Bitcoin‘s halving event is approaching soon, but the crypto market hasn’t shown significant improvement since its decline. The total market capitalization currently stands at $2.29 trillion, while trading volume is relatively low at $89.18 billion – a figure last seen in February.
When Bitcoin undergoes halving, the apprehension about the future value of other cryptocurrencies is genuine. Which digital currency might regain its footing, and which one may experience a significant drop in worth remains uncertain.
In this post, we’ll explore and talk about the five different cryptocurrencies that you might consider selling prior to their upcoming halving events in order to maximize profits in the market.
Cryptocurrencies To Sell Before This Bitcoin Halving
Among the countless cryptocurrencies available, choosing the most profitable ones can be a complex task. However, by examining their historical performance and considering the impact of the last Bitcoin halving, it’s possible to determine which ones might be worth selling.
PEPE
PEPE’s price surge of 9145.22% throughout its history has brought a lot of excitement, but this trend may soon change due to the upcoming Bitcoin halving.
Upon its debut, PEPE swiftly attracted a large following, causing its price to spike up to $0.00000378. However, this upward trend did not last long as the meme coin experienced a significant downturn and returned to lower prices within just a month.
Based on its recent price increase, PEPE has reached impressive heights and performs better than it did a year ago. However, since the beginning of this month, its value has begun to decrease, dropping to $0.000005223 after experiencing a significant 30.05% decline within just one month.
Mantle (MNT)
MNT entered the cryptocurrency scene relatively recently, beginning its activity in August 2023. Despite this brief presence, MNT reached its peak value of $1.51 on April 8th.
Currently, the value of cryptocurrency has dropped by 12% over the past week and is now being traded at $1.16.
According to experts, the Bitcoin halving could lead to a decline in the value of altcoins like MNT within the upcoming weeks and potentially for several months.
BONK
The cryptocurrency BONK is barely visible in the market these days due to its persistent underperformance. In just one month, its value has dropped by nearly 43%.
The value of BONK has dropped significantly, decreasing by 69.02% from its previous all-time high of $0.00001504 within a short time frame. Given its low price and meme coin status, the trend for this coin appears to be coming to an end. It’s possible that BONK will continue to decline after experiencing the halving correction pressure. At present, the price is sitting at $0.0000145.
Render (RNDR)
The price of the token has been on a steady downturn, dropping over 30% within just one month. Its current value stands at $7.90, representing a significant 45% decrease from its peak of $13.60 that was reached only a month prior. This peak value nearly doubled the previous record high, and following this achievement, the token’s value has continued to plummet downwards.
Bitco’s halving could cause price instability, and the current market downturn may be due to this factor. It’s likely that RNDR‘s value might struggle to maintain its current level and could potentially plunge into a prolonged bear market, erasing recent progress.
SKALE (SKL)
In recent times, the value of SKL has been significantly impacted with daily price fluctuations resulting in a weekly decrease of approximately 18%. Contrary to popular trend, SKL’s price failed to rise even during the most bullish crypto market months.
In 2021, it attracted immense interest when its price peaked at $1.22. In contrast, its present value is only 8% of that peak amount.
From January 2022 up to May inclusive, SKL‘s price held steady at a reasonable level. However, following May 2022, the price took a sudden dive and has remained at its lowest point since then.
Conclusion
The influence of Bitcoin’s halving on other altcoins remains unclear. However, this event will undoubtedly boost the demand for Bitcoin, leading to a stronger crypto market in the future. Yet, it is challenging to foresee the instantaneous impact. As investors, we can adopt various strategies based on our preferences to navigate through these uncertain market conditions and volatility.
Read More 5 Altcoins That Might Recover Before Bitcoin Halving
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2024-04-17 15:42