The cryptocurrency market has displayed a great deal of bullish activity this year. Bitcoin’s price has gained more than 50% since January, while several other coins, like Toncoin and Shiba Inu, recorded triple-digit gains.
However, the market performance has been anything but linear. Some cryptocurrencies have more than doubled in price within a single month, only for the hype to die off and retracement to occur over the coming weeks. This can make it difficult for investors to make the best out of short-term market trends and pinpoint the best cryptos to buy for the short term.
In today’s article, we will examine 3 coins that we believe have the serious potential to outperform the broader market this month.
These 3 coins have serious short-term potential
In the next sections, we will present our arguments for why the following three projects have strong potential for bullish short-term performance.
1. Toncoin
Toncoin (TON) is one of the more interesting blockchain projects currently in the market. It is closely integrated with Telegram, a popular messaging platform with more than 700 million users. It allows Telegram users to send crypto to one another and deploy blockchain apps leveraging Telegram bots and smart contracts. In addition, The Open Network is one of the fastest blockchain platforms in the world, beating the likes of Solana and Polygon.
On April 15, the TON Foundation entered a strategic partnership with HashKey Group, which operates a Hong Kong-based cryptocurrency exchange operator and digital assets firm. Here’s what Steve Yun, the president of the TON Foundation, had to say about the partnership with HashKey
“Through this strategic partnership with HashKey Group, we are excited to provide further support to independent and already influential communities around TON in this region. Led by local teams already achieving virality, we look forward to ushering in a new generation of mini-app builders on TON.”
Telegram is in a unique position to grow the adoption of decentralized applications (dApps) and crypto solutions through the massive Telegram community. This gives it a unique advantage over other crypto projects, which have to deal with the difficulties of attracting new users.
If recent market trends and TON-related developments are any indication, Toncoin could be a good short-term investment. According to our TON price prediction, the coin will finish the month at around $9 and proceed to hit a new all-time high above $27 by the end of May.
2. Bittensor
Bittensor (TAO) is a blockchain-based artificial intelligence (AI) project that’s designed to facilitate collaboration and intelligence sharing among AI models using distributed ledger technology. It allows machine learning models to interact autonomously, sharing data and computing resources across a secure and decentralized system.
In the past year, AI-related coins and tokens have definitely been on the uptrend. In fact, no other sector has shown gains as big as AI cryptocurrencies. The reason for that lies in the fact that the broader economy has been taken aback by the capabilities of new LLMs and chips specialized for processing AI algorithms.
Congratulations @const_reborn and the whole @opentensor team! You guys are amazing, as unique as each block itself!#bittensor #binance https://t.co/9OZppMxu3t
— Tao Ceτi (@ceti_ai) April 11, 2024
On April 11, Bittensor was listed by Binance, one of the largest and best crypto exchanges in the industry. The listing could help Bittensor benefit from additional liquidity and propel the crypto to new heights. In fact, TAO hit a new ATH on the day of the listing, showcasing the significance of a Binance listing.
Given the broader interest in AI projects and crypto this year and the coin’s accessibility to the world’s largest crypto trading platform, Bittensor could be a good buy for short-term investors. But you should keep in mind that the trends are fleeting, and no one can say for certain how the AI boom will last.
3. Bitcoin
Bitcoin’s (BTC) inclusion in this article is certainly not interesting or eye-catching, but it definitely is warranted. With the fourth-ever Bitcoin halving taking place in April and BTC’s historical tendency to rally after each halving event, now might be a good time to invest in the world’s oldest crypto. In two of the previous three cycles (2012 and 2020), Bitcoin gained roughly 10% within the first month after each respective BTC halving.
Now, you shouldn't expect Bitcoin to go 10x or anything crazy in the coming weeks and months – if that’s your goal, you will probably have to wait for years, if not decades. However, assuming that the price of Bitcoin will rally in the coming weeks seems like a pretty solid bet, given the broader market sentiment and historical trends.
Bitcoin’s price saw a significant increase after each previous halving. The 4th halving is expected on April 20. Image source: TradingView
Another interesting point to note is that Bitcoin has been particularly bullish in the months leading up to the halving. In previous halvings, that wasn’t really that pronounced. That could mean one of two things: Bitcoin’s cycle high could come around sooner than in previous years, and we might be already close to it. Or, second, the cycle high will come about a year to a year after the halving, like in the previous cycles, and the bullish activity we’ve seen in recent months is just a precursor of what’s to come.
The second possibility is not that far-fetched. Earlier this year, we saw the launch of Bitcoin spot ETFs in the US, which have given institutional investors a new venue to invest in Bitcoin. This has led to an influx of liquidity to an extent that we haven’t really seen in years past. That could be one of the reasons why Bitcoin started rallying unusually early compared to previous cycles and why this coming cycle peak might actually be higher than many analysts expect.
The bottom line
The coins included in this article possess unique characteristics that could help them rally in the coming weeks. Still, you should keep in mind that investing in these coins is still inherently risky and that you shouldn’t approach any kind of investing with a conviction that the investment’s value is guaranteed to increase.
To offset some of the risks, you could consider investing in cryptocurrencies that are best suitable for the long term. If you want a middle-of-the-road approach, you can also check out our list of the best cryptocurrencies to buy right now, which is updated weekly and features a healthy mix of smaller projects with high potential and well-established cryptocurrencies.
