Altcoin
Four Altcoins You Bet On Will Rise
- An early altseason will be triggered by a reversal of Bitcoin’s dominance as investors spread profits to the most promising altcoins.
- The impending final decision of some spot Ether ETFs in the US will be a major driver of altcoin volatility.
The cryptocurrency sector continued to show shaky sentiments despite the approval of spot Bitcoin ETFs in the US and Hong Kong. The total cryptocurrency market capitalization has fallen by more than 10% over the past four weeks, standing at approximately $2.24 trillion at the time of this report.
Nonetheless, cryptocurrency experts believe that most altcoins are in the last big dip before entering the parabolic phase of the macro bull run. Furthermore, the cryptocurrency sector tends to grow whenever fear grips traders.
The best Altcoins will soon double their capital
While the meme coin industry, led by Dogecoin (DOGE), is expected to drive bullish sentiment this cycle, altcoins in layer one and layer two have immense uptrend potential. In particular, the price of DOGE more than tripled compared to the lows of the bear market to settle at around 15 cents on Wednesday 8 May 2024.
The altcoin industry is in the early stage of the macro bull run after an impressive performance in the first quarter. Although the Bitcoin halving event turned out to be a classic news sell-off event, one well-known Dogecoin investor, having gained a sense of financial freedom, is now focused on some potentially bullish altcoins.
Abritrum (ARB)
According to established Dogecoin investor, Arbitrum (ARB), a high-level layer-two scaling solution based on Ethereum, is on the verge of a bullish breakout. Notably, the ARB price against the US dollar over a four-hour period was trading 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 of around $1. With the four-hour Relative Strength Index (RSI) showing a bullish divergence, ARB price could eventually break out.
However, it is prudent to wait for the altcoin to consistently close above $1.19 to confirm the bullish momentum.
Aptos (APT)
Aptos (APT), a fast-growing tier-one ecosystem backed by Coinbase and Multicoin Capital, has continued to fluctuate between $8.49 and $9.64 in the recent past. As in the case of Arbitrum, the price of APT has shown the first signs of reversal after undergoing a healthy correction in the recent past.
Optimism (OP)
Optimism (OP) is a high-level Ethereum-based layer two solution with a vibrant web3 ecosystem. Last week, the price of OP increased by more than 4%, sitting at around $2.67 at the time of this writing.
Given the notable long-term bullish outlook for the Ethereum ecosystem, OP’s price will undeniably shine in the coming months, perhaps reaching a market capitalization of at least $80 billion by next year.
Celestia (TIA)
Celestia (TIA), a Proof-of-Stake (PoS)-secured modular blockchain backed by Coinbase, has seen significant volatility in the recent past. The mid-cap altcoin, with an FDV of around $10 billion, fluctuates between $9.18 and $11.05. In case TIA bulls gain the upper hand, the altcoin could surge up to 338% in the near term, based on the weekly Fibonacci extension.