5 Altcoins That Might Recover Before Bitcoin Halving

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The cryptocurrency market reached its poorest showing of 2024, with a total market capitalization of approximately $2.29 trillion following a 4.59% decrease. However, there have been slight improvements since the previous data, as trading volume has increased by $117.92 billion or 3%. Several altcoins have bounced back, while others are still holding out in anticipation of this year’s Bitcoin halving event.

In this blog, let us discuss the top 5 altcoins that might recover before the Bitcoin halving.

Altcoin That Might Recover Before Bitcoin

Some alternative cryptocurrencies such as Ethereum, Solana, Toncoin, Shiba Inu, and Cardano have given hints of potential price rebounds.

Ethereum

The cost of Ethereum (ETH) has taken a significant hit recently, causing its current price to dip to approximately $3,081.02. This decline represents a weekly drop of 15%. Consequently, the overall market capitalization of Ethereum has suffered, shrinking by roughly 4.81% to around $369.5 billion.

Despite the current decrease in price, the MACD and RSI are signaling positive trends for Ethereum’s future value. Therefore, it is expected that Ethereum will receive buying support around $2698.5, leading to a rise towards $3789.7 before the halving event takes place.

Solana

Solana has entered a bearish trend, but that’s about to end. Solana’s price has been struggling for almost a month and is currently trading around $132.47 after a 24% dip in a week. The market capitalization is also impacted negatively by around 12.88% as the current value is around $59,334,478,313.

In the coming days, Solana’s decentralized exchange, Drift, will distribute a total of 100 million tokens through an airdrop. With Solana being a significant player in profitable cryptocurrencies, this announcement has rekindled excitement and anticipation within the community.

Additionally, the v1.17.31 update for Solana is expected to boost token prices since it effectively addresses the network congestion caused by Solana’s surging popularity.

Toncoin

The current price of Toncoin is $6.12, representing a 13.29% decrease. The bearish market is taking a toll on Toncoin’s market cap as well, which now stands at approximately $21.25 billion.

The current value of Toncoin is 19 percentage points below its record high, which was reached only five days prior. Despite a recent downturn in Toncoin’s price, experts predict that it may bounce back before the upcoming Bitcoin halving event.

Recently, there’s been a lot of buzz around Toncoin due to its collaboration with Telegram. In this alliance, Toncoin was chosen as the preferred payment method for Telegram’s messaging service. Consequently, the need for Toncoin in the cryptocurrency market has surged.

The Bollinger Bands indicator signals a reduction in cryptocurrency price instability, contributing to more consistent price movements.

Shiba Inu

The price of Shiba Inu has begun to rise again after reaching a low of $0.00001927. At present, the price sits at $0.0000221, giving the cryptocurrency a market capitalization of over 13 billion dollars. However, its value has decreased by approximately 5% compared to earlier.

Despite this, the Shiba Inu’s trading volume amounts to $1,109,046,857 following a 5.26% increase. This uptick suggests growing interest in altcoins within the market.

More recently, data from Etherscan has shown that a large investor, or “whale,” purchased approximately 107 billion Solana tokens. This significant transaction has sparked increased demand and buying pressure for the altcoin within the cryptocurrency market.

Cardano

Cardano’s price currently stands at $0.4553 following a 6% decrease. This reduction also affected the cryptocurrency’s market capitalization, causing it to drop by 6%, resulting in a value of approximately $16.21 billion. The trading volume has similarly decreased by 16%, amounting to around $661 million.

Although the cost of ADA is presently not high, there has been a modest uptick in its value since it reached a bottom of $0.412 on 14th April.

Crypto experts are predicting a price jump for the token up to the $3 level, reminiscent of its October 2020 rise. A comparable pattern emerges in Cardano’s 2020 price chart, where the value peaked at $3 following a dip down to $0.10.

Conclusion

The upcoming Bitcoin halving could lead to a bull market not long after the current price instability. This process may take several months to materialize, but for now, the cryptocurrency market experiences frequent price changes.

Some analysts believe that certain altcoins may bounce back from their recent slump and reach stronger market positions prior to the upcoming halving events. We’ll have to observe their behavior over the next few days to determine if they can rebound from their losses.

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2024-04-16 19:10