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Various available from Btc.com information Bitcoin’s mining difficulty has risen to a record high of 86.4 trillion, reportedly a 600% increase since its last recorded rate in 2020. This news, especially before the halving, may have various effects on other altcoins in the crypto market.
On the one hand, it could contribute to bullish sentiment in the market, as it indicates continued interest and investment in cryptocurrencies, potentially leading to increased demand for altcoins. It is claimed that investors may see this as a positive sign of overall market strength and stability and may want to diversify their portfolios with other altcoins.
However, there may also be an opposite effect where some investors may prioritize Bitcoin over altcoins during such periods of high activity. This behavior is generally due to the perceived lower risk associated with Bitcoin compared to altcoins, especially for more conservative investors.
Ultimately, the impact on other altcoins will depend on a variety of factors, including market sentiment and investor behavior.
Altcoins to Follow This Year
- KangaMoon (KANG): Claimed to be a pre-sale P2E meme token with GameFi and SocialFi features integrated into the platform. Its future is uncertain.
- Binance Coin (BNB) – A leading cryptocurrency exchange token that offers a number of helpful features within the Binance ecosystem.
- Thorchain (RUNE) – A decentralized cross-chain liquidity protocol that enables seamless asset swapping between different blockchain networks.
- Ordi (ORDI) – A governance token for an innovative decentralized finance (DeFi) platform that allows its holders to participate in decision-making processes and earn rewards through staking and providing liquidity.
- AAVE (AAVE) – A pioneering DeFi lending protocol that allows users to borrow and lend crypto assets in a decentralized manner.
KangaMoon (KANG)
The future is uncertain according to the sponsored content sender KangaMoon One wonders whether (KANG) will be able to accommodate the meme coin ecosystem, the emerging P2E industry, and the broader crypto market. KangaMoon is preparing to make a significant breakthrough by offering a gaming ecosystem called “Kangaverse”, which has already attracted gaming enthusiasts and token holders. It is not certain, it may fail or there is a risk of investment loss.
In this Kangavers, participants can participate in battle contests with other players using their in-game characters, according to the content submitter. Likewise, non-players can also bet on battle outcomes and earn native KANG tokens in the process. It is uncertain whether it will be successful or not.
Reportedly, KangaMoon has allegedly already gained significant traction in the pre-sale market, having raised approximately $5 million with the projection of surpassing the $6 million funding milestone by the end of the month. Currently, KangaMoon is priced at $0.0196, an increase of 290% from $0.0050 in the first phase of its pre-sale. However, it cannot be listed on stock exchanges and there is a risk of investment loss if the team is not loyal.
Currently, new and existing tokens can allegedly be earned by simply commenting and sharing KangaMoon’s post on the social media platform.
Binance Coin (BNB)
Binance Coin (BNB) has great potential to continue this year’s bull market, given its established position as a leading cryptocurrency exchange token. With the increasing adoption of cryptocurrencies and increasing interest in decentralized finance (DeFi) platforms, BNB will continue to benefit from higher transaction volumes, increased token usage in the Binance ecosystem, and ongoing innovation in this space.
Recently, the platform released a “Discover” feature to make it easier for users to find expert traders and mirror their trades. While this approach will inevitably increase the transaction rate on Binance, it is expected to positively impact the price of $BNB. Currently, Binance coin is up 4% in the past week, causing the price to rise above $600. Binance, weekly $575.06 and $625.18 in price rangeOnly 9.4% below its ATH of $686
THORChain (RUNE)
This particular crypto project is well positioned to benefit from the current bull market, especially with its focus on decentralized cross-chain liquidity and interoperability. As the demand for seamless asset swaps between different blockchain networks grows, THORChain’s unique protocol allows users to access a wide range of tokens across diverse ecosystems, making the THORChain token ($RUNE) an attractive option for investors looking for diversification or the best cryptos to buy.
Although THORChain’s price has struggled with serious fluctuations throughout the move, it is currently weekly $2.38 and $3.01 in price range is watching. Overall, THORChain is down over 26.05% in the past month amidst a meager 2.32% gain in the past week.
Ordi (ORDI)
Ordi As the DeFi industry continues to gain traction and evolve, Ordi’s role in decision-making processes, providing staking rewards, and liquidity could drive significant traction and value growth. With a strong community and active development roadmap, Ordi can benefit from the overall growth and excitement surrounding DeFi projects during bull market cycles.
Right now ORDI token price, is below support levels with a monthly decrease of 6.55%. However, the Ordi token, which rose 21.12% last week, remains in the weekly price range of $58.37 and $78.41, showing enough flexibility to break out of the monthly support threshold of $80.66.
Aave (AAVE)
With the growing demand for decentralized finance solutions, Aave offers users the ability to borrow and lend crypto assets securely and transparently. Competitive interest rates, wide range of supported tokens, and innovative features of the Aave platform make it an attractive option for DeFi enthusiasts and investors looking to invest in promising altcoins this year.
In addition to the community bullish rating of 86, Aave is currently weekly $110.47 and $132.16 in price range is watching. Even though the Aave token is down 22.25% on the monthly outlook, optimism surrounding Aave remains high.
Conclusion
Just as the recent news that Bitcoin’s mining difficulty has reached a new high has created anticipation and speculation in the cryptocurrency market, other factors are bound to play a role in altcoin prices this year. Although the effects on other altcoins may vary, it is not known whether the general bullish sentiment in the market during this period, combined with Bitcoin’s upcoming halving, will be enough.
While each coin mentioned above has its strengths and considerations, according to the sponsored content poster, the overall theme is optimism for growth and innovation in the cryptocurrency space. It is not known whether the KangaMoon project will be successful in the future.
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*This article is not investment advice! This is sponsored (advertising) content. Cryptocurrency investments are high-risk investments and there is a risk of investment loss. Do your detailed research before investing!
