Altcoin

How do Altcoins influence market trends?

Published

8 months ago

13 June, 2024

How do Altcoins influence market trends?

In the dynamic world of cryptocurrencies, some altcoins have created waves that have reshaped the landscape. From Ethereum’s pioneering smart contracts to Dogecoin’s demonstration of market volatility, we’ve gathered insights from CEOs and founders to illuminate how five altcoins have influenced market trends.

Ethereum revolutionizes itself with Smart Contracts
Algorand’s low fees attract users
Ethereum’s DeFi and NFT domain
Chainlink influences with Oracle solutions
Dogecoin’s rise highlights the volatility of the market

Ethereum revolutionizes itself with Smart Contracts

Ethereum has had a significant impact on market trends through the introduction of smart contracts. These contracts automate transactions and agreements, executing automatically when predefined conditions are met, eliminating the need for intermediaries. This innovation improved the utility of Ethereum and spurred a wave of decentralized applications.

The adoption of smart contracts has catalyzed the proliferation of initial coin offerings, revolutionizing startup fundraising by offering an alternative to traditional venture capital. This change has not only affected investment flows, but has also encouraged other blockchain projects to innovate further, increasing competition and leading to a broader expansion of blockchain technology. Ethereum’s influence is a clear testament to how a single technological advancement can reshape an entire industry.

Shehar Yar

CEO, Software House

Algorand’s low fees attract users

Algorand (ALGO) stands out among numerous altcoins for its strong potential to reshape market dynamics in the cryptocurrency space. One of Algorand’s most notable features is its exceptionally low transaction fees, in stark contrast to the often prohibitive costs faced by users on many other blockchain platforms.

These minimum fees not only make Algorand more accessible to a wide range of users, but also increase its attractiveness for a variety of applications. For example, lower transaction costs can facilitate more frequent and smaller transactions, making Algorand an attractive option for everyday use.

Additionally, in the field of decentralized finance (DeFi), where transaction fees can quickly balloon and erode profits, Algorand’s cost efficiency offers a significant advantage. As more users recognize and leverage these benefits, we may see a substantial increase in the adoption of Algorand for various purposes, from routine transactions to complex DeFi operations. This growing adoption would likely increase the demand and, consequently, the value of ALGO.

Furthermore, Algorand’s success in maintaining low fees could push other blockchain networks to follow suit and reduce transaction costs to remain competitive in an evolving market. This ripple effect could lead to broader changes in the cryptocurrency landscape, ultimately benefiting users through more convenient and efficient blockchain services.

Shawn Boehme

Director of Sales, PanTerra Networks

Ethereum’s DeFi and NFT domain

In my years of cryptocurrency trading, no altcoin matches Ethereum’s seismic impact in shaping market trends. Its smart contract technology sparked the DeFi revolution: Suddenly, lending, borrowing, and trading exploded on decentralized Ethereum apps. Massive adoption has sparked a frenzy for ETH.

Then there are non-fungible tokens. The NFT craze wouldn’t exist without Ethereum – it’s the backbone for creating, selling, and trading these unique digital assets. An immense volume of ETH followed.

The crazy price increases of Ethereum also speak for themselves. When he pumps, snatched gains quickly follow for those holding the bags. Last year’s 600%+ tsunami dwarfed Bitcoin’s respectable but tamer growth.

Beyond financial data, Ethereum has legitimized the vast potential of cryptocurrencies beyond simple peer-to-peer digital cash. Its embrace of DeFi, NFTs, DAOs, and more has demonstrated the versatility of blockchain. This ushered in a wave of multi-purpose altcoins that have chipped away at Bitcoin’s previous stranglehold.

Make no mistake, Ethereum has sparked a seismic shift in how the world understands and harnesses the power of blockchain. Its impact has forcefully reshaped the cryptocurrency landscape into what we see today: a thriving decentralized ecosystem driven by the radical innovations of Ethereum.

