The top six trending altcoins, poised to sculpt a $1 million portfolio by 2024. Discover strategic insights into the top picks driving lucrative growth in the cryptocurrency market.
After living through a tumultuous period, the cryptocurrency market became stable as April arrived. A price drop in Bitcoin to $65,000 causes instability in the market and triggers panic among investors who are unsure whether to hold onto their investment or switch to trending altcoins like Doge, Solana, XRP, and others, which have performed well throughout the year.
Bitcoin shows a huge upward spike by giving a 132% increase in the previous year, compared to gold, which gives only a 7.98% increase in its value. US stock gave a rise of 10.7%, whereas commodities are at a rise of 8.01%, and EM stock went up by 6.39%, according to Statistia data.
Source: Statista
Crafting a Portfolio of Trending Altcoins for Purchase Post Bitcoin Halving
Most passionate crypto investors have their eyes on the market, waiting to see the impact of Bitcoin halving, which is going to happen in two weeks. This process is notable for minimizing inflation and shrinking the reward for processing blocks.
Rewards for miners will be 3.125 from 6.26 BTC after the Halving takes place. This will decrease the circulation of BTC, resulting in the same or increasing demand, Investors assume an increase in price after this impact. Extracting from the previous Bull market, BItcoin not only ignored the market trend and touched the new high but also boosted the prices of Altcoins to purchase across the board, typically occurring a few months after the halving event.
Although the regulatory environment has an impact on the price, a diversified portfolio, including Bitcoin and specific altcoins, can boost the investment to $1 million for the average investor by the end of 2024.
XRP
XRP has experienced a significant decline in its price, as it is dancing around at the price of $0.60, showing a bearish trend. Currently, the XRP holds the amount of $0.5870, facing a 2.38% decline on the last day. Regardless of market adjustments, investors still believe in the XRP and keep investing in it.
According to CoinMarketCap data, the valuation of this coin is approximately $32 Billion, making it secure 7th position in the cryptocurrency world. Investors are putting their assets in Ripple because the volume has increased significantly by more than 37% in the last 24 hours, reaching a total of $2.18 billion.
Source: Trading View
The US Security and Exchange Commission filed a case on Ripple for illegally selling unregistered securities and this upcoming trial in April will significantly decide new cryptocurrency regulations. However, the legal chief of XRP claims these allegations are useless as the SEC has to come up with concrete evidence to prove their allegations. After a discussion between both parties, they request an extension of their deadlines.
The Ripple coin has shown great resistant over the period and remains above the $0.58 mark. However, if this coin shows a positive trend again, it is quite possible to break the previous resistant of $0.65 and touch the mark of $1.
DOGECOIN (DOGE)
During a recent Bearish market, Doge has undergone a critical selling experience at a price of $0.22, showing a 20% decline in its price and now trading at $0.18. While checking a 4-hour graph, this coin has shown a double top stick, and this trend gives a sense of bearishness to the traders. While Bitcoin goes through a halving process, a question arises whether these altcoins will also show a downtrend or not.
Source: CoinGecko
A well-known Dog-themed meme coin, Doge has shown a bullish trend in March and a large inflow of assets was witnessed in the fourth week of March. This boosted the price of Dogecoin from $0.122 to $0.228 and registered 86.8% growth.
GogWifhat (WIF)
In the last 24 hours, the WIF coin has shown a declining trend by dropping its value from $4.3 to now trading at a price of $3.85. The assets of this coin stand at approximately $3.85 billion, helping it to secure its 30th position among its peers. Investors are drawn to a significant 32.45% increase in its volume, as well as a downtrend.
Source: TradingView
WIF is the most reliable coin as it shows a bullish trend by achieving a mark of $4 in March, giving a rise of 194% just in a month. After that, this coin is still dancing around its mark, trying to make a new support.
Shiba Inu (SHIB)
Shib emerged as a Doge competitor on the Ethereum blockchain. After growing in a decentralized ecosystem, this coin hosts its own decentralized exchange known as ShibaSwap and now keeps its eye on expanding through game development and NFTs.
Viewing the recent market condition, Shib’s price fell from $0.0000238 resistant in the last week of March. This bearish trend of the market made Shib fall by 21.5% in its value in just 6 days.
During the last 24 hours, Shina Inu market cap has remained at $15.29 billion, while its trading volume
Is $15.92. According to recent Shibburn data, the burn of this meme coin increased dramatically, burning its token around 2307.19% in the last 24 hours. During this event, 110,384,799 Shib tokens were taken out of circulation. If the demand for Shiba Inu stays low, its price might drop back to $0.00002368.
Solana (SOL)
With the use of blockchain technology, Solana provides solutions in decentralized finance (Defi). The main focus of this modern project is to make decentralized apps (Dapps) and to improve scalability using a special Proof of History (POH) system along with its proof of stake mechanism (POS).
Source: CoinGecko
Since October, Solana’s price has risen by 500%, showing a positive trend. On the last day, this cryptocurrency’s price declined by 8%, settling at $189 and giving hope to other meme coins to fly in the next bull run.
Cardano (ADA)
Cardano differentiates itself from other coins on the basis of a research-driven approach to design and development, as it is a third-generation token. This project eliminates the flows of previous blockchain platforms in terms of scalability and sustainability.
In mid-March, this coin started to lose resistance at $0.8. It faced a 22.4% loss. Now, this coin is struggling for $0.628.
Source: CoinGecko
This coin holds a market cap of $22.4 billion, helping it to achieve the 9th position in the crypto ranking. The declining trend ended with a rise of $502 billion in its trading volume since yesterday. If ADA gets up from the declining trend, Cardano will challenge the support of $0.57.
