Three Cryptocurrencies Under $1 Worth Watching After Bitcoin Hit $59K
This market cycle’s altcoin season could be as staggeringly profitable as in previous bull market years.
The oncoming inflow of capital to altcoin markets represents an unprecedented level of institutional desire and regulatory approval for Bitcoin and blockchain cryptocurrencies.
For those wondering why bitcoin is going vertical today, the answer is very simple:
Wall Street likes the orange coin, but there aren’t enough for everyone.
Price has to go up to accommodate everyone.
— Pomp
(@APompliano) February 27, 2024
Here are three $1 cryptocurrencies that could see some price action soon.
Ripple (XRP) – SEC Trial Ahead
XRP recovered from $0.51 to start February to $0.59 with two days left in the month. The cryptocurrency has remained stalled ever since Ripple Labs prevailed against the Securities and Exchange Commission (SEC) in court last July. Its war with the SEC will proceed to its final phase in Apr. 2024.
When Ripple finally buttons up everything in court with the SEC, it will resolve a major looming threat over XRP values that could be keeping prices depressed. Of course, it’s important to see how the trial will go, but this is undoubtedly one of the most important altcoins to watch in the coming months.
Cardano (ADA) – Web 3.0 Is Coming
Cardano’s price has run neck-and-neck with XRP since last year. ADA traded at $0.62 after Bitcoin prices pumped this week. The cryptocurrency’s most recent low point was $0.47 on Jan. 25, but this coin under $1 could be seeing some action in the coming weeks.
Cardano’s all-time high price was $2.85 on Aug. 27, 2021. A return to that level would represent a 360% return on investment over today’s ADA prices. Arthur Hayes says it is the sort of coin that starts with “S.”
But the facts remain: ADA has been a top 10 cryptocurrency for years, and it has solidified its position as one of the largest projects in the industry. With Bitcoin’s price soaring toward its previous all-time highs, it’s one to keep an eye on, especially now that its Web3 ecosystem is picking up.
Dogecoin (DOGE) – Hash Power Wins
Dogecoin fell just short of $0.01 during the spike in Bitcoin price this week. The hash-powered proof-of-work crypto once made investors an enormous return during the 2021 altcoin season.
DOGE price rose from $0.0025 in Oct. 2020 to $0.64 by May 2021, a 25,500% ROI for this blue chip altcoin in seven months. Popular technical and on-chain analyst Ali Charts recently pointed out that Dogecoin’s price activity mirrors the 2020 pattern that led to DOGE’s big melt-up in 2021.
Other meme coins are also charting massive gains, including WIF and PEPE, meaning that this market niche is heating up and it might not be long before the heavyweights in the face of DOGE and SHIB start following up.
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