Altcoin
Ethereum Challenger Mirrors All-Time High in PEPE, Altcoin Forecast Updated
- The altcoin sector is expected to see short-term relief after a two-month correction, despite the continued pump of Bitcoin dominance.
- Significant institutional demand in digital asset tokenization has helped layer one (L1) projects gain significant bullish traction.
On Thursday, May 16, 2024, the total cryptocurrency market capitalization increased by nearly 6% over the past 24 hours, reaching approximately $2.51 trillion. The notable spike in the uptrend of Bitcoin (BTC), some altcoins and meme coins has rejuvenated bullish sentiments.
Furthermore, the price of Bitcoin has led the altcoin industry in following the footsteps of major stock indexes, such as the S&P 500 Index reaching a new all-time high (ATH). Expected interest rate cuts in the United States later this year have triggered a surge in demand for digital assets.
AS Crypto News Flash previously pointed out, The chances of the US Securities and Exchange Commission (SEC) approving spot Ether ETFs have drastically reduced in the recent past. Furthermore, the US SEC claims that most altcoins led by Ethereum and XRP are unregistered securities.
Ethereum Rival, the NEAR protocol aims at ATH
According to a popular crypto analyst aka CrediBULL Crypto on Platform frog themed). Notably, PEPE price recently rose to a new all-time high (ATH), fueled by the revival of meme stocks led by GameStop (GME).
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Yes, actually. I was tweeting exactly this topic $NEAR but I got distracted with some comments 😂
It looks identical to $PEPPER and with my expectation of some relief across the board, I think the dips are for buying, targeting the highs.
I’m long since last night. https://t.co/Mbap1bNWpd pic.twitter.com/LSVn47A1hS
— CrediBULL Crypto (@CredibleCrypto) May 13, 2024
Surprisingly, the mid-cap altcoin, with a fully diluted valuation of around $9.6 billion and an average daily traded volume of nearly $1 billion, rallied more than 15% in the past 24 hours on Thursday, settling at around 8.16 dollars.
The altcoin is targeting a new all-time high in the coming weeks after finalizing its short-term correction. Additionally, NEAR price on the weekly time frame has its Relative Strength Index (RSI) above the 70 level, a popular indicator of a rising market.
Nonetheless, the altcoin market will continue to closely follow in the footsteps of Bitcoin and Ethereum in the coming months, amid the mainstream adoption of digital claims by institutional investors.
Why bet on NEAR
The NEAR protocol has established itself as a major web3 ecosystem backed by reputable investors such as Coinbase Ventures, Pantera Capital, and Andreessen Horowitz (a16z), among others. The Near ecosystem has grown to over $358 million in Total Value Locked (TVL) and nearly half a billion in stablecoin market capitalization.
Some of the best-performing DeFi platforms on the NEAR ecosystem include the LiNEAR liquid staking protocol, Meta Pool Near, Ref Finance DEX, and the Octopus network, among many others. As a multi-chain platform, the NEAR protocol has attracted prominent web3 developers from other chains looking to grow securely.
The cryptocurrency sector has seen notable gains due to the continued tokenization of real-world assets (RWA) on various blockchains. More and more institutional investors and retail traders are taking advantage of the NEAR protocol for its reliability and convenience.