After more than a year of slumber, maybe even ‘crypto winter’ hibernation, the crypto market is again abuzz following a string of victories in late 2023 and early 2024 and in the leadup to major developments scheduled to happen later this year.
In the final quarter of last year, Bitcoin (BTC) started rallying and quickly went from a stagnation near $25,000 to $40,000 and beyond, helping multiple other cryptocurrencies reach significant, multi-year milestones.
Additionally, January saw exciting developments such as the approval of multiple spot BTC exchange-traded funds (ETFs) and the Bitcoin halving, and spot Ethereum (ETH) EFTs are expected to come in mere months.
Picks for you
There have also been some legal victories in the battle between Ripple and the SEC, though recent developments demonstrate that the struggle is far from over.
With the recent thaw, investors are again looking for cryptocurrencies with the greatest promise to both further the Web3 ecosystem and to help them 10x their investments. In this climate, Finbold decided to look at several coins and tokens that can help turn as little as $50 into as much as $500.
Chainlink (LINK)
In recent months, Chainlink (LINK) has caused quite a stir in the community. Not only is it a crucial element of the broader ecosystem as a provider of decentralized oracle services that connect smart contracts to real-world data, but it has also been experiencing a major surge on the market.
In late October 2023, LINK started surging and rapidly rose from approximately $7 to above $16. By mid-November, it mostly stabilized near said level, but even more recently, it started skyrocketing again.
In total, it is more than 160% in the green in the last 52 weeks, 37.74% up in the last month, and, with its most recent jump, 22.96% in the last 7 days. It has, however, declined by 3.88% in the last 24 hours and stands at $18.65 at the time of publication.
Given its infrastructural performance and the recent buzz surrounding it, it is well-positioned to surge ever higher.
There have also been some interesting developments when it comes to its major holders, as recent data shows that an unknown whale has been accumulating LINK and has pulled more than $42 million worth into fresh wallets from the cryptocurrency exchange Binance within the last 2 days.
Finally, the prominent crypto trader Ali Martinez shared on X that Chainlink is currently facing a tough challenge as it tries to break above the crucial threshold as 5,330 addresses are holding 8.59 million LINK in the range between $19.40 and $20.03.
Should the cryptocurrency succeed, its next target stands as high as $26.87, Martinez concluded.
Polkadot (DOT)
At the time of publication, the Polkadot Network (DOT) presents several vectors of opportunity to savvy crypto traders.
Not only does it serve as an important link for blockchain interoperability, but is also working to improve and solidify its position in the non-fungible token (NFT) space – especially when it comes to the promising Web3 gaming industry – through its parachains.
At a glance, DOT’s recent performance has not been particularly impressive. While it briefly surged above $8 in early January, it has mostly been falling since. In the last 30 days, it is down 6.98%. In the last 7 days, it fell 5%, and it is 3.62% in the red, and it found itself at $6.69 by press time.
DOT’s technical analysis (TA) is, however, significantly more interesting as the token has formed the falling wedge chart pattern, indicating a slowdown in the downward momentum and pointing toward a major price surge in the near future.
Finally, it is working on its first meme coin, humorously called DED. The meme coin is designed to be fully transparent and decentralized, and the team working on it promised there would be no presale or team allocation but that all holders of DOT would receive it via an airdrop.
Bitcoin (BTC)
In its decade-and-a-half-long existence, Bitcoin has proven its ability to surprise and surge time and time again, no matter how high its price previously went.
The cryptocurrency has managed to retain its dominant position thanks to exceptionally strong fundamentals and has also, according to multiple experts, including Ark’s Cathie Wood, started replacing gold as the most important store of value.
It was also at the center of the most recent rally as well as the center of crypto news with the SEC’s approval of a list of new ETFs. While the cryptocurrency’s initial reaction to the event didn’t come in the form of a price surge, it is, in 2024, well positioned to rise again to new all-time highs (ATH).
Perhaps the most important cog in this machinery of optimism is the next halving event expected to take place in April. Historically, Bitcoin has always surged significantly in the wake of halving, and many experts believe this one will be no different.
The first took place in 2012 and saw BTC rise from approximately $12 to about $1,100. The second came in 2016 and sent it skyrocketing from $650 to almost $20,000, and the latest in 2020 propelled the world’s foremost cryptocurrency from $9,000 to over $60,000.
Looking at its performance, Bitcoin started rallying in the last trimester of 2023 but has, despite the impressive rise, stagnated in the range between $40,000 and $45,000 since January 1.
In the last 52 weeks, it is up 88.20%, but so far in 2024, it is down 3.01% and stands at $42,840 at the time of publication.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
