Altcoins
Top 2 Altcoins to Buy Poised for Massive Gains in 2024
As the crypto market rides a wave of bullish sentiment this week, renewed optimism over the approval of Ethereum spot ETFs has risen. Altcoins to buy, like Avalanche (AVAX), and meme coins to buy, like Bonk, saw double-digit gains. Bitcoin also supported the market, surpassing $71,000 on Tuesday. Despite the ongoing correction, several micro and macro indicators support the bullish thesis pushing towards $100,000.
Altcoins to Buy for 100X Profit in 2024
Many investors have already rebalanced their portfolios, taking advantage of directionless sideways trading in late April and early May. Additionally, the correction from first-quarter highs has exposed cheap buying opportunities while setting up for major breakouts later in the year, marking the 2024 bull market.
However, it is not too late to register altcoins to buy like Avalanche and Bonk. While these two digital assets may not be enough to make someone a millionaire in 2024, they can contribute significantly to a millionaire’s potential crypto portfolio.
Meme Coins like Bonk, allow affordable entries into the market. On the other hand, Avalanche is a renowned general-purpose blockchain platform for decentralized applications via smart contracts.
1. Avalanches (AVAX)
avalanche The price has seen a strong upward trend over the past week with bullish pressure pushing it higher. This momentum was fueled by increased investor interest and positive market sentiment, pushing the price to new local highs.
The Altcoin rose from the $35 level to surpass the $40 mark, reflecting a strong 23% increase over the past week. AVAX price has surged more than 9%, trading between $30 and $40 over the past month, with slight fluctuations.
AVAX Avalanche Chart | CoinGecko
Avalanche’s partnership with Game Launcher The launch of GameChain, a new layer 1 platform to simplify blockchain game development, could be a game-changer in the DeFi sector. GameChain, running on Avalanche, offers tools such as GameID, GameSocial and GameHub to improve user experience and community engagement.
The partnership will provide developers with an intuitive SDK and cross-bridge functionality, making it easier to create blockchain-based games.
Following this announcement, Avalanche saw a significant rise, indicating strong market approval. This collaboration opens new possibilities for game creators and enthusiasts, highlighting the growing integration of blockchain technology in the gaming industry. If this trend continues, AVAX could break the $41 resistance level and approach 50 $, potentially reaching $70 by the end of the month.
2. Bonk (BONK)
Crypto market rally has generated notable gains in major altcoins, with Solana based on Bonk standing out as one of the best performers, recording a 33% price increase.
An analysis of daily charts shows that the rally has developed an inverse head and shoulders pattern – a chart pattern often interpreted as bottom formation and a precursor to an extended rally.
Amid market excitement around the potential approval of ETH ETFs, the BONK Price recorded a 7.8% jump today and broke the $0.00003 neckline resistance.
Bonk Price Chart | CoinGecko
If Bonk price undergoes a recent breakout, buyers will get a suitable base to extend its rally to $0.000047, followed by $0.0000712.
Take away
As the crypto market outlook evolves positively, certain altcoins would present the best altcoin buying opportunities. The key to reducing risk is diversification, hence the need to include potential coins like Bonk and layer 1 projects such as Avalanche. The protocols differ in many ways but signal the possibility of a major breakthrough in 2024.
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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.
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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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