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The king of cryptocurrency rebounded quickly this year, with the price increase reaching 100% after hitting bottom last year. However, the same cannot be said for most altcoins.
When to Buy Cryptocurrency?
In fact, many cryptocurrencies have plunged to or even below last year’s dip levels due to the SEC’s aggressive action in early June.
Currently, a series of factors suggest that we could see prices surge sharply in the coming months. The approval of a Bitcoin ETF could not only explode the price of Bitcoin but also potentially trigger significant increases in the prices of other cryptocurrencies in the coming weeks.
Furthermore, when compared to 2019, 2023 has many similar aspects. Just like in 2019, there’s a possibility of seeing a significant rise in altcoins before the end of the third quarter of 2023. On the other hand, if the Fed passes on raising interest rates at the end of the month or even announces a ceiling, it could further support the uptrend narrative.
Therefore, investors have two options. If they haven’t taken advantage of the lows of the bear markets, they could buy at today’s prices and wait for a larger upswing. This is quite risky, and no one can guarantee that altcoins won’t plunge further. The second option is to prepare for the scenario in which the BTC price targets $40,000 after closing above $35,000. In December, we were talking about the same thing for a threshold of $28,000, and today we’re discussing it for $35,000. This is promising.
Which Altcoins to Buy?
So, which altcoins are worth buying? Which altcoins have the potential to perform better in the potential rally environment this year?
Cardano (ADA)
Cardano‘s ADA token suffered heavy losses during the collapse in early June. However, a lot has happened from a technical standpoint in recent months. Moreover, Hydra is coming soon. An increase in network activity and the number of applications could help the price recover quickly. Investors could see the price reach the regions of $0.5 and $1 again after $0.3 and $0.35.
Of course, classifying ADA Coin as a commodity is a risk, but Cardano has not yet been able to showcase its potential.
Tron (TRX)
The TRX token took a heavy hit from the collapse in early June. However, the price has been able to recover very well from the losses of early June recently. There is potential for strong increases in the coming weeks and months.
Ethereum (ETH)
In a potential uptrend environment, the long-suppressed price could quickly jump to the $2,500 region. Moreover, the continuing decrease in circulating supply shows that burns have turned inflation negative. If ETH sees a demand explosion while supply is increasing, this could provide serious profit opportunities for investors who take advantage of prices around $1,000.
