Markets
Crypto Expert Provides Analysis of Top Altcoins, Market Sees Slight Rise
According to Alex Kuptsikevich, senior market analyst at FxPro, the crypto market has been relatively stagnant, showing a decline in market value until today’s rise.
Ethereum (ETH) is trading at $2,977.88, up 2.6% in the last 24 hours. Its market value grew 2.64% to more than US$357 billion, remaining the second largest cryptocurrency.
Kuptsikevich highlighted Ethereum’s challenges, noting its continued consolidation near the lower end of its price range and a “death cross” below its 200-day average, suggesting potential long-term declines. This contrast between the short-term surge and analysts’ medium-term concerns shows the complexity of market forecasts.
24-hour ETH price from CoinMarketCap
In the same way as Ethereum, Cardano (ADA) saw a 2.43% increase in its price to $0.4461, with its market value increasing by 2.42%. Positioned as one of the top 10 cryptocurrencies, ADA trading near the lower end of its range suggests a cautious outlook despite the recent surge, reflecting Ethereum’s consolidation trend.
CoinMarketCap 24-hour ADA price
Litecoin (LTC) price increased by 1.81% to US$80.98, and its market value increased by 1.82%. Being the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential continued struggle to regain stronger upward momentum. According to Kuptsikevich, Litecoin could face a prolonged period of downtrends if it fails to regain higher levels soon.
CoinMarketCap 24-hour LTC Price
XRP is trading around the historically significant level of $0.50 after losing key support in early April.
“XRP broke below an ascending support line, turning it into resistance for subsequent spikes. This sets up a bearish scenario, potentially pulling back towards long-term support at $0.25-30,” noted Kuptsikevich, suggesting a cautious approach for investors.
XRP’s modest price increase of 1.57% to $0.5135 contrasts with a small 0.56% increase in market cap. The seventh largest crypto, XRP’s break below key support levels at the start of the month points to a challenging road ahead despite some recovery, as indicated by the analyst.
24-hour XRP price from CoinMarketCap
In contrast, Solana (SUN) shows speculative potential, with forecasts from Merkle Tree Capital suggesting a rise to $400 by November 2024, driven by the popularity of the meme coin linked to the US election campaign.
Since the Merkle Tree analysis, SOL has shown a notable increase. Its price increased by 7.54% to $152.76, while its market cap increased by 7.53%, making it the fifth largest cryptocurrency.
CoinMarketCap SOL 24-Hour Price
Although short-term data from CoinMarketCap shows promising gains for these cryptocurrencies from US inflation data, Kuptsikevich’s medium to long-term analysis paints a more nuanced picture that could be affected by other external economies.