April is likely to be the biggest month for cryptocurrencies so far in 2024 – a major achievement given that Bitcoin (BTC) hit a new all-time high in March, and the U.S. saw the approval of its first-ever spot BTC exchange-traded funds (ETFs) in January.
The month will probably feature major moves in the crypto market, mostly centered on and driven by the halving event.
A recent crypto market bloodbath also ensured that many cryptocurrencies are, at press time, below their current yearly high thus presenting multiple value buying opportunities for prospecting investors.
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Finally, April could also be big for meme coins as not only are many new ones being released on the Solana (SOL) blockchain, but it wouldn’t be out of character for a prominent influencer – such as the billionaire Elon Musk – to make an April’s Fools joke leading to a pump.
Bitcoin (BTC)
While Bitcoin has already seen a major rise in 2024, the coin is likely to be the main star of April due to the halving event which will reduce mining rewards and render extracting the rest of the cryptocurrency’s finite supply much harder.
Despite its high price, history shows that BTC could surge significantly in the coming months as it has, after the previous halvings, jumped in value anywhere between tenfold and a hundredfold no matter the jump-off point.
Even should the rally be less significant than in the past, Bitcoin recently stabilized roughly around $67,000 after a brief expedition above $70,000 and the price targets for 2024 remain overall bullish with some – such as the one made by the prominent investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ Robert Kiyosaki – going as high as $300,000.
Despite the current pause which even saw BTC drop 1.56% in the last 7 days and 0.16% in the latest 24 hours, the world’s premier cryptocurrency rose significantly since the start of 2024. Bitcoin is 57.24% in the green year-to-date (YTD) with a press time price of $66,836.
Cardano (ADA)
Since late 2023, Cardano (ADA) has both managed a major price surge that saw it rise from $0.24 in October to $0.64 on Monday, March 25, and started establishing a pattern on major rallies followed by corrections which, ultimately, lead to new even greater rallies.
Should Cardano continue following the trajectory that already saw it surge 80% in 52 weeks, and rise 6.43% in 2024, it could soon aim to reclaim its old-all-time highs above $2.80.
There have been several developments indicating that such a drive might be in the making. The number of smart contracts on Cardano’s Plutus v1 and v2 has been growing steadily and the first quarter of 2024 saw four times as many added as the entire 2023.
Additionally, there has been a broad and high interest in ADA as evidenced by the fact that Cardano has been adding, on average, 2,000 new wallets each day since January 1.
Dogecoin (DOGE)
While nothing is guaranteed when it comes to meme coins, there is a distinct possibility many of the internet joke-based cryptocurrencies will experience significant rallies in April.
Indeed, the current phase in the crypto market already saw several rags-to-riches stories with newer cryptocurrencies such as Dogwifhat and Slerf (SLERF) in which traders cashed out millions relatively quickly.
Dogecoin (DOGE), the world’s oldest meme coin, remains a strong contender into 2024 and, along with its prominence, it is well positioned for a rally as – even should there be no repeat of history – the start of April may see it surge as investors bet that Elon Musk will repeat his X joke from 2023.
Still, having surged 135.97% in the last 52 weeks, 99.36% in the last 30 days, and 15.61% on the weekly chart to $0.176 – a high not seen since late 2021 – Dogecoin remains a risky if promising bet.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
