The bull run in the crypto market since Q4 last year reflects the potential digital assets hold over traditional assets. While Bitcoin achieved a commendable 132% increase in value over the past year, gold only averaged a return of 7.98%, compared to US stocks at 10.7%, commodities at 8.01%, and EM stocks at 6.39% based on statesman market data. In addition to Bitcoin, select altcoins to buy such as XRP, Dogecoin (DOGE), Solana (SOL) and meme coins show potential to grow a small portfolio to $1 million by the end of 2024.
Build an altcoins to buy portfolio based on Bitcoin halving
Most ardent crypto investors are looking at the aftermath of the Bitcoin halving in less than two weeks. The halving process is important to reduce inflation by reducing the rewards miners receive for processing blocks.
After the halving this April, miner rewards will halve to 3.125 from 6.25 BTC. This will gradually reduce Bitcoin’s circulating supply and with demand remaining the same or increasing, investors expect a large increase in the price.
Based on the previous bull markets, Bitcoin price has seen a big rise in its price and the prices of altcoins have been ignited to buy across the board a few months after the halving.
Although price appreciation is influenced by many factors, including the regulatory environment, a well-diversified portfolio including Bitcoin and select altcoins to buy could potentially push ordinary investors to the $1 million club by the end of the year.
1. XRP
XRP observed a notable decline in its price movement, falling below the critical $0.6 threshold amid a prevailing bearish sentiment. The XRP price is trading at $0.5867, reflecting a 2.36% drop over the last day. Despite a slight market adjustment, investor sentiment towards XRP remains guarded.
The valuation of the digital asset is now around $32 billion, confirming its ranking as the 7th largest cryptocurrency, according to CoinMarketCap data. A significant surge in trading volume was noted, with an increase of over 37% in the last 24 hours, totaling $2.18 billion. This surge highlights an increased investor interest in XRP.
The impending pre-trial conference between Ripple and the SEC in April could significantly affect future regulation of cryptocurrencies. The SEC is seeking a substantial fine against Ripple Labs for allegedly selling unregistered securities. Both parties have engaged in settlement discussions and have requested extensions to their deadlines.
XRP has shown notable resilience, staying consistently above the $0.58 pivot. If a positive trend re-emerges, XRP could possibly surpass the previous resistance level of $0.65. With an increase in bullish momentum, it may break the $0.9 barrier and reach $1 within a short period of time.
2. Dogecoin (DOGE)
Amidst the recent market downturn, Dogecoin experienced significant selling pressure at the $0.22 mark, resulting in a 20% price cut to now trade at $0.18. In the 4-hour chart, this peak formed a double-top pattern, reinforcing the bearish sentiment among traders. With the Bitcoin pre-halving correction underway, there is speculation as to whether this trend will extend the downward movement in altcoins.
Unlike other leading cryptocurrencies, Dogecoin, the popular dog-themed meme coin, showed an aggressive bullish trend in March. The asset saw a notable inflow in the month’s fourth week, pushing its value from $0.122 to $0.228 high to register 86.8% growth.
3. Dogwifhat (WIF)
Over the past day, the cryptocurrency dogwifhat price experienced a significant drop in value, dropping 11.60% to stand at $3.85. The market capitalization of the digital currency now stands at around $3.85 billion, placing it 30th among its peers. Despite the downturn, the 24-hour trading volume saw a sharp increase of 32.45%, indicating increased investor attention.
Dogwifhat appears poised for a significant breakout. After consistently trading above the $4 mark with a bullish posture, it hit a record high on March 31, 2024, up more than 194% within the month. However, WIF has since broken below $4, indicating a consolidation phase as it seeks to establish new support levels.
4. Shiba Inu (SHIB)
Shiba Inu (SHIB) originated as a meme token, often seen as a Dogecoin competitor. It has grown into a decentralized ecosystem with its decentralized exchange, ShibaSwap, and has plans to expand into NFTs and game development.
Amid the recent market consolidation, the SHIB price recovery has seen a notable pullback from the $0.0000328 resistance at the end of March. The bearish reversal has seen the coin’s value fall by 21.5% in the past six days.
At press time, Shiba Inu’s market capitalization stands at $15.29 billion, while trading volume since yesterday is around $15.92. According to the recent data by Shibburn, the memecoin has seen a dramatic increase in its burn rate, rising to 2307.19% in the last 24 hours. During this period, a massive total of 110,384,799 SHIB tokens were removed from circulation.
However, if supply pressure from broader markets continues, the Shiba Inu price will retest the 61.8% FIB level at $0.00002368.
5. Solana (SON)
Solana (SOL), a leading open source initiative, uses blockchain technology’s permissionless nature to offer solutions in decentralized finance (DeFi). The Solana protocol is ingeniously constructed to support the development of decentralized applications (DApps), with a view to improved scalability through a unique proof-of-history (PoH) consensus, which works with the blockchain’s inherent proof-of- game (PoS) consensus mechanism.
The value of SOL Coin has seen an extraordinary rise, indicating a strong market performance with more than a 500% increase since October, indicating a bullish trend. Despite a slight drop of 8% in the last 24 hours, which saw the Solana price adjust to $189, the outlook for the altcoin remains optimistic, with expectations of continued upward momentum, albeit with possible minor retracements.
6. Cardano (ADA)
Cardano (ADA) is a third-generation cryptocurrency that distinguishes itself through a research-driven approach to design and development. The project aims to address scalability, interoperability and sustainability issues faced by earlier blockchain platforms.
The Cardano price entered the current correction trend in mid-March, as the price rebounded from the psychological resistance of $0.8. In three weeks, the altcoin has lost 22.4% in value to currently trade at $0.628.
With a market cap of $22.4 billion, Cardano coin maintains its position as the 9th largest cryptocurrency. The price drop today is backed by $502 billion in trading volume, up 48% since yesterday. If the downside momentum continues, the ADA price is likely to challenge the support at $0.57.
However, the confluence of technical levels at this support could reinforce buyers into a renewed retracement trend targeting a $0.678 high and $0.8 high.
Bottom line
Leading altcoins to buy consistingpartend-for-all, smaller enabling crypto portfolios to achieve unprecedented returns of over $1 million by the end of 2024. Before the halving in 2024, DCA strategies will ensure investors get the entries while maximizing long-term profits.
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Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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