March was an extraordinary month for numerous cryptocurrencies, but April is expected to be even more bullish. Bitcoin is predicted to set the trend for the broader market in the coming month. As we bid farewell to March, Bitcoin (BTC), Shiba Inu (SHIB), Cardano (ADA), Ripple’s XRP, and WEN have emerged as the top four cryptocurrencies poised for a bullish transformation in April. These digital assets have been singled out due to signs of an upward trend in the market.
Bitcoin (BTC) had a favorable March, reaching an all-time high of $73,750. Currently, Bitcoin is trading at $70,000, bouncing back from its monthly low of $61,000. This surge has thrust the leading digital asset into the spotlight, with expectations that it will reach a new all-time high in the beginning of the new month.
The surge in Bitcoin’s price in March was primarily driven by the increased adoption of spot Bitcoin Exchange-Traded Fund (ETF) by institutional investors. However, inflows to the ETF reduced in the third week of March. Despite this, Bitcoin is set to build on its year-to-date gains of 65% and reach $70,494.22.
Furthermore, the halving event that is expected to take place in April could cause Bitcoin’s price to skyrocket. Standard Chartered, a banking giant, has made a bullish prediction for Bitcoin, stating that it could rally to $120,000 by the end of 2024, propelled by the halving event.
Shiba Inu (SHIB), a popular meme coin, had a 30% increase in March. Currently trading at $0.00003082, with a market capitalization of $18 billion, SHIB is expected to make waves in the crypto market in the coming month. The expansion of its Layer-2 ecosystem, Shibarium, has been a key driver behind SHIB’s impressive performance. Shibarium network has already surpassed 3 million transactions.
March wasn’t as successful for Cardano (ADA), with only a nominal increase of 4% and a price of $0.6609. As a result, Dogecoin (DOGE) surpassed Cardano to become the eighth-largest cryptocurrency. However, April presents an opportunity for ADA to reclaim its position, especially with Avalanche in 10th place and a $3 billion difference in their market capitalization. Recent developments, such as surpassing Ethereum (ETH) in terms of developer activity, further enhance the chances of an uptrend for Cardano.
Ripple’s native cryptocurrency, XRP, is another coin to watch, especially in light of the recent developments in the Ripple vs SEC case. With Ripple having until April 22 to file its report, investors can expect a wild ride before and after the company presents its case against potential penalties. Currently, XRP is trading at $0.6277, with a 1.9% increase in the past 7 days and a market capitalization of $34 billion.
In conclusion, April holds great potential for these top cryptocurrencies as they aim to continue their upward trajectory. Bitcoin is expected to lead the way and set the tone for the broader market, while Shiba Inu, Cardano, and XRP have their own unique factors that could drive their success in the coming month.