The volatility of the cryptocurrency market has received both praise and criticism. With an expected Bitcoin halving, there is talk of a potential bull run in crypto town. Bitcoin will have its moment after the halving, and altcoins will start trying. As of April 5, the total market cap of altcoins was 314.687 billion. Let's examine more closely why altcoins are the preferred choice for consumers.
Factors behind the price of altcoins
Since the launch of Bitcoin, more than 9,000+ other cryptocurrencies have entered the market. The variety of applications that altcoins provide – from data to governance – is what Bitcoin does not. Although BTC remains the dominant player as a reserve currency on major exchanges due to perceptions of its long-term holding and its important role as a medium for converting fiat currencies into cryptocurrencies, altcoin prices often track Bitcoin price fluctuations.
There may be an uptrend after the fourth halving, which will have an immediate impact on the altcoin market. This is partly because new investors are diversifying into altcoins, which have a lower entry barrier, thus attracting new retail investors who would otherwise not be able to enter the market through Bitcoin. However, there are also times when the value of altcoins rises while the price of Bitcoin falls, indicating that the relative expectations of the two are in interaction. Many cryptocurrency analysts are positive about the rise of altcoins in the post-halving atmosphere as demand for Bitcoin fades.
Altcoins to consider
Although altcoins are considered riskier than Bitcoin, they have more room for innovation and technological advancement. In such a case, it is better to diversify investments using well-known altcoins such as Ethereum, PEPE, Bitgert, Solana, and more.
Solana
Solana offers a wide range of smart contract applications, allowing developers to build decentralized applications, create NFTs, and create DeFi platforms. Amid the market turmoil in March, Solana price showed promising signs of a potential upward movement, characterized by a bullish pattern.
BitGirt
Bitgert may be a new and effective investment option. After ETH's Dencun update, the native cryptocurrency of the Bitgert blockchain, BRISE, which exists in its own BRC-20 standard and is also compatible with the Ethereum Virtual Machine (EVM), has already attracted more investment from all over the world. The Dencun upgrade reduced layer 2 transaction costs, stimulating investor interest in the Bitgert token. Furthermore, Bitgert is the second fastest cryptocurrency, boasts a speed of 100,000 TPS, and has approved over 25 million transactions since its debut in 2021, making it a top investment option. The current price of BRISE is $0.000000207711, and the 24-hour trading volume is $2.4 million. Although the token saw a huge rise from January to March, the price has suddenly dropped since then.
Due to the nature of the cryptocurrency market, price fluctuations are normal. With Bitcoin's maximum impact on the price, its direct impact has led to a decline in the price of the altcoin. However, prominent cryptocurrencies from the Ethereum and Solana networks will bounce back favorably once Bitcoin's imaginary boom stops.
Ethereum
Ethereum continues to be a leading platform for decentralized applications and smart contracts. Ethereum price reached a temporary peak at around $3,700, but a subsequent round of profit-taking caused the uptrend to slow, resulting in a sustained price correction. Confirmation of the rising wedge pattern could lead to another massive sell-off in ETH. Investors are likely to target the support levels at $3,200 and $3,000 for a drop to $3,000. In addition, the value of ETH has increased due to the recent Dencun upgrade. Given its close ties to Bitcoin, there is an expectation of a further rise in demand for Ethereum as the halving event approaches.
