The crypto market has dropped to the lowest performance of 2024, where the global market cap has declined to the $2.29 trillion mark after suffering a dip of 4.59%. Compared to the few hours ago data, the market seems to have healed a little, as the global trading volume has surged $117.92 billion after a
The post 5 Altcoins That Might Recover Before Bitcoin Halving appeared first on CoinGape.
The crypto market has dropped to the lowest performance of 2024, where the global market cap has declined to the $2.29 trillion mark after suffering a dip of 4.59%. Compared to the few hours ago data, the market seems to have healed a little, as the global trading volume has surged $117.92 billion after a 3% surge. A few altcoins have succeeded in making a comeback, while a few are waiting to emerge before this Bitcoin halving event.
In this blog, let us discuss the top 5 altcoins that might recover before the Bitcoin halving.
Altcoin That Might Recover Before Bitcoin
Altcoins like Ethereum, Solana, Toncoin, Shiba Inu, Cardano, and a few others have shown possible indications of price recovery.
Ethereum
ETH price has been hit by a major fall this time, where the current value is around $3,081.02 after facing a 15% drop in a week. The impact of the price fall is visible on the market cap as that has decreased by 4.81%, bringing the value down to $369,518,135,710.
Though the price is down, the MACD and the Relative Strength Index have indicated bullish signals for the long run. Based on that, Ethereum will find support around $2698.5 before surging to $3789.7 before halving begins.
Solana
Solana has entered a bearish trend, but that’s about to end. Solana’s price has been struggling for almost a month and is currently trading around $132.47 after a 24% dip in a week. The market capitalization is also impacted negatively by around 12.88% as the current value is around $59,334,478,313.
Solana’s DEX Drift has announced an airdrop of 100 Million tokens in the upcoming days. Solana is already known for its involvement in most profiting tokens, and this announcement has built the hype around Solana once again.
Also, Solana’s v1.17.31 update will play a significant role in pumping the token price as it has solved the network congestion issues due to Solana’s high demand.
Toncoin
Toncoin is trading at $6.12 after facing a drop of 13.29%. The market cap is also struggling with the bearish nature of the market. At the time of writing Toncoin’s market cap is at $21,248, 635,304.
Toncoin is 19% away from its all-time high value set just five days ago. A downtrend followed the Toncoin price, but analysts have indicated a price recovery before the Bitcoin halving.
Toncoin has been in trend recently for its partnership with Telegram. The partnership included Toncoin as the payment partner for the messaging platform, leading to the increased demand for the altcoin in the market.
The Bollinger Bands indicator also has indicated a decrease in token volatility, leading to stability with price fluctuations.
Shiba Inu
Shiba Inu price has already started lifting from the earlier as the price dropped to a low of $0.00001927. Right now, the price has hiked to $0.0000221 with a market cap of $13,029,843,812, with a drop of 5%.
However, the Shiba Inu’s trading volume is at $1,109,046,857 after a 5.26% surge. The surge indicated the increasing demand for altcoins in the market.
Also Read: Shiba Inu (SHIB) Price Prediction April 2024, 2025, 2026, 2030, 2040 – 2050
Recently, the Etherscan data has also revealed the 107 Billion Solana tokens acquisition by a whale. The transfer of such a huge quantity has initiated the buying pressure for the altcoin in the market.
Cardano
Cardano is currently trading at $0.4553 after a 6% fall. The market cap is also down by 6%, presenting the value to be around $16,213,490,059. The same is the case with its trading volume, which has decreased to $661,243,887 after a 16% drop.
Despite the current low price, the ADA value has recovered slightly from its 14th April data, as at that time, the price fell to a low of $0.412.
The crypto analysts have spoken of a price surge to the $3 mark the way it did back in October 2020. A similar pattern in the Cardano is noticeable in the 2020 chart, where the price rose to a high of $3 after recovering from a price drop to $0.10.
Conclusion
Bitcoin halving might initiate a bull run soon after this correction period. It can take months to happen, but for now, the crypto market is suffering from continuous price fluctuations.
The analysts are expecting a few altcoins to recover from this fall to enter a better performance zone before halving even begins. It has to see how the altcoin behaves in the next few days to recover from losses.
Read More Top Crypto Gainers and Losers Of The Day Amid This Market Crash
The post 5 Altcoins That Might Recover Before Bitcoin Halving appeared first on CoinGape.
