Several weeks since the Bitcoin halving, crypto prices are much lower than many expected them to be, mostly because of a massive market crash back on 10 May. Still, the current period of consolidation isn’t likely to last long, so now is the time to update your crypto portfolio. Which are the top cryptocurrencies to invest in now? Here are our 4 top picks.
Bitcoin (BTC) – still waiting for a rally
The post-halving price rally that many expected hasn’t happened – yet. In fact, after testing the historical resistance level of $10,000 on 8 May, Bitcoin fell to $8,600. Later it slowly rose back to $9,400, which is still lower than a few days before the halving.
Yet, the slump was predictable. When it became clear that BTC’s attempt at $10,000 was rejected, whales began selling, triggering a cascade of liquidations on derivative exchanges like BitMex. It was a miniature repetition of what happened in mid-March.
In spite of the short-term consolidation, the mid-term outlook remains very positive. The corona crisis and quantitative easing do help, driving more investors away from stocks and bonds. Unlike gold, Bitcoin is relatively cheap right now, making it an attractive investment.
In the words of two of Andreessen Horowitz partners, the “fought crypto cycle” is beginning. A sharp price rise in the price of Bitcoin will be one of its first stages. Still, if investing in Bitcoin in June 2020, don’t expect large gains quickly