Altcoins
5 Altcoins to Watch as Bitcoin Halving Approaches
In anticipation of the upcoming Bitcoin halving event, the crypto market has seen some turbulence. Bitcoin (BTC) has not recovered since significant losses in mid-March, which is a familiar trend for the token.
However, some analysts are targeting a price prediction of $100,000, assuming the April 2024 halving goes smoothly. This, in turn, has the potential to have ripple effects throughout the altcoin sector.
Pre-halving anxiety is further fueled by last week’s Federal Reserve meeting, where every crypto enthusiast is hawkishly monitoring the price of each market leader. Fortunately, this tense environment has been prosperous for a number of altcoins, five of which are growing exponentially.
Trading View: Annual growth of CHO token is over 400%
The CHO token has all eyes on it due to an impressive price increase it has posted since the token’s relatively calm period in February. CHO gained over 400% in March compared to February, and rumors are already circulating about why this may have happened.
The current bullish market sentiment for CHO could be explained by its consistent strong performance despite market fluctuations, highlighting the low correlation with the market as a whole. This coupled with the appearance of a mysterious end pagetitled “CHO Revolutionary update” with a countdown and the announcement of the “biggest airdrop in history”, increased the intrigue within the Choice.com community.
This plot was completed by tips from the platform’s founder who mentioned potential future benefits for CHO holders as the company moves towards B2B. Referring to the possibility of generating $180 million in revenue, it was highlighted that some wheels are already in motion from a symbolic point of view.
Given the resilience of the CHO token in the face of Bitcoin downturns, and Choise.com’s seven years of expertise and innovation in the industry, we can expect further growth once the updates mentioned above above published.
2. Goldfinch (GFI)
Trading View: Annual growth of GFI token exceeds 285%
Following the announcement Among BlackRock’s first tokenized funds on the Ethereum network, DeFi project Goldfinch and its native governance token, GFI, have gained popularity.
Goldfinch has established itself as a leading player in the decentralized finance (DeFi) sector, with an impressive portfolio of over $326 million in active loans.
Investors have shown strong interest in GFI, which has doubled in value since the start of the year. This increase is attributed to the growing trend of tokenization of real-world assets (RWA).
However, it should be noted that only a quarter of GFI tokens are currently available for trading, which could introduce unexpected volatility for seasoned investors. While price fluctuations can generate quick profits, they also carry the risk of quick losses.
3. Boson Protocol (BOSON)
Trading View: The annual growth of the BOSON token is almost 181%
In March, the Boson Protocol team revealed an updated roadmap that has garnered enthusiastic support from the community. This was demonstrated by a remarkable 70% increase in the value of BOSON, the protocol’s governance token.
The main objective of the roadmap was to boost the adoption of cryptocurrency in the e-commerce sector.
The monthly increase in BOSON’s value significantly strengthened its annual performance, leading to an impressive 199% rise. boson The innovative technology is currently attracting considerable market attention. This technology enables the conversion of real-world goods and services into tradable NFTs, thereby improving the digital shopping experience and making cryptocurrency more practical in real-world scenarios.
However, investing in BOSON presents certain difficulties. The token is not listed on reputable cryptocurrency exchanges and cannot be acquired fiat, which benefits those looking to inflate the value of the asset for their own benefit.
4. pSTAKE Funding (PSTAKE)
Trading View: The growth of the PSTAKE token since the beginning of the year is almost 98%
pSTAKE FinanceDYDX’s move to liquid staking resulted in a 200% increase in the PSTAKE token.
This was made possible by dYdX, a notable DEX that operates using the DYDX token, which recently migrated to a native application chain within the Cosmos network. This decision aimed to increase the security and decentralization of the platform
Seeing this as an opportunity, pSTAKE Finance focused on a large number of DYDX holders while dYdX was busy with the transition. The pSTAKE protocol allowed holders to stake their tokens for USDC rewards, eliminating conventional 30-day lock-up periods to ensure liquidity of staked assets.
Although the DYDX liquid staking market size is in the millions of dollars, providing a potentially fruitful environment for the development of pSTAKE and its native token, there are also challenges. PSTAKE’s journey to success is marred by its extremely high volatility and annual inflation rates. Furthermore, as major cryptocurrency aggregators point out, early investors in the token have yet to make substantial profits.
5. HOPR (HOPR)
Trading View: The annual growth of the HOPR token is approximately 73%
In March, the HOPR protocol saw a significant increase of 140%, most likely influenced by Bitcoin’s record high. The lack of company updates during the market turmoil implies that HOPR’s price fluctuations were driven more by overall market trends than specific product updates.
The token’s dependence on speculative market movements is evident from its weekly decline, which closely mirrors that of Bitcoin. Despite market volatility, the HOPR community remains confident, as indicated by the current “fear and greed” index reading “greed.”
However, there is cause for concern. While the token’s performance this year is some promising, attention should be paid to HOPR’s undisclosed circulating supply and decreasing trading volumes. A significant difference between a decrease in trading activity and an increase in token value may be a warning sign of possible manipulative behavior aimed at artificially stimulating investor demand.
Conclusion
These five emerging tokens, each with a market capitalization of less than $100 million, have already achieved triple-digit growth since the start of this year. Over time, Choise.com (CHO), Goldfinch (GFI), Boson Protocol (BOSON), pSTAKE Finance (PSTAKE), and HOPR (HOPR) will have the opportunity to prove themselves by creating opportunities for investors to harvest greater profits in a market preparing for a significant change driven by Bitcoin. While investing in each requires extensive research, CHO’s recent rally appears to be the most sustainable, as it precedes big fundamental changes in the project’s operation and will likely result in more substantial gains down the road. , as was the case in 2022.