Investors Shift to Select Altcoins Amid Market Sell-Off: Opportunities Ahead of Bitcoin Halving
Investors are shifting their focus to select altcoins amidst the recent market sell-off, eyeing once-in-a-lifetime opportunities to dollar cost average (DCA) ahead of the highly anticipated Bitcoin halving event. Altcoins like Ethereum (ETH), Shiba Inu (SHIB), Core (CORE), and Mantra (OM) are showing signs of stronger rebounds this week, attracting the attention of savvy investors looking to maximize their profits.
While growing a small crypto portfolio to $1 million may seem like a daunting task for many, it is certainly achievable with the right strategies and a potential bull run in the crypto market. To capitalize on this opportunity, investors are advised to divide their $10,000 investment among the four altcoins mentioned above, while also keeping a percentage of their portfolio in a stablecoin like Tether (USDT) to take advantage of buying opportunities during market dips.
Having USDT in a portfolio is crucial as it allows investors to buy the dip and increase their holdings at a lower average buying price, ultimately maximizing their profits. The recent pullback in Ethereum’s price, which fell below $3,000, presents an ideal opportunity for investors to accumulate more tokens and lower their average buying price.
Ethereum, currently trading above $3,000, has seen a minor increase in trading volume, signaling growing interest among traders. However, the downtrend has put pressure on the market cap, which currently stands at $366 billion. The Relative Strength Index (RSI) is falling at 35, indicating incoming selling pressure, and technical support at $3,000 may not hold for long, potentially leading to a further decline towards the $2,000 range.
Shiba Inu Coin (SHIB) has experienced a significant decline in value over the past week, dropping over 20% and oscillating between $0.0000191 and $0.000028. Despite this, the token burn rate for SHIB has increased by nearly 490%, indicating efforts to reduce the circulating supply. If SHIB breaks through the resistance level at $0.000023, it may see a price rise towards $0.00003.
Core (CORE) is a blockchain platform that combines the security of Bitcoin with the compatibility of Ethereum Virtual Machine (EVM). Despite a 19% intraday decline, the altcoin maintains a market cap of $1.94 billion and aims to break the overhead resistance of $2.9 to reclaim lost value and potentially grow further.
Mantra (OM) is a Security RWA Layer 1 Blockchain designed for easy integration and regulatory compliance. With a current price of $0.8387, OM has climbed 2.56% in the last 24 hours and 95% over the past month, showcasing a strong bullish trend in the market.
As Bitcoin halving approaches, investors are optimistic about the potential for significant price increases in both Bitcoin and altcoins. With Bitcoin trading above $60,000 pre-halving, there is a possibility of the price surpassing $100,000 by the end of the year, which could also benefit altcoins and help investors grow their portfolios exponentially.
