Bitcoin halving is estimated to take place on April 17 according to Coinbase exchange. The event known to ardent investors as a significant market mover takes place every four years to control inflation on the network. Ahead of the halving, market participants focus on taking positions in Bitcoin and top altcoins to buy. For instance, restocking tokens like AltLayer (ALT) and Pendle are creating a lot of buzz in the market with investors searching for newer gems likely to outperform Bitcoin post-halving.
What’s Bitcoin Halving, Why Does it Matter?
The four-year cycle engraved in Bitcoin code slashes the amount of new coins joining the network in half. In simpler terms, the rewards earned by miners for processing blocks of transactions are cut by 50%, thus significantly shrinking the circulating supply.
After the previous halving in 2020, miners earned 6.25 BTC per block of transactions from 12.5 BTC. The halving in April 2024 will further cut the reward to 3.125.
This halving process is expected to carry on until all the 21 million BTC – estimated to fall in 2140. In addition to processing transactions miners secure the network, hence the reward.
Halving is important to Bitcoin as it ensures inflation is controlled by making BTC more scarce with every cycle. It is this scarcity in supply and consistent increase in demand that makes Bitcoin one of the most sought-after digital assets in the world.
Although halving is pertinent to Bitcoin, its influence often spreads across the crypto market causing positive waves in altcoins to buy. This explains the growing interest in the altcoin market which taps into the positive sentiment due to the Bitcoin rally achieving new highs.
Investors usually prefer to diversify their crypto portfolios with altcoins to buy like AltLayer (ALT) and Pendle. Some of these tokens explode even outperforming Bitcoin, allowing holders to buy more Bitcoin or make fortunes in the crypto market.
AltLayer (ALT)
AltLayer is among the leading networks spearheading staking or restacked tokens otherwise referred to as restaking. Based on the protocol’s website, restaked rollups leverage EigenLayer’s mechanism, making “rollups more decentralized, secure, interoperable, and efficient.
The project’s restaked rollups are made up of three vertically-integrated “Actively Validated Services (AVS), with the ability to be created on-demand for any given rollup.
AltLayer quickly gained traction after its launch in 2022, supported by a vibrant social community. The project boasts over 670.5k followers on X who interact on various topics, helping to advance the restaking sector.
ALT, the token powering the ecosystem has a market cap of $761 million, ranking #138 among other cryptos. With interest in the token growing exponentially, it attracts a massive $158 million 24-hour trading volume.
AltLayer price hovered at $0.6, down 3.7% on Tuesday, April 9 on top of a 12% increase in value in seven days.
Potential investors should take note of its 10 billion total and maximum supply and circulating supply of only 1.255 billion. This shows that the network will keep unlocking more tokens which could dampen price performance in the long run.
Pendle (PENDLE)
Pendle emerges as a trailblazer in the cryptocurrency sector with its groundbreaking restaking protocol. It stands out for its novel feature of tokenizing and detaching yield from the base assets’ ownership.
This cutting-edge functionality empowers users to refine their yield management techniques and facilitates the trading of future yields in a secondary marketplace.
Unlike its counterparts, Pendle elevates DeFi yield management by significantly boosting liquidity and adaptability, transforming the way investors manage their portfolios.
One PENDLE token is worth $6.31 – the prevailing exchange rate. Its value has gone down by almost 3% in the last 24 hours, CoinMarketCap data shows.
Looking past the short-term correction caused by a general downturn in the market, Pendle has in the last 30 days surged by a whopping 110% on top of a staggering 1,292% explosive move in the last year.
The post 2 Altcoins To Buy Going To Outperform Bitcoin Post-Halving appeared first on CoinGape.
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