The crypto market is gearing up for the bull run in 2024 attributed to Bitcoin halving. Despite the ongoing uncertainty due to internal and external forces such as the geopolitical tensions in the Middle East and Europe, the market’s long-term outlook is significantly bullish. However, portfolios may not perform well and, therefore, investors should consider key crypto to sell ahead of the bull market.
What Is The Importance Of Bitcoin Halving?
Bitcoin halving occurs every four years or after 210,000 blocks in the blockchain have been completed. The event is a phenomenon that crypto enthusiasts and investors reckon with due to its impact on the network and the supply of Bitcoin.
To ensure Bitcoin remains a scarce digital asset in the long term, halving reduces the number of new coins joining the active supply. This is accomplished by reducing by half the amount of rewards miners receive for securing the network and processing transactions.
Before April 20, miners received 6.25 BTC for every block processed. However, this figure decreased by half to 3.125 BTC after the halving. Extrapolated, it means that the supply of new coins into the market has gone down significantly.
The supply crunch coupled with the demand staying the same or increasing is the phenomenon that triggers an exponential rally in the Bitcoin price. Hence, there are expectations of a major rally in 2024 and 2025.
Investors in the market should be open to rebalancing their portfolios post-halving. Crypto to sell like XRP and PEPE stand out due to various reasons.
1. XRP
The cross-border money remittance token although up a modest 1.1% in the last 24 hours, has lost 0.5% of its value in the hour to $0.52. This mundane technical picture is reflected across the board, with Bitcoin price struggling to defeat resistance at $64,000 and Ethereum price hovering between $3,100 support and $3,200 resistance.
Meanwhile, holders of XRP seem worried ahead of the ruling in the lawsuit heading to trial. Some have said they are ready to exit, doubting whether Ripple’s potential move from the US would be impactful.
XRP price holds support at $0.5254 on Friday during US trading hours. The token rose to $0.5664 this week after Bitcoin halving. However, resistance highlighted by the 50-day Exponential Moving Average (EMA) and the 200-day EMA (red and purple lines on the chart) capped the gains.
Holding above $0.55 or closing the day above $0.52 immediate support may encourage bulls to push for a falling wedge breakout with the potential to blast the price of XRP to $0.7 and subsequently narrow the gap to $1.
2. Pepe Coin (PEPE)
Pepe (PEPE), a new cryptocurrency on the Ethereum blockchain, is swiftly gaining traction. It aims to match or surpass the success of iconic meme coins like Shiba Inu and Dogecoin. Currently holding the 35th spot in market rankings, Pepe coin boasts a market cap of $3.22 billion.
Enhanced support from platforms like Coinbase and significant acquisitions by large-scale investors have propelled its visibility and value. Market trends and a rise in similar meme coins also contribute to Pepe bullish momentum.
Presently, the Pepe price is $0.000007638, marking a 5% increase in the last 24 hours. This recent surge has positioned it as today’s most popular meme coin on CoinMarketCap. Over the last week, it has witnessed a substantial 47% increase. Over the past 12 months, PEPE value has skyrocketed by 3368%, highlighting it as a potential investment for significant returns this weekend.
The post 3 Crypto To Sell To Avoid Losses In The Bull Run appeared first on CoinGape.
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