Altcoins
He bets that four Altcoins will rise
- A new anticipated season will be triggered by a reversal of Bitcoin dominance as investors distribute their profits to promising altcoins.
- The upcoming final decision of some spot Ether ETFs in the United States will be a major trigger for altcoin volatility.
The cryptocurrency industry continued to trade on volatile sentiments despite the approval of spot Bitcoin ETFs in the United States and Hong Kong. The total crypto market capitalization has fallen by more than 10% over the past four weeks to around $2.24 trillion at the time of writing.
Nonetheless, crypto experts believe that most altcoins are in the last major decline before entering the parabolic phase of the macro rise. Additionally, the crypto industry tends to grow whenever fear grips traders.
The best Altcoins will soon double their capital
Although the meme coin industry, led by Dogecoin (DOGE), is expected to lead the bullish sentiment this cycle, layer one and two altcoins have immense uptrend potential. Notably, the price of DOGE more than tripled from its bear market lows to trade around 15 cents on Wednesday, May 8, 2024.
The altcoin industry is in the first phase of macro bullishness after an impressive performance in the first quarter. Although the Bitcoin halving event has proven to be a classic news-selling event, one notable Dogecoin investor, having gained a sense of financial freedom, is now focusing on a few potentially bullish altcoins.
Abritrum (ARB)
According to established Dogecoin investor, Arbitrum (ARB), a leading layer two scaling solution based on Ethereum, is on the cusp of a bullish breakout. Notably, the price of ARB against the US Dollar over a four-hour time frame has hovered near the 50 simple moving average.
The mid-cap altcoin, with a fully diluted valuation of around $10 billion, has formed a descending triangle in recent days after establishing a support level around $1. With the four-hour relative strength index (RSI) showing a bullish divergence, ARB price could possibly break out.
However, it is prudent to wait for the altcoin to consistently close above $1.19 to confirm bullish momentum.
Aptos (APT)
Aptos (APT), a fast-growing layer 1 ecosystem backed by Coinbase and Multicoin Capital, has continued to fluctuate between $8.49 and $9.64 in the recent past. As with Arbitrum, APT price has shown early signs of a reversal after undergoing a healthy correction in the recent past.
Optimism (OP)
Optimism (OP) is a leading layer two solution based on Ethereum with a vibrant Web3 ecosystem. Over the past week, OP’s price has jumped over 4% to trade around $2.67 at the time of writing.
Given the notable long-term bullish outlook for the Ethereum ecosystem, OP price will undeniably shine in the coming months, perhaps reaching at least $80 billion in market cap by next year.
Celestia (TIA)
Celestia (TIA), a modular, proof-of-stake (PoS)-secured blockchain backed by Coinbase, has seen significant volatility in the recent past. The mid-sized altcoin, with an FDV of around $10 billion, is hovering between $9.18 and $11.05. If TIA bulls take over, the altcoin could rise up to 338% in the short term, based on the weekly Fibonacci extension.