3 Cryptocurrencies to Watch After Bitcoin Hits $59K Below $1

The altcoin season of this market cycle can be as incredibly profitable as previous bull market years.

The influx of capital into the altcoin markets represents unprecedented institutional interest and regulatory approval for Bitcoin and blockchain cryptocurrencies.

For those wondering why Bitcoin is going vertical today, the answer is quite simple.

Wall Street loves orange coins, but there aren't enough for them all.

The price should increase to accommodate everyone.

— Pomp 🌪 (@APompliano) February 27, 2024

Here are three $1 cryptocurrencies that could see some price action soon.

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Ripple (XRP) – SEC trial ahead

XRP recovered from $0.51 to start February to $0.59 with two days left in the month. The currency has been stagnant since Ripple Labs won a court case against the Securities and Exchange Commission (SEC) last July. The battle with the SEC will continue into its final phase in April 2024.

When Ripple finally settles everything in court with the SEC, it will address a major threat that could keep price pressure on XRP prices. Of course, it is very important to see how the trial will take place, but this is undoubtedly one of the most important altcoins that will be seen in the coming months.

Cardano (ADA) – Web 3.0 is coming.

Cardano price has been running neck and neck with XRP since last year. ADA traded at $0.62 this week after the Bitcoin price surge. The most recent low point of the cryptocurrency was $0.47 on January 25, but below $1 this coin may see some action in the coming weeks.

Cardano's all-time high price on August 27, 2021 was $2.85. A return to that level represents a 360% return on investment over today's ADA prices. Arthur Hayes said it was a type of coin beginning with “S”.

But the facts remain: ADA has been a top 10 cryptocurrency for years, and has strengthened its position as one of the largest projects in the industry. With the price of Bitcoin rising to all-time highs, it's one to watch, especially now that the Web3 ecosystem is booming.

Dogecoin (DOGE) – Hash Power wins

Dogecoin is down less than $0.01 this week during the Bitcoin price rally. The hash-powered proof-of-work crypto has once again given investors huge returns during the 2021 altcoin season.

The price of DOGE has grown from $0.0025 in October 2020 to $0.64 in May 2021, a 25,500% ROI for this blue chip altcoin in seven months. Renowned technical and on-chain analyst Ali Charts recently pointed out that Dogecoin's price action mirrors the 2020 pattern that led to a major DOGE meltdown in 2021.

Other coins of note are also posting big gains, including WIF and PEPE, which means this market is heating up and it may not be long before the heavy weights in front of DOGE and SHIB begin to follow.