Although the cryptocurrency market is going through a steep correction, Bitcoin’s (BTC) halving event in April could provide a cushion. Many consider the halving event a bullish development because it reduces the rewards for BTC miners, thereby decreasing supply. Consequently, we may see BTC’s price rallying, pulling the crypto market along with it. Investors may begin to stock up on the original crypto in the weeks following the highly anticipated halving event.
Top 3 cryptocurrencies that may rally following Bitcoin’s halving
Ethereum (ETH):
Ethereum (ETH) is the second-largest crypto project after Bitcoin (BTC). However, the asset had a lackluster year in 2023 compared to its rivals, such as Solana (SOL) and BTC. Nonetheless, we may see a surge in ETH’s price following BTC’s halving in April this year.
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Moreover, the project is launching the Dencun upgrade, which could reduce network fees. Additionally, there is talk about an ETH ETF (Exchange Traded Fund), which, if approved, may help the asset’s price.
Solana (SOL):
Solana (SOL) was one of the best-performing cryptocurrencies of 2023. SOL’s price rallied by almost 1000% at one point last year. Moreover, while other assets are struggling, SOL’s price has rallied 7.4% in the daily charts.
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There is a possibility that SOL will surpass its 2023 high of around $120 if the market rallies after or before BTC’s halving event. Moreover, the project’s newly launched phone, Solana Saga, has 40,000 pre-sale orders. The phone launch may also aid the asset’s price to rally.
Cardano (ADA):
Cardano (ADA) is another popular cryptocurrency that may rally after Bitcoin’s (BTC) halving event. According to historical data, ADA may repeat its performance from previous bull runs. Although the asset is up 2.3% in the daily charts, ADA’s price has fallen by over 10% in the last week. The lower prices may provide a buying opportunity for new investors.