With the Bitcoin halving event now just hours away, investors are asking whether BTC is the best crypto to buy now.
BTC’s issuance rate to miners will drop by 50% in just over 8 hours, as per nicehash.com. It will fall from the current 6.25 BTC tokens per block to 3.125 BTC tokens per block.
This will reduce Bitcoin’s annual inflation rate to around 1%. In the long run, the halving will directly reduce spot market sell pressure from miners, who constantly need to sell some of their Bitcoin stash to fund their mining operations.
That all sounds very bullish, and in the past, Bitcoin halvings have preceded massive run-ups in the crypto’s price.
Bitcoin Halving predicted almost on 4/20 at almost 4:20pm in 42 minutes WTF. pic.twitter.com/IIk4O4EFQT
— MartyParty (@martypartymusic) April 19, 2024
The 2012 halving was followed by a 93x rally, 2016 by a 30x rally, and 2020 by an 8x rally.
But the Bitcoin price had never rallied to fresh record highs ahead of these prior halvings. That’s not been the case this time, with Bitcoin hitting new record levels in March 2024 near $74,000.
Some think the arrival of spot Bitcoin ETFs in January brought some of Bitcoin’s expected post-halving rally forward. That suggests that Bitcoin may have less room to run higher this time than in the past.
Bitcoin (BTC) – The Best Crypto to Buy Now For New Investors?
But even if Bitcoin was “only” able to post a 3x rally after the halving this time, that would see it reach $180,000.
And the post-halving rally may have to wait a few months as these typically don’t kick in for 4-6 months. That could reflect a short-term rise in miner sell pressure while they cope with a sudden drop in revenue.
Also, macro headwinds have been building recently. Strong US data and hawkish Fed speak have forced traders to price out rate cut bets lately.
But Bitcoin’s long-term outlook still looks bullish. The halving event is great marketing for Bitcoin, reinforcing the narrative that it is “sound money” and akin to digital gold.
Additionally, the Fed will likely cut interest rates at some point. Meanwhile, spot Bitcoin ETF demand is likely to keep acting as a tailwind. And this year’s US election will probably see a pro-crypto shift in the US regulatory landscape.
The odds that Bitcoin will hit $100,000 in the coming quarters is strong. For any new investor in the crypto space, Bitcoin is definitely the best crypto to buy now.
Bitcoin halving price history:
2012: $12 at halving – $964 1 year later
2016: $663 at halving – $2,550 1 year later
2020: $8740 at halving – $55,801 1 year later
2024: $63,300 at halving…
This is the most bullish event.
Don’t be shaken out by whales pushing price down to…
— Layah Heilpern (@LayahHeilpern) April 19, 2024
But for investors with a sizeable Bitcoin exposure already looking to up their risk, altcoins markets may be attractive.
While Bitcoin could yet post 3x gains in this bull market, many altcoins might see even larger gains.
Smaller and lesser-known altcoins are riskier than Bitcoin. However, they also offer much greater upside potential, as they are generally at much earlier stages in their adoption curves.
Here are some strong performers on Monday that could also be the best crypto to buy now.
dogwifhat (WIF)
Solana’s top meme coin, dogwifhat (WIF), is attempting to rebound from its recent record highs on Friday.
WIF was last up 19% in 24 hours, making it the best performer in the top 100 by market cap.
According to CoinMarketCap, WIF’s valuation is now back over $3 billion.
After WIF’s strong rebound at $2.0, a lasting recovery above $3.0 could see bullish momentum build.
WIF could easily post a quick 60% upside from here as it returns to late-March record highs in the $4.80s, suggesting it could be the best crypto to buy now.
THORChain (RUNE)
Multi-chain DEX/bridge THORChain (RUNE) is pumping hard on Friday, last up 13% in the past 24 hours.
Having recently found decent support around $4.40, the crypto is eyeing a swift recovery back towards resistance-turned-support near $7.25.
THORChain Q1 Highlights:
+53% volume growth
+48% liquidity growth
+57% in savers growth
$8m collected in liquidity fees
$4.9m collected by interfaces
+$160m in lending collateralNew features & integrations
Read the full report on Medium:https://t.co/ar3HbCX2QI pic.twitter.com/8lyyKbRFGX
— THORChain (@THORChain) April 15, 2024
THORChain’s modest market cap of under $2 billion suggests there could still be plenty of room for growth in this bull market. 5-10x gains could easily be on the cards, making it one of the best crypto to buy now.
Crypto Alternatives to Consider
All of the above coins offer potential investors a great chance to make 10x gains.
But, for those looking for a better probability of near-term gains, an alternative high-risk, high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of upstart crypto projects to help fund their development.
These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors.
Here is a list of 19 of what the project deems as the best crypto presales of 2024.
See the 19 Cryptocurrencies
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