The bull run in the cryptocurrency market since the fourth quarter of last year reflects the potential that digital assets have over traditional assets.meanwhile Bitcoin Last year, gold achieved a commendable 132% increase in value, but gold's average return was only 7.98%. This compared to 10.7% for US stocks, 8.01% for commodity stocks, and 6.39% for emerging market stocks. Statista market data. In addition to Bitcoin, a selection of purchasable altcoins such as XRP, Dogecoin (DOGE), Solana (SOL), and Memecoin shows the potential for a small portfolio to grow to $1 million by the end of 2024. It has been.
Building an altcoin to buy a portfolio based on Bitcoin halving
Most avid crypto investors are looking at the aftermath. Bitcoin halving within 2 weeks. The halving process is important to minimize inflation by reducing the rewards miners receive for processing blocks.
Following the halving in April this year, miner rewards will be halved from 6.25 BTC to 3.125 BTC. This will cause Bitcoin's circulating supply to gradually decrease and demand to remain the same or increase, leading investors to expect a significant increase in price.
Given the bull market so far, Bitcoin prices caused a significant increase in its price and the overall price of altcoins to buy in the months following the halving.
Price increases are influenced by many factors, including the regulatory environment, but a well-diversified portfolio that includes Bitcoin and a select selection of altcoins to buy could propel retail investors into the $1 million club by the end of the year. There is sex.
1.XRP
XRP observed a notable decline in price action, falling below the key benchmark $0.6 amid prevailing bearish sentiment. XRP price is trading at $0.5867, reflecting a 2.36% decline from the previous day. Despite a slight market correction, investor sentiment towards XRP remains cautious.
The digital asset is currently valued at around $32 billion, supporting its rank as the seventh-largest cryptocurrency, according to CoinMarketCap data. A significant jump in trading volume was noted, increasing by more than 37% in the past 24 hours, reaching a total of $2.18 billion. This surge highlights the growing investor interest in XRP.
The impending pre-trial conference between Ripple and the SEC in April could have a major impact on future cryptocurrency regulation. The SEC has imposed a hefty fine on Ripple Labs for allegedly selling unregistered securities. Both parties are in settlement negotiations and have requested an extension of the deadline.
XRP has shown remarkable resilience and consistently remains above the important $0.58 mark. If the positive trend reappears, XRP could break above the previous resistance level at $0.65. If the bullish momentum strengthens, the price could break through the $0.9 barrier and reach $1 in the short term.
2. Dogecoin (DOGE)
Amid the recent market downturn, Dogecoin came under heavy selling pressure at $0.22, causing a 20% price drop and currently trading at $0.18. On the 4-hour chart, this peak forms a double top pattern, reinforcing bearish sentiment among traders. With Bitcoin's pre-halving correction underway, there is speculation as to whether this trend will extend the fall in altcoins.
Unlike other major cryptocurrencies, Dogecoin, a popular dog-themed meme coin, showed an aggressive bullish trend in March. The asset recorded significant inflows in the fourth week of this month, increasing its value from $0.122 to a high of $0.228, registering a growth of 86.8%.
3.Dogwifat (WIF)
Over the past day, the price of the Dogwifat cryptocurrency dropped significantly, dropping by 11.60% to settle at $3.85. The digital currency currently has a market capitalization of approximately $3.85 billion, ranking 30th among its peers. Despite the economic downturn, the 24-hour trading volume recorded a significant increase of 32.45%, indicating increased investor attention.
Dogwifhat appears to be gearing up for a major breakout. After consistently trading above $4 in a bullish manner, it hit an all-time high on March 31, 2024, and soared over 194% within the month. However, since then, WIF has fallen below $4, indicating that it is in a correction phase as it looks to establish a new support level.
4. Shiba Inu (SHIB)
Shiba Inu (SHIB) started life as a meme token and is often considered a competitor to Dogecoin. It has grown into a decentralized ecosystem with ShibaSwap, a decentralized exchange, and has plans to expand into NFTs and game development.
Amid the recent market consolidation, the SHIB price recovery witnessed a notable decline from the $0.0000328 resistance level in late March. The bearish reversal has caused the coin’s value to drop by 21.5% over the past six days.
As of this writing, Shiba Inu's market capitalization stands at $15.29 billion, with a trading volume of approximately $15.92 since yesterday. According to recent data by Shibburn, the burn rate of meme coins has increased dramatically, with he skyrocketing to 2307.19% in the past 24 hours. During this period, a total of 110,384,799 of his SHIB tokens were removed from circulation.
However, if supply pressure from the broader market continues, Shiba Inu price will retest the 61.8% FIB level at $0.00002368.
5. Solana (SOL)
Solana (SOL), a cutting-edge open source initiative, leverages the permissionless nature of blockchain technology to provide decentralized finance (DeFi) solutions. The Solana protocol is expertly crafted to support the development of decentralized apps (DApps) and provides scalability through a unique Proof of History (PoH) consensus that works in conjunction with blockchain-specific Proof of Stake (PoS). We aim to improve. consensus mechanism.
The value of SOL Coin has seen an extraordinary rise, showing a strong market performance with an increase of over 500% since October, indicating a bullish trend. Although down just 8% in the past 24 hours, Solana price has corrected to $189, the outlook for the altcoin remains optimistic and we expect continued upward momentum, albeit with the possibility of a slight retrace. I am.
6. Cardano (ADA)
Cardano (ADA) is a third-generation cryptocurrency that distinguishes itself through its research-driven design and development approach. The project aims to address the scalability, interoperability, and sustainability issues faced by early blockchain platforms.
Cardano price entered the current correction trend in mid-March as the price recovered from the psychological resistance at $0.8. Within three weeks, the altcoin's value has fallen by 22.4% and currently trades at $0.628.
With a market capitalization of $22.4 billion, Cardano coin maintains its position as the ninth largest cryptocurrency. Today's price decline is supported by a trading volume of $502 billion, an increase of 48% from yesterday. If the downside momentum continues, ADA price could challenge the support at $0.57.
However, the confluence of technical levels at this support could send buyers toward a new recovery trend towards the highs of $0.678 and $0.8.
conclusion
Buy major altcoins consisting of XRP, Dogecoin, Shiba Inu, dogwifhat, Cardano, Cardano, Solana and use them to diversify your Bitcoin and crypto portfolio. Drive growth and potentially achieve unprecedented revenue of over $1 million. Ahead of the 2024 halving, the DCA strategy ensures investors gain entry while maximizing long-term returns.
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