Top Cryptocurrencies for Investments Ahead of the Bitcoin Halving in 2024
Date: 2023-09-20 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Choosing a Cryptocurrency for Long-Term Investments: Expert Recommendations
In the world of cryptocurrencies, the cyclical nature of the market opens up unique opportunities for investors. The upcoming Bitcoin halving, scheduled for spring 2024, has become the focus of attention for many. Experienced experts and analysts offer their recommendations regarding the choice of cryptocurrency for investments in anticipation of this significant event.
Cycles and Halvings: Key Growth Drivers
The cryptocurrency market has its cycles, each lasting approximately four years and including phases of growth, correction, and sideways movement. These cycles are linked to Bitcoin halvings, events in which the mining speed of coins is halved. Based on historical data, Bitcoin typically responds to halvings with growth and the establishment of new all-time highs (ATH) in price, approximately one and a half years after the event. This is followed by a period of correction and sideways movement before a new cycle begins.
Market Leader: Bitcoin
Bitcoin remains the flagship cryptocurrency, and many investors prefer to start their journey into the world of cryptocurrencies with this coin. Its attractiveness lies in being the flagship and having proven its reliability. It is expected that in the next cycle after the Bitcoin halving, Bitcoin will again demonstrate growth and set new ATHs, making it an attractive investment option.
Altcoins and Their Prospects
However, many alternative cryptocurrencies, known as altcoins, can grow faster than Bitcoin. Experts point to Ethereum and XRP as potential candidates for investment. XRP, in particular, may become an attractive asset based on positive news about the resolution of the conflict between Ripple and the SEC.
Layer 2 Solutions (L2): The Future of Blockchain
Tokens of projects offering Layer 2 (L2) solutions for blockchains are also attracting the attention of investors. These projects create overlays on top of major blockchains, improving scalability and reducing transaction costs. As the crypto market develops, there is growing demand for L2 solutions, which can trigger the rise in the prices of corresponding coins.
Expert Opinions: Where to Invest in Cryptocurrencies?
Cryptocurrency specialists and market experts share their recommendations for choosing cryptocurrencies for investment. Prominent voices urge starting with Bitcoin as a reliable asset. They also highlight the prospects of altcoins, especially Ethereum and XRP, as well as the increasing interest in Layer 2 solutions.
Expert Opinion from Dmitry Noskov
Dmitry Noskov, an expert at the StormGain cryptocurrency exchange, believes that Bitcoin remains the top choice for investments. He also singles out XRP among altcoins, noting that positive news about the resolution of the conflict between Ripple and the SEC could drive XRP's price higher.
Recommendations from Gracie Chen
Gracie Chen, the Managing Director of Bitget, also advises investors to pay attention to Bitcoin as the market leader. She also emphasizes the prospects of tokens from L2 project solutions, highlighting the increasing demand for such solutions in the context of the cryptocurrency market's development.
