The crypto world is buzzing about the upcoming Bitcoin halving, scheduled for around April 20. This event, occurring every four years, is predicted to push Bitcoin’s price even higher. Historically, halvings have correlated with price increases, and experts believe this year will be no different. Bitcoin recently surpassed its all-time high and many anticipate it to reach $100,000 in 2024.
Will Altcoins Follow Suit?
While Bitcoin’s rise seems likely, the effect on smaller coins (altcoins) is unclear. Some altcoins have benefited lately, partly due to the SEC approval of Bitcoin ETFs, which has attracted institutional investors. However, experts are divided on whether the halving itself will significantly impact altcoins.
Focus on Established Players?
Some experts recommend sticking to major players like Bitcoin and Ethereum, where institutional demand is strongest and liquidity is high. They advise against meme coins with unlimited supply, considering them more like gambling than investing.
Potential Post-Halving Boost for Altcoins
While not directly impacted by the halving, altcoins might see movement later. As Bitcoin holders profit, they may invest in other digital assets, potentially driving altcoin prices up. Additionally, new Bitcoin investors might explore other cryptocurrencies.
Also Read: Bitcoin Price Pulls Back After Reaching Record High
Educate Yourself Before Investing
Experts urge investors to learn about different crypto sectors, like smart contracts, a rapidly growing area with promising applications. While Ethereum is a leader, competitors like Solana and Binance Smart Chain are gaining ground due to lower costs and faster speeds.
Meme Coins: A Risky Bet
Experts advise caution with meme coins, which lack utility and rely solely on hype. They compare them to past trends like ICOs and NFTs, which experienced booms followed by sharp declines. Investing in meme coins could lead to significant losses.
Disclaimer:
The information contained in this article is for informational purposes only and should not be considered financial advice. Investing in cryptocurrency involves a high degree of risk and volatility and is not suitable for all investors. This article does not constitute an offer or solicitation to buy or sell any securities. Please consult with a qualified financial advisor before making any investment decisions.
