Recent fluctuations in the price of Bitcoin have resembled a rollercoaster ride. In early December, Bitcoin finally broke the $100,000 mark, reaching $108,000 on December 17. However, the price has since declined, starting this week at around $98,000.
Particularly, the recent announcement from the U.S. Department of Justice (DOJ) caused Bitcoin’s price to drop to $93,000.
The DOJ has been granted authority to sell 69,370 Bitcoins (approximately $6.5 million) seized from a dark web marketplace.
According to reports, the DOJ is pushing for a quick sale of the Bitcoins due to the high volatility of the market, and a federal judge approved this on December 30.
These Bitcoins were seized from Silk Road, an online marketplace for illegal goods and services. Ross William Ulbricht, the founder of Silk Road, was arrested in 2013 and is currently serving a life sentence.
Interestingly, President-elect Donald Trump promised to commute Ulbricht’s sentence as part of his election campaign.
Many expect the price of Bitcoin to rise on January 20, Trump’s inauguration day. Considering his favorable cryptocurrency policies, including strategic reserves for digital assets, Bitcoin is anticipated to benefit positively.
However, after the DOJ’s announcement, the price of Bitcoin plummeted.
Economist Peter Schiff mentioned the widespread discussion around the DOJ’s decision and sees it as evidence supporting his warning that Trump will not buy Bitcoin.
Amid Bitcoin’s price drop, will the altcoin season begin?
Given Bitcoin’s high volatility, the price trend over the next few months is crucial. Altcoins are becoming more attractive investment options in this volatile market. Here are some notable cryptocurrencies in the altcoin market that are worth considering.
1. Wall Street Pepe ($WEPE) – Record-breaking presale
This meme coin is currently in the presale phase but has garnered significant interest from investors. Wall Street Pepe raised $44.6 million in just one month during the presale, showcasing its potential for substantial growth.
Individual investors are flocking to join the frog army of Wall Street Pepe, gaining trading advice and insights.
Why is Wall Street Pepe doing this?
The frog character with a Wolf of Wall Street-style mission seeks to eliminate ‘whales’ manipulating the market. Training its frog army to trade like professional traders and become ‘whales’ themselves.
The presale of $WEPE was originally scheduled to end in late February but may end sooner due to the rapid depletion of tokens.
2. Solaxy ($SOLX) – Layer 2 ecosystem for Solana
Solaxy is receiving significant attention as the world’s first Layer 2 ecosystem for Solana, addressing the network’s congestion and transaction failures. With a total supply of 1.38 billion tokens, 30% will be used for developing the Layer 2 ecosystem.
With $9.4 million raised so far, interest in Solaxy continues to grow, promising significant improvements once operational.
3. Pudgy Penguins ($PENGU) – Resilient coin defying market trends
Pudgy Penguins ($PENGU) expanded to Solana blockchain in December 2021, targeting a new market after its debut on the Ethereum blockchain in 2021.
With an NFT collection of 8,888 cartoon characters representing various emotions, Pudgy Penguins have meaningful business goals beyond just being a meme coin.
4. Best Wallet Token – Exciting benefits for holders
Best Wallet, a mobile-centric non-custodial app, is now offering additional benefits through its token, Best Wallet Token ($BEST).
$BEST holders can enjoy early access to new projects, trading fee discounts, higher staking rewards, and governance rights in the community. With over $6.8 million raised in the presale, the growth of Best Wallet Token shows no signs of slowing down.
5. Pepu Unchained ($PEPU) – Strong debut for this Layer 2 meme ecosystem
Pepu Unchained ($PEPU), another meme coin based on Pepe the Frog like Wall Street Pepe, set a remarkable presale record.
Community praised Pepu Unchained as the ‘highest-selling presale token ever’ when it surpassed $30 million and raised a staggering $74 million by the end of the presale.
Currently operational on a Layer 2 blockchain for meme coins, Pepu Unchained is set to release Pump Pads soon.
While $PEPU did not perform well last week due to the DOJ’s announcement, there are expectations for a rebound soon.
Conclusion
Despite the DOJ’s plan to sell 69,370 BTC, there is hopeful news for investors looking to avoid Bitcoin. It’s not all doom and gloom.
Perhaps Bitcoin will see a resurgence once Trump assumes office.
Meanwhile, consider exploring other alternatives, including the top 5 cryptocurrencies worth buying as mentioned in this article. They are viable options worth considering.
Of course, it’s important to do your research (DYOR) before making investment decisions and not solely rely on our word.
