A series of bull runs are awaiting the crypto market.
The excitement around the next Bitcoin halving, as well as the optimism around the approval of BTC spot ETFs, will be the key factors that drive the action.
Here are three cryptocurrencies that are about to break into a steep upward trajectory. They are currently undervalued due to market trends. It gives a more profitable entry point for investors.
Ethereum (ETH)
Ethereum (ETH) would lead the next bull season according to market indicators. Currently valued at $1800, the coin has been struggling to break above the $2000 barrier for a while now. But that won’t be the case for long.
The project has recorded a significant 63.23% drop from its all-time high of $4,891.70 established in 2021.
Although ETH has not been showing any vivid hints of price movements for most part of the year, the recent bull season benefitted the altcoin captain too. Ethereum’s stagnation over the last two years can be owed to the pervasive impact of broader market trends.
Ethereum price action, 1-year, CoinMarketCap
But it’s important to note that Ethereum’s lacklustre performance isn’t solely due to market trends. The rising competition in the market has challenged the project’s dominance over the years.
Regardless of that, Ethereum remains proactive in refining its blockchain and strong points. This is particularly true in matters concerning energy efficiency and speed. They will yield fruit in the forthcoming months as the overall market revives and the Ethereum ecosystem expands into new territories.
The scheduled Bitcoin halving in 2024 is not just expected to boost Bitcoin’s price but also the wider market. The potential approval of Bitcoin spot ETFs could catalyze Ethereum’s price action in the upcoming months and throughout 2024 as well.
It would mark the beginning of a series of new ETFs, nurturing Ethereum’s foothold, especially in the traditional markets.
Whale transactions within the Ethereum network signal strong investor confidence in the project, which would materialize into a price action soon. Sustained demand from these major players could send Ethereum’s price towards $2,500 in the coming weeks.
More importantly, once ETH surpasses the $2,100 threshold, it could surpass its previous all-time high. It is likely to happen in the first quarter of 2024 as the engagement around bitcoin-halving converts into a crypto bull season.
Chimpzee (CHMPZ)
Chimpzee is a crypto sustainability project in the meme coin domain. It capitalizes on the immense popularity and wild community strength of meme coins, while avoiding the pitfalls of their notorious price dumps through market-relevant utilities.
The project’s theme revolves around a distinctive character, Chimpzee, which is a hybrid of an ape and a human. The character features in the Chimpzee Zero Tolerance Game, the play-to-earn wing of the project.
It represents a departure from the prevalent meme culture saturated by purposeless clones of popular meme coins like Dogecoin, Shiba Inu, and Pepe.
The project infuses more enthusiasm into causes like wildlife conservation and climate action by leveraging Web3 innovation.
Chimpzee recognizes the limitations of solely relying on awareness programs to motivate action. Instead, it brings forth a crypto incentivization model to attract more individuals towards wildlife conservation.
For instance, when you buy products or assets through Chimpzee’s platforms, it allocates a portion of the revenue to wildlife initiatives. Users can also earn rewards for their purchases and interactions in CHMPZ tokens. In fact, the donations have begun even before the token launch.
- 1,200 trees planted for the restoration of the Brazilian rainforest.
- $15,000 donated towards the preservation of desert-adapted elephants.
- 20,000 trees planted in Guatemala.
- Contributed to the preservation of 1,000 square meters of the Australian rainforest.
- Donations aimed at saving forgotten animals in war-torn Ukraine.
- Plans to plant over 5,000 trees in Tanzania to combat climate change.
Chimpzee has a reducing token supply, which stands at $34 billion now. The strategic measure enhances the token’s value through scarcity.
Chimpzee has been surpassing milestones within its roadmap, both in product development and presale goals. The presale is nearing an early sell-out at the time of writing.
From a conservative perspective, the meme coin could initiate a 10 to 15 times surge within the initial weeks following its token launch.
Chimpzee End of Presale Giveaway 🥳
— Official Chimpzee Project (@RealChimpzee) November 1, 2023
Are you ready for some exciting news? As we approach our 2 million softcap, we're thrilled to introduce our Chimpzee End of Presale Giveaway! Your chance to win a treasure trove of CHMPZ tokens is here, and it's as thrilling as it gets!🚀🔥… pic.twitter.com/B8HqUQxIRj
Dogecoin (DOGE)
Dogecoin is expected to spark a significant price surge soon. Although DOGE has reaped limited benefits from recent market movements, it will spearhead the next wave of meme coin mania.
Dogecoin price action, 1-year, CoinMarketCap
Dogecoin’s price dynamics are notably responsive to market shifts, and thus expected to encounter multiple catalysts in 2024. The substantial whale activity surrounding the project and the growing enthusiasm within the ecosystem signal that a series of bullish runs are on the cards.
But the movement can sway in either direction due to the primarily volatile nature of the asset.