Markus Kraus

Founder, Trading Verstehen

Chainlink influences with Oracle solutions

Chainlink (LINK) is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Its significant influence in the cryptocurrency market stems from several key factors:

Greater adoption of DeFi

Chainlink’s popularity grew as major DeFi (decentralized finance) platforms began using it to provide reliable data feeds. Big names like Aave, Synthetix, and Yearn.finance have partnered with Chainlink, proving its value and increasing its reputation and market share.

Growth during the DeFi boom

Chainlink’s growth went hand in hand with the DeFi boom of 2020 and 2021. During this time, many projects needed accurate and secure data feeds, making Chainlink oracles essential. This real demand, not just speculative trading, has driven the price of LINK tokens higher. As more and more projects used Chainlink, its price reflected overall market trends.

Impact of key announcements

Major news and partnerships have often led to large price increases for Chainlink. For example, in June 2019, a partnership with Google caused a huge increase in the price of LINK. This demonstrated how strategic collaborations could influence market sentiment and investor behavior.

Solve the Oracle problem

Chainlink has effectively solved the “oracle problem,” securely connecting smart contracts with real-world data. This success has not only strengthened its market position, but has also spurred innovation and competition in the oracle industry, with other projects aimed at improving data accuracy and security.

Chainlink’s impact on the cryptocurrency market is due to its widespread adoption, crucial role during the DeFi boom, and reliable Oracle solutions. High-profile partnerships and its key function in the blockchain ecosystem have shaped market dynamics and investor sentiment, making Chainlink an exceptional altcoin.

Giovanni Montecchi

Lawyer, Montague Law

Dogecoin’s rise highlights the volatility of the market

The altcoin Dogecoin, initially conceived as a joke cryptocurrency, has significantly influenced the cryptocurrency market in recent years.

Dogecoin started rising in early 2021 and saw an 800% weekly increase after Elon Musk and Mark Cuban endorsed it. This event demonstrated how social networks and celebrity promotion can influence altcoin prices.

In this regard, during this period, Dogecoin’s market capitalization has risen to a figure above $50 billion, ranking it among the top five largest cryptocurrencies by market capitalization. This was the case, which proved that people can invest in meme coins with a lot of enthusiasm.

The increase in the price of Dogecoin has also become a vivid example of the high volatility and unpredictable trends of altcoins compared to Bitcoin. Bitcoin also followed the same trend; its price has also increased, but not at the same alarming rate as that of Dogecoin over the same period.

Shortly thereafter, Dogecoin’s price plummeted by more than 75% in the weeks following its all-time high, thus revealing some of the dangers of investing in altcoins. This rapid decline has shown how quickly asset bubbles can burst in the altcoin sphere.

Moreover, the sensational growth of Dogecoin has contributed to the growth of interest of new ordinary users in cryptocurrencies, while the altcoin itself does not have many practical applications.

In conclusion, the increase in the price of Dogecoin in early 2021 clearly shows the nature of the altcoin market and its relationship with Bitcoin, as well as its highly unpredictable and rather speculative character. It is proven that it is possible to earn high profits and, at the same time, suffer losses when investing in tokens that have little functionality and intrinsic value.

Taylor McCracken

Editor-in-Chief, Coin Bureau

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Altcoin

Top 3 Ethereum-Based Altcoins 3 Times

Published

6 months ago

1 August, 2024

AltcoinUpdates Staff

Despite the increasing selling pressure in the cryptocurrency market, mid-cap and small-cap altcoins have seen an increase in buying sentiment. This indicates a shift in interest among users towards these cryptocurrency tokens.

Are you thinking of investing in ETH-based altcoins for the next AltSeason?

Scroll down because in this article we have covered the top three Ethereum-based altcoins that have the potential to see a huge uptrend in their respective portfolios in the near future.

Safe Price Analysis (SAFE):

Despite the growing bearish sentiment in the cryptocurrency market, SAFE price has seen bullish price action for the third consecutive day, highlighting the increased price action for the altcoin in the market. Furthermore, it is currently trading at a discount of 76.3% from its ATH of $4.01.

