3 Cryptos to Buy Now That the April Bitcoin Halving Is Over


  • The fourth halving is boosting momentum and legitimacy for BTC, creating bullish projections for crypto investors seeking the best cryptos to buy. 
  • Bitcoin (BTC-USD): Mainstream adoption and the fourth halving could push Bitcoin beyond $100,000 by 2024, according to major analysts.
  • Ethereum (ETH-USD): Anticipated SEC approval of spot ETFs and the Dencun upgrade may accelerate Ethereum’s growth.
  • Solana (SOL-USD): Solana’s 582% annual gain highlights strong adoption, partnerships, and integration with Google Cloud and Chainlink.
cryptos to buy - 3 Cryptos to Buy Now That the April Bitcoin Halving Is Over

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Mining company rewards dropped 50% immediately after the fourth Bitcoin (BTC-USD) halving on Apr. 19, reducing miner rewards from 6.25 BTC to 3.125 BTC per block. However, the halving is a boon for investors looking for cryptos to buy due to the deflationary nature of the event.

In addition, the recent approval of a spot Bitcoin ETF by the SEC shows that the institutional money is ready to play the crypto space. We can expect to see more developments this year which will further increase the legitimacy of crypto as a viable digital asset class, which is especially important after the FTX scandal.

Under these circumstances, Bitcoin becomes a no-brainer asset to hold for profiting from the halving event. However, we will profile two altcoins, which will benefit indirectly from the halving. The first one, much like Bitcoin, can get a boost if a much-needed regulatory nod is given. The final pick capitalizes on rapid transaction speeds, aligning with evolving market demands.

Bitcoin (BTC-USD)

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The biggest beneficiaries of the fourth Bitcoin halving are Bitcoin investors, making BTC one of the top cryptos to buy despite gaining 120% in a year. Halving events increase Bitcoin value by slowing new Bitcoin creation, historically leading to a bull run in the price of BTC and, by extension, the broader crypto space.

Apart from the halving, the other factor helping increase Bitcoin’s momentum is mainstream adoption, such as the SEC approving spot bitcoin exchange-traded funds in January. Such developments give BTC an unprecedented level of legitimacy.

The momentum is showing no signs of stopping. For instance, more and more pension funds are considering Bitcoin as an investment.

What’s more, the BOB (Build on Bitcoin) project successfully started its mainnet for Bitcoin DeFi, locking up more than $300 million in value.

Finally, major analysts remain bullish on Bitcoin, thanks to the halving event and reduced regulatory uncertainty. Standard Chartered projects Bitcoin will probably surpass $100,000 thanks to institutional adoption and demand for the cryptocurrency. Matrixport is even more bullish because of historical trends surrounding the halving and is projecting $125,000 by the end of 2024. Blockware Solutions is the most bullish, predicting Bitcoin could reach $400,000 after the halving event.

Ethereum (ETH-USD)

A concept image of a virtual coin based on the Ethereum logo.
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For the first time in almost two years, Ethereum‘s (ETH-USD) price recently went over $3,000. This rise is mostly due to people waiting for the approval of an Ethereum exchange-traded fund (ETF), which could bring in a lot more investors and make the market more liquid.

Franklin Templeton (NYSE:BEN), VanEck (NASDAQ:DAPP), and BlackRock (NYSE:BLK) have submitted their paperwork to the SEC for respective spot Ethereum ETFs. The deadline for application decisions is May 23.

After successfully launching a spot Bitcoin ETF earlier this year, BlackRock is optimistic that the Ethereum ETF will get the go-ahead. Ethereum staking was also included in Fidelity’s application. Thanks to the BlackRock application, investors and market observers believe the matter is of when, not if when it comes to the Ethereum ETF.

Shifting gears, the Dencun upgrade is helping Ethereum grow by leveraging cheaper Layer 2 transactions, data blobs, and Proto-Danksharding. The latest upgrade is part of the development plan for ETH, the next part of which is the Prague-Electra, or Pectra, update.

Two potential enhancements as a result of the upgrade are the EVM Object Format (EOF) and the ability for transaction records to terminate; specifics are being worked out. The upgrade is scheduled to be released in two parts, with separate features for the processing layer (Prague) and decision layer (Electra) of the Ethereum blockchain.

Solana (SOL-USD)

Solana Coin (SOL-USD) in front of the Solana logo. Solana price predictions.
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By gaining 582% in one year, Solana (SOL-USD) has made a big return from around $13 to trade for over $154. In January, the total value locked (TVL) on its DeFi ecosystem was only $210 million. By March, it had grown to over $4 billion.

The recent news that Ellipsis Labs raised $20 million to build the Phoenix decentralized market on the Solana network builds on the narrative that it’s the go-to platform for developers thanks to its speed of 2,700 transactions per second and fee per transaction of $0.00025, it’s one of the best cryptos to buy.

Solana is also quickly expanding its network by working with big companies and projects to connect them. Google Cloud has added Solana to its Web3 infrastructure to offer node-hosting services, making it easier for users to run the network and providing more options.

Meanwhile, Audius, a decentralized music streaming platform, lender Marginfi, staking optimization-focused Marinade Finance, and liquidity layer and lending protocol Kamino are all working on Solana to improve their services.

Thanks to its link to Chainlink (LINK-USD), Solana can also use real-time data from decentralized oracles.

These developments and relationships are essential to Solana’s growth, helping it go past XRP (XRP-USD) to become the fifth-largest cryptocurrency, making it one of the top cryptos to buy after the fourth halving.

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.

Faizan Farooque is a contributing author for InvestorPlace.com and numerous other financial sites. Faizan has several years of experience in analyzing the stock market and was a former data journalist at S&P Global Market Intelligence. His passion is to help the average investor make more informed decisions regarding their portfolio.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/3-cryptos-to-buy-now-that-the-april-bitcoin-halving-is-over/.

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