Bitcoin has bounced back in the last few hours, pushing through $62,000 with high volumes. This has uplifted the broader market ahead of the halving, offering a glimpse into how the market could trade in the coming days and weeks. With the signals that the market is sending hours to the halving, which is the best altcoin to invest in today?
We have compiled a list of altcoins with solid fundamentals to answer this question. They will likely rally first if Bitcoin goes parabolic after the halving. That’s because, in the early stages of the bull market, most investors are usually uncertain of the future, a fear that pushes more money towards large-cap, more predictable cryptocurrencies.
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Best Altcoins To Buy Today
In the section below, we zero in on the best large-cap altcoins to invest in now. The article takes a look at Ethereum, the largest altcoin with a thriving ecosystem and institutional influence, Solana’s potential after recent upgrades and integration of the Solana ecosystem into Coinbase, and Toncoin’s potential due to the rising demand in Telegram and the Ton blockchain. Additionally, the article looks at Bitcoin Cash thanks to its strong correlation to Bitcoin within this halving period, and Dogecoin’s rising potential for adoption as an everyday currency.
Ethereum (ETH)
Ethereum (ETH) stands out as one of the best cryptocurrencies to invest in as the crypto market shows early signs of a rebound. Being the second most prominent cryptocurrency, which has been around for a while, Ethereum will likely draw in many contrarian investors as Bitcoin’s halving hype takes effect.
However, it is not only about safety derived from Ethereum’s longevity and depth in the market. Ethereum is increasingly becoming attractive to institutional money. This is evident in the fact that an Ethereum ETF has been approved in Hong Kong.
Hong Kong was given approval to launch both #bitcoin and #ethereum ETF’s.
This is HUGE.
Which country is next ?! pic.twitter.com/AUDnTuxMJw
— logan shippy (@itsloganshippy) April 17, 2024
This is a big deal because Ethereum is a deflationary cryptocurrency, as much of Ether is held up in staking. This means an inflow of money into Ethereum through spot ETFs could trigger a price rally unlike any other. That’s especially the case if the Bitcoin halving triggers a parabolic price rally across the market. Investor confidence in Ethereum is bolstered by the fact that it is constantly working on scaling better without compromising on decentralization. One such upgrade is the recent Dencun upgrade that has seen Ethereum drastically cut costs for Layer-2s and help drive adoption.
Solana (SOL)
Solana (SOL) is another large-cap cryptocurrency that will likely experience a rally ahead of the smaller, riskier altcoins if Bitcoin triggers a marketwide rally.
That’s because Solana recently released an update that will ease congestion that has plagued the network recently. The result is that meme coins and projects looking to capitalize on the halving-triggered bull market will likely start launching on Solana en masse. This is mainly due to Solana’s low transaction fees.
Already, Solana leads on the meme coin front and, despite the recent congestion issues, has continued to outperform Ethereum as a preferred launch platform for meme coins. The potential for an influx of meme coin launches could send Solana to the moon if Bitcoin turns bullish now. To make the case for an early Solana rally even stronger, Coinbase has integrated Solana to allow for easier trading of Solana meme coins.
Accessible, borderless, decentralized payments?
Seems like a pretty good idea.#OnlyPossibleOnSolana
Be part of a better future: https://t.co/BvZ3eLG9MI pic.twitter.com/wl50P75E7o
— Solana (@solana) April 17, 2024
This is an even more significant incentive for developers to choose Solana as the launch platform for meme coins. Combining these factors and Solana’s low prices relative to where it was a few weeks ago makes it a high-potential cryptocurrency to buy and hold today.
Toncoin (TON)
Toncoin (TON) is another large-cap altcoin that could be set to rally if Bitcoin gains upside momentum ahead of the halving. One of the key factors that give Toncoin such potential is its price action this year so far. Toncoin has this year been one of the best performers among the large cap cryptocurrencies.
Even in this week’s crypto correction, Toncoin is among those that have held value pretty well. This gives investors the impression that the underlying demand for Toncoin is strong. Toncoin’s having underlying solid demand is not mere speculation, though. Toncoin’s demand is rising due to its integration with Telegram, a platform with over 900 million users.
At the same time, Toncoin continues to surge in demand due to the growing adoption of Ton blockchain as a launch platform for Dapps. This underlying demand is a confidence booster, and Toncoin could hit new highs if Bitcoin kickstarts another rally.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is another top cryptocurrency that could see its fortunes improve if the Bitcoin halving kickstarts a marketwide rally. That’s because, after the Bitcoin halving, there will be an incentive for miners who had flocked to Bitcoin after BCH’s halving to start mining Bitcoin Cash again.
Does your business accept Bitcoin Cash? 📈🚀
Are you running a Bitcoin Cash related website?
🔗 Sign up on https://t.co/F5WTj0JPU3 directory and get a free link to your website. pic.twitter.com/Dg4nDX5tiF
— Bitcoin Info (@bitcoininfo) April 18, 2024
This means BCH could mirror Bitcoin’s price action in a post-halving rally. Besides, Bitcoin Cash’s growing adoption as a currency offers strong underlying demand that could see it do well in an all-out bull market. This and the fact that BCH is nominally cheaper than Bitcoin gives it strong potential to do well as investors seek out high-potential altcoins that can help drive growth in a Bitcoin-triggered bull rally.
Dogecoin (DOGE)
Dogecoin (DOGE) may be a meme coin, but it has the potential to rally early if Bitcoin uplifts the broader market during and after the halving. That’s because the rate of adoption for Dogecoin is on the rise. For instance, Elon Musk has subtly indicated that Dogecoin is part of his plan to make X a super app that can be used for payments.
A few folk asking me how they can use GigaWallet. It’s a backend service, so it’s a tool a programmer can use to integrate Dogecoin Commerce into their own platforms and products. There ARE some plugins for online shops already, @inevitable360 has built a woo-commerce plugin for… pic.twitter.com/Ev6Ikx6Z1i
— Timothy Stebbing (@tjstebbing) March 26, 2024
Additionally, the Dogecoin developer team has developed a wallet to make it easier for businesses that want to integrate Dogecoin payments. Thanks to Elon Musk’s backing, all these and the hype that Dogecoin generates on social media could easily see DOGE takeoff soon.
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