The crypto market sentiment is shifting bullish as market leader Bitcoin advances beyond $60K.
But while Bitcoin gains pace, the altcoin market is also showing strength.
Traders Bet on BTC as Financial Markets Regain Pace
Bitcoin has broken the revered $60K barrier and recently peaked above $62.5K.
After bottoming at $49K on Monday, it has enjoyed notable liquidity inflows, primarily deriving from whales and Wall Street investors.
As crypto prices plunged on Monday, analyst Sunnydecree revealed that big-pocketed whales bought the dip and propped up the BTC price.
He noted that crypto whales were accumulating while “noobs were selling.”
It seems the bet has paid off.
On Monday, fears of a global recession rocked financial markets. However, sentiment has u-turned, and risk-on assets are back on the up.
Not only are crypto prices rising, but stock prices are also soaring.
For instance, leading AI-related stock Nvidia has jumped 15% off its lows.
But crypto prices are up even more.
Currently, Bitcoin is trading at $60.4K. It’s up 4.4% today and over 20% off its Monday lows.
Yet, as traders begin looking toward Bitcoin’s all-time high (ATH), the opportunity to profit from altcoins is increasing.
Let’s look at the top five that could pump next.
PlayDoge
Blending the Play-to-Earn (P2E) and meme coin trends, PlayDoge is positioned for viral growth in the market.
Inspired by the 90s blockbuster game Tamagotchi, PlayDoge has a nostalgic allure that could appeal to the original game’s 82 million units.
However, PlayDoge broadens its appeal by integrating a Dogecoin theme and P2E rewards.
Like the original game, PlayDoge users will care for a virtual pet, ensuring it’s happy, healthy, and entertained.
The better they look after their pets, the more XP points they earn. This XP translates to $PLAY rewards.
$PLAY holders can also stake their tokens to earn more rewards.
Currently, PlayDoge is undergoing a presale. It has raised $6 million so far and is currently priced at $0.00527.
However, the $PLAY presale price will rise throughout the campaign, so prospective buyers should act fast.
Pepe
While PlayDoge is a next-generation meme coin focused on utility, Pepe embraces the original no-utility spirit of meme coins.
This has worked in its favor, with Pepe outperforming most other cryptocurrencies in the past year.
Due to its position as a leading Ethereum-based meme coin, its performance often mimics ETHs, except with more volatile swings in either direction.
So, considering that Ethereum spot ETFs have just launched for the first time, the upcoming months could be significantly profitable for Pepe.
Prominent trader Cryptoknight noted that Pepe has been performing well in recent weeks and believes a higher time frame uptrend is brewing.
Currently, Pepe is trading at $0.000008553. Its price is 6.5% down today, 15% down this week, and 5% down this month.
It has a $3.6 billion market cap and a $1.1 billion 24-hour trading volume.
Ethereum
As mentioned, Ethereum spot ETFs have just launched.
This binds its price performance to traditional financial instruments like stocks.
As such, we should take a more traditional approach when analyzing Ethereum’s price potential.
Currently, the biggest thing to watch is interest rates in the U.S.
According to CME’s FedWatch tool, the market is pricing in between a 1% and 1.25% interest rate cut in 2024.
This will make funds cheaper to borrow and could encourage institutional investors to buy the Ethereum ETFs.
Analysts are bracing for long-term gains. Chimp of the North underscores that ETH has sold off since the ETF launch but believes the bottom is in, and a move to $10K will follow.
Currently, Ethereum is trading at $2.6K, up 5.4% today, down 17% this week, and down 14% this month.
It holds a $314 billion market cap and a $21 billion 24-hour trading volume.
Pepe Unchained
Should Ethereum gain momentum as the market expects, then there’s a good chance Pepe Unchained will explode.
While Pepe may offer beta exposure on Ethereum, Pepe Unchained offers beta exposure on Pepe.
While related in name and branding, Pepe Unchained has some big advantages over Pepe. Firstly, it’s currently in presale, so its market cap is much lower.
But most importantly, Pepe Unchained has market-leading utility.
It’s building a home for meme coins with an Ethereum layer 2 blockchain.
It promises speeds 100x faster than Ethereum and fees far cheaper.
Pepe Unchained also has staking, a block explorer, and a dedicated Ethereum bridge.
With relation to Pepe and a robust use case, $PEPU could have a bright future.
The Pepe Unchained presale is ongoing and is currently priced at $0.0089461. However, the price will rise throughout, with the next increase in one day.
XRP
XRP could well be on its way to achieving its goal of becoming the bridge currency for cross-border payments between institutions and banks.
The reason is that after a lengthy legal fight with the Securities and Exchange Commission (SEC), XRP’s team, Ripple Labs, has notched a victory.
The SEC wanted $2 billion in civil penalties in its lawsuit against Ripple Labs, but the court decided on just $125 million.
Jeremy Hogan, a pro-XRP lawyer closely following the case, regards this as a big win.
XRP is trading at $0.5738, down 6.3% today, 0.4% this week, and up 32% this month.
Even though XRP is at break even this week, the court’s verdict on Wednesday enabled it to recover its earlier losses.
XRP holds a $32 billion market cap and a $2.6 billion 24-hour trading volume.
