As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. However, the current surge in Bitcoin and altcoins is reminiscent of the dot-com boom in the late 90s – the potential for exponential growth is palpable.
On Friday during U.S trading hours, the price of Bitcoin climbed approximately 3.2%, almost reaching the psychologically significant level of $60,000. If it manages to break through this resistance, it could boost the ongoing recovery and lead to a surge towards $70,000. Here are five cryptocurrencies worth keeping an eye on as bullish sentiment picks up once more.
5 Altcoins Poised for Gains as BTC Price Eyes $70K
Over the past two weeks, the daily chart of BTC has displayed a significant upward shift from approximately $52,500 to $59,900 – representing an impressive 13.5% rise. This positive trend could be influenced by the market’s anticipation of a possible 50 basis point reduction in interest rates at the September 18th FOMC meeting. If this reduction takes place, Bitcoin may surge towards $70,000 and generate bullish energy for these following altcoins as well.
Xrp (XRP)
On Thursdays, there was a significant increase in holdings of XRP, the digital currency tied to Ripple, a global payments provider. This surge occurred after Grayscale Investments reactivated its XRP investment vehicle. This development indicates increasing institutional trust in XRP and could pave the way for the creation of a new crypto exchange-traded product (ETP) specifically dedicated to XRP.
As a researcher, I’ve noticed that the current trading price of XRP is at approximately $0.57, marking a significant 7% increase over the past 48 hours. This surge has consequently elevated the market capitalization to around $32.18 billion.
Based on Santiment’s data, the XRP wallets classified as ‘Whales,’ possessing between 10 million and 1 billion coins, have been consistently amassing XRP since January 2022, controlling approximately 6.94 billion XRPs. This trend suggests growing attention from significant investors, strengthening the possibility of a reversal and sustained upward price movement for XRP.
Cardano (ADA)
Alongside other alternative coins, the price of Cardano’s coin increased significantly from $0.31 to $0.359, representing a 14.5% rise. If this upward momentum continues, the ADA price may potentially increase by an additional 7%, aiming to break through the resistance trendline that has been in place since May 2024.
If we see a possible breach of this boundary, it suggests a shift in investor attitude and could boost the upward trend in the market.
In September, there was a significant surge in large transaction volumes for the Cardano coin, reaching approximately 19.37 billion ADA. This persistent rise in large transactions implies that major investors, such as whales and institutions, are likely behind the accumulation of this cryptocurrency.
TRON (TRX)
Despite other altcoins exhibiting a recovery trend, the price of TRX is decreasing by 2.1% today, currently standing at $0.148. Some analysts attribute this dip to a temporary pause after the surge in August, which was sparked by the launch of the Sunpump meme coin generator.
Based on Intotheblock’s analysis, there has been a substantial surge in the number of long-term TRON holders over the past year. The count of such addresses has risen by approximately 237%, nearing 90 million. This upward trend suggests an increasing faith in TRON’s future as more investors choose to keep their TRX for longer durations, indicating a growing confidence in the platform’s longevity.
Polygon (POL)
Today, Polygon’s native token, previously known as MATIC, saw a significant jump of about 15% following Binance‘s announcement that they intend to incorporate POL into various mainstay services such as Earn, Buying Cryptocurrency, Conversion, Margin Trading, and Futures.
As of the reporting deadline, I observed that Polygon’s (POL) price had been transacted at $0.418, with a robust market capitalization of approximately $2.98 billion. The positive sentiment was amplified by a sudden surge in active addresses within the last 24 hours, reaching 1400, as per Santiment’s data. This uptick suggests an increased user interaction and network activity, presumably due to the recent transition from MATIC to POL.
Sui (SUI)
Similar to XRP, the value of SUI has been drawing investor interest due to the establishment of Garyscale’s SUI Trust Fund. This innovative investment tool is generating enthusiasm about SUI’s future, as it facilitates institutional investment in the asset, potentially expanding liquidity and market involvement.
On Thursday’s announcement, the price of SUI experienced a significant bullish reaction, jumping approximately 11.35% to reach the $1 mark again. As per DeFiLlama’s data, the total value locked (TVL) in SUI has skyrocketed beyond $700 Million, suggesting that investors are actively securing their assets within SUI-centric decentralized finance (DeFi) systems. This increased activity could potentially enhance liquidity and sustainability within the protocol.
If a strong upward trend (bullish momentum) is valuable, the SUI price might strive for around $1.1. Interestingly, potential resistance aligns near an upside-down head and shoulder pattern’s neckline. For a comprehensive breakdown, explore our top altcoins to invest in article.
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2024-09-14 01:48