Cryptos are ready to skyrocket as we await the scenario after the next Bitcoin (BTC-USD) halving, slated for mid-April.

The next Bitcoin halving is the fourth one of its kind. It takes place roughly every four years to limit inflation. Historically, the price of Bitcoin has tended to increase after a halving, thanks to reduced supply and continued demand.

Since they make up most of the $2.64 trillion cryptocurrency market, investors hoping to optimize their gains after the halving should fill their portfolio with names with strong use cases.

As a result, Bitcoin, despite reaching record highs in March, ranks highly in my eyes. What better way to capitalize on the Bitcoin halving than investing in it? Plus, investors now have an entry point. Bitcoin is down to around the $65,000 mark after going past $73,000 in March. I chalk that down to aggressive profit-taking, with normal service to resume after halving.

The other two cryptos we will look at are different from Bitcoin in that they have utility cases, offering real-world applications beyond mere financial transactions. Thanks to speedy transaction times, both are formidable contenders in the space, giving Ethereum (ETH-USD) a run for its money.

Bitcoin (BTC-USD)

Bitcoin is ready to skyrocket after the halving, placing it uniquely among cryptos. After noting fresh highs in March, BTC is hovering above the $65,000 threshold, a pullback caused by significant profit-taking.

Thanks to its deflationary nature, I expect Bitcoin to make a fresh run for its all-time high of $73,805 after the halving. I also expect it to consolidate the market, with most meme coin interest now reverting back to Bitcoin.

Bitcoin is volatile, but not in the world of crypto. Data indicates a decline in the meme coin market due to waning novelty and disproportionate losses during market downturns compared to Bitcoin.

Ultimately, what is separating Bitcoin from the pack is legitimacy. El Salvador and the Central African Republic have already accepted Bitcoin as legal tender. Inflation forced their hand, but still, it’s a huge win for Bitcoin. Other countries suffering from hyperinflation, such as Venezuela, could follow suit. Even developed economies like Switzerland, Portugal, Germany and Liechtenstein are progressive on Bitcoin.

On the topic of legitimacy, Bitcoin opened up to a new investor class earlier this year thanks to the SEC approving 11 spot Bitcoin ETFs in one swoop.

Adoption has been healthy. Spot Bitcoin ETFs recorded net inflows of over $12.1 billion by the end of Q1, less than three months after trading commenced on Jan. 11, BitMEX Research data shows.

These funds are one of the principal reasons Bitcoin is rallying this year, driving its price to unprecedented heights. As the cash keeps piling in, Bitcoin will continue to remain on everyone’s radar. After the halving, BTC will pursue fresh highs in 2024, placing it nicely among cryptos ready to skyrocket.

Polkadot (DOT-USD)

Polkadot (DOT-USD) distinguishes itself among cryptos ready to skyrocket after the Bitcoin halving because of its emphasis on building a network of interconnected blockchains.

Through Polkadot, blockchains can communicate and work together to form a multichain blockchain ecosystem; interoperability is made possible via isolated blockchains called parachains linked to Polkadot’s main network. The creation of interconnected blockchains enables high transaction throughput, as well as cross-chain asset and data transfers.

All of this talk means the network’s capabilities rank above Ethereum’s current capacity, potentially enabling over 1,000 transactions per second. As a result, the ecosystem’s architecture enables real-world uses beyond simple financial transactions, opening up contributions to smart contracts and decentralized apps (DApps) across various sectors.

Expect the trend to continue as significant GitHub activity over the past 30 days indicates healthy community engagement. No surprise DOT sports an almost 15% gain for the year. Again, Bitcoin leads the conversation heading into the halving. But DOT holds more upside potential, especially considering it hasn’t benefited to the extent Ethereum has this year (45%) on the back of Bitcoin’s rally.

Ultimately, Polkadot’s success against Ethereum will hinge on continuous adoption thanks to its distinct parachain structure and cheaper transaction fees.

Solana (SOL-USD)

Solana (SOL-USD) wraps up our discussion on cryptos that are ready to skyrocket after the halving. The conversation will sound similar to the one surrounding Polkadot because they are very similar in certain respects.

Solana is yet another DeFi competitor to Ethereum, where superior transaction speeds and lower fees give Solana the edge.

DeFi is huge. The market will hit $26 billion in 2024, so the gains Solana can potentially make in this Web 3.0 area are immense.

Solana will take a lot of time to catch up to Ethereum. The former is changing hands for $190, and the latter is hovering above $3,300. However, assuming healthy adoption rates, Solana can build on a solid market cap of $81.71 billion.

Besides DeFi’s huge market potential, Solana benefits from a substantial 2024 development pipeline that will improve the network’s scalability. Notable milestones include the release of Firedancer in conjunction with other validator clients to increase network speed and the introduction of token extensions for more adaptable token production. Furthermore, advancements like Runtime v2 are anticipated to improve network speed.

Early benchmarks show Solana’s new validator client, Firedancer, can execute more than a million transactions per second (TPS) per core on common hardware in test scenarios.

On the date of publication, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines