Altcoins
4 Altcoins Rule Slow Market Week With 10X Gains
The global cryptocurrency market has gone through a period of turbulence, affecting both Bitcoin and major altcoins. Nevertheless, amid the overall market decline, some cryptocurrencies stood out for significant growth, demonstrating the dynamic and sometimes unpredictable characteristics of the cryptocurrency sector. This week, Pendle (PENDLE), Ethereum Name Service (ENS), Turbo (TURBO) and BEFE stood out for their impressive performances, going against the general downward trend in the market. Let’s take a look at the specifics of these four coins and analyze how they made significant profits.
1.Pendulum (PENDLE)
Pendle has performed remarkably well, experiencing a significant increase in its value. Over the past week, the token’s price has increased by 17.88% to $6.13 today. This impressive growth was supported by a market capitalization of $949.14 million and a 24-hour trading volume of $68.3 million.
Having 11,093,920 PENDLE in circulation out of a total supply of 154,895,720 copies, Pendle has demonstrated solidity in a difficult market.
Pendle’s latest success is due to his new Challenge strategy, allowing users to trade tokenized future returns. Investors looking for new opportunities in the DeFi sector have been attracted to this distinctive value proposition.
2.Ethereum Name Service (ENS)
ENS price increased by 12.73% to trade today at $25.43, making it a successful week for the token, among other altcoins. The project, which facilitates the use of Ethereum addresses by allowing users to register readable names, has a market capitalization of $803.54 million and a trading volume of $118.8 million over the last 24 hours.
The total supply of ENS tokens is 31,594,457, of which 4,664,210 are currently in circulation.
The growing use of decentralized domains and recognition of their utility in the Ethereum ecosystem has fueled the demand for ENS. ENS’s knack for providing a seamless experience when interacting with blockchain addresses always attracts new users and investors.
3. Turbo (TURBO)
This week, Turbo saw significant growth as its price increased by 26.97% to $0.005852. The market capitalization of memecoin is $372.64 million, accompanied by a significant trading volume of $92.64 million in the last 24 hours.
There are 15,714,820,293 TURBO tokens in circulation out of a total supply of 63,674,701,174.
Described as a meme-based cryptocurrency created by artificial intelligence (AI) for the people, TURBO began as a bold venture into the development of digital currencies. Motivated by the potential of AI, the meme coin evolved into a decentralized, community-led crypto journey.
4.BEFE (BEFE)
BEFE also appears on the list of best performing altcoins of the week, with a 21.30% increase in its price over the past week, currently trading at $0.0002444. BEFE may have a modest market cap of $22.78 million, but it still attracted interest with a 24-hour trading volume of $5.19 million.
There are 20,701,938,180 BEFE tokens in circulation out of a total supply of 93,201,825,078 tokens.
BEFE is a new meme coin that aims to bring back the glory days of meme coins. There are no pre-sales and no taxes, making this a piece for the people. By staking BRISE, you can earn BEFE and be guided to greatness by its powerful memes. BEFE claims to be ready to dethrone the likes of PEPE, Doggy, Shib, Floki and Doge Inu as the ultimate king of memes.
Conclusion
Although the overall cryptocurrency market is slow, Pendle, Ethereum Name Service, Turbo and BEFE have shown that there are still opportunities to make big profits. These altcoins have resisted the market downtrend by offering unique value propositions, enjoying strong community support, and constantly introducing new ideas. As the market evolves, it will be interesting to observe the progress of these projects and determine whether they can maintain their momentum despite ongoing obstacles. Currently, they serve as proof of the resilience and possibilities of the altcoin market.
Altcoins
Long-Term Impact of Ethereum ETF on Cryptocurrency Market
Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.
The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.
According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.
Altcoins are poised for growth
The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.
Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.
In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.
According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.
He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.
Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.
Altcoins
Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail
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Altcoins
Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail
Disclaimer
Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.
Altcoins
Epic Altcoin Rally Expected for August and September
- Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
- Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.
Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.
See more
We are on the verge of a massive Altcoin rally, similar to Q1 2024📈
Keep accumulating and hold with patience. (Patience will be rewarded)
The majority of #Altcoins have already hit rock bottom and are about to escape.
In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc
— Captain Faibik (@CryptoFaibik) July 24, 2024
Accumulating and Holding Altcoins: The Path to Potential Profits
He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.
In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.
This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.
Bitcoin’s influence and legislative developments suggest good prospects for the future
Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.
Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.
If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.
In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.
As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.
Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.
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