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Bitcoin has been on a roller coaster lately. It finally broke the $100,000 mark in early December, and reached a peak of $108,000 on December 17th. Since then, however, Bitcoin prices have gone downhill slightly, starting this week at around $98,000.
And now, with the recent announcement by the US Department of Justice (DOJ), Bitcoin has plummeted to $93,000.
The Department of Justice has been granted permission to sell $69,370 BTC (approximately $6.5 million) seized from a darknet market.
Source: CoinMarketCap
According to reports, concerns about Bitcoin’s volatility were cited by the Justice Department as the main reason for pushing for the quick sale, which a federal judge approved on December 30.
Bitcoin was seized from Silk Road, a marketplace for illegal goods and services including drug trafficking, computer hacking, and money laundering. Founder Ross William Ulbricht was arrested in 2013 and is currently serving a life sentence.
Incidentally, one of President-elect Donald Trump’s campaign promises was to commute Ulbricht’s sentence if elected.
President Trump’s inauguration on January 20 was widely expected to boost Bitcoin prices given his pro-crypto stance, including the establishment of a strategic reserve fund for digital assets.
However, the DOJ announcement had a significant market impact on the price of $BTC.
Economist Peter Schiff has a lot to say about this recent development. He sees the Justice Department’s decision as confirmation of President Trump’s warning that he would not buy Bitcoin, despite his promise not to sell it.
Is the altcoin season over now that Bitcoin prices have fallen?
Volatility is the name of the game for Bitcoin, but it remains to be seen how it will perform in the coming months and make altcoins even more attractive. Here are our top picks for the five best cryptocurrencies to buy right now.
1. Wall Street Pepe ($WEPE) – Record advance sales
Although this meme coin is in the pre-sale stage, Wall Street Pepe has received tremendous interest from investors. The company raised a whopping $44.6 million in the first month of pre-sale. $WEPE is definitely one of the cryptocurrencies with the most growth potential.
Individual investors can jump in and join $WEPE’s Frog Army, where they can receive trading advice and insight from Mr. Pepe himself on Wall Street.
Why would he do that?
Dressed as Pepe the Frog, this no-nonsense Wolf of Wall Street is on a mission to take down a whale manipulating the market behind an insider trading group. There he trains an army of frogs to trade like the pros and become whales themselves.
The $WEPE presale was originally scheduled to end at the end of February. But given the pace at which tokens are being snatched away, it could be much faster.
2. Solaxy ($SOLX) – Layer 2 of Solana is being created
Soraxy is controversial. This is the world’s first Layer 2 ecosystem for Solana and promises big results. Also in pre-sale, the Solaxy platform builds on what’s great about Solana. But as many investors know well, Solana has serious problems with traffic congestion and deal failures.
Solaxy aims to be a game changer by solving these problems with unmatched speed, scalability, and reliability. Solaxy has a total token supply of 138 billion, 30% of which is allocated to layer 2 ecosystem development.
With $9.4 million already raised, Solaxy is gaining attention. And we look forward to seeing the significant improvements it will bring to the party when it comes up.
3. Pudgy Penguin ($PENGU) – An old believer who bucks market trends
Pudgy Penguins first launched on the Ethereum blockchain in 2021 before launching on Solana last December.
This was done to expand the $PENGU community and reach new users. And so far, that has been the secret to success.
The Pudgy Penguins NFT collection (the name says it all) consists of 8,888 cartoon characters. And while the penguin itself, which represents love, happiness, empathy, compassion, and other emotions, is super cute, this altcoin means serious business.
Source: CoinMarketCap
$PENGU’s market cap is currently (well) $2,058B and is ranked 67th on CoinGecko. Looking at its performance over the past month, the price of $PENGU has been relatively stable – 1 $PENGU price is $0.03282 – despite a less-than-stellar market.
4. Best Wallet Token – Attractive benefits for holders
You’ve probably heard about the Best Wallet app. You may already be using it. This mobile-first, 100% unsupervised app has many benefits. And now, Best Wallet plans to introduce additional benefits leveraging the native Best Wallet token ($BEST).
Benefits for $BEST holders include early access to new projects and presales, lower transaction fees, higher staking rewards, the power of community governance, and more. And the presale has already raised nearly $6.8 million, with no signs of slowing down.
To learn more about the ecosystem, tokens, and future plans, check out $BEST’s light paper.
5. Pepe Unchained ($PEPU) – A strong start for this layer 2 meme ecosystem.
Pepe Unchained is also part of the Pepe the Frog clan, just like Pepe on Wall Street, and has garnered incredible advance sales.
By the time $PEPU reached the $30 million mark, the community was hailing Pepe Unchained as “the best-selling presale token of all time.”
By the end of the sale, Pepe Unchained had raised a dizzying $74 million and was listed on DEX and CEX in December.
Pepe Unchained is a layer 2 blockchain for memecoins that is currently fully operational and the launch of Pump Pad is just around the corner.
To be fair, the past week hasn’t been great for $PEPU. It has been steadily declining in line with the general market (thanks in part to the Justice Department’s Bitcoin bombshell). However, previous performance was quite good, so we expect it to recover in the not-too-distant future.
Source: CoinMarketCap
The conclusion is
Investors avoiding Bitcoin following the upcoming $69,370 BTC sale by the Department of Justice can rest assured. It’s not all doom and gloom.
Once President Trump settles into the Oval Office, it could help push Bitcoin higher.
In the meantime, there are other options out there that are well worth considering, including the 5 best cryptocurrencies to buy mentioned in this article.
But don’t just take our word for it. After all, we are not financial advisors. Always do a DYOR before making any investment decisions.
