Bitcoin price is showing bullish momentum and therefore altcoins are expected to follow the star crypto. Among them are altcoins that could position themselves as a better investment for the next bull run. Crypto analyst Godfrey Benjamin expects a parabolic rally for one altcoin, while analyst Sahana Vibhute predicts the two altcoins will rise.
DeFi protocol becomes parabolic as market recovers
RSK Infrastructure Framework (RIF), a Bitcoin (BTC)-focused Decentralized Finance (DeFi) protocol, is seeing a huge spike today following the recovery of the broader digital currency ecosystem. The combined crypto market cap increased 3.54% in the last 24 hours to $1.18 trillion, while RIF also benefited from the uptrend. The RIF is currently changing hands at a spot price of $0.1847, up 3.62% in the last 24 hours and more than 95% in the last 7-day period. RIF, which is among the top altcoins with a steep correlation with Bitcoin, seems to be trending more as it advances on the premise of bringing smart contract capabilities to the world’s largest cryptocurrency network.
The emergence of the RIF protocol marked an ambitious attempt by any project to assert the benefits of Bitcoin. The project was designed by IOVLabs in 2019 and is currently located in Gibraltar. Since its inception, IOVLabs has managed to build one of the crypto ecosystem’s first Layer-3 networks on Bitcoin. Layer-2 protocols are common ones and generally tend to increase transaction speeds on their base protocols by a very significant mile, and transaction speeds are poised to drop as well. Layer-3 is an even better development and benefits from the security and wide acceptance of the Bitcoin Blockchain.
DeFi in Bitcoin marks a new milestone
cryptocoin.comAs you follow, Bitcoin was conceived mainly as a payment network by Satoshi Nakamoto, but over the years its use has grown beyond comprehension. Over the years, Bitcoin has been seen among institutional investors as a very viable hedge against inflation, competing with legacy assets such as gold. MicroStrategy Incorporated, an American business intelligence and software firm, has made its mark as one of the biggest proponents of Bitcoin, and over the years the company has amassed more than 140,000 Bitcoin units. While these moves help push the boundaries of Bitcoin, a whole new dimension is being drawn by IOVLabs.
The cryptocurrency ecosystem has evolved drastically over the past few years, and the most versatile protocols are now marked by the nature of the functionality they offer via the DApps on them. Bitcoin was designed to accommodate smart contracts, and the RSK Infrastructure Framework helps fill this gap with its technology. While RSK isn’t the only team to push this milestone as Stacks (STX) does the same, it is one of the few companies that directly uses Bitcoin’s security and decentralization to chart its development.
The token has benefited from compliance and business strategy since the beginning of the year. With the latest milestones demonstrated by growth in DeFi TVL in the protocol, RIF saw more than 347% growth in the Year-to-Date (YTD) period. If its activities expand over the years, it could rise even more in the near future.
Altcoins to rise in the upcoming bull market
The crypto market seems to have gained significant strength as Bitcoin and altcoins have witnessed a significant rise over the past few days. However, altcoins such as Cardano and Solana, which are tough competitors in the DeFi and NFT space, are expected to recover their losses in a short time. Cardano and Solana are among the popular blockchains that focus more on DeFi and NFT. While Cardano has recorded a few milestones, Solana can keep up with the pace to compete with the giant Ethereum. At its peak, Solana’s Total Locked Value (TVL) exceeded $10 billion compared to ADA’s value of approximately $326 million. Solana has also become one of the largest platforms for NFTs.
However, Solana had terrible days due to its close relationship with the FTX exchange. The platform has been negatively impacted causing the TVL and NFT training volume to be slaughtered very drastically. In terms of price, Solana suffered a massive price drop amid the FTX debacle, but soon rebounded and ignited a nice uptrend since early 2023. Also, Cardano’s price has remained more stable than Solana’s, taking a budget-friendly approach. However, the recent downtrend has dragged both tokens towards their yearly lows. Cardano rebounded and managed to rise 37.32%, while SOL price rose more than 98%.
Considering the historical data, Solana performed better than Cardano. However, Cardano Blockchain has never stalled or faced a halt, like Solana, which recorded its first stop after experiencing about 8 times last year. Therefore, both altcoins are expected to thrive once the crypto space is freed from bearish captivity.
The opinions in the article are those of the analysts and are definitely not investment advice.
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