With Bitcoin hitting $50K for the first time since December 2021, quick-witted traders are seeking the next altcoin that could explode.
Cardano and XRP are two leading altcoins, both dubbed as high-potential for the coming bull market. Yet, investing in one creates an opportunity cost, where the other may outperform it. With that in mind, let’s consider which could perform best in 2024.
ADA and XRP Bullish, but Current Price Structures Could be Crucial
The Bitcoin halving is just two months away, and the event has historically preceded a bull market. Cardano and XRP are top 10 cryptos, likely enabling success in line with the improving market conditions.
Nevertheless, both are in unique fundamental and technical positions, which affects their potential.
Starting with price action, Cardano displays significant strength, recently breaking above its bear market resistance and using it as support. Should this level hold, Cardano has a solid platform for an uptrend continuation, potentially propelling it to $1 within Q2 2024.
Furthermore, as the ADA price chart below shows, Cardano is bouncing from a deep pullback. This could indicate that the next leg up is approaching.
Analyst Ali Martinez is bullish on Cardano in the near term, speculating it could edge toward $0.68.
Moving to XRP, its price structure is less appealing, having recently broken below its weekly trendline support.
Since breaking below, XRP retested the trendline, and it is now acting as resistance. This is essentially the reverse of Cardano’s price action, indicating a more bearish outlook.
That said, XRP’s founding company, Ripple Labs, is undergoing a drawn-out legal battle against the SEC.
A partial victory in July caused the XRP price to spike to $0.9, but an SEC retaliation rendered the success short-lived. But looking ahead, lawsuit advancements could propel XRP to $1 or higher, enabling it to outpace the market.
Analyst and XRP community member Dom highlighted a multi-year triangle chart pattern, forecasting that XRP will retrace to the $0.45 support before “a very large move” to the upside.
This scenario will likely take some time to play out, giving Cardano the edge in the race to $1.
But with both projects battling it out for less than a 2x gain, many traders are shifting their focus to lower market cap altcoins with more upside potential.
One of the most promising upcoming cryptos is Bitcoin Minetrix, a revolutionary cloud mining protocol providing effortless BTC rewards.
Stake-to-Mine Bitcoin Minetrix Presale Raises $10.7M and Offers 63% APY
Bitcoin Minetrix is experiencing tremendous presale success, having raised over $10.7 million so far.
The deep-rooted community interest stems from the project’s solution-driven design and vast influencer backing.
Bitcoin Minetrix is a decentralized cloud mining protocol, making it easy for anyone to earn free Bitcoin.
The platform is built on the Ethereum network, making it accessible via an Ethereum-compatible wallet and $BTCMTX tokens.
It works by users staking $BTCMTX in exchange for Bitcoin mining credits. They can then burn these credits for cloud mining power.
After its launch, Bitcoin quickly diverted from creator Satoshi Nakamoto’s original vision, with miners adopting high-tech equipment that was inaccessible to the average person.
However, Bitcoin Minetrix returns the industry to its roots, enabling anyone to mine BTC – no expensive hardware or technical expertise required.
But as well as BTC rewards, Bitcoin Minetrix supplements stakers with $BTCMTX tokens, currently providing a 63% APY. While the cloud mining mechanism is yet to launch, presale investors can stake their tokens and begin earning $BTCMTX immediately.
The current Bitcoin Minetrix price is $0.0134, but this will rise as the presale advances, with the next uptick in just over one day.
