Crypto

This Cryptocurrency Is Set to Soar in 2024: 3 Reasons to Buy It Now and Hold Forever | The Motley Fool

Published

2 hours ago

August 3, 2024

This Cryptocurrency Is Set to Soar in 2024: 3 Reasons to Buy It Now and Hold Forever | The Motley Fool

Bitcoin is poised for a major run in 2024. But it might only be a sign of things to come.

In a crypto bull market like the one we find ourselves in, it can be difficult to discern which asset is best for your portfolio. Perhaps the old saying “If it ain’t broke, don’t fix it” could apply here.

While dozens of new cryptocurrencies have launched since Bitcoin (BTC -3.89%) became the world’s first crypto, there is a compelling case to be made that it remains the best, thanks to tailwinds forming in 2024 and beyond. Here are three reasons Bitcoin is set to soar this year and is worth holding forever.

Image source: Getty Images.

1. Bitcoin’s fourth halving

The first reason to hold Bitcoin now and forever is its recent fourth halving, which took place in April. The halving event is when the reward for mining new Bitcoin blocks is cut in half. As mining is the primary means by which new bitcoins are minted, reducing the reward for miners essentially cuts Bitcoin’s inflation rate in half. This process will continue to occur until 2140, when the last Bitcoin is mined.

The halving occurs approximately every four years and has historically had a significant effect on Bitcoin’s price. By altering the supply-and-demand dynamics, the halving often triggers a bull run and creates a scarcity effect that typically drives up the price. On average, Bitcoin jumps more than 120% in the year a halving takes place. If historical averages hold true this time around, we could see Bitcoin hit nearly $100,000 by year-end.

2. Post-halving performance

The second reason to hold Bitcoin lies in its performance in the years following a halving, which have historically been particularly explosive. While the immediate aftermath of a halving often sees significant price gains, it typically takes some time for the full effect to materialize in the market. This delay occurs as the reduced supply gradually meets increasing demand, leading to substantial upward pressure on the price.

Historically, Bitcoin gains more than 400% in the years following a halving. If history repeats itself, this would be enough to put its price at nearly $500,000 by the end of 2025. While past performance is not always indicative of future results, it is reasonable to expect that the most recent halving’s effects have yet to be fully realized. In other words, the best may still be ahead for Bitcoin during this bull market, making it a compelling investment even at today’s prices.

3. Long-term catalysts abound

While Bitcoin has short-term catalysts stemming from the halving that should make the next year and a half productive, the cryptocurrency really begins to shine when you evaluate its potential over the long haul. There are several catalysts that are forming and that support the case for a long-term investment in Bitcoin.

Increasing institutional adoption is one such catalyst. More and more institutions are recognizing Bitcoin’s value. Over half of the top 25 most valuable hedge funds currently have exposure to Bitcoin through the recent launch of spot Bitcoin exchange-traded funds (ETFs). Deep-pocketed institutional investors were previously sidelined from joining in on the Bitcoin game, but their arrival signals a major shift in the playing field, which was primarily dominated by smaller retail investors for the last decade and a half.

In addition, there is a clear effort to introduce more supportive legislation. As regulatory clarity encourages broader participation in Bitcoin and in the crypto market overall, adoption will likely continue to grow as the rules of the fame become clearer.

Then there is the gradual coming of age of a new generation of investors. Older generations like baby boomers are less likely to invest in digital assets. But younger investors are far more comfortable with them and likely to seek them out. As the most valuable cryptocurrency, Bitcoin will surely benefit from this trend.

Yet these aren’t even my top reasons for a long-term investment in Bitcoin. On a granular level, Bitcoin’s core fundamentals of decentralization, security, and finiteness are the most attractive aspects it offers. In an uncertain economic landscape where government deficits continue to balloon, fiat currencies are debased, and overall trust in the powers that be is waning, Bitcoin offers economic sovereignty. You could call it way out.

As more halvings pass and it moves closer to reaching its limited supply of 21 million coins, there is an obvious trajectory where Bitcoin comes under exponentially greater pressure as demand increases, creating a scenario where the price could reach seven figures.

