Altcoins to Consider Buying as Bitcoin Price Surges Following Halving Event
Bitcoin (BTC) experienced a significant surge in price, reaching as high as $67,200 within the past 24 hours. This rise in value can be attributed to traders’ optimism following the recent halving event. The flagship cryptocurrency is now aiming to reach $70,000 in order to achieve a new all-time high (ATH) in the coming weeks. Interestingly, Bitcoin miners, who typically contribute to selling pressure, have not been selling their holdings despite the increase in mining difficulty.
At present, Bitcoin is trading around $66,300, which has led to increased volatility in alternative cryptocurrencies, particularly Solana (SOL) and Ripple-backed XRP.
Santiment, a market intelligence platform, has revealed that short-term Bitcoin traders are now shifting their profits towards more speculative altcoins, including meme coins. This trend suggests that if Bitcoin continues to rise in the near future, altcoins will follow suit, guaranteeing a favorable return for investors.
One notable meme coin that has gained significant popularity among speculative investors is POPCAT, a project based on the Solana blockchain. Within the past 24 hours, POPCAT’s price has surged by approximately 30%, reaching around 38 cents. It is important to note that this small-cap altcoin currently has a fully diluted valuation (FDV) of approximately $371 million and an average daily trading volume of about $117 million. The recent price increase for POPCAT has prompted a retest of its ATH, with high expectations for further price discovery in the weeks to come.
Another altcoin that has attracted the attention of speculative investors is Amp (AMP), which belongs to the decentralized finance (DeFi) category. Santiment has observed a significant increase in trading volume for AMP, making it an appealing option for investors seeking speculative opportunities. According to market data provided by Coinmarketcap, which is backed by Binance, AMP saw a 50% spike in daily trading volume to around $25 million during the early Asian session on Tuesday. With an FDV of approximately $796 million, this small-cap altcoin has experienced a 22% gain in the last seven days, currently trading at around $0.0079.
In conclusion, the surge in Bitcoin’s price has led to increased interest in alternative cryptocurrencies, with traders shifting their profits towards more speculative assets. Meme coins like POPCAT and DeFi altcoins like AMP have experienced significant price increases and are expected to continue attracting attention and potentially achieve further price discovery in the near future.