Prediction: The Bitcoin Halving Will Send These Cryptocurrencies Soaring

Within the aftermath of the April halving, Bitcoin (BTC -0.03%) has understandably been the focal point for crypto traders. Bitcoin has traditionally rallied within the early levels of a halving cycle, and traders view the present interval as a implausible time to purchase Bitcoin earlier than it probably goes parabolic.

However remember about altcoins. These, too, are inclined to carry out very effectively after any Bitcoin halving, given {that a} rising Bitcoin worth tends to ship the complete crypto market greater. As they are saying, a rising tide lifts all boats. With that in thoughts, here is a better have a look at a handful of cryptocurrencies that would soar in worth in 2024.

Layer 1 blockchain networks

As a place to begin, think about Layer 1 blockchain networks. These embody large market cap names comparable to Ethereum (ETH -1.64%), Solana, and Avalanche, in addition to a handful of smaller, extra nimble opponents comparable to Aptos and Sui. All of those at present rank among the many prime 50 cryptocurrencies when it comes to market cap, with Ethereum being the clear market chief with a whopping $460 billion valuation.

The explanation why these Layer 1 blockchains have a great probability to outperform the market is that they’re the constructing blocks of the blockchain financial system. Consider any key blockchain area of interest — comparable to decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, or the metaverse. All of those are constructed on prime of Layer 1 blockchains. In consequence, any crypto bull market rally might raise all of those segments concurrently. The breakout might be super, given how crushed down a few of these sectors have been throughout the “crypto winter” of 2022.

Whereas there are a lot of choices right here, my private choice is for simply three of those Layer 1 blockchains: Ethereum, Solana, and Sui. Ethereum is the 800-pound gorilla on this house. Solana is a much-touted “Ethereum killer.” And Sui is the “Solana killer.” So, you possibly can make investments available in the market chief or an up-and-coming rival. The selection is yours.

AI crypto tokens

Sometimes, the Bitcoin halving results in what crypto traders consult with as “altcoin season.” As traders hunt down greater returns, they begin to settle for extra danger. That is when small, little-known cryptocurrencies can explode out of seemingly nowhere and dramatically outperform Bitcoin.

Picture supply: Getty Pictures.

If in case you have a giant danger urge for food, then you definitely would possibly wish to think about AI crypto tokens. Merely put, these are cryptocurrencies which are extremely leveraged to the present increase in artificial intelligence. With that in thoughts, my two prime picks listed below are Render (RNDR 3.99%) and Fetch.ai (FET 3.03%).

For the 12 months, Render is already up a staggering 120%. Render is especially engaging as a result of it’s half of a bigger pattern for synthetic intelligence generally known as “GPU Compute.” This refers back to the immense computing energy wanted for superior AI initiatives. And that is what Render offers. Customers pay within the Render token for entry to decentralized GPU computing energy situated everywhere in the world. And this GPU computing energy, as is perhaps anticipated, is often powered by Nvidia. For that cause, Render has already been referred to as “the Nvidia of crypto.”

Fetch.ai, up 230% for the 12 months, is one other guess on the way forward for AI. Fetch.ai refers to itself as an “open, permissionless, decentralized machine studying community with a crypto financial system.” Briefly, it is each a market and a platform the place you should utilize the Fetch.ai token to pay for all issues AI-related, from knowledge units to massive language fashions (LLMs), in addition to AI bots and AI brokers.

From my perspective, Fetch.ai is especially related for firms seeking to advance their AI initiatives. As a substitute of ranging from scratch, they will “fetch” all their AI sources from one place. As a proof of idea, Fetch.ai lately partnered with Bosch and Deutsche Telekom on a brand new AI platform for the business.

Give attention to the long-term

As greatest as attainable, traders ought to hold their deal with the long run. If issues go based on plan, the Bitcoin halving might kick off one more spherical of progress for blockchain and crypto. So, deal with cryptos constructed for the lengthy haul.

Since Layer 1 blockchain networks are the constructing blocks of the blockchain world, they arguably have the best long-term attraction. And in the event you assume that AI has a vibrant, shining future forward, then getting in early on AI crypto tokens might repay large later.

However simply bear in mind — investing in any of those cryptocurrencies could be risky and extremely dangerous. Proceed with warning and all the time do your personal due diligence.