While Bitcoin has long been regarded as the flagship crypto coin and a store of value, the recent surge in interest and innovation within the altcoins space has propelled a select few to new heights.
Michaël van de Poppe, a crypto analyst, has selected four altcoins for the ongoing bull run in a YouTube video. The analyst predicts that these altcoins will outperform other assets and provide profits for traders if the price of Bitcoin rises to $48,000.
Altcoins take over the bull market
The crypto markets are preparing for new price action as a bullish attitude appears to have switched. After a long wait, Bitcoin has finally broken beyond the $44,000 barrier for the first time since May 2022.
Despite all of the negative, the price has recovered from pre-Terra levels and appears to be rising. As a result, the rally that is projected to commence may potentially break all past records.
According to CoinGecko data, Bitcoin has a 50.2% market share. At the current price level, altcoins such as Ethereum (ETH), Chainlink (LINK), Arbitrum (ARB), and Optimism (OP) are likely to bring about gains for holders alongside the Bitcoin price surge.
According to Poppe, Bitcoin is currently at a stage where the asset is rallying, and a potential top is possible. There is conjecture about the approval of Spot Bitcoin ETFs, and capital is likely to flood into altcoins. Volatility is anticipated to leave Bitcoin and drive growth in altcoins such as Ethereum.
ETH holders are waiting for the Spot Ethereum ETF to be approved, which might boost asset increases. The price of Ethereum could go down in response to a correction in BTC, but Poppe has set a target price of $3,000 for this cycle.
With Bitcoin’s dominance reaching an all-time high, altcoins such as ChainLink, Arbitrum, and Optimism are expected to surge. ChainLink price rallies after weeks of sideways price behavior, as seen in 2019 and 2020. As a result, LINK is on the verge of many bullish breakthroughs.
Poppe discovered a large bullish divergence in Arbitrum and Optimism and believes these two cryptocurrencies are nearing the end of their accumulation stage and preparing for a breakout.
The spike in the price of Bitcoin has suggested the beginning of a potential bull run. Bitcoin, on the other hand, is anticipated to lead the rally and become a trillion-dollar asset. Meanwhile, these altcoins are expected to recover their place among the top ten.
Here are the top 5 altcoins to watch out for in 2024
1. Ethereum (ETH)
As of today, Ethereum (ETH) is valued at $2,345.76 on CoinGecko, reflecting a 24-hour trading volume of $11,662,538,350.54. This corresponds to a 24-hour price decrease of -0.42% and a 7-day price increase of 8.68%. Here’s the reason ETH will read the altcoins’ bull run:
The Ethereum network is being driven forward by the growth of DeFi (Decentralised Finance) and NFTs (Non-Fungible Tokens). Additionally, the planned Ethereum 2.0 update is expected to provide additional enhancements in scalability and efficiency.
2. Cardano (ADA)
At this moment, Cardano (ADA) is trading at a price of $0.590508 on a 24-hour volume of $1,530,485,597.86. The price has decreased by -5.90% over the last twenty-four hours and increased by 50.21% over the last seven days. So, why will Cardano make it to the top 10 altcoins in 2024:
Cardano’s Alonzo update, characterized by its dedication to sustainability and scalability, establishes it as a formidable competitor in the realm of DApps and DeFi initiatives.
3. Polkadot (DOT)
Polkadot (DOT) is currently trading at $7.20 per share, with a 24-hour volume of $376,981,262.72. This corresponds to a 24-hour price decrease of -4.02% and a 7-day price increase of 31.00%.
Polkadot is specifically designed to enable interoperability between different blockchains. Its potential is expected to increase when the process of parachain auctions and the relay chain completion happens.
4. Chainlink (LINK)
Presently, Chainlink (LINK) is trading at $16.05, representing a 24-hour volume of $710,777,368.11. This reflects a 24-hour price decrease of -5.25 percent and a seven-day price increase of 0.53 percent.
Due to the growing need for dependable data feeds in smart contracts, Chainlink’s significance in decentralized oracles positions it to experience a jump in value.
5. Solana (SOL)
Solana (SOL) is currently trading at $72.57 per share, with a 24-hour volume of $2,254,136,953.30 in volume. This signifies a price decrease of -5.80% over the last twenty-four hours and a rise of 14.38% over the last seven days. Here’s how Solana plays a part in the altcoins bull rally.
Solana’s scalability, characterized by its fast throughput and cheap transaction costs, has garnered significant interest from developers, resulting in a notable increase in decentralized applications.