one should never overlook the highly volatile nature of cryptocurrency.
Have a safe investment journey!
