The upcoming Bitcoin halving event is anticipated in the spring of 2024, specifically around mid-April. Bitcoin halvings, which occur every four years, have proven to be significant moments for the cryptocurrency markets, often signalling the start of bullish trends. With this in mind, let's explore the top 5 cryptocurrencies to consider investing in before the next crypto halving event in 2024, considering their price potential and ability to endure.

Bitcoin crypto halving history

Bitcoin halving is an automated process pre-defined in the network's algorithm. It is a core mechanism that controls the supply of new BTCs, maintaining it as a deflationary asset. Satoshi Nakamoto introduced Bitcoin to the world to curb inflation, and the halving event was programmed to achieve this. The history of halving can be divided into four phases.

The pre-halving phase, which started with the mining of Bitcoin's genesis block in January 2009, saw the rapid growth of the supply as nearly 50% of the available Bitcoin was already mined. However, Bitcoin had no monetary value, and miners were only incentivised once it started trading on exchanges in 2010.

The first halving day was 28 November 2012, but it did not significantly impact the BTC price. However, after the crypto halving event, the price grew consistently, reaching over $1000 for the first time in 2013.

The second halving event occurred on 9 July 2016 and led to a massive increase in the BTC price. Although a correction followed halving 2016, the bulls regained dominance and led the 2017-2018 bull run that pushed the price beyond $19,000.

The third halving happened on 11 May 2020, amidst a pandemic that affected both traditional and crypto markets. However, by the end of 2020 halving, a significant upward trend began, resulting in a new all-time high price close to $69,000 in 2021.

The next halving is scheduled for March/April 2024, at block number 840,000. This will reduce the rewards to 3.125 BTC and the new BTC created daily to 450 BTC.

Which crypto can you buy before the next Bitcoin halving event?

Here is our list of the upcoming crypto to invest in before the next halving event:

• Ethereum (ETH) is the unrivalled pioneer in smart contracts
• Binance Coin (BNB) is a scalable Ethereum alternative supported by Binance
• Tether (USDT) is the leading stablecoin in terms of market capitalisation;
• Solana (SOL) is a high-speed and efficient blockchain platform
• Ripple (XRP) is a cryptocurrency designed for swift cross-border payments.

Ethereum (ETH)

Ethereum, the second-largest cryptocurrency, is expected to maintain its position significantly. With a market capitalisation of $228 billion, Ethereum surpasses its closest competitor, Tether, with a market cap of only about $83 billion.

In the event of a crypto bull market following the next halving event, Ethereum is likely to perform well. It is recognised as the preferred platform for projects seeking to utilise the advanced capabilities of blockchain technology. These include decentralised finance, non-fungible tokens, decentralised autonomous organisations, prediction markets, and more.

Recent updates to the Ethereum protocol have increased the attractiveness of holding ETH for the long term, making it a favourable cryptocurrency to buy now. The implementation of EIP-1559 introduced an ETH burning mechanism, where the base transaction fee for all Ethereum transactions is burned. Additionally, Ethereum has fully transitioned to a Proof-of-Stake consensus mechanism, reducing the issuance of ETH significantly compared to the previous Proof-of-Work system. The daily issuance of new ETH is now around 1,600, compared to around 13,000 ETH previously.

In terms of scalability, Ethereum will be better positioned for the next cryptocurrency bull run due to the rapid advancements in layer-2 scaling solutions. This will give investors more options and accessibility to the Ethereum network, overcoming the pricing challenges experienced in the previous bull run.

Binance Coin (BNB)

Launched in 2017 by the Binance cryptocurrency exchange, BNB has evolved into its own blockchain platform called BNB Chain. BNB Chain is compatible with the Ethereum Virtual Machine (EVM), allowing developers to utilise popular Ethereum tools for creating decentralised applications. 

Although BNB Chain compromises some decentralisation for improved performance, it remains highly utilised in the blockchain market. Interestingly, BNB strongly correlates with Bitcoin, second only to Cardano regarding price action. While Binance has distanced itself from BNB to avoid potential regulatory issues, it continues to support both BNB and the BNB Chain ecosystem. With the backing of the world's leading crypto exchange, BNB Chain has the potential to thrive if the next Bitcoin halving event sparks a new crypto bull run.

