While the cryptocurrency market has recovered slightly from recent trading lows, prices remain well below the highs reached in March. Pre-halving market volatility and overall weakness remain the dominant factors in the market.
Bitcoin rebounded after hitting a low of $59,650 on Wednesday and hit an intraday high of $64,200 on Thursday, but then fell back to support at $63,300.
Recent Altcoin Performance
Yesterday, the top 200 altcoins by market cap saw mixed gains and losses. Livepeer (LPT) had the largest price increase, up 12.7% to $13.27; Jito (JTO) rose 10.9%; Centrifuge (CFG) rose 8.5%.
in a dogs world (MEW) led the decline with a 11.7% drop; Core (CORE) fell 9%; and Sui (SUI) fell 7.3%.
As of now, the overall cryptocurrency market cap is $2.3 trillion, and Bitcoin’s dominance rate is 54.2%.
What will be the future trend of Bitcoin?
Currently, Bitcoin is consolidating in the range of $63,000 to $64,000. The range of $73,000 to $60,000 is a large range that continues the upward trend. Once the consolidation is over, the market is likely to return to the upward track.
There is about one day left before the Bitcoin halving. Based on past experience, the halving day may cause violent fluctuations. Just like the halving days in 2016 and 2020, the market has experienced a brief downward spike of about 6 points, but then quickly recovered and showed a strong trend.
While the halving event and leveling off of ETF flows may cause prices to continue to move sideways in the short term, most analysts expect Bitcoin’s price to eventually resume its upward trend.
As the day approaches, I think the short-term low has been reached and there will be at least a few days of rebound. However, the entire correction phase is not over yet, and it will take at least a few weeks for the market situation to become clearer.
We recommend altcoins that are currently performing well and have a potential of 100 times!
1. GALA
GALA (GALA) is a native cryptocurrency designed to support Gala Games' blockchain-based gaming platform. Through GALA, players can use cryptocurrency to create, own, and trade various in-game assets. As part of the Metaverse ecosystem, the demand for GALA tokens continues to increase.
The price of the GALA token has surged by 45.3% this year, climbing from a low of $0.05425 to a high of $0.06762 in the past week. According to the GALA price prediction, by the end of 2024, its price could reach $0.0877, making it one of the best cryptocurrencies to buy right now.
2. XRP
Ripple (XRP) is a native cryptocurrency used to facilitate cross-border fund transfers at a significantly lower cost than traditional fiat currency transfers. In addition, the XRP cryptocurrency also enables instant transfers without the need for a trustless process. It is primarily used as a bridge currency, providing financial institutions with an efficient and economical way to transact, whether with fiat currency or other cryptocurrencies, and is therefore considered a quality cryptocurrency worth buying.
Over the past year, the Ripple price has increased by 21%, climbing from a low of $0.5727 to a high of $0.631 in just one week. According to chart indicators and Ripple price predictions, its price might reach $0.9112 by the end of 2024.
3. BNB
Binance Coin (BNB) is the native cryptocurrency issued by the Binance exchange and is widely used in various ecosystems. It is used to power the BNB chain and can be used to pay fees generated by platform transactions.
According to chart indicators, the Binance Coin price has surged 94.8% year-to-date. Moreover, the price of the cryptocurrency has risen from $575 to $625 in the past week. Currently, the Binance Coin cryptocurrency needs to break through the $686.31 mark, which is the all-time high it reached in 2021, to achieve new heights. However, according to the Binance Coin price prediction, the price of the cryptocurrency could reach $922.24 by the end of 2024, which makes BNB one of the best cryptocurrencies to buy today.
4. THERE IS
Cardano (ADA) is an open-source proof-of-stake (PoS) blockchain network built on a variety of design components, including a dApp development platform, multi-asset ledger support, and verifiable smart contracts. Cardano's establishment and continued development benefited from extensive academic research, the most important of which is the Ouroboros protocol: a secure and reliable proof-of-stake blockchain protocol that is often used to distinguish the project from other competing blockchain protocols.
The price of Cardano (ADA) has been on an upward trend. Since the beginning of the year, the price of Cardano has surged from $0.40 to $0.58. In the same period, the market capitalization of the cryptocurrency has grown from $1.409 billion to $2.094 billion. Crypto analysis predicts that ADA is consolidating between the $0.55 and $0.80 levels and may soon break through $1.70.
From a technical analysis perspective, the bullish trend of the Cardano cryptocurrency is likely to continue. Notably, the cryptocurrency is currently trading above the 100-day and 200-day moving averages. Therefore, market analysis predicts that Cardano may reach $0.87 by the end of the second quarter of 2024.
