Today I wanted to speak about the current crypto bull run. If you have not been living under the rock recently you have noticed that cryptos have been taking off quite well, since October 2023 and more might come.
So in this post, I wanted to share some of my opinions, thoughts, and some information that I know thus far.
Disclaimer: before we move on, I want to emphasize that nothing in this post is financial advice. These are purely my opinions and how I see them.
What is Crypto Bull Run?
Quiet simple question to answer, but let’s make things quite clear before we move on. A bull run is when you have investors whether retail, whales, funds, etc. buying some specific asset due to the belief of good news related to that asset, thus causing optimism and believing the price will go higher, this will trigger interest among investors and thus investors start buying more of that asset and thus driving the price up.
We also have bear run, which is exactly the opposite of bull run.
Why Cryptos Are Having Bull Run?
There are a few reasons for that.
One of the biggest reasons is the optimism that Bitcoin ETF will get approved by the SEC. Nothing is guaranteed of course, but there is a high chance that it will be approved by the SEC.
Another reason is the Bitcoin halving period which happens on 17th of April 2024. This will be half the current reward for every Bitcoin block. At the moment the reward is 12.5/Bitcoin block and in 2024 the reward will be 6.25/Bitcoin block.
Bitcoin halving happens every four years. The last time it happened on May 2020.
More major reasons are inflation and that the U.S. dollar index has weakened. These two factors will boost cryptos a lot.
Another major reason is that because these cryptos are related to Web3 there’s going to be a major shift.
Web1 was all about reading.
Web2 was all about reading writing and socializing.
Web3 is Web1 + Web2 plus owning, and this paradigm is going to be a major contributor that could potentially affect very much on the world economy.
What does Bitcoin Halving Mean?
It means having new Bitcoins generated by block. This on the other hand means that bitcoin supply is going to be lower, thus it will make bitcoin more expensive to buy. This is why it’s a significant move.
How Bitcoin Halving Can Effect Other Cryptos?
Usually, this will cause volatility on other coins. Thus it is a good idea to have other coins to reduce the risk.
Best Cryptos to Invest In?
I am not here to give you advice on which cryptos you should invest in, just like I stated in the disclaimer nothing here is financial advice :D. If you check from the Coinmarketcap the highest top 10 cryptos with the highest market cap while I am writing this post are the following:
As you can see Bitcoin, Ethereum, XRP, Solana, and Cardano are the top 5 cryptos. If I had to choose which ones I would invest in, it would be Bitcoin, Ethereum, and Solana. To understand why you need to do due diligence about those coins. My biggest position is at the moment with Solana and will I speak about it a bit in the next section below.
However, if you want to go for a long-term investment, then Bitcoin is the king. I have even heard from some YouTube videos from very known people in the crypto field, such as Michael Saylor, that it can go to 100x – 425x. 425x might sound far-fetched, but let me share with you the following video where Michael Saylor himself shares why Bitcoin can go 425x:
My Asset
At the moment I have only invested in Solana, but I was lucky enough that I invested a major of my portfolio when it was at $20 and then added more in $28, since then I have not added, and based on that my average is $24. While I am writing this post, Solana has already increased to $76. So that’s like a 214% increase in pure profit :D.
I believe this will go much higher, especially next year but might retract at some point due to Bitcoin progress. It’s a bit complicated to explain why.
I am not sure when I will sell my position, but I am thinking when this will hit $750-$1000. I know that sounds a bit unbelievable but it might take a few years when it reaches that. However, we should not forget what happened to Solana, when it jumped to its all-time high. It took Solana just 4 months to go from $24 to $258. This happened during the period 07/20/2021 – 11/07/2021. Which was quite crazy.
Based on my research this could go much higher than its all-time high in upcoming years and there are plenty of reasons for that.
One reason is that because of Solana has quite fast transaction processing, which at the moment is 710K transactions/second.
Another reason is that if I recall somewhere I read that there are currently 2 validators of Solana at use, 3 are coming very soon into use (so it’s already developed) and the fourth is under development.
Another big reason is that Visa and Shopify have taken Solana into use. You can search for more about this on the internet because if I give you information about this, it will make this post quite big 😀
Conclusion
I hope you enjoyed reading this post as much as I enjoyed writing about it. If you have no information about cryptos and Web3 then I highly recommend of doing research. This is another major opportunity for building wealth just like AI is providing which could potentially build wealth in trillions of dollars.
I plan to learn Web3 because I know that a major shift is coming. Also, there are lots of start-up companies now and next year that are going to build Web3 services.
Even Web3 full stack developer is a very highly paid job. I am very lucky to be a software engineer and anybody can start learning it as early as today, thanks to the internet.
I highly recommend researching Web3 now since it’s still in the early stages. The earlier you jump the better position you are in. Maybe you can build even your wealth that can lead you to financial freedom with Web3 🙂
Enjoy your weekend and don’t forget that you can always contact me via the Contact page.