Keeping a measured approach

While there is reason to be optimistic about Bitcoin in the short term, it is imperative that investors approach it with a long-term perspective. The recent halving and historical performance post-halving present strong cases for significant price appreciation in the near future. However, the real value of Bitcoin lies in its long-term potential, driven by institutional adoption, supportive legislation, and a shift in investor preferences toward digital assets.

Bitcoin’s core attributes of decentralization, security, and limited supply make it a robust investment in a world of growing economic uncertainty. As more investors recognize these strengths, Bitcoin’s demand should continue to rise, potentially leading to substantial price increases. Therefore, whether you are looking at the short-term catalysts or the long-term potential, Bitcoin remains a worthy addition to your investment portfolio. Holding Bitcoin now and forever could be one of the most strategic financial decisions you make.

Crypto

Lehigh County man lost over $62K in cryptocurrency scam, cops say

Published

9 hours ago

August 3, 2024

Press Room

Lehigh County man lost over K in cryptocurrency scam, cops say

A 57-year-old Emmaus man fell victim to a cryptocurrency scam that bilked him out of more than $62,000, state police said.

Pennsylvania State Police in Fogelsville said the man on July 15 reported to authorities he was being duped. Investigators say the scheme involved the victim providing financial information to a scam artist posing as a legitimate well-known cryptocurrency investor and entrepreneur.

The incident began in October 2023 over a Google workspace chat thread and went on until early April, according to a state police news release.

The victim received assistance from whom he thought was the legitimate investor in setting up several bitcoin transactions over a span of seven months. Investments totaled $62,115, according to state police.

When the victim went to access the funds, he realized all the cash was gone, police said.

Pennsylvania State Police in Fogelsville are investigating the scheme. The victim also has reported the scam to the Pennsylvania Attorney General’s Office.

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Pamela Sroka-Holzmann may be reached at pholzmann@lehighvalleylive.com.

Crypto

Bitcoin set to fall on weekly basis as Trump's victory odds slide (Cryptocurrency:BTC-USD)

Published

16 hours ago

August 3, 2024

Press Room

Bitcoin set to fall on weekly basis as Trump's victory odds slide (Cryptocurrency:BTC-USD)

peshkov/iStock via Getty Images

Bitcoin (BTC-USD) is set to witness a 7.4% weekly fall, as the prospects of crypto-friendly Republican nominee Donald Trump securing the presidency in November further diminished.

The world’s oldest cryptocurrency saw a gradual decline over the week, after starting off strongly.

“The crypto market experienced a pullback. News speculating Trump’s presidential odds falling back below 50% while Kamala is on the rise is likely the main contributor to the sell-off,” Augustine Fan, founder, SOFA.org said.

The solid start was mainly as traders digested Trump’s speech on crypto over the weekend.

Making an appearance at the Bitcoin 2024 Conference in Nashville over the weekend, Trump, who wasn’t always friendly to crypto, vowed to create a strategic national bitcoin stockpile, fight CBDCs, defend the right to self-custody, and institute the “responsible expansion of stablecoins to extend the dominance of the U.S. dollar to new frontiers.”

Bitcoin (BTC-USD) briefly dropped to below $66K on Tuesday, after hovering near the $70K mark in the prior session, as concerns of potential selling pressure mounted after the U.S. government moved $2B worth of the cryptocurrency.

The highest-profile token saw a further fall on Wednesday, as the Federal Reserve held rates steady for the month, but signaled a possible rate cut in September.

BTC also saw an intraday decline on Thursday, as it followed suit of the major U.S. equity averages, which witnessed a sell-off on the day, as soft economic data reignited questions about the Fed’s decision to wait longer on cutting interest rates.

BTC will likely remain in the 60-70k range in the near term, but we are still positive for Q4 with the long-term bullish story remaining intact, Fan added.

“While Bitcoin tested the upper region of our support zone, we believe that the low is likely in. We are setting up for the next leg higher,” SA analyst Knox Ridley said.

Notable News

Ault Alliance (AULT) said it will focus on its artificial intelligence data center space as part of its reorganization strategy.

