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The crypto market has slowed down significantly over the past week and digital assets in the space are suffering as a result. However, while times like this can be disheartening for investors, they also present a unique opportunity to get into the market at low and favorable prices before the next leg-up. Thus, here are the top 5 coins to accumulate ahead of the next bull market.
Bitcoin (BTC) is a no-brainer when it comes to the cryptocurrencies to accumulate in wait for a bull rally. This is because the asset is more often than not the one driving the rallies of the rest of the market. As a result, Bitcoin will almost certainly move before the rest of the market.
Furthermore, it is the largest cryptocurrency in the market. As the most trusted of all digital assets, it is the safest option, especially for those who are not looking to take on way too much risk with altcoins. Bitcoin has already proven its ability to recover time and time again, and this time is no different.
Being the second-largest cryptocurrency in the space and the leading altcoin has earned Ethereum its respect. This is an altcoin that has managed to outperform Bitcoin on a year-over-year basis and brought on the decentralized finance (DeFi) and non-fungible token (NFT) markets.
For Ethereum, as long as Bitcoin moves, it is almost guaranteed to move as well. This close correlation with the movement of BTC ensures that when the rally begins, ETH will be right behind Bitcoin with the gains.
Litecoin sometimes manages to fly under the radar but the coin has proven to be a good option over the years. It operates in a very similar fashion to Bitcoin but is way cheaper and faster compared to the pioneer cryptocurrency.
However, one thing that makes Litecoin a good buy right now is the fact that its halving is almost here. Just like it is with BTC, the LTC halving is very bullish for the cryptocurrency. Expected to take place in early August, it is a catalyst that could potentially push the price of the digital asset above $120 very rapidly.
Dogecoin features on this list due to Elon Musk’s affinity for the meme coin. Now, to many, this is a coin with no utility whatsoever. However, the crypto market has proven many times that for the majority of investors, it is less about utility and more about the possibility of profit.
DOGE has been able to perform better than a lot of its larger counterparts due to Musk’s support of moving the price at different prices and this time around is no different. For Elon Musk’s proclaimed favorite cryptocurrency, investors can expect more upside for this coin, and even better movement when the bull market begins.
Binance’s native cryptocurrency has been one of the most consistent performers in the market. It went from two digits at the start of the last bull run to over $700 at the peak. Expectations remain the same for the next bull market as BNB is forecasted to break above $1,000 this time around.
Binance’s scheduled quarterly burns of the token also work in its favor and as the crypto exchange removes tokens from circulation every three months, the value of the coin becomes higher. This makes it a good choice to hold going into the next bull rally.
The Crypto Market
Currently, the crypto market is still trading sideways and hasn’t shown any sign of a movement either upward or downward. However, as the next Bitcoin halving draws near in 2024, expectations of the market climbing to new all-time highs are rampant.
Nevertheless, it is still important to invest responsibly and practice adequate risk management due to the volatile nature of cryptocurrencies. This way, the possibility of profit is not eliminated but the possibility of losses is well managed.
Market cap still holding above $1 trillion | Source: Crypto Total Market Cap on TradingView.com
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.