After the 2024 Bitcoin halving, the altcoin market has experienced significant price movements over the past two months. Despite initial gains fueled by the halving event, recent corrections have caused many altcoins to lose their momentum.
Following the Bitcoin halving, investors often turn to altcoins to diversify their portfolios or capitalize on potential gains. This surge in demand typically leads to a market-wide rally, although some tokens outperform others in terms of price performance.
Surprisingly, PEPE coin has emerged as a standout performer among the top 50 crypto tokens by market cap post-Bitcoin halving. While other tokens like Bitcoin Cash have experienced losses, PEPE coin has seen a remarkable 148% increase in price since the halving event.
However, due to its reliance on social media hype, PEPE coin remains a highly volatile investment option, and caution is advised for traders considering investing in it.
Meanwhile, Ethereum (ETH) has also seen positive price movement following the Bitcoin halving, reaching a high near $4,080 before experiencing a correction. The anticipation surrounding spot Ethereum ETFs has contributed to ETH’s nearly 20% gain since the halving.
In contrast, other major altcoins like Solana, AVAX, ADA, and MATIC have either experienced minimal gains or are trading at a loss compared to their April 20 prices.
Another notable winner in the post-Bitcoin halving race is Toncoin (TON), which has been on an upward trajectory since March 2024. With the influx of buyers and whale accumulation, TON prices have surged over 35% since April 20, reaching a high near $8 on June 17.
While TON is currently undergoing a correction, it appears to be on track to reach its target price of $9 by the end of June.