Check out which cryptocurrencies could appreciate after the halving

The long-awaited Bitcoin (BTC) halving, an event that halves the rewards for mining the largest cryptocurrency on the market, is scheduled for the end of this month and could trigger a significant increase in bets on networks and cryptocurrencies related to the Bitcoin ecosystem.

Traders are keeping an eye on opportunities in technical currency projects and memecoins, anticipating possible upsides.

Halving is known to reduce the rate of creation of new coins, thus decreasing the available supply. Currently, the block reward is 6.25 BTC and will drop to 3.125 BTC after the halving. Historically, this event has been associated with a bull market for Bitcoin.

Cryptocurrency traders note that participants are looking for a “reason to buy” as monetary narratives continue to shift in the current bullish environment. They are directing their focus towards the Bitcoin ecosystem, waiting for the untapped capital within it to move. This could benefit tokens like THORChain (RUNE), Stacks (STX), and ORDI, according to trading firm Wintermute.

Bitcoin ecosystem cryptocurrencies

THORChain’s RUNE and Stack’s STX were among the best-performing tokens last year, tracking Bitcoin’s rise. ORDI, a meme coin named after the Ordinals protocol on Bitcoin, has also seen significant growth since its issuance in September.

For Bartosz Lipinski, founder of the Cube.Exchange trading platform, memecoins and the Runes protocol could attract risky bets in the Bitcoin ecosystem. He suggests that the hype surrounding these projects could overshadow other ecosystems such as Ethereum and Solana.

Volumes of Ordinals, a way of incorporating data into the Bitcoin blockchain, surpassed usual leaders Ethereum and Solana last week. This suggests a growing interest in this type of project. Meanwhile, non-fungible token (NFT) buying and selling activity on other networks has slowed.

At the time of writing this article, the ORDI token is costing US$70.81, with a weekly appreciation of more than 10%. Meanwhile, STX costs $2.97, having declined by around 10% in the last week. The RUNE token is trading at US$7.07, with a weekly drop of 10%.