The cryptocurrency market performed well in 2024 as Bitcoin climbed from a low of $42,000 to a high of $73,000. Leading altcoins moved in tandem with Bitcoin and printed new yearly highs. The Bitcoin halving event in April this year ignited a bull run making leading cryptocurrencies rally in the charts.
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However, the majority of cryptocurrencies dipped in Q2 but regained balance in Q3 of 2024. This quarter seems to be promising as Bitcoin is attracting bullish sentiments after climbing towards $68,000 last week. Now that BTC is in bullish territory, we will highlight the top two cryptocurrencies to watch in August 2024.
2 Cryptocurrencies To Look Out For in August 2024
- Bitcoin (BTC)
Bitcoin is bullish this month but several macroeconomic factors pulled its price down towards the $64,000 mark. There are chances for BTC to recover quickly this month and touch the price range of $68,000. Institutional investors have been pouring money through ETFs making BTC hit new weekly highs for a month. Taking an entry position into Bitcoin now and exiting when it climbs above the $68,000 mark will be a good move.
Also Read: Dogecoin Gets Strong Buy Call: New Price Target $0.39
If BTC rises, the broader cryptocurrency market will also turn into the green. Therefore, investing in leading altcoins currently could be the best bet to make hay when the sun is shining.
- Shiba Inu (SHIB)
Shiba Inu has always moved in tandem whenever BTC rises in price. On the heels of the Bitcoin halving early this year, Shiba Inu skyrocketed 280% in March 2024 alone. Therefore, if BTC can achieve $68,000 this month, then SHIB could also catapult 20% to 30% in the indices.
Also Read: Here’s When XRP Will Climb Above $1 Again
Moreover, the markets might not remain longer in the green as the Israel, Palestine, and Iran conflict could escalate. The development could add pressure on both the stock and cryptocurrency market which could quickly turn the charts red.
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