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Top Cryptocurrencies To Buy On April 16 – Bitcoin, Ethereum, Toncoin

AuthorKamal Masri
Financial Market Expert
Fact Checked by Wajeeh Khan
Last updated: April 16, 2024
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Top Cryptocurrencies To Buy On April 16 – Bitcoin, Ethereum, Toncoin

After a brief rally yesterday, the crypto market is back in the red today. However, the overall fundamentals remain strong. Today’s correction is likely due to growing geopolitical tensions in the Middle East as Israel said it would retaliate to Iran’s attack, despite the international community urging restraint. This has caused the stock markets, including the S&P 500, to show weakness since yesterday. Since the market weakness today is not crypto-specific, now is an excellent time to buy the dip.

In choosing the best cryptocurrencies to buy the dip, we have zeroed in on cryptocurrencies with solid fundamentals that could propel them forward once the financial market stabilizes. 

Top Cryptocurrencies To Buy On April 16

 The section below looks at some of the best cryptocurrencies to buy the dip today. Among the best ones are Bitcoin, whose halving is coming up, whales are buying up regardless of the price fluctuations, and Ethereum, which got its own ETF approved in Hong Kong. The article looks at Toncoin due to its rising demand, Solana, which announced an update to ease congestion, and Bitcoin Cash, which is likely to surge in value post-Bitcoin halving. 

Bitcoin (BTC)

Bitcoin (BTC) dropped to $63k after yesterday’s rally and to $67k. While the price remains volatile, the underlying fundamentals point to Bitcoin’s potential for value growth. One of the critical factors likely to drive Bitcoin demand is the upcoming halving. The halving is coming up in 3-days, and as history has shown, it tends to trigger price rallies that usually see Bitcoin rally by up to 3X. 

Notably, in past halving cycles, Bitcoin tends to be directionless like it is now, even showing signs of weakness on some days. The potential for Bitcoin in this halving cycle looks even better than in the past. The halving rewards are set to shrink to 3.125. This is a tiny amount of Bitcoin at a time when demand is coming from multiple quarters ranging from retail to institutions and even governments.

The fact that most long-term holders are not selling points to a sudden supply-v-demand mismatch post-halving. Pointers to rising demand for Bitcoin are that, even in the current environment of geopolitical uncertainty, a whale has bought up 700 BTC today, bringing their total to 60k BTC. All these demand drivers make Bitcoin undervalued with explosive potential post-halving. 

Ethereum (ETH)

Ethereum (ETH) is another top cryptocurrency that is highly undervalued at current prices. While Ethereum has underperformed in recent months compared to smaller altcoins, its underlying fundamentals have strengthened. Last month, Ethereum had the Dencun upgrade that drastically reduced gas fees on layer-2s. 

Gas fees are much lower on the Ethereum mainnet than in the past. At the same time, Ethereum’s image has improved significantly after a key competitor recently experienced transaction completion issues. The fact that Ethereum guarantees transaction finality has added to its profile.

A key reason why Ethereum has been wobbly lately is due to the US SEC dampening the mood about a possible Ethereum ETF in May this year. However, Ethereum seems to have won on this front from different quarters. Today, one big news in crypto is that Hong Kong has approved an Ethereum ETF.

This is a good update because Chinese money is a big mover in the crypto market. This ETF approval comes three days before the Bitcoin halving, which gives Ethereum the potential for a parabolic price run. It makes it one of the best cryptocurrencies to buy and hold now. 

Solana (SOL)

Due to network congestion issues, Solana (SOL) has been making headlines lately. The congestion was so bad that projects looking to launch on the Solana blockchain were holding off, waiting for things to improve. 

However, this could now be a thing of the past. Yesterday, one of the many teams working on Solana announced an update to end Solana’s congestion problems. 

This is a big deal because Solana is still the most preferred network for launching meme coins. With the congestion issues dealt with, Solana could see an exponential surge in demand. Solana is a crypto to watch with the update coming days to the market-moving Bitcoin halving. 

Toncoin (TON)

Toncoin’s (TON) rise this year has been phenomenal. From under $1 to highs of more than $7, Toncoin has been rewarding to investors. However, like the rest of the market, TON shows signs of weakness as financial markets wobble under geopolitical pressure. 

However, like the other top cryptocurrencies discussed above, Toncoin’s underlying fundamentals remain strong. One big source of strength for Toncoin is its utility in Telegram, a social messaging site with close to a billion users. Toncoin has experienced a surge in demand from the Ton blockchain, the native token. With more Dapps launching on the Ton blockchain, the demand for TON will remain strong. This and the fact that the Bitcoin halving could uplift the entire market will likely push TON to double-digit prices. 

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) recently had its block halving and was one of the top-performing cryptocurrencies up to that halving event. However, after the halving, some miners shifted to Bitcoin, which shares the same algorithm and has more rewards. 

This and weakness in the broader market have seen Bitcoin Cash remain sluggish lately. However, after the Bitcoin halving, miners will have a high incentive to bounce back to BCH.

This allows Bitcoin Cash to rally at the same rate, even not more, than Bitcoin after the BTC block halving. Bitcoin Cash remains one of the most preferred cryptocurrencies for everyday payments, so its underlying demand is strong.

Combining these factors could help rocket BCH post-Bitcoin halving and make it one of the hottest cryptocurrencies to buy now and hold for the year. 

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