The bull run in the crypto market since Q4 last year mirrors the potential digital assets possess over traditional assets. While Bitcoin achieved a commendable 132% increase in value in the last year, gold only managed an average return of 7.98%, compared to US stocks at 10.7%, commodities at 8.01%, and EM stocks at 6.39% based on Statista market data. In addition to Bitcoin, select altcoins to buy like XRP, Dogecoin (DOGE), Solana (SOL) and meme coins show potential to grow a small portfolio to $1 million by the end of 2024.

Annual gold and other assets returns | Statista

Building An Altcoins To Buy Portfolio Based on Bitcoin Halving

Most ardent crypto investors are looking towards the aftermath of the Bitcoin halving in less than two weeks. The halving process is significant for minimizing inflation by reducing the rewards miners receive for processsing blocks.

Following the halving this April, miner rewards will halve to 3.125 from 6.25 BTC. This will gradually reduce Bitcoin’s circulating supply and with demand staying the same or increasing, investors anticipate a major rally in the price.

Based on the previous bull markets, Bitcoin price has ignited a major rally in its price and the prices of altcoins to buy across the board a few months after the halving.

Although price increase is affected by many factors including the regulatory environment, a well-diversified portfolio including Bitcoin and select altcoins to buy could potentially push ordinary investors to the $1 million club by the end of the year.

1. XRP

XRP has observed a notable decrease in its price movement, descending beneath the critical $0.6 threshold amid a prevailing bearish sentiment. The XRP price is trading at $0.5867, reflecting a 2.36% decline over the last day. Despite a slight market adjustment, investor sentiment towards XRP continues to be guarded.

The valuation of the digital asset now approximates $32 billion, affirming its rank as the 7th largest cryptocurrency, according to CoinMarketCap data. A significant surge in trading volume has been noted, with a more than 37% increase in the last 24 hours, totaling $2.18 billion. This surge underscores a heightened investor interest in XRP.

XRP price chart

The impending pre-trial conference between Ripple and the SEC in April could significantly influence future cryptocurrency regulation. The SEC is pursuing a substantial fine against Ripple Labs for the alleged sale of unregistered securities. Both parties have engaged in settlement discussions and have requested extensions for their deadlines.

XRP has shown notable resilience, consistently remaining above the pivotal $0.58 mark. If a positive trend re-emerges, XRP could potentially surpass the previous resistance level of $0.65. With an increase in bullish momentum, it could breach the $0.9 barrier, reaching $1 in a short period.

2. Dogecoin (DOGE)

Amid the recent market downturn, Dogecoin experienced significant selling pressure at the $0.22 mark, leading to a 20% price decrease to now trade at $0.18. In the 4-hour chart, this peak has formed a double-top pattern, intensifying the bearish sentiment among traders. With the Bitcoin pre-halving correction underway, there is speculation on whether this trend will extend the downward movement in altcoins.

Unlike other leading cryptocurrencies, Dogecoin, the popular dog-themed meme coin, displayed an aggressive bullish trend in March. The asset witnessed a notable inflow in the month’s fourth week, which propelled its value from $0.122 to $0.228 high to register 86.8%.growth.

3. Dogwifhat (WIF)

Over the past day, the cryptocurrency dogwifhat price has experienced a significant decline in value, dropping by 11.60% to settle at $3.85. The market capitalization of the digital currency now stands at approximately $3.85 billion, ranking it 30th among its peers. Despite the downturn, the 24-hour trading volume saw a sharp increase of 32.45%, signaling heightened investor attention.

Dogwifhat Price Forecast chart | Tradingview

Dogwifhat appears to be gearing up for a significant breakout. After consistently trading above the $4 mark with a bullish posture, it achieved a record high on March 31, 2024, soaring by over 194% within the month. However, WIF has broken below $4 since then, indicating a consolidation phase as it seeks to establish new support levels.

4. Shiba Inu (SHIB)

Shiba Inu (SHIB) originated as a meme token, often regarded as a Dogecoin competitor. It has grown into a decentralized ecosystem with its decentralized exchange, ShibaSwap, and has plans to expand into NFTs and game development.

Amid the recent market consolidation, the SHIB price recovery witnessed a notable downturn from the $0.0000328 resistance in late March. The bearish reversal plunged the coin value by 21.5% in the last six days.

By the press time, Shiba Inu’s market cap stands at $15.29 Billion, while the trading volume is around $15.92 since yesterday. According to the recent data by Shibburn, the memecoin has seen a dramatic increase in its burn rate, soaring to 2307.19% over the last 24 hours. During this period, a massive total of 110,384,799 SHIB tokens were removed from circulation.

However, if the supply pressure from broader markets persists, the Shiba Inu price will retest the 61.8% FIB level at $0.00002368.

5. Solana (SOL)

Solana (SOL), a cutting-edge open-source initiative, leverages blockchain technology’s permissionless nature to offer solutions in decentralized finance (DeFi). The Solana protocol is ingeniously crafted to support the development of decentralized apps (DApps), aiming for enhanced scalability through a unique proof-of-history (PoH) consensus, which works in tandem with the blockchain’s inherent proof-of-stake (PoS) consensus mechanism.

Solana price chart

The value of SOL Coin has seen an extraordinary rise, indicating a strong market performance with over a 500% increase since October, signaling a bullish trend. Despite experiencing a slight 8% decline in the last 24 hours, which saw Solana price adjust to $189, the outlook for the altcoin remains optimistic, with expectations of continued upward momentum, albeit with potential minor retracements.

6. Cardano (ADA)

Cardano (ADA) is a third-generation cryptocurrency that distinguishes itself through a research-driven approach to design and development. The project aims to address scalability, interoperability, and sustainability issues faced by earlier blockchain platforms.

The Cardano price entered the current correction trend in mid-March as the price reverted from the psychological resistance of $0.8. Within three weeks, the altcoin lost 22.4% in value to current trade at $0.628.

ADA price chart

With a market cap of $22.4 Billion, Cardano coin maintains its position as the 9th largest cryptocurrency. The price decline today is backed by $502 billion in trading volume, 48% up since yesterday. If the downside momentum persists, the ADA price is likely to challenge the support at $0.57.

However, the confluence of technical levels at this support could bolster buyers to a renewed recovery trend aiming for a $0.678 and $0.8 high.

Bottom Line

Leading altcoins to buy comprising XRP, Dogecoin, Shiba Inu, dogwifhat, Cardano, Cardano, and Solana when used to diversify a Bitcoin-crypto portfolio have the potential to trigger the growth of smaller crypto portfolios to achieve unprecedented returns of more than $1 million by the end of 2024. Ahead of the halving in 2024, DCA strategies will ensure that investors get the entries while maximizing profits in the long term.

The post 6 Altcoins To Buy For $1 Million Portfolio By The End Of 2024 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am