After the fourth Bitcoin Halving was finished, there was a revived optimism among crypto investors about market recovery. The prices of altcoins have surged due to Bitcoin’s bounce back over $65K, allowing funds to be redirected towards riskier cryptocurrencies.
Over the past week, Bitcoin’s price has risen by 4%, now sitting at $66131. Ethereum, on the other hand, experienced a 1.5% increase to reach $3166. Notable altcoins like Binance Coin (BNB), Solana (SOL), and XRP have seen impressive weekly gains of over 10%.
Additionally, there was a renewed demand for US Bitcoin exchange-traded funds (ETFs) as SoSoValue reported a total net inflow of $62.089 million for Bitcoin spot ETFs on April 22. In contrast, Grayscale’s Bitcoin Trust recorded a daily outflow of $34.993 million. However, Fidelity’s Bitcoin ETF experienced substantial daily inflows amounting to $34.8334 million. The overall net inflow for Bitcoin spot ETFs has now exceeded $12.384 billion.
Based on SoSoValue’s report, the Bitcoin spot ETF saw a total inflow of approximately $62.1 million on April 22. Contrarily, Grayscale GBTC experienced an outflow of around $34.99 million that day. Meanwhile, Fidelity ETF FBTC recorded an inflow of about $34.83 million during the same period. Historically, the cumulative net inflows for these ETFs have been significant.
— Wu Blockchain (@WuBlockchain) April 23, 2024
Here are the top altcoins to capture the post-halving rally.
1) Ethereum (ETH)
Ethereum is a decentralized, open-source platform for building blockchain applications. It’s known for its capability to execute smart contracts. With a market cap of over $385.7 billion, it ranks as the second largest cryptocurrency system following Bitcoin.
In the ongoing market recovery, the Ethereum price bounced back from its support at $2850 and climbed above the 50% Fibonacci retracement level. This strong rebound resulted in a 10% increase in value and formed a bullish pattern called a “double bottom.”
If the downward trend in Ethereum’s price reverses and continues, it may reach and even surpass the neckline of the pattern at $3280. Following a successful breakout, buyers could gain enough momentum to exceed the resistance levels at $3730 and then $4100.
2) Solana (SOL)
Solana (SOL) is a powerful blockchain platform that enables decentralized apps and digital currencies. It’s known for its lightning-fast transaction processing and ability to handle large volumes, thanks to its innovative proof-of-history (PoH) consensus algorithm working in conjunction with the underlying proof-of-stake (PoS) system.
Following a setback, Solana’s SOL token has bounced back impressively from a low of $116. It rebounded past the 50% Fibonacci retracement mark and recorded a significant 33% increase, now valued at $155. This uptrend has boosted Solana’s market capitalization to a impressive $69.3 billion, maintaining its standing as the fifth largest cryptocurrency by market value.
At present, the price of Solana is prepared to challenge the next resistance at $162. The market mood leans towards optimism among investors, suggesting a possible surge for a greater rise. If this positive trend continues, we might witness a 30% price hike from the current value, taking Solana back to its previous high of $210 in 2024.
3) Pendle
Pendle is a Decentralized Finance (DeFi) platform that brings bond-like investments to the crypto world. Users can convert yield-generating assets into tokens and exchange these tokens for profit. What sets Pendle apart in DeFi is its capability to let investors secure returns and trade them, similar to how bonds are handled in conventional finance.
For the past three weeks, the price of Pendle coins has remained relatively stable around the $7.5 mark. Although there have been some significant price fluctuations during this period, it’s unclear who is in control – buyers or sellers. However, an emerging trendline is providing support and preventing any prolonged correction.
Currently, Pendle’s price is $6.6 with a minimal drop of 0.6% in today’s market. The market value of this cryptocurrency is approximately $1.57 billion, and its trading volume for the past 24 hours has been around $137.5 million.
If buyers manage to raise the price above the $7.5 barrier, they might be able to take control of the market trend and reach new peak prices.
Key Takeaway
This week, Bitcoin’s price and the altcoin market have been gradually rising due to relief rallies following recent posts. However, aggressive buying momentum has not yet emerged. It is predicted that the crypto market may take a few months before it fully recovers. During this expected period of consolidation, digital assets might experience a minor price drop to weed out weak investors and attract strong buyers.
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2024-04-23 14:58