There was significant panic during the week that the price of Bitcoin (BTC) was about to fall through the floor. Only recently, Bitcoin hit an almost two-year high of $49k, and suddenly, it looked like it could lose all its gains due to Grayscale deciding to move a large portion of BTC to Coinbase.
Luckily, Bitcoin seems to have survived Grayscale's surprising move to dump so much BTC. After falling well below $40k, a critical support level of $37,750 was identified. While BTC did nearly dip below $38k during the week, it has now once again soared past the $40k barrier and is sitting comfortably just above $41k at the time of writing.
This was one hell of a scare, though and Bitcoin may not be out of the woods. That is why we identified the 5 best altcoins to invest in right now, and they are as follows:
If we think a new presale project can help Bitcoin (BTC) reach an all-time high, imagine how much the project itself can pump. That is how much we think Bitcoin Minetrix is capable of. We are not the only ones either, as the presale has now raised just short of $9.5 million and has entered its 22nd stage.
The project aims to solve a big problem with Bitcoin mining. As things stand currently, the mining of Bitcoin is criticized by those inside and outside the crypto world. Massive data centres used for mining BTC use too much energy, but they also cost a fortune to run. This means mining Bitcoin is only really an option for the 1% that can afford to. It goes against crypto's decentralized values.
The Bitcoin Minetrix project uses a combination of cloud mining and staking to make mining BTC greener and cheaper. Investors will be able to exchange their stacked BTCMTX for mining credits. These credits are then burned in exchange for mining time or a share of the yields. A brilliant solution that investors will love.
Sponge V2 ($SPONGEV2) is a bit of a cheat code for investors to make a profit from in 2024. An innovative stake-to-bridge system links it to one of the most successful meme coins of 2023. Version 1 was Sponge Token ($SPONGE), a meme coin based on Spongebob Squarepants, one of the most memed shows on the internet.
Sponge Token ended up pumping by 340% soon after its launch, but this wasn't its most impressive feat. It launched with basically no publicity and in a bear market. Despite this, it still pumped, grew a big social media following, and got added to 10 exchanges. This has paved the way perfectly for Sponge V2.
The stake-to-bridge system we mentioned above means that investors must first purchase $SPONGE before they can get access to $SPONGEV2. When they do this, however, and stake their tokens, an equivalent amount of version 2 tokens are also purchased. When version 1 sells out, then version 2 is claimable, along with the rewards they have built up.
We are very excited about the new project Meme Kombat ($MK), which is an innovative meme coin/P2E game crossover. The presale so far reflects our excitement, it has now raised just short of $7.5 million. Considering the hard cap is $8 million, we are likely only a matter of days away from reaching its goal and then soon after its listings begin.
The game itself is a fun spoof of the famous fighting game; Mortal Kombat. In this blockchain version, characters will also be fighting different battle arenas, but they will be the biggest memes from the last 10 years, and they will be AI-controlled. The technology also helps decide the fight winners.
This is important because players will actually be able to win $MK by wagering on the fights. Players can bet against the computer, other players or even side-bet on fight events. Winning some $MK could be very profitable as the dynamic staking system means if they stake their tokens, they can get some very generous rewards.
We mentioned above how the crypto community gets criticism for its environmental practices. That is why eTukTuk (TUK), a token that will greatly help the environment, should be supported. The aim of the project is to replace the TukTuk vehicles in developing nations with an electric version.
Even though these vehicles are quite small, they actually release more harmful emissions than a standard car. These new electrical versions will actually help the drivers witness up to a 400% reduction in operating costs compared to using TukTuks powered by fossil fuels. So, the project is helped by the likelihood that drivers will want to make the switch.
The project has already established over 200 charging stations in Sri Lanka and is expanding every day. The ecosystem is sustained by drivers paying for their charges at these stations. Rewards will be released to investors that stake TUK over a long period of time. A similar system releases the total allocation of TUK that helps maintain a massive interest in the token.
Dogecoin (DOGE) had a rough 2023. It did not follow the path that most major currencies did by at least doubling its worth and instead actually saw a small loss. 2024 could be the year of DOGE, however, after an account popped up on the social media site X (formally Twitter) that helped the meme coin pump by 16% on Saturday.
The account is called X Payments and has not posted anything yet, but speculation is rife. Getting added to X as a payment method has long been a massive goal for Dogecoin. Some, including us, would criticize the project for seemingly putting all their eggs in this basket.
However, Elon Musk, X's owner, has been a long-time supporter of DOGE, and the good news they have been waiting for may be on the horizon. If DOGE is added as a payment method, we expect the meme coin to pump, so it's certainly worth investing in.
So, while the Bitcoin panic may have turned out to be a false alarm, it may still be time to look elsewhere for investment options. The first four coins we have analyzed, in particular, are all likely to see big gains in 2024. Their low prices also give them huge room to pump and thus a chance for investors to make a huge profit.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.