Bitcoin corrected sharply after reaching a yearly high of $49,048. Thus, the leading cryptocurrency dragged the entire crypto market with it. However, analysts say that they received bull signals from some cryptocurrencies. The host of the crypto Youtube channel Altcoin Daily identified 4 altcoins that show upside potential in the recent decline. The analyst predicts that the prices of these 4 tokens will rise for various reasons.
Altcoin Daily analyst: These 4 tokens have bullish spirit!
cryptokoin.comAs you follow from , Bitcoin has fallen 18% from its annual peak of $49,048. Thus, the leading cryptocurrency has dragged almost the entire crypto market behind it. Following the decline, the host of crypto YouTube channel Altcoin Daily identified four altcoins that showed upside potential in the recent decline. The analyst selected MINA, ADA, SUI, and DYDX as altcoins with bullish potential.
Mina Protocol (MINA)
The analyst praises the builders who decided to work full-time in the Mina Protocol ecosystem and build zkApps. He notes that Mina grew over 100% in a year when ecosystems lost an average of 15% of their full-time developers. Moreover, he says, upstream activity in Mina has only just begun.
Cardano (ADA)
According to the host of Altcoin Daily, Cardano has eclipsed Ethereum in an “interesting way”. Citing data from IntoTheBlock, a crypto analysis platform, the analyst emphasizes that the 30-day large transaction volume in Cardano surpasses that of Ethereum. It also looks at the reason behind the growth that allows Cardano to compete with Ethereum. According to the analyst, there has been a shift in the way people use Cardano.
Sui Network (SUI)
New L1 Blockchain protocol Sui is on the Altcoin Daily server’s list of cryptos to watch out for. The analyst highlights Sui’s large backers as a key factor in the project’s growth. It states that the permissionless Blockchain has exceeded Bitcoin’s Total Locked Value (TVL). Accordingly, the $315 million locked token has seen a 10x increase in TVL in the last nine months.
dYdX (DYDX)
Finally, the analyst highlights an important development in dYdX. Accordingly, dYdX has surpassed Uniswap as the largest decentralized exchange (DEX) by volume. Altcoin Daily analyst reminds that dYdX migrated from Ethereum Blockchain to Cosmos last year. It also notes that it recently recorded $757 million in volume in 24 hours.
The opinions and predictions in the article belong to the analyst and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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