On April 20, 2024, the first and most capitalised cryptocurrency—Bitcoin (BTC)—underwent a halving. Observations show that this event often leads Bitcoin to new all-time highs. As the flagship of the crypto market, BTC pulls other cryptocurrencies along with it, some of which can significantly surpass Bitcoin in growth rates.
The itez editorial team has identified which cryptocurrencies might show positive dynamics in the summer of 2024 and bring profits to investors.
1. Bitcoin (BTC)
Why Bitcoin could rise in summer 2024: The halving creates a shortage of cryptocurrency in the market. Increased demand against the backdrop of reduced supply can significantly affect the BTC price this coming summer.
Observations show that Bitcoin typically starts to rise 4-6 months after a halving. In 2024, BTC has additional "engines" of positive movement, such as spot Bitcoin-ETFs, a potential Federal Reserve rate cut, and possible new monetary easing in the US.
These factors, detailed in our review, could positively influence BTC's price dynamics, possibly leading to active growth in the coming months.
2. Ethereum (ETH)
Why Ethereum could rise in summer 2024: Approval of spot Ethereum ETFs in the US could drive ETH's growth. The deadlines for the SEC's decision on several applications for these instruments are set for May and the summer of 2024.
Similar to Bitcoin's price surge after spot Bitcoin-ETFs were approved in early 2024, Ethereum could see the same boost if ETH ETFs are approved. Issuers of the tool, due to increased investor interest, are forced to buy coins, thereby pushing the cryptocurrency price up. If spot Ethereum ETFs are approved, this situation may repeat itself.
It's also important not to forget that the entire ecosystem of decentralized projects runs on Ethereum, each of which depends on Ether. Therefore, the demand for ETH can support a positive dynamic for the cryptocurrency.
3. Toncoin (TON)
Why Toncoin could rise in summer 2024: The Telegram team is actively integrating TON into its projects. For example, Toncoin is one of the few coins available in the messenger's wallet and can be used for purchases on Telegram's domain name marketplace, Fragment. Additionally, the messenger has announced incentive payments in Toncoin for content creators.
The interest of one of the world's largest messaging platforms in TON increases the coin's value and suggests that the Telegram team may announce new cryptocurrency integration options in the future.
TON's unique position, the potential for an expanded user base through integration into new Telegram projects, the growing audience of the messenger, and the expectation that TON will receive a positive boost if BTC rises, make the coin attractive to investors.
4. Render (RNDR)
Why Render could rise in summer 2024: RNDR is a coin in the decentralised physical infrastructure networks (DePIN) segment. This term refers to crypto projects where physical infrastructure "merges" with blockchain technologies. Render is a prime example of a high-demand DePIN project. User interest in decentralised physical infrastructure networks could drive RNDR growth.
Render developers have offered users a platform to earn money by renting out computing power for video rendering. Anyone can sell their computing power in exchange for RNDR. In Render, the role of "physical infrastructure" is played by computers whose power users rent out. Blockchain technology ensures decentralisation.
5. Filecoin (FIL)
Why Filecoin could rise in summer 2024: Filecoin is the very first DePIN project, launched in 2014. Over the years, Filecoin has gone through all the "newcomer" stages: inception, hype, decline in interest, stagnation, and recovery. As of the time of writing this review, FIL is trading 97% below its all-time high. This low base effect could present good earning opportunities for the still promising Filecoin in 2024.
The Filecoin team has offered users a system for renting out storage space on computing devices. Those with extra space on their computers can rent it out for a fee in FIL.
6. 0x0.ai (0x0)
Why 0x0.ai could rise in summer 2024: The project team is developing solutions that allow users to maintain anonymity while operating in the digital asset market. In a time when regulators in many countries are cracking down on the privacy of crypto community members, 0x0.ai's tools are becoming increasingly relevant. Demand for the project's developments could support the growth of 0x0 in the summer of 2024.
7. Ripple (XRP)
Why XRP could rise in summer 2024: There is a possibility that the conflict between Ripple and the US Securities and Exchange Commission (SEC), which has been ongoing since December 2020, will be resolved soon The watchdogs accuse the project of issuing and distributing unregistered securities in the form of XRP tokens. The Ripple team, on the other hand, does not consider its tokens to be securities.
Over the years of the dispute, both sides have presented all possible and impossible arguments for and against each position. Members of the crypto community believe that the conflict will soon come to a logical conclusion. A presumed victory for Ripple could support the growth of XRP.
8. Dogecoin (DOGE)
Why Dogecoin could rise in summer 2024: DOGE is a rare example of a meme coin that has managed to gain a prominent supporter. Dogecoin is the favourite cryptocurrency of Tesla's founder, Elon Musk. The businessman regularly supports the project, giving DOGE a boost for growth. For instance, in March 2024, Musk announced that future sales of Tesla vehicles for Dogecoin might be possible. Two months later, the electric car manufacturer officially approved DOGE as a payment method for some products in the company's online store.
As of the time of writing this review, Dogecoin is trading 80% below its all-time high. The low base effect and the potential for new pumps due to Musk's support make the cryptocurrency an attractive investment option.
🤔 Do you think about crypto investment?
Subscribe our socials to stay updated on the hottest stories about cryptocurrencies!
💌 Telegram, Twitter, Instagram, Facebook
Here are three other cool articles:
What is Runes—why do we need them and what's wrong with the project
12 facts you need to know about the Bitcoin halving 2024
What is a spot bitcoin ETF, and why does everyone talk about it
This article is not an investment recommendation. The financial transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
