The market, which has been trading in the red for more than 6 months, is currently trading sideways. Macroeconomic factors paint a picture of a global economy likely to fall into recession. Therefore, the bearish sentiment in Bitcoin and other cryptocurrencies remains strong. However, some factors paint a bullish picture for altcoin projects. As a result, they point to a market heading for a major recovery. One is data showing that 40% of US investors are currently buying crypto. The other is the entry of BlackRock, one of the most important mutual funds, into crypto.
The fact that American investors have the money is one factor that could push cryptos up in August. This possibility is gaining strength as Bitcoin remains strong above the $20,000 support despite market turbulence. On the BlackRock side, the firm has $1 trillion in assets under it. This institution now wants to partner with Coinbase. The partnership aims to create a platform where institutional investors who form part of BlackRock’s client base can enter the crypto market. As a result, it is possible that these developments will trigger a price spike in the crypto market.
5 altcoins with the potential to double their earnings in August
The developments mentioned above will undoubtedly affect the entire cryptocurrency market in a certain direction. However, it is a common fact that some altcoin projects outperform others in the face of the news. cryptocoin.com In this article, we have compiled for you the 5 altcoins that analysts expect to rise in price in August.
Binance Coin (BNB)
Binance Coin (BNB) started August with great momentum. At the time of writing this article, BNB is up 6.8%, outperforming many of the top cryptocurrencies. In fact, this rise comes after a series of good news in the last 24 hours. One of the most important of these is Binance’s entry into the cryptocurrency prepaid market in Argentina. There are more and more people using crypto payment cards in South America. As a result, BNB uptake is likely to be large. This move represents a potential increase in demand, as altcoin is the native cryptocurrency for payments in the Binance ecosystem. This potential is reflected in its price, and BNB has the potential to hold strong throughout the month. This momentum is gaining strength as Binance Coin pushes the $300 resistance. As a result, we may see more buyers trust BNB in the short term.
Polygon (MATIC) is still enjoying the glory of last month when it emerged as one of the best performing cryptocurrencies. This month, the upside momentum is likely to remain strong for Polygon. This is because the Ethereum Merge upgrade will happen next month. Polygon, one of the leading Ethereum layer-2 solutions, is likely to benefit from FOMO prior to Merge. Therefore, Polygon is trading at a cheap price in August, even after its most recent rally.
Flow (FLOW) is one of the best performing cryptocurrencies ever in August. Flow’s rally has a lot to do with the news that Facebook’s parent company Meta is backing him. For those who don’t know, Meta has decided to support NFTs and other digital collections on the Flow network. Accordingly, FLOW is still trading at very low levels compared to all-time highs. There’s a lot of FOMO around this news. Therefore, it is possible that we can see the altcoin asset emerge as one of the best performing cryptocurrencies in August. It would come as no surprise that FLOW finished the year as the first cryptocurrency to retest all-time highs.
Ethereum (ETH) is one of the top altcoins with the potential to rise in August if BlackRock news positively impacts the market. This is because there is a lot more development on Ethereum besides the market news. One of them is the Merge upgrade, which will eventually allow us to see Ethereum running as ETH 2.0. Also, Ethereum is one of the altcoin assets that BlackRock’s institutional money is likely to enter. This is because it is the safest cryptocurrency after Bitcoin. Ethereum has already surpassed Bitcoin in August. Therefore, there is a strong chance for the bullish momentum to continue.
Cardano (ADA) is one of the cryptocurrencies that can see a price spike as BlackRock news floods the market. One of the things that makes Cardano attractive to investors is that it is highly decentralized. After the recent problems affecting high-profile cryptocurrencies, there is a possibility that decentralization will take a central stage in future crypto investments. Apart from its appeal to institutional money, the Cardano dev team has announced some important updates in the short term. This also has the potential to play a role in accelerating Cardano in August.
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