April is expected to be a more bullish month for cryptocurrencies, following a historic March. Bitcoin is predicted to lead the broader market trend in the coming month. As March comes to a close, Bitcoin, Shiba Inu, Cardano, Ripple’s XRP, and WEN have been identified as the top four cryptocurrencies that are 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 had a favorable month in March, reaching an all-time high of $73,750. Currently, it is trading at $70,000, bouncing back from its monthly low of $61,000. This surge in price has put Bitcoin in the spotlight, with expectations that it will set a new all-time high in April. The increased adoption of spot Bitcoin Exchange-Traded Funds (ETFs) by institutional investors drove the price surge in March. However, inflows into these ETFs reduced in the third week of March.
The halving event scheduled for April is also expected to drive Bitcoin’s price even higher. Standard Chartered, a banking giant, has given a bullish prediction for Bitcoin, stating that it could rally to $120,000 by the end of 2024, fueled by the halving event.
Shiba Inu, a popular meme coin, saw a 30% increase in March, making it the 11th largest cryptocurrency by market capitalization. Currently trading at $0.00003082, with a market capitalization of $18 billion, Shiba Inu is anticipated to make waves in the crypto market in April. The expansion of its Layer-2 ecosystem, Shibarium, has contributed to its impressive performance, with the network surpassing 3 million transactions.
Cardano had a modest increase of 4% in March, with a price of $0.6609. This growth was overshadowed by Dogecoin, which surpassed Cardano to become the eighth-largest cryptocurrency. However, April presents an opportunity for Cardano to reclaim its position, especially with Avalanche in 10th place and a $3 billion difference in market capitalization. Recent developments, such as surpassing Ethereum in terms of developer activity, boost Cardano’s chances of an uptrend.
Ripple’s native cryptocurrency, XRP, is another coin to watch, particularly due to the ongoing Ripple vs SEC case. Ripple has until April 22 to file its report, and investors can expect a volatile 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.