Bitcoin Halving Has Potential To Boost Altcoin Performance

The cryptocurrency market has been experiencing a surge after a prolonged period of pressure, showing a remarkable start for 2024. Experts who have been investing in the crypto market for a long time believe that this year might be an excellent one for the crypto market.

There’s a heightened expectation among investors for 2024, especially anticipating a bullish year for altcoins compared to Bitcoin (BTC). There are several reasons cited by these experts that could lead to a surge in altcoins this year.

Common Reasons That Can Boost Altcoins in 2024:

  • 1. Events related to Bitcoin and Ethereum:

There’s anticipation of approval for a spot Bitcoin ETF in 2024, with several firms having submitted their applications to the SEC. Speculations suggest that the SEC might decide on these applications, possibly approving a spot Bitcoin ETF as early as January or by April.

Similarly, discussions regarding the approval of the Ethereum ETF have gained momentum. These factors are contributing to the current surge in the cryptocurrency market, impacting the prices of not just BTC but also other altcoins.

  • 2. Bitcoin Halving Event in 2024:

Another significant event expected in 2024 is the Bitcoin Halving Event, historically associated with a bullish trend in the entire crypto market. This event could potentially lead to better performances by Altcoins compared to their previous years.

  • 3. US Presidential Election:

One of the most crucial events for the entire cryptocurrency market in 2024 is the presidential election in the United States. Several major candidates, such as Robert F. Kennedy Jr., Vivek Ramaswamy, Ron DeSantis, and Donald Trump, are supporters of cryptocurrency and NFTs.

Candidates like Robert F. Kennedy Jr., Vivek Ramaswamy, and Ron DeSantis have accepted Bitcoin and other cryptocurrencies as donations during their election campaigns. The crypto community hopes that a crypto-supportive president might be elected, subsequently increasing the number of cryptocurrency investors in the country.

This might incline new investors toward altcoins rather than BTC due to its high price, seeking potential profits in altcoins like ETH, Solana, and XRP, which have lower prices.

  • 4. Banking System Failures:

Predictions regarding the surge in altcoin prices are also influenced by the recent failures in the banking system. Following the collapse of three major US banks — Silicon Valley Bank, Signature Bank, and Silvergate Bank — people have turned towards cryptocurrencies, especially altcoins, as an alternative investment to traditional banking. The decreased prices of these crypto tokens and their potential for higher profits are attracting these investors towards altcoins.

The ongoing conflict between Russia and Ukraine has exerted significant pressure on the Russian Ruble, leading to a continuous decrease in its value. However, during this period, cryptocurrencies have been utilized as donations for both countries, aiding their economies.

Additionally, the quest for alternatives to the dollar through CBDCs in various countries has created new competition in the market, where cryptocurrencies are viewed as potential alternatives.

The G20 meeting, led by India, focused on creating a global regulatory framework for cryptocurrencies, receiving unanimous support from participating countries. Continuous efforts are being made by G20 nations in the direction of this common regulatory framework.

It is believed that any significant news related to this regulatory framework in 2024 might witness a surge in the number of cryptocurrency investors. Once such regulatory frameworks are established, new investors might choose altcoins with lower prices and potential future growth, thereby impacting the rising prices of altcoins significantly.

  • 5. Layer 2 Scaling Solutions:

Layer 2 scaling solutions are also crucial for the surge in altcoin prices. These network-based altcoins are more favorable for commercial use, making crypto usage more convenient. In 2024, the utilization of these Layer 2 scaling solutions for altcoins could lead to increased demand, potentially driving up their prices.

Overall, the crypto market in 2024 seems poised for significant movements, driven by various events and factors that might favor altcoins over Bitcoin in terms of price surges.

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