TradingView: SAFE/USDT

The technical indicator, MACD, shows a steady decline in the red histogram, highlighting an increase in bullish sentiment in the cryptocurrency market. In addition, the averages show a potential bullish convergence, suggesting a high possibility of a positive reversal.

If the bulls continue to gain momentum, SAFE coin price will prepare to test its resistance level of $1,450. On the contrary, a bearish action could send this altcoin crashing towards a new all-time low (ATL).

Aethir (ATH) Price Analysis:

Aethir price has seen a bullish price action adding over 10% to its portfolio with a trading volume of $40.126 million despite a bearish cloud over the cryptocurrency space. Notably, with a market cap of $292.916 million, this altcoin has secured the 216th position in the global cryptocurrency list.

TradingView: ATH/USDT

The MACD indicator has been showing a steady rise in the green histogram. However, its RSI has been showing a strong bearish curve in the 1D time frame. This suggests mixed sentiment for the ATH price in the cryptocurrency market.

If the market holds Aethir price above its important support level of $0.07050, the bulls will gain momentum and prepare to test its upper resistance level of $0.08415. On the contrary, if the bears overpower the bulls, this altcoin will prepare to test its low of $0.06435.

Neiro Ethereum (NIERO) Price Analysis:

Built on the Ethereum chain, Neiro Ethereum is a project that has a total supply of only 1 billion tokens. Positively, it has no buy/sell fees or team tokens for governance or community approach. It operates on its own and promotes itself as the next big opportunity in the cryptocurrency world.

With a trading price of $0.1852 and a total supply of 1 billion tokens, it has successfully secured the 234th position in the global cryptocurrency ranking, with a market capitalization of $185.446 million.

Notably, it is up 53.86% over the past day with a trading volume of $36.64 million, a decline of 7.68%. Furthermore, it is up about 1,200% since its inception, highlighting a strong bullish outlook for the altcoin in the near future.

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Altcoin

Top 6 Altcoins Set for Explosive Rally Before 2025

Published

6 months ago

1 August, 2024

AltcoinUpdates Staff

The cryptocurrency market is on the verge of significant change as we approach 2025. The Altcoin Daily Analyst Austin predicts that any changes in monetary policy could trigger a strong rally in altcoins, especially with a possible turn in the Federal Reserve’s benchmark interest rate expected in September.

This pivot could drive explosive growth in the cryptocurrency market, benefiting Ethereum, Solana, and several promising new altcoins. Here are some altcoins ranging from under $1 to $2 that can give you the highest returns in the current market crash.

We are excited, are you? Let’s dive in!

Top 6 Cryptocurrencies to Watch

Aethir: The Decentralized GPU Marketplace

Aethir is positioning itself as a leader in decentralized cloud infrastructure for gaming and AI. With over $36 million in annual recurring revenue, Aethir is addressing the growing demand for GPU computing driven by major tech companies like Google and Microsoft. Its decentralized infrastructure leverages underutilized GPUs, making it a key player in the burgeoning tech industry. The current price is $0.07176.

Ondo: The Best Bet in the RWA Sector

Next up is Ondo, whose real-world asset protocols are changing the tokenization of financial assets. With an annual dividend of 5.3% USDY, ONDO is the governance token for the Ondo DAO and Flux Finance. This token has seen strong demand, demonstrated by consistent investor buy-ins. Recently, ONDO’s price has dropped 35% in two months, forming a triangle pattern that suggests a breakout. Rising OTC holdings and reduced selling pressure suggest a bullish outlook. The current price is $0.9251.

Lukso’s social and cultural blockchain unites creators, brands, and users. An Ethereum doppelganger, Lukso adds Universal Profiles and gas-free transactions to blockchain usage. Its creative strategy and strong leadership make it a blockchain mass adoption project to watch. Current price is $1.71.

AIT Protocol: Decentralized AI Data Annotation

The AIT Protocol addresses the need for decentralized work in AI data annotation. Uniquely, the AIT Protocol connects human trainers with AI model owners to improve AI models through a decentralized marketplace. However, its adoption in Asia and strategic investments suggest that it could disrupt AI. The current price is $0.1169.

