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The next Bitcoin (BTC USD) A halving is expected to happen any day. This reduces the reward for successfully mining a block by 50%. This means that successful miners will receive 3,125 BTC for their efforts after the halving. The rules of economic scarcity dictate that Bitcoin should increase in value thereafter. This also suggests that some short-term bets are possible, as Bitcoin generally surges around the halving and then cools down for a period of time afterward.
At the same time, Bitcoin is also a leader in the cryptocurrency market. As it goes, so does the rest of crypto. The rising tide should therefore lift all boats and create numerous opportunities to buy and sell quickly and make profits. Let's take a look at some of these possibilities.
Solana (SOL-USD)
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Solana (SOL USD) is likely to continue to increase in value due to the Bitcoin halving. I would also like to quickly point out that Solana is fundamentally different from the other cryptocurrencies discussed below: it is a very strong project that continues to show real potential for displacement ether (ETH-USD) long-term. The other cryptos listed below are purely speculative in nature and therefore tend to provide inflated returns.
Solana does a lot of what Ethereum does, but better. It provides the foundation for dApps and smart contracts like Ethereum, but is more cost-effective. It also offers faster transaction speeds compared to Ethereum.
Solana has already gained 75% in value in 2024. This is no coincidence. Rather, the reason is that investors are becoming increasingly aware of the potential to dethrone Ethereum in the long term.
To be clear, I think Solana is a good long-term investment. However, I also feel that Solana still has potential to rise in the coming days.
Dogecoin (DOGE-USD)
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Generally speaking, Dogecoin (DOGE-USD) is one of the better places for speculative investors to deploy their capital when major catalysts emerge. Dogecoin has become the speculation vehicle of choice in the cryptocurrency space.
What it doesn't have is any real benefit. This has been painfully obvious since its inception. The creators have repeatedly pointed out that it was never intended to be more than a joke. Yet here we are today, and Dogecoin boasts a market cap of nearly $29 billion.
Dogecoin also continues to enjoy strong support in the form of Elon Musk. He has long been committed to the project and has recently been hinting at integrations with his X platform.
This connection is another positive factor for Dogecoin when approaching the Bitcoin halving. Dogecoin has proven time and time again that it is capable of offering fast, super-sized games. It is very common for Dogecoin to make a 10% return within 24 hours. Don't be surprised if it happens again.
Pepe (PEPE-USD)
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Pepe (PEPE-USD) is another obvious speculative choice for short-term traders looking to lock in profits ahead of the Bitcoin halving.
It is an altcoin/meme coin that generally has no utility aside from being a household name. Luckily, that's all it takes to make profits by trading meme coins. Pepe is also incredibly cheap, currently trading for $0.000007174.
It's the combination of super cheap price and well-known name that makes Pepe so similar Shiba Inu (SHIB USD). Shiba Inu exploded in 2021, bringing incredible returns to investors at the time. The same thing happened again in early 2024.
The point here is that Pepe bears striking similarities to Shiba Inu. The other point is that as Bitcoin has risen, meme coins have shown time and time again that they can deliver above-average returns compared to Bitcoin. In other words, if Bitcoin rises by a few percentage points, meme coins like Pepe can rise much more. The Bitcoin holdings should provide Pepe with the opportunity to grow quickly.
At the time of publication, Alex Sirois did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com's publication policies.
Alex Sirois is a freelance contributor at InvestorPlace whose personal stock investing style focuses on long-term buy-and-hold stock selection for wealth creation. Having worked in a variety of industries, from e-commerce to translation to education, and earned his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.
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