Here are my top cryptocurrencies to buy in April

After losing roughly two-thirds of its value in 2022, the cryptocurrency market is experiencing renewed interest from the investment community this year. Perhaps the so-called “crypto winter” is beginning to thaw, with money flowing back into digital assets.

Amid the heightened optimism, there is one top crypto that stands out above all the rest, in my opinion. With the price already up almost 70% in 2023 (as of April 5), Bitcoin (BTC -0.31%) is mine top cryptocurrency to buy in April — and it’s not even close.

Here’s why.

Still well off its all-time high

Thanks to a big price increase this year, Bitcoin’s market value has also risen. It now amounts to 544 billion dollars. This is a greater value than some large companies, such as Visa, ExxonMobiland Walmart. And at the time of writing, the world’s most valuable cryptocurrency accounts for 46% of the entire market. This dominance clearly exemplifies Bitcoin’s leading position.

However, at roughly $28,000 per coin, Bitcoin is still nearly 60% off its peak price of nearly $69,000 as of November 2021. The highest inflation seen in decades, and still high today, led the Federal Reserve to aggressively raise interest rates. This proved to crush the prices of digital assets, including Bitcoin, throughout 2022. Even with price gains this year, Bitcoin still has a long way to go to recover its losses and reach new highs.

With its current discounted price, well off its all-time high, Bitcoin’s upside could still be massive. This simple point of view could be enough to attract investors, mainly those who have been sitting on the sidelines, to buy the top crypto in April.

Important catalysts can push the price higher

There are also some important catalysts that could drive Bitcoin’s price to new heights. About every four years, Bitcoin’s network undergoes what is known as a “halving.” This is when the amount of Bitcoin that miners are rewarded for processing transactions is halved, reducing the supply of new Bitcoin entering the market. It basically cuts network inflation in half, and it has historically been a bullish time for Bitcoin. After all, if demand increases over time, but Bitcoin’s outstanding supply increases at a slower rate up to the hard cap of 21 million, the price should go up. With the next halving scheduled to happen in April 2024, now could be one of the best times to be a buyer.

In addition, Bitcoin may be a beacon of hope in light of the troubling turmoil that has rocked the financial industry in recent weeks. The collapse of important regional banks has caused investors and depositors to worry about the stability of the entire financial system, which calls into question the central bank’s ability to truly understand various bank balance sheets and general systemic risk.

Since it is outside the control of any central government and not built on a fractional reserve system like our banks are, Bitcoin can attract investment from people trying to find a place to park their capital as a hedge against financial disaster. But investors should keep in mind that Bitcoin and other cryptos are not insured by the FDIC.

Bitcoin’s price has risen an incredible 38% since the news broke SVB Financeand more specifically, that Silicon Valley Bank was shut down by regulators on March 10. This could be a possible indication of how the market is positively viewing Bitcoin during what has been a scary and messy situation.

In addition, macroeconomic uncertainty remains at the top of everyone’s mind. The Fed is juggling its goal of trying to tame inflation with the goal of trying to ease fears in the banking industry. As a result, no one has any idea what the future will bring. Many experts believe that the central bank will not only put a stop to interest rate hikes, but reverse course and reduce interest rates by the end of 2023. This accommodating policy stance may be enough to drive greater capital inflows from both individual and institutional investors into Bitcoin. This situation makes Bitcoin my top crypto to buy in April.