Foxy (Line): Meme coin with level 2 potential

Foxy, a meme coin for Linea Layer 2 Ethereum scaling, has an endorsement from ConsenSys. Foxy stands out in Ethereum Layer 2 due to Linea’s MetaMask integration and fast transactions. Additionally, Linea adoption and reduced transaction costs are influencing its growth. The current price is $0.01116.

Off the Grid: Emerging Altcoin for Gaming

Lastly, on the list is Off The Grid, developed by Godzilla. This highly anticipated AAA game promises to make waves in the crypto gaming industry. Although it hasn’t launched yet, positive feedback from industry experts supports its potential success.

Infrastructure projects like Immutable and specific games like Xers and Star Heroes are also worth considering for those interested in crypto gaming.

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Altcoin

Top Analyst Admits He Ignored XRP For Years, But Now Finds XRP Chart Very Interesting

Published

6 months ago

1 August, 2024

AltcoinUpdates Staff

Top Analyst Admits He Ignored XRP For Years, But Now Finds XRP Chart Very Interesting

Scott Melker, host of The Wolf of All Streets podcast, said he hadn’t paid attention to XRP charts for a while, but now finds them intriguing.

Melker revealed this in a recent send after analyzing XRP’s pattern on the weekly timeframe. He shared a chart that suggests XRP is on track to break out of a significant resistance channel.

While acknowledging that a rejection is likely, Melker noted that a subsequent breakout is on the horizon. Furthermore, the analyst emphasized that regardless of an individual’s perception of XRP and its performance, this upcoming price action is worth keeping an eye on.

Notably, Melker’s latest analysis on XRP comes as the asset has outperformed the broader bear market, which staged a solitary comeback while others fell. XRP surged more than 10% on Wednesday, briefly emerging as the day’s best-performing cryptocurrency among the top 100.

This development has triggered renewed interest in XRPeven among market observers like Melker and Ali Martinez, who rarely comment on XRP’s price action.

XRP Resistance Levels to Watch

In his latest commentary, Melker identified immediate resistance levels that XRP must overcome on its climb to higher prices. These levels include $0.75 and $0.93, which XRP must overcome to reach $1, with additional barriers at $1.3 and $1.9.

Scott Melker's XRP Chart Scott Melker’s XRP Chart

Interestingly, for the immediate barrier of $0.75, Melker is not the only analyst to emphasize its importance before aiming higher. Analyst “Crypto Adict” also commented on this level yesterday, urging caution versus ambitious goals like $100 when there are more immediate challenges.

The impact of this resistance level was evident in March when XRP rose to $0.744 in one day but he was unable to continue his ascent.

In his analysis, Ali Martinez echoed Melker’s sentiment by highlighting the $0.93 price level as a significant hurdle. Martinez stressed out that once XRP breaks above this level, it will effectively end its nearly seven-year downtrend, opening the door to higher highs.

At press time, XRP is back just above $0.60 after hitting $0.6556 yesterday, reflecting an 8% decline in the past 24 hours. Notably, XRP’s uptrend has been interrupted by Bitcoin’s volatility, as the leading asset fell back to the $63K range yesterday.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Altcoin

Dogecoin (DOGE), ETFSwap (ETFS), and Shiba Inu (SHIB) are poised to lead the altcoin rally in a big way

Published

6 months ago

1 August, 2024

AltcoinUpdates Staff

Dogecoin (DOGE), ETFSwap (ETFS), and Shiba Inu (SHIB) are poised to lead the altcoin rally in a big way

Dogecoin (DOGE): Altcoin Rises From Meme Origins to Market Rally’s Top Spotlight

Dogecoin (DOGE), initially launched in 2013 as a “joke currency” based on a popular Shiba Inu meme, is now positioned to lead a major altcoin rally. Despite its humorous origins, Dogecoin is gaining popularity among investors due to its platform utilities, including transaction speed and payment methods. Currently, Dogecoin (DOGE) is trade at around $9,139, a recovery followed by a weekly low of $0.11.

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