Top Altcoin Performers Two Months After Bitcoin Halving 2024
NOIDA (CoinChapter.com)— Two months after the 2024 Bitcoin halving, the altcoin market has seen significant price movement. However, recent corrections have eroded most of the altcoin market’s halving fueled gains.
The Bitcoin halving often serves as a bullish cue for the wider market along with Bitcoin. Market participants often load up on altcoins following the halving event, or diversify their holdings by pouring their profits from Bitcoin into altcoins.
The resulting buying spree helps the entire market rally, but some tokens often outperform the others.
PEPE Coin Leads The Pack
Yes, everyone’s surprised at the inclusion of the Pepe coin in the list. Most altcoins painted massive gains following the Bitcoin halving event. However, most of the tokens fell victim to corrections due to profit booking or wider market corrections.
Among the top 50 crypto tokens by market cap, PEPE coin price remains the clear winner in the gains-post-Bitcoin-halving department. For instance, Bitcoin Cash, a coin born out of a Bitcoin fork, is down nearly 22% since the Bitcoin halving on April 20.
Since the Bitcoin halving, PEPE coin price has risen by 148% to reach a daily high near $0.0000124 on June 17. The gains are impressive considering that the token has been in a downtrend since May 28.
Despite the token’s uptrend, traders would be wise to exercise caution before investing in PEPE coin. The token is a memecoin which relies on social media hype for its bullish cues, which make for a very volatile investment option.
Ethereum (ETH)
Now, this is not that much of a surprise, given Ethereum’s position as the world’s second largest crypto behind Bitcoin. When BTC prices charted a new ATH following the spot Bitcoin ETF launch earlier this year, market participants expected ETH to follow suit.
ETH price did rise to its 2024 high near $4,080 before ETH prices tumbled, reaching a daily low near $3,020 on the day of the Bitcoin halving.
However, the hype about spot Ethereum ETFs helped buoy ETH prices towards the end of May 2024 resulting in the token nearly broke above $4,000 before correcting again. Yet, the ETF approval hype was enough to ensure ETH price gained nearly 20% since the Bitcoin halving event.
In the same time frame, other major altcoins have either made negligible gains, like Solana dropping to $140 on June 17 and paring all its gains since April 20.
Moreover, tokens like AVAX, ADA, MATIC, and others from the top 20 crypto tokens list (by market cap) are trading at a loss compared to their April 20 prices.
Toncoin (TON)
The Open Network’s TON coin in another winner in the post Bitcoin halving race. TON prices have charted higher highs since March 2024. The token prices rode the Bitcoin halving hype and the subsequent influx of buyers.
Moreover, whale accumulation also helped TON prices rally, with the number of addresses holding between 100,000 and 1 million TON tokens steadily increasing in early June.
Since April 20, TON price has spiked over 35% to reach a daily high near $8 on June 17. The token is correcting currently, but seems to be on the path to its target price of $9 in June.
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