Top Altcoins To Bounce Back: Analysed

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As a researcher with experience in the cryptocurrency market, I’m excited to see the recent surge in Bitcoin price and the positive impact it has had on altcoins. The recovery of the altcoins market cap to 232.231B is a promising sign that July could indeed be the month for an altcoins rally.

After a significant increase in Bitcoin‘s price to $61,385.07, the market cap of altcoins has rebounded slightly to $232.231 billion. The market is currently turning green as altcoins regain momentum following a notable drop in recent days. Several analysts predict July as the potential month for an altcoins rally, with the possibility of earning minimum returns of 100%. Therefore, now could be an opportune moment to invest in some promising altcoins such as Ethereum, Solana, and Toncoin.

Ethereum

In recent times, the tight market conditions have caused Ethereum and numerous other altcoins to reach their lowest points for the month. The value of Ethereum had previously dipped to $3249.5, but there was anticipation of a rebound for this second-largest cryptocurrency. Currently, Ethereum is priced at $3,442.72 following a 2.2% increase in the last day. Ethereum tends to mirror Bitcoin’s price trends, and with Bitcoin reaching new all-time highs, Ethereum is poised to challenge the bears.

Solana

In the past 20 minutes, Solana’s price has experienced a significant leap from $139 to $146.93, marking a 7% gain in the last 24 hours. Notably, this upward trend is anticipated to persist as positive sentiments prevail. Previously in March, the price of Solana peaked at $202 but subsequently declined due to market downtrends. However, with the recent uptick in altcoin values in July, there’s renewed interest among investors in Solana and other similar assets. Furthermore, the growing demand for Solana Exchange-Traded Funds (ETFs) is fueling this upward trend. VanEck, a leading ETF provider, has even filed an application to launch a Solana ETF, adding to the surge in value for Solana.

Toncoin

This year, Toncoin has experienced remarkable growth, providing investors with a impressive return of 232%. Even after recent setbacks, demand for Toncoin peaked in early June when it exceeded Ethereum in terms of daily active users, reaching a staggering 568,300. Just fifteen days ago, the coin reached an all-time high price of $8.24. Currently, its price stands at $7.67, just a moderate 6.7% below its peak, having risen by 3% over the past day. Toncoin is among the first altcoins to regain momentum.

As a researcher studying the cryptocurrency market, I’ve noticed that analysts hold a belief that coins such as Cardano, Injective, and XRP could experience a resurgence due to their popularity. Among these, Cardano and XRP have faced challenges with their inherent limitations but still show signs of price recovery from the current slumps. Contrastingly, Injective has commenced its uptrend. A key factor fueling this growth is its effective token-burning mechanism, which significantly contributes to the positive trend in its value.

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2024-06-27 19:14