The fourth Bitcoin (BTC-USD) halving on April 20 has made cryptos to buy a hot topic in 2024. The reward for mining a new Bitcoin block dropped from 6.25 BTC to 3.125 BTC; it’s a deflationary event commonly marked on the calendar since it might boost Bitcoin and altcoin values.
The halving concludes an amazing first quarter for Bitcoin and the cryptocurrency sector, one where the software update and regulatory moves on American shores helped propel it to an all-time high of $73,780. Everything started when the SEC approved eleven Bitcoin ETFs. Post these developments, daily Bitcoin transactions hit a record high.
Crypto investors should benefit from these developments. Ethereum (ETH-USD) ETFs may be approved in 2024, legislative actions throughout the globe are favoring cryptos and the halving is generating a positive demand and supply environment, making now the time to buy cryptos!
Bitcoin (BTC-USD)
As we are about to close April, Bitcoin finds itself in a unique position. The largest cryptocurrency in the world by market capitalization reached a record high of more than $73,000 earlier this year, mostly due to the fourth Bitcoin halving and the SEC’s approval of 11 Bitcoin ETFs for US investors.
Since then, stagnation has returned. Bitcoin has a history of “boom and bust” cycles, but U.S. prosecutors’ proposal for Binance (BNB-USD) CEO Changpeng Zhao’s lengthy prison sentence shocked cryptocurrency markets.
In addition, inflation-driven U.S. government bond rates have affected market sentiment and risk assets like Bitcoin. This is part of a bigger pattern where inflation and bond yields may affect cryptocurrency investor sentiment.
However, Bitfinex expects bitcoin demand to exceed supply after the halving since the event is deflationary. Bitfinex analysts estimated that halving Bitcoin’s mining rewards will lower new coin sales to $30 million every day; five times below U.S. spot ETF daily demand.
Deutsche Bank is also bullish on Bitcoin, with analysts Marion Laboure and Cassidy Ainsworth-Grace predicting it will get support thanks to expected regulatory reforms, potential central bank rate reductions and approvals of spot Ethereum ETFs, making BTC one of the best cryptos to buy.
Solana (SOL-USD)
Because of its potential to become the “Visa of crypto” and its ability to withstand network failures that have negatively impacted both its performance and reputation, Solana (SOL-USD) is a major player in the blockchain field, often compared to Ethereum.
It is possible for Ethereum to handle 30 TPS, but Solana is designed to handle up to 65,000 TPS. This speed is possible because of Solana’s unique consensus algorithm. The fees for Ethereum are also higher, especially when the network is busy.
Solana is also making changes to speed up the network and improve the user experience. Some of these are switching from UDP to the QUIC Protocol for network packet delivery and making it easier to control and ensure data flow so that transaction throughput stays high.
Stake-weighted Quality of Service (QoS) also makes the network work better by giving more bandwidth to transactions from nodes that have a bigger stake in the outcome. In this way, the network keeps from getting too crowded.
Meanwhile, Saber Labs is using Solana’s infrastructure to offer new DeFi services like liquidity pools and stablecoin trading. To allow real-time streaming and dynamic NFTs, Render Network switched from Ethereum to Solana. Finally, the decentralized music streaming service Audius has also chosen Solana to grow its business.
In my opinion, all of these partnerships will ultimately increase the value of the native cryptocurrency SOL, a win-win scenario for developers and investors.
Fetch.ai (FET-USD)
Fetch.ai (FET-USD) has a gain of 516% in one year thanks, in large part, to Nvidia (NASDAQ:NVDA) becoming the first company in the chip business to hit a $2 trillion value, boosting anything related to AI, whether stocks or cryptos.
But the Fetch.ai developer team has made a lot of progress in AI and blockchain. Fetch.ai launched Fetch Compute, which was a big step forward, after getting a $100 million investment. The platform aims to “supercharge” the capacity to produce advanced applications.
Moreover, the Artificial Superintelligence Alliance, made up of Fetch.ai, Ocean Protocol and SingularityNET, is another exciting development. The union turns $FET, $OCEAN and $AGIX tokens into a single $ASI token to make a decentralized AI option for projects. In the field of AI, this project is a big step toward building a strong, open AI network that can fight with big tech companies.
Fetch.ai and SingularityNET are also working together to cut down on AI hallucinations, which happens a lot in AI systems with big language models that give wrong or useless results.
Also, the change to the mainnet, the new relationships and the fact that Fetch.ai has made it easier to integrate AI and blockchain are all good signs for investors on the lookout for cryptos to buy.
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.
