The cyclical nature of the crypto market allows investors to plan their earnings. Many consider Bitcoin halvings to be the main driver of price growth in the crypto industry. The next one will take place in the spring of 2024. The editors of BeInCrypto decided to find out which cryptocurrency to buy in order to make money on the Bitcoin halving. Experts helped us answer the question
Why the crypto market is growing and how to make money on it
Movements in the digital asset market are cyclical. Each cycle, which consists of a growth phase, subsequent correction and lateral movement, lasts approximately four years. The reason is that every 210 thousand mined blocks, or approximately every four years, halvings take place on the network of the most capitalized cryptocurrency, Bitcoin (BTC). The term means a halving of the speed of mining (extraction) of coins.
There have already been 3 halvings in the history of Bitcoin: in 2012, 2016 and 2020. The next one will be in the spring of 2024. Bitcoin reacted to all three halvings with growth, updating the absolute maximum (ATH) value approximately a year and a half after the event. Then the coin went into a correction, and then sideways, after which BTC waited for a new decrease in the mining speed and a repetition of the cycle.
Bitcoin rainbow chart. Vertical lines indicate halvings. The black curve is the behavior of Bitcoin against the background of halvings. The rainbow helps you understand how profitable the value of a coin was for investment at each time period. The red zone is the maximum prices, the blue zone is the minimum. Schedule: blockchaincenter.net
Since Bitcoin is the flagship of the crypto market, most other cryptocurrencies follow its movements. Therefore, during the period when ATH is updated by the BTC rate, many other coins also set a new price maximum.
The 2024 Bitcoin halving is on the horizon. It can be assumed that BTC will once again react to the event by increasing and updating the absolute maximum value, and other coins will follow the example of the flagship.
Many altcoins, as observations show, are growing faster than Bitcoin. On the other hand, Bitcoin is the flagship of the market, which has proven its effectiveness. Therefore, BTC looks more attractive than altcoins. So the problem of choice arises. The editors of BeInCrypto found out the opinions of experts on which cryptocurrency is worth investing in to make money on the Bitcoin halving in 2024.
What cryptocurrency should I buy to earn money?
StormGain cryptocurrency exchange expert Dmitry Noskov shared his first vision with us. According to our interlocutor, investors, first of all, should buy Bitcoin. Among altcoins, Dmitry Noskov highlighted XRP. In his opinion, positive news about the resolution of the conflict between the issuer of the coin, the Ripple crypto project, and the US Securities and Exchange Commission (SEC) can set a good trajectory for the growth of its rate.
Bitget Managing Director Gracie Chen also believes that investors should first of all pay attention to Bitcoin. Our interlocutor also drew attention to the prospects for tokens of crypto projects that offer second-level (L2) blockchain solutions. We are talking about add-ons over the main blockchains that help reduce transaction costs and speed up transaction times. In her opinion, with the development of the crypto market, the need for second-level solutions will grow, pushing the tokens of such projects upward.
Co-founder of 1ex Trading Board Anton Nozdravchev also joined the discussion. Our interlocutor prefers top coins such as Bitcoin and Ethereum. At the same time, among the two leaders in capitalization, in his opinion, it is worth focusing on BTC.
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To sum it up: which cryptocurrency to buy to get rich?
The interlocutors interviewed by the editors of BeInCrypto believe that investors, first of all, should purchase bitcoins. In second place are popular altcoins such as Ethereum and XRP. It is also worth paying attention to second-level solution tokens. The popularity of the technology can push the price of such coins up.
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2023-09-20 06:34:18
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