In recent weeks, the cryptocurrency market has been on its toes in anticipation of a possible altcoin boom. Also, investors were keeping a close eye on alternative coins that were likely to lead the rally. Indeed, altcoins are vying for attention by trying to draw inspiration from Bitcoin (BTC), one of the top performers of 2023. Meanwhile, cryptocurrency analyst Tolberti made key statements in a TradingView post on July 22. Accordingly, he gave a list of 5 altcoins ready to explode. Here they are.
Altcoin Dogecoin (DOGE)
The meme cryptocurrency altcoin Dogecoin (DOGE) has multiple catalysts backing it up. However, it has been experiencing a sideways price movement in recent weeks. DOGE’s performance is affected by the overall market trend. However, it is particularly tied to his relationship with Tesla CEO Elon Musk. Historically, the token has rallied every time Musk mentions or talks about it.
One such example was when altcoin DOGE rose after news surfaced that Tesla’s source code included support for both Bitcoin and Dogecoin. This news has triggered widespread speculation that the famous electric car manufacturer might consider integrating these cryptocurrencies as viable payment options. As a result of this news, the token’s market cap has increased by over $1 billion. Also, its price surpassed the $0.070 resistance level.
In addition, DOGE rose again after Musk’s tweet about Scooby Doo. He also further highlighted the impact of his social media presence on DOGE’s price movements. Altcoin DOGE is trading at $0.071. It also lost more than 2% on a daily basis. On the weekly chart, the token is down almost 3%.
Altcoin IoTeX (IOTX)
Cryptocurrency IoTeX (IOTX), which focuses on the Internet of Things (IoT), has faced volatile price movements in recent weeks that largely reflect general market trends. Currently, the token is trading at $0.02. It aims to regain the $0.05 resistance zone, which plays an important role here.
Altcoin IOTX’s value is closely tied to the growing demand for secure and scalable IoT solutions. IoTeX positions itself as a leading blockchain offering a transformative platform for the future. It is particularly noteworthy that IoTeX integrates seamlessly with IoT devices, facilitating secure and efficient data transfer and communication. The implementation of blockchain technology ensures data integrity, privacy and interoperability. It also creates a reliable ecosystem for IoT devices.
Fetch.ai (FET)
Altcoin Fetch.ai (FET) is leading the integration of artificial intelligence and blockchain. It also creates a decentralized digital economy where autonomous agents collaborate, exchange data and perform complex tasks using decentralized machine learning algorithms and distributed ledger technology. The price of the token is affected by factors such as increased adoption and partnerships.
For example, FET has partnered with Bosch to develop and use Web3 technology for real-world applications. After that, it gained value a short time ago. In addition, Elon Musk introduced xAI as an alternative to the popular chatbot ChatGPT. Accordingly, there was a rally with the move. However, FET also suffered significant losses in line with the overall crypto market in the long run. Currently FET is valued at $0.22 and daily losses are below 0.5%.
Altcoin Litecoin (LTC)
Altcoin Litecoin (LTC) is one of the leading cryptocurrencies in the market. Its recent performance is bolstered by positive sentiments regarding the halving, which is scheduled in less than two weeks. LTC is sensitive to market dips. However, the overall sentiment remains bullish.
As we move towards the halving event, Litecoin’s on-chain development continues to show significant progress. The network made its 170 millionth transaction on July 15. Accordingly, it has reached a historical milestone. This marks a rapid growth rate for Litecoin. On the other hand, more than 10 million transactions have been added in the last seven weeks alone. It also means that more than a million transactions are processed every week. Remarkably, Litecoin has maintained continuous uptime without any interruptions for over 11 years.
Additionally, altcoin LTC is witnessing increased whale activity as the excitement grows around the halving event. In terms of price action, altcoin LTC is targeting the $100 mark. At the time of writing, altcoinLTC was worth $93.65, gaining almost 2% daily.
Cosmos (ATOM)
Altcoin Cosmos (ATOM) is a platform with a vision to create an interconnected ecosystem of independent blockchains. Recently, the token has challenged the general trend in the crypto market. Accordingly, it showed an upward trend. Market analysts are optimistic. He also believes that ATOM is ready to break the $10 limit.
Over the past month, ATOM has worked diligently to build a strong foundation. Accordingly, it demonstrated its resilience amid market fluctuations. As of the last update, ATOM is worth $9.42, down over 5% weekly. cryptocoin.com When we look at it, the highlighted cryptocurrencies have the ability to lead an altcoin exit. However, these will largely depend on the overall market sentiment.
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