Tether (USDT)

Tether (USDT) has gained significant popularity over the years as a stablecoin in the cryptocurrency market. As the Bitcoin halving event 2024 approaches, many investors wonder if Tether is a worthwhile investment option. 

Tether is a stablecoin pegged to the US dollar's value, with each USDT token representing one US dollar. Its main purpose is to stabilise the volatile cryptocurrency market, allowing traders to hedge against market fluctuations without converting their holdings to fiat currency. Tether achieves this by maintaining a reserve of dollars equivalent to the number of USDT tokens in circulation.

One of the main advantages of Tether is its stability. While cryptocurrencies like Bitcoin are known for their price volatility, Tether remains relatively stable due to its peg to the US dollar. This stability can be particularly attractive to investors looking for a haven during market uncertainty. With the next halving event approaching, the market is expected to experience increased volatility, and Tether may serve as a valuable asset for risk-averse investors.

Another factor to consider when evaluating the potential worth of Tether before the Bitcoin halving event is the demand for stablecoins. As the cryptocurrency market continues to grow, the demand for stablecoins has also increased. Tether, one of the first and most widely-used stablecoins, has established a strong presence in the market. Its liquidity and wide acceptance make it a convenient option for traders and investors. As the demand for stablecoins rises, the value of Tether may also experience positive growth.

Solana (SOL)

Solana is currently considered one of the fastest and most efficient platforms for smart contracts. While it has faced some setbacks in the past year, such as technical issues and the collapse of the FTX cryptocurrency exchange, Solana remains active and resilient. Its scalability sets it apart from other blockchain platforms, enabling support for use cases that are not feasible elsewhere. 

Solana hosts a variety of popular cryptocurrency and blockchain projects, including Stepn, Helium, Magic Eden, and Orca. Solana's dApp ecosystem is already more diverse than that of competitors like Cardano. Additionally, the current trading price of SOL is significantly lower, down by more than 90% from its all-time high. If you believe in Solana's long-term potential, acquiring SOL at these prices could be wise, especially considering the upcoming Bitcoin block halving.

Ripple (XRP)

Ripple (XRP) has been making waves in the cryptocurrency market for quite some time now. As one of the top digital assets by market capitalisation, it has garnered the attention of investors and cryptocurrency enthusiasts alike. With the highly anticipated Bitcoin 2024 halving event set, many wonder if Ripple is a worthy investment before this significant event occurs.

Ripple is a digital payment protocol and a cryptocurrency token (XRP). It was designed to facilitate fast and low-cost international money transfers. In contrast, Bitcoin is a decentralised digital currency operating on a peer-to-peer network, allowing users to send and receive payments without needing an intermediary.

Now, let's explore the factors that could make Ripple a promising investment before the Bitcoin 2024 halving event. One key aspect to consider is Ripple's utility and adoption within the financial industry. Ripple has established strong partnerships with various financial institutions, including banks and payment providers, which have integrated its technology into their operations. This widespread adoption indicates that Ripple has real-world use cases and could see increased demand in the future.

Another factor to take into account is Ripple's potential for price appreciation. Ripple's price has historically been more stable than Bitcoin's, which is known for its price volatility. Ripple could be an attractive choice if investors are seeking a more predictable investment option. Ripple's market capitalisation is also considerably lower than Bitcoin's, leaving more room for potential growth.

Bitcoin price change after the 2024 halving

Bitcoin's price is expected to peak after the 2024 halving, resulting in a rally before and after the event. Market observers predict the price could reach $250,000, more than nine times its current value. This ambitious projection is likely to benefit assets like BLKC and SATO. Other experts in the cryptocurrency market also anticipate that bitcoin could reach the mid-$30,000s or even low $40,000s by the end of 2023 before surging to six-figure territory after the next halving.

The cryptocurrencies mentioned in this article possess favourable prospects for upward momentum in the next bull run due to their distinctive value propositions and resilience. To discover the top cryptocurrencies for investment in 2024, refer to the table provided.

Data collected on 8 November 2023