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Bitcoin has been on a rollercoaster ride lately. It finally broke the $100K mark at the beginning of December and reached $108K on December 17. But the price of $BTC has been falling slightly since then, starting this week from around $98K.
And now, the latest announcement by the US Department of Justice (DOJ) has seen Bitcoin explode, hitting $93K.
The DOJ was given the green light to sell 69,370 $BTC (about $6.5M) that was seized from the black market.
It is reported that concern about the volatility of Bitcoin was noted by the DOJ as the main reason for pushing the quick sale, which was approved by a federal judge on December 30.
Bitcoin is taken from it Silk Roadthe market for illegal goods and services, including drug trafficking, computer hacking, and money laundering. Its founder, Ross William Ulbricht, was arrested in 2013 and is currently serving a life sentence.
By the way, President-elect Donald Trump – as one of his campaign promises – said he would downgrade Ulbricht’s sentence if he is elected.
Trump’s inauguration on January 20 was widely expected to boost the price of BTC due to his pro-crypto stance, including the establishment of a digital warehouse.
The DOJ announcement, however, caused a sharp market impact on the $BTC price.
Economist Peter Schiff has you have a lot to say about this latest step. He sees the DOJ decision as confirmation of his warnings that Trump would not buy Bitcoin despite promising not to sell it.
With Bitcoin Under the Cosh, Is Altcoin Season A-go?
Since volatility is the name of the game for Bitcoin, it remains to be seen how it works in the coming months, making altcoins very attractive. Here is our top pick of the 5 best cryptos to buy right now.
1. Wall Street Pepe ($WEPE) – Record setting presale
This meme coin is in the early stages, though Wall Street Pepe is seeing tremendous investor interest. In one month of its launch, it raised $44.6M. $WEPE is one of these cryptos have the most potential growth.
Retail investors jump to join the $WEPE frog army, where they’ll get trading advice and insights from Wall Street Pepe himself.
Why did he do that?
This fictional Wolf of Wall Street in Pepe the frog guise is on a mission to take down whales who manipulate the market while hiding behind insider trading groups. So he trains his army of frogs to trade like professionals and become whales themselves.
The $WEPE presale was originally supposed to close at the end of February. But with the amount of tokens being snapped up, it might be soon.
2. Solaxy ($ SOLX) – Solana’s 2nd layer in the making
Solaxy causes agitation. It’s the world’s first Layer-2 Solana ecosystem, and it promises big things. And in presale, the Solaxy the platform will build on Solana’s good points. But as many investors are well aware, Solana has serious problems with traffic congestion and transaction failures.
This is where Solaxy is set to change the game – eliminating those problems through use unmatched speed, scalability, and reliability. Solaxy has a 138B is the total supply of hard tokens, and 30% is allocated to the development of the Layer-2 ecosystem.
With $9.4M already raised, all eyes are on Solaxy. And we look forward to seeing what great improvements it will bring to the party and performance.
3. Pudgy Penguins ($PENGU) – Old Faithful Thats Bucking Market Trends
After the initial launch of the Ethereum blockchain in 2021, Pudgy Penguins was launched in Solana in December of last year.
It did so to expand the $PENGU community and reach new users. And so far, it has been a recipe for success.
The Pudgy Penguins NFT collection (the name says it all) includes 8,888 cartoon characters. And although penguins themselves – represent love, joy, compassion, compassion, and other emotions are all very good, this altcoin means serious business.
$PENGU’s market cap currently stands at (ahem) $2,058B, placing it at #67 on CoinGecko. And looking at its performance in the last month, the price of PENGU PENGU has remained stable – 1 $ PENGU is worth $ 0.03282 – despite the market that has never been empty.
4. Best Wallet Token – Exciting Benefits for Managers
You’ve probably heard of it The best Wallet app. You may already be using it. This first, 100% free mobile app has a lot going for it. And now Best Wallet plans to introduce more benefits, powered by its natives Best Token Wallet ($BEST).
Those benefits for $BEST owners include early access to new projects and pre-sales, reduced transaction fees, higher rewards, and community management capabilities. And with close to $6.8M already raised in previous sales, there are no signs of slowing down.
You can read the $BEST litepaper for more information about the ecosystem, token, and future plans.
5. Pepe Unchained ($PEPU) – A Strong Start for this Layer-2 Meme Ecosystem
Pepe Unchained, like Wall Street Pepe, is yet another member of the Pepe the Frog clan, and what an amazing sale he had.
When $PEPU reached $30M, the community hailed Pepe Unchained as the first ‘the most traded token ever.’
At the end of the sale, Pepe Unchained raised an eye-watering $74M, and continued to be listed on the DEX and CEX in December.
Pepe Unchained is a fully functional Layer-2 meme coin blockchain, and the launch of its Pump Pad is just around the corner.
To be fair, the past week has not been very kind to $PEPU. It has seen a steady decline in line with the general market (thanks in part to the DOJ’s Bitcoin bombshell). But its previous performance has been very good, and we expect it to converge in the not-too-distant future.
In conclusion
For investors moving away from Bitcoin following the upcoming DOJ sale of 69,370 $BTC, take heart. It’s not all doom and gloom.
Who knows – the Trumpster might help Bitcoin rally once he’s settled in the Oval Office.
In the meantime, there are other options out there, including the five best cryptos to buy that we’ve covered in this article, that are worth considering.
Don’t just take our word for it, though. After all, we are not financial advisors. Make sure you DYOR before making any investment decision.