BTC has been stagnant for three consecutive days after a 20-day decline from 72,000 to 58,000. It remains to be seen whether it will stop falling and start a new round of upward movement. ETH is stronger than BTC, but it still lacks independent market trends.
Yesterday, Solana (SOL) performed remarkably well, with SOL, BOME, JUP, and WIF all experiencing a surge in trading volume. However, these are small-scale high-level surges, and their sustainability may not be strong.
Despite BTC’s rise yesterday, coins that had previously seen significant gains experienced a decline. The market sentiment feels average.
Even though BTC saw an increase yesterday, it is not a good sign for small-cycle high-level surges at this stage. Combined with the performance of altcoins, it feels likely that the overall market will continue to fluctuate, and altcoins may continue to decline. It is advisable to observe the market while staying out of positions.
With the anticipation of Ethereum (ETH) and the upcoming ETH ETF, the market will experience significant volatility. The price of Ethereum has shown a bullish trend, and a breakthrough could trigger significant fluctuations in other altcoins.
The following are three altcoins that are expected to explode by the end of 2024, with the potential for a 100-fold increase!
1. HBAR (Hedera)
Hedera (HBAR) is a public network that aims to completely change the digital landscape through its fast, secure, and fair consensus algorithm. Hedera utilizes a unique structure called a hashgraph to achieve fast transactions, low fees, and strong security. The HBAR token serves various functions within the network, including transaction fees, network services, and protecting network security through staking.
Features:
– Hashgraph technology: Ensures fast transactions and low fees while maintaining high security.
– Versatility: Supports various applications, from supply chain management to gaming and social media.
– Developer appeal: Highly suitable for developers who want to create scalable and efficient decentralized applications (dApps).
Hedera’s innovative approach makes it the top choice for those looking to leverage blockchain technology in various fields. Its ability to support a wide range of applications positions it favorably for future growth, especially as the demand for efficient and scalable dApps continues to rise.
2. LINK (Chainlink)
Chainlink (LINK) is a key component of blockchain technology, providing a secure and reliable decentralized oracle network. These oracles provide real-world data to smart contracts, enabling them to operate based on accurate and up-to-date information.
Use cases:
– Price information: Vital for decentralized finance (DeFi) applications, providing accurate financial data to smart contracts.
– Insurance: Provides reliable data for various insurance applications, such as weather data for crop insurance or shipping data for maritime insurance.
Chainlink’s technology ensures tamper-resistant and precise data for smart contracts on DeFi platforms, thereby maintaining the integrity and reliability of these platforms. In addition to financial data, its applications in insurance and other fields highlight its wide practicality and growth potential.
3. TAO (BitTensor)
BitTensor (TAO) ranks among the top three AI tokens in the crypto space. BitTensor is a decentralized machine learning network that incentivizes and rewards users for contributing computing power and data to train AI models.
Unique features:
– Decentralized AI: Democratizes artificial intelligence by allowing a broader audience to access advanced machine learning and benefit from it.
– Incentive model: Rewards contributors with TAO tokens and covers service fees, ensuring continuous participation and improvement of AI models.
Despite recently falling to $287, the demand for decentralized AI platforms like BitTensor is expected to increase as AI technology becomes an integral part of various industries, thereby driving up the price of TAO.
4. FET (Fetch.ai)
Despite recent price declines, Fetch.ai (FET) still holds potential. Fetch.ai is a blockchain platform focused on building a decentralized machine learning network that provides intelligent infrastructure for autonomous agents to perform economic tasks on behalf of individuals, businesses, and organizations. This technology can be applied to supply chain logistics, energy grid optimization, and smart cities.
Market potential: FET is expected to rebound after the current pullback and retest its historical high of $3.47 in March 2024.
The recent recognition of the ASI Alliance, which integrates Fetch.ai, SingularityNet, and Ocean Protocol into a single AI token ($ASI), has increased its upside potential.
5. MKR (Maker)
Maker has regained momentum with a 7.93% increase in value in the past 24 hours, following a bearish trend since April. The 41.69% growth in trading volume supports the price surge, indicating increased investor confidence in the token. Additionally, MKR has risen 4.12% in the past week, reflecting a growing bullish sentiment towards its price.
Furthermore, the MACD technical indicator shows an upward pattern in its green histogram. Technical analysis suggests that this unique pattern indicates an increase in buying pressure for Maker. Moreover, MKR’s simple moving average (SMA) has achieved a bullish crossover on its 24-hour price chart, indicating optimistic prospects for the token this week.
Recently, MakerDAO integrated the Direct Deposit DAI Module (D3M) into Spark’s MetaMorpho Vault, enhancing the decentralized financial system. This integration allows Spark to supply 500 million DAI to the USDe and sUSDe markets linked to Ethena. This development has contributed to the token’s recent positive performance.
If the overall cryptocurrency market maintains a bullish sentiment, MKR is expected to retest its resistance level at $2,639 during the upcoming weekend. This prediction is based on bullish pressure preventing profit-taking by bears. On the contrary, if the trend reverses, Maker’s price may fall to its key support level at $2,165.
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