FOMO has seized the market since BTC broke past the much-awaited $50K milestone.
The last time BTC touched $50,000 was in December 2021. Two years later, the market is preparing for another mega bull run. While BTC is at the forefront of the rally, altcoins like Solana and Kaspa hold larger growth potential.
What you'll learn 👉
Why Are Crypto Prices Up?
BTC’s ride to the $50K milestone is fuelled by multiple factors like the potential institutional demand, traditional interest rates, and the upcoming Bitcoin halving.
While the market was descending into a long and harsh crypto winter the last time BTC crossed $50K, things look more promising now. The optimism surrounding the institutional adoption of cryptocurrencies is expected to favor the price action of BTC. Macro conditions, in addition, are expected to drive new investors to the crypto domain in the coming weeks.
“We’ve got four or five cuts lined up from the Federal Reserve in 2024, the fourth bitcoin halving that will enhance the asset’s scarcity, and further inflows to bitcoin ETFs after already seeing billions of dollars flow in just weeks after launching,” notes eToro market analyst Josh Gilbert.
Bitcoin halving’s track record in fueling the crypto price action is expected to repeat this time too. The milestone will cut mining rewards in half. To compensate for the declining rewards, the BTC price is bound to appreciate in the coming weeks and months.
Analysts and institutional investors are optimistic about the upcoming price trajectory of BTC, with predictions ranging up to $100,000 in 2024 and up to $200,000 in 2025.
Bitcoin halving and macro conditions won’t just be a bullish catalyst for BTC. Altcoins stand to gain higher from the rally. Listed below are four altcoins that have set the stage for large returns this week.
1. Solana (SOL)
Solana is one of the top performers of the ongoing bull run. Over the last seven days, the coin has climbed close to 20%, touching $114 with a gigantic market cap of $49.8B.
Indicators show that SOL has more steam left. Currently ranking 4th on the global crypto chart, only behind BTC, ETH, and USDT, Solana maintains an edge in ecosystem development and expansion. The spike in the interest in Solana phones, in particular, has catalyzed the recent price action.
100,000 preorders in less than 30 days 🔥— Solana Mobile 2️⃣ (@solanamobile) February 12, 2024
We’re floored by the demand and truly grateful for the overwhelming support💪
Now that we’ve hit this milestone, the Founder Window & preorder price of $450 will close in 48 hours. Your chance to join is now!
👉 https://t.co/nYR9apGGIT pic.twitter.com/9L224igXcL
2. Kaspa (KAS)
KASPA has also been performing remarkably well, jumping 41% in a week.
Kaspa (KAS) seven-day price action, CoinMarketCap
Can the viral coin go any higher?
The fundamental analysis of the project hints at a price correction in the coming weeks. The social sentiment surrounding the coin, on the other hand, leaves more room for growth. The broader market bull run will further sustain interest in the project.
But long-term investors looking for a lower entry to Kaspa will come across much better prices toward the end of the month.
3. Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is one of the most viral tokens this year. The cloud mining token simplifies entry into the Bitcoin mining sector with a staking dashboard. An industry that has long been confined to the rich and the tech-adept is being opened to the masses.
The appeal of Bitcoin Minetrix lies in its simplicity. To start earning BTC mining rewards with the platform, participants just need to stake their $BTCMTX tokens. They will start to accumulate credits in a non-transferable ERC20 token.
These credits can be burnt for BTC rewards as and when holders please. Being non-transferable, the credits can’t be stolen. The stake-to-mine dashboard offers a secure avenue for passive income.
Having crossed the $10M milestone already, it won’t be long before the $BTCMTX presale sells out. Investors have little time to purchase the token for discounted prices and put them to work with the passive staking system that is now live.
Another high-potent, low-cap crypto to buy now is $TUK, the native token of eTukTuk. The EV ecosystem is specifically designed for developing economies, narrowing down its target to popular three-wheeler taxis.
The green version is not just environmentally efficient, but can also give up to a 4X boost to drivers with a streamlined design, lower operational and maintenance costs, and AI optimizations. The high market relevance of eTukTuk gives $TUK the potential to attain unicorn status toward the end of the year.
In the meme coin niche, Solana-based SMOG is expected to kindle another bull run this week. The stealth launch recently kindled a 4,703% surge, with its undiluted market cap touching $50 million.
The mega dragon-themed SMOG airdrop is in the pipeline, positioning the token for a rally. It is expected to be one of the biggest this year, with 50% of the supply set aside for diverse marketing campaigns and 35% of the supply allocated to airdrop rewards.
The current dip gives investors who missed out on the meteoric surge another chance to ride the pump.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.