Markets
Top Altcoins to Focus on if BTC Reclaims $70K
Crypto Price Analysis: The BTC Price The rise to $65,000 on Wednesday sparked renewed rallying sentiment in the crypto market. Altcoins are recovering from their previous correction trend, projecting an opportunity to participate in a post-pullback recovery.
Additionally, crypto analysis firm Santiment highlights an important trend in the market. With cryptocurrency prices rising, stablecoin market capitalization growth could validate the upward momentum. From mid-October to mid-April, major stablecoins such as USDT, USDC, DAI, BUSD, USDP, and TUSD saw a 25% increase in market capitalizations, reflecting higher trading volumes and investor confidence.
https://x.com/santimentfeed/status/1791189262186185105?t=zKf7OhSIs4j1CRT1ETTA1g&s=35
However, over the past four weeks, this growth has stagnated. Santiment suggests that monitoring stablecoin market caps is crucial as they can indicate Bitcoin’s next move, whether it’s hitting a new all-time high or falling below $60,000 again.
Read too: Bitcoin vs Ethereum War: Which Crypto Is Winning?
1) Ethereum (ETH)
Ethereum is a decentralized platform that allows smart contracts and decentralized applications (dApps) to be built and run without downtime, fraud or interference. It stands out for its robust smart contract functionality, allowing developers to create self-executing contracts with terms written directly into the code.
Ethereum (ETH) | Trading view
Amid the recent market rally, Ethereum price recovered from the monthly high of $2,875 and rose to $3,036. ETH price could rise another 8.5% to challenge the $3,300 barrier again if the bullish momentum sustains.
At the time of this publication, the Ethereum Currency shows a market value of US$364.8, while trading volume fell by 6.5% to reach US$14.3 billion.
For Ethereum investors looking for assurance of recovery, the price must surpass the key resistance level. Achieving this could set the stage for the Ethereum price to reach potential targets of $3,730 and then $4,010.
Read too: Bitcoin Price: Will Softer CPI Send BTC Towards $70,000 in May?
2) Cardano (ADA)
Cardano is a blockchain platform focused on sustainability, scalability and interoperability. It is based on peer-reviewed research and evidence-based methods, which makes it unique in its rigorous scientific approach to development.
O Cardano Price it has been rising for three consecutive days, increasing its value from US$0.42 to US$0.487, registering a growth of 14.3%. The recovery through increased trading volume provides a decisive breakout of the one-month descending triangle resistance trendline.
Currently, Cardano coin has a market value of US$17.34, maintaining its position as the tenth largest cryptocurrency. If the recent rupture continues, the ADA Price could extend its recovery to the $0.52 and $0.56 mark.
Read too: Smart Money is eyeing the purchase of 2 cryptocurrencies with 10x to 50x potential in 2024
3) Pepe Currency (PEPE)
Pepê Currency (PEPE) is a meme-based cryptocurrency inspired by the popular internet meme, Pepe the Frog. By incorporating NFTs, Pepe Coin enters the growing market for exclusive digital collectibles, improving its value proposition.
Pepe Currency (PEPE) | Trading view
Contrary to the recent increase in the market, the PEPE Price witnessed intense supply pressure at the $0.0000108 resistance, leading to a 15.3% loss in the last 3 days. If the bearish momentum persists, the meme price could fall another 6% to an ascending support trendline.
This dynamic support intact over the past five weeks is crucial for buyers to prolong the uptrend.
If the support holds, PEPE price could lead the next recovery bounce to $0.0000138, followed by $0.0000164.
Main advantage
The cryptocurrency market is in a new recovery, projecting the formation of a suitable bottom for several altcoins. However, BTC price must validate its sustainability above the psychological $65,000 level to develop a sustainable recovery trend.
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