2024 has been a remarkable year for crypto traders and investors, with many significant milestones. From the spot Bitcoin exchange-traded funds (ETFs) approval by the US SEC in January to BTC reaching a new all-time high of over $75,000 before the April Bitcoin halving, there have been remarkable highs.
Like every other bull market, not only BTC's value rises during market uptrends. Altcoins like Ethereum, Solana, and Ripple also partake in the gains as the broader investor sentiment is optimistic. But how can investors find new tokens to invest in for potential gains?
Strong Correction Reverses Market Gains
Despite the significant market uptrend in 2024 that saw investors experience one of the biggest bull cycles, the crypto market has been hit by a strong correction that caused Bitcoin's value and the prices of altcoins to drop massively.
Before the 2024 Bitcoin halving, the bulls took control of the market, with altcoins and meme coins experiencing significant price growth alongside Bitcoin. At the time of writing, the Bitcoin price is around $61,000, about 23% down from its March 2024 all-time high.
The correction is also evident in the altcoin market, as popular coins like Ethereum and Dogecoin have dropped significantly from their early 2024 highs. Moreover, the altcoin season index, which reached a rating of 84 in January 2024, has declined to 41 at press time.
The fall in the altcoin season index is further proof of the "cool off" in the general crypto market since it started reaching high levels in February 2024. But what does this mean for altcoin and meme coin investors? Let's analyze the current market realities for insights.
Is An Altcoin Rally Coming?
The initial bull run in early 2024 resulted in an altcoin season index of 84. Though the rating has been on a decline since the subsequent market correction, some market analysts remain optimistic about the future of the altcoin market.
For instance, as of the time of writing, Bitcoin dominance stood at 54.70%, having gone below 50% in April 2024. If history is anything to go by, altcoins will peak as Bitcoin loses its dominance.
The Bitcoin halving event usually precedes the fall in Bitcoin dominance. Usually, Bitcoin dominance falls as mining difficulty increases. For instance, the dominance value decreased from around 98% in 2016 to 40% in 2017 after the 2016 halving was completed.
However, it's not only the coin's dominance that's always impacted. BTC price also falls soon after halving is completed. This has been the trend over the past three halvings, during which BTC's value decreased post-halving and increased some months after.
For instance, after the 2020 halving event, the coin's price dropped slightly from about $9,700 to around $8,700. However, it picked up momentum about a month later and reached about $11,000 in October 2020. That means the historical fall in Bitcoin's price post-halving hasn't been different this year.
During these periods of Bitcoin lows, altcoins were the alternative choices for most investors. Ethereum and other assets gathered momentum with an explosive rally. Moreover, they continued to peak with another general bull run influenced by the subsequent rise in the BTC price.
So, investors who bought altcoins and meme coins during the correction period had their portfolios' value rise after the market reset ushered in a new altcoin rally.
As an investor, the current prices of altcoins, especially meme tokens, present you with the opportunity to invest in your favorite assets at low prices as a potential altcoin season looms. For instance, meme tokens like $PEPECOIN and SHIB have surged by over 300% and 150%, respectively, between May 2023 and May 2024.
$PEPECOIN's market cap experienced a face-melting rally, skyrocketing from $504 million on February 24, 2024, to $4.64 billion on May 21, 2024, which shows immense potential marked by its bold ambitions.
Pepecoin's genesis took place on March 05, 2016, making it the world's first Pepe the Frog-themed cryptocurrency. Pepecoin's parabolic rise has been in part due to the many fun and engaging utilities the Gigabrain devs have cooked up, like PepeOS, Pepe Paint, and Pepe Messenger. All fueled with OG memetic magic, aiming to "Dev their way to the Top."
The Pepecoin team has already launched their AI-powered trading bot named Kek.bot and will deploy BasedAI next, a novel, innovative AI solution. BasedAI incorporates ZK-LLMs with a P2P, Layer 1 blockchain, and its subnets named "Brains" for operating your AI. Privacy-focused AI has a promising future with $BASED. The year ahead lines us with many exciting developments from the Gigabrain team behind PepeCoin and BasedAI. An impact that may truly reshape crypto, web3, and AI and become a mainstay of cultural relevance, merging culture and tech.
Meme Coins Remain a Huge Part of the Altcoin Market
Analysts like Coinbase CFO Alesia Haas remain optimistic about the crypto market's long-term potential. According to Haas, meme coins are creative concepts showcasing developers' creativity in the crypto space.
Additionally, meme tokens like PEPE (716%+), WIF (711%+), and FLOKI (433%+) are the market's top three performers between February and May 2024. For context, BTC only gained about 22%, while ETH gained approximately 10% during the 3 months.
In other words, meme assets are worth considering as the altcoin market gears up for its next rally. However, meme coin investing is highly risky due to challenges like inflated token presales, coin values backed by social media hype, and the promise of unrealistic gains from project developers. So, finding the best altcoins to invest in can be tricky.
That is why platforms like Bitget PoolX only list verified meme coin projects with solid roadmaps and potential. In addition to the exchange's "Opportunities" page, where you'll find the top market movers and new tokens, Bitget PoolX allows users to earn staking and mining rewards.
The platform offers various projects with flexible staking periods and enhanced liquidity. You can also track each asset's performance and staking window countdown.
Considering Bitget's reputation as a leading cryptocurrency exchange, investors have added assurance of finding trustworthy projects to invest in through staking or holding for the next altcoin cycle.
However, it's crucial to note that the coins' availability on Bitget PoolX and the optimistic market sentiment don't guarantee their success or returns. The positive market predictions are speculative, and the eventual price outcomes are primarily dependent on demand and supply.
Ultimately, do your own research and find the best meme coins that align with your investment strategy and risk appetite.
