5 Cryptocurrencies You Can Stock Up On Before The Next Bull Market Begins
After the good performance of the digital currency market since the beginning of 2023, we saw a relative decrease in prices in the last week. While such a situation can cause frustration for some investors, it is a good opportunity to enter the market before the next uptrend begins. Therefore, in this article, we introduce 5 digital currencies that can be good options to accumulate before the start of the next bull market.
The article you read below is based on an article Written from the Bitcoinist website.
1. Bitcoin
Obviously, Bitcoin is the first digital currency you can stock up on when a bull market begins. Bitcoin is often the factor that increases the price of other digital currencies. As a result, when a bull market begins, Bitcoin price growth will definitely start before the rest of the market.
In addition, Bitcoin is the largest digital currency in the market and as the most reliable digital asset, it is the safest choice for those who do not want to take more risk by investing in altcoins. Bitcoin has proven its ability to increase its price many times before, and this time is no different.
2. Ethereum
Ethereum, the second cryptocurrency in the market, is the second option you can choose to accumulate. This altcoin has become a non-inflationary asset after Marj’s historical update, and its circulating supply has been steadily decreasing over the past months under the influence of increased activity on the Ethereum network.
As long as Bitcoin’s bullish trend continues, Ethereum is almost guaranteed to rise as well. The close correlation between the prices of these two assets ensures that Ethereum’s growth will be shoulder-to-shoulder with Bitcoin when the market jump starts.
3. Litecoin
Litecoin is sometimes overlooked, even though it has proven to be a good investment option over the years. Litecoin functions very similar to Bitcoin in terms of network structure, but is much cheaper and faster in comparison.
One of the reasons that makes Litecoin a good cryptocurrency to hoard is that we are only a few more months away from its halving. Just like Bitcoin, the halving for Litecoin is also a very bullish event. The halving of this digital currency is expected to be done in early August; A catalyst that could potentially push the Litecoin price above $120 very quickly.
4. Dogecoin
The reason why Dogecoin is in this list is Elon Musk’s interest in this memecoin. Now, this token has no use for many people. However, the cryptocurrency market has proven time and time again that most investors pay attention to a token’s growth potential rather than its utility.
Due to the support of Elon Musk, the price of Dogecoin has been able to perform much better than its larger counterparts at times and this time is no different. As a result, investors can expect more growth from Elon Musk’s favorite digital currency; Especially when the market starts to rise.
5. Binance Coin
Binance Coin, the native token of the Binance exchange, has had one of the most stable performances compared to other digital currencies in the market. During the last bullish market, the price of this digital currency reached 700 dollars from around 50 dollars. Investors have similar expectations with the start of the next bull market and predict that the price of Binance Coin will reach above $1,000 this time.
The seasonal token burning program of Binance is also effective in the growth of the price of Binance Coin. Every time the exchange withdraws a certain amount of tokens from circulation every three months, the value of this token increases. This makes Binance Coin a good choice to accumulate before the next bull market begins.
Currently, the digital currency market is following a neutral trend and there are no significant signs of an upward or downward trend. However, as Bitcoin’s next halving in 2024 approaches, bullish expectations among investors will increase.
However, due to the volatile nature of cryptocurrencies, it is important to invest responsibly and manage adequate risk. In this way, you will be able to earn profits while managing possible losses.
Also read: What is Bitcoin halving and how does it affect the price?
