Techniques regarding the total market cap of the altcoin market are showing some encouraging signs. In this article, we have compiled the altcoin selections that can be watched in April, accompanied by the upcoming Ethereum upgrade.
Are we at the right time for an altcoin bull?
Total crypto market cap excluding Bitcoin is underperforming due to the strong BTC price performance this year. A few positive technical developments, cited by analyst Ryan James in his current analysis, are giving the green light for altcoins in April.
First, there is a hidden bullish MACD price divergence on the weekly time frame. The bullish divergence indicates that the total crypto market cap excluding Bitcoin could rise to $710 billion, representing a 17.94% increase. Also, the William’s Alligator indicator gives a buy signal on the weekly timeframe. Interestingly, this is the indicator’s first major buy signal since August 30, 2021.
When the final buy signal for the William’s Alligator indicator was activated, the total crypto market cap increased by 54.45% from $1.1 trillion to $1.7 trillion. If this signal starts to rise again, it highlights the opportunity for explosive growth in altcoins.
Binance Coin (BNB) could be the surprise altcoin choice for April
Binance Coin (BNB) has been shaken recently by the lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against crypto exchange Binance and its CEO, Changpeng Zhao. cryptocoin.com We have included the latest developments in this article. However, when traders expect further declines in a particular crypto, there can often be an opposite effect, especially when the broader market is rising.
On-chain metrics currently show positive Price Adjusted Daily Active Address divergence extending to $420 for BNB.
Blockchain analytics platform Santiment suggests that prices tend to fall when Daily Active Addresses rise. When Daily Active Addresses go down, prices usually go up.
If the Binance Coin price exceeds the March trading peak of $347, the Price Adjusted Daily Active Address divergence is reversed, with a potential gain of 33.75% in April 2023.
Shibu Inu (SHIB) may climb higher price range in April 2023
The Shibu Inu (SHIB) price continues to underperform. Still, a recent on-chain development could mark the beginning of a pending bull run for this meme coin. According to Santiment, the Age of Token Consumed metric shows the number of tokens that changed addresses on a given date multiplied by the time since their last movement.
SHIB recorded the largest increase of the year in the Age of Tokens Consumed on March 20. The spikes in the chart signal a large number of coins moving after being idle for a long period of time.
The last consumed Shibu Inu Token Age was this high on January 9th. This resulted in a bull rally that took the SHIB price from $0.000091 to $0.0001510 in less than a month, marking a 73% increase. If history repeats itself, the price of Shina Inu could enter a new uptrend towards $0.000017 in April 2023.
High-volume cryptocurrencies to follow in April 2023
In part two, let’s take a look at the picks of Analyticsinsight analyst Swathi Kashettar. The first-ranked Ethereum (ETH) represents over 17% of the total market cap of approximately $839 billion of the more than 20,000 cryptocurrencies currently available.
Near Protocol (NEAR)
The market cap of the Near protocol (NEAR) is $1.6 billion. DeFi altcoin is a well-known Blockchain-based platform that stands out for its many notable features, including offering an excellent environment to operate as a community-governed cloud computing platform in the cryptocurrency industry.
By doing this, Near Protocol can provide viable solutions to some of the disadvantages that legacy Blockchain systems are known for, such as slow transaction speeds, limited throughput, and poor interoperability. These features make it an excellent crypto platform for launching and developing dApps.
Uniswap (UNI)
Uniswap (UNI) is a well-known decentralized trading instrument with many notable features. As a leading example of Automated Market Maker, Uniswap (UNI) is renowned in the industry for providing the perfect environment to enable automated trading of De-Fi tokens and other crypto token categories (AMM).
Ripple (XRP)
With Ripple Labs, a digital technology and payment processing provider, XRP can enable various currency exchanges. While the transaction fees for this alternative coin are low, the pros point out that it is facing legal issues. An SEC lawsuit against Ripple and its two executives alleges that they should register XRP as a security, even though the company claims that XRP is a currency.
Dogecoin (DOGE)
The first meme coin, Dogecoin, was launched in 2013 for humorous purposes. However, thanks to a committed community and creative memes, it quickly turned into a well-known cryptocurrency. The Dogecoin network is different from the proof-of-work protocol used by Bitcoin. The total supply of this alternative coin is unlimited and the block time is one minute. Unlike BTC, there is no limit to the number of Dogecoins that can be mined.
Litecoin (LTC)
Litecoin, one of the first altcoin projects, was created to solve some of the perceived problems with Bitcoin, including slow transaction processing times and mining monopolies. Bitcoin has become a “store of value” while LTC is designed for day-to-day transactions. Litecoin and Bitcoin differ from each other in several important ways. Along with transaction speed, supply is a concern. Litecoin’s supply is capped at 84 million compared to Bitcoin’s maximum supply of 21 million.
Tron (TRX)
Developers can create decentralized applications and exchange media material using the Tron network. The total value (TVL) locked for TRX, or the amount of money invested in decentralized finance, is also solid. A decentralized finance (DeFi) protocol such as staking, lending or liquidity pools defines TVL as the entire value of cryptocurrencies stored in these systems. The popularity of a protocol and the adoption rate of a cryptocurrency are indicated by a high TVL. DeFi Llama currently estimates TRX’s TVL to be $5.43 billion.
Left (LEFT)
Solana is an innovative hybrid PoS and proof-of-history system designed to quickly and securely process transactions across decentralized finance, apps, and smart contracts. It is also one of the fastest and centralized networks.
Cardano (ADA)
Cardano was one of the first users of the PoS mechanism, which reduces the competitive and energy-intensive problem-solving aspect of platforms like Bitcoin and speeds up transaction times. The Cardano “Alonzo” hard fork was officially released recently and brought smart contract capability to the Blockchain industry. It is worth noting that more than 100 smart contracts were used the day after launch.
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