With the Bitcoin halving now just hours away, investors are asking whether BTC is the best crypto to buy now.
BTC’s issuance rate to miners will drop by 50% in just over 8 hours, as per nicehash.com. It will fall from the current 6.25 BTC tokens per block to 3.125 BTC tokens per block.
The Halving is Coming. #Bitcoin pic.twitter.com/JCD677j4Md
— Michael Saylor (@saylor) April 19, 2024
This will reduce Bitcoin’s annual inflation rate to around 1%. And, in the long run, the halving will directly reduce spot market sell pressure from miners, who constantly need to sell some of their Bitcoin stash to fund their mining operations.
That all sounds very bullish, and in the past, Bitcoin halvings have preceded massive run-ups in the crypto’s price.
The 2012 halving was followed by a 93x rally. 2016 was followed by a 30x rally. And 2020 was followed by an 8x rally.
But the Bitcoin price had never rallied to fresh record highs ahead of any of these prior halvings. That’s not been the case this time around, with Bitcoin hitting new record levels in March 2024 near $74,000.
Some think that the arrival of spot Bitcoin ETFs in January brought some of Bitcoin’s expected post-halving rally forward. That suggests that Bitcoin may have less room to run higher this time when compared to the past.
Bitcoin (BTC) – The Best Crypto to Buy Now For New Investors
But even if Bitcoin was “only” able to post a 3x rally after the halving this time, that would see it reach $180,000.
And the post-halving rally may have to wait a few months. Post-halving rallies typically haven’t kicked in for 4-6 months. That could reflect a short-term rise in miner sell pressure as they cope with a sudden drop in revenue.
Also, macro headwinds have been building recently. Strong US data and hawkish Fed speak has forced traders to price out rate cut bets lately.
But Bitcoin’s long-term outlook remains robust. The halving is great marketing for Bitcoin, reinforcing the narrative that it is “sound money” and akin to digital gold.
Moreover, the Fed remains likely to cut interest rates at some point. All the while, spot Bitcoin ETF demand is likely to remain a tailwind. And this year’s US election will probably see a pro-crypto shift in the US regulatory landscape.
The odds that Bitcoin hits $100,000 in the coming quarters remains strong. For any new investor to the crypto space, Bitcoin is definitely the best crypto to buy now.
Bitcoin halving price history:
2012: $12 at halving – $964 1 year later
2016: $663 at halving – $2,550 1 year later
2020: $8740 at halving – $55,801 1 year later
2024: $63,300 at halving…
This is the most bullish event.
Don’t be shaken out by whales pushing price down to…
— Layah Heilpern (@LayahHeilpern) April 19, 2024
But investors with sizeable Bitcoin exposure already and who are looking to up their risk, altcoins markets may be attractive.
While Bitcoin could yet post 3x gains this bull market, many altcoins might see even larger gains.
Smaller and lesser-known altcoins are riskier than Bitcoin. But they also offer much greater upside potential, as they are generally at much earlier stages in their adoption curves.
Here are some strong performers on Monday that could also be the best crypto to buy now.
Dogwifhat (WIF)
Solana’s top meme coin dogwifhat (WIF) is attempting to rebound back to its recent record highs on Friday.
WIF was last up 19% in 24 hours, making it the best performer in the top 100 by market cap.
That’s according to CoinMarketCap, which puts WIF’s valuation at back over $3 billion.
After WIF’s strong rebound at $2.0, a lasting recovery back above $3.0 could see bullish momentum build.
Dogwifhat could be the best crypto to buy now. Source: TradingViewWIF could easily post quick 60% upside from here as it returns to late-March record highs in the $4.80s.
That suggests it could be the best crypto to buy now.
THORChain (RUNE)
Multi-chain DEX/bridge THORChain (RUNE) is pumping hard on Friday, last up 13% in the past 24 hours.
Having found decent support around $4.40 recently, the crypto is eyeing a swift recovery back towards resistance-turned-support near $7.25.
THORChain’s modest market cap of under $2 billion suggests there remains plenty of room for valuation growth this bull market. 5-10x gains could easily be on the cards, making it one of the best crypto to buy now.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 19 of what the project deems as the best crypto presales of 2024.
See the 19 Cryptocurrencies
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