A U.S. strategic Bitcoin (BTC-USD) reserve would fund purchases of the cryptocurrency in part by revaluing gold (XAUUSD:CUR) certificates held by the Federal Reserve, CoinDesk reported earlier this week, citing a draft of the proposed bill.

Privately held shares of Circle Internet Financial, the issuer of stablecoin USDC (USDC-USD), are changing hands in the secondary market at a price that suggests a valuation of $5B-$5.25B ahead of its planned initial public offering.

Bitcoin, Ether prices

Bitcoin (BTC-USD) fell to $62.9K at 3:03 pm on Friday, amid a fall in major stock averages, after the July U.S. jobs report stoked fears the world’s largest economy is headed toward a recession. Ether (ETH-USD) down ~2.5% to $3K.

“The dizzy heights of $100k could be in sight, but there needs to be a convincing breakout and a rally might be more tempered compared to previous ones,” said SA analyst Clem Chambers, and added, Bitcoin’s (BTC-USD) value, driven by investor confidence, could surge with government backing.

Crypto

AI Predicts Top 3 Cryptocurrency to Buy if Ripple Wins SEC Case

Published

24 hours ago

August 2, 2024

Press Room

AI Predicts Top 3 Cryptocurrency to Buy if Ripple Wins SEC Case

The Ripple (XRP) case with the US SEC has been one of the most significant highlights of the cryptocurrency world. The US SEC case with XRP has received special insights and scrutiny over the years.

Now that the case is “reportedly” nearing its end, AI has predicted three new coins that can bank on XRP’s surge if Ripple wins the case against the SEC. Here are three coins that may gain significant market momentum.

Also Read: Dogecoin (DOGE) & Ethereum (ETH) Price Prediction August 2024

Three Coins That May Skyrocket Post-XRP Win Against the US SEC, AI Predicts

1. Stellar (XLM) – Fast crypto payments

Stellar, popularly referred to as XLM, is another notable cryptocurrency making waves in the crypto market. The token is one of the three coins predicted by AI to bank on the XRP price surge.

The reason is that Stellar is also dubbed a low-cost payment-centric network focusing on cross-border transactions, just like XRP. If XRP spikes soon, the exact technicalities and functional elements XLM shares with Ripple may help the token gain better price levels.

“Stellar may trade within a range of $0.07618 and $0.161019. If it reaches the upper price target, XLM could increase by 65.41% and reach $0.161019.”

According to CoinCodex, XLM may spike to reach the $0.161019 price level by the end of August 2024.

Also Read: BlackRock Reveals These Two Cryptocurrencies Are Worth An Investor’s Money

2. EOS (EOS) – Crypto dApp platform

EOS CoinCodex price prediction chart cryptocurrency

EOS is another cryptocurrency that the AI predicted may seek better price momentum post-XRP’s win against the US SEC.

The AI shared that EOS shares similar scalability and usability factors with XRP, which makes it a popular coin capable of surging XRP wins against the SEC. EOS is referred to as a developed operating system that operates industrial-scale DApps.

Per CoinCodex, EOS may surge by 7% to stabilize at $0.579366 by the end of 2024.

“EOS may trade within a range of $0.518941 and $0.579366. If it reaches the upper price target, EOS could increase by 7.44% and reach $0.579366.”

3. Cardano (ADA) – Research-driven crypto

ADA Coincodex price prediction chart cryptocurrency

Cardano needs no further introduction, as the token is one of the most promising decentralized chains in the crypto world.

Its similarities with XRP in terms of scalability, global collaborations, and security make it a suitable coin capable of leveraging XRP’s post-SEC win surge.

Also Read: Cryptocurrency: 3 Coins to Buy Before They Become ETFs

According to CoinCodex, ADA may rise to trade at a stable level of $1.529875 by the end of 2024.

“Cardano may trade within a range of $0.356486 and $1.529875. If it reaches the upper price target, ADA could increase by 295.74% and reach $1.529875.”

As the crypto world watches XRP’s case, these coins could ride the potential wave, and we’re ready for it! Are you?