As the week begins, the broader cryptocurrency market remains focused on the possible approval of a spot Bitcoin ETF. Amidst this wait, we have witnessed a decline in altcoin prices due to a cautious stance. According to crypto expert Elmaz Sabovic, this could be a potential ‘buy the dip’ opportunity for investors looking for upside in the near or distant future. In this context, the expert shares 6 altcoins in which he sees earning potential.
After Bitcoin, altcoin projects will gain momentum!
Altcoins face challenges as potential Bitcoin ETF week approaches. This is not surprising given the current emphasis on Bitcoin (BTC). However, crypto analyst Michael van de Poppe expects momentum to return to altcoin projects after the ETF event. In this regard, the analyst shares the following assessment:
Altcoins are suffering as Bitcoin ETF week approaches. This is not strange since the focus is entirely on Bitcoin. After the ETF, momentum will likely return in altcoins. In Bitcoin, the range remains defined. Buy at 10+ declines, sell at $48-51K.
Ripple (XRP) comes first
Ripple announced its strategic expansion plan targeting the $1.5 trillion IT industry in a new report published on January 3. The project envisages a transformative role in the IT sector. It addresses long-standing challenges related to cross-border payments and other financial complexities that persist in the industry. As you know, Ripple aims to facilitate the transfer of value between different fiat currencies for its customers. In this regard, it uses XRP as a bridge currency. It is possible that the altcoin project’s goals in the IT sector will be a bullish catalyst for the XRP price.
Popular meme coin Dogecoin (DOGE) is also on the list
A notable catalyst that could positively impact the Dogecoin (DOGE) price is the announcement of the adoption of DOGE as a payment method by Elon Musk on social media X in 2024. Therefore, with the current decline in price, investors may be looking at an opportunity to ‘buy the dip’. At the time of writing, DOGE was trading at $0.07804. Altcoin lost 13.23% value in the last 7 days. It also saw a 23.85% drop compared to the previous month.
Third on the altcoin list is Polygon (MATIC)
The TD Sequential indicator recently showed a buy signal on the 4-hour MATIC chart. If there is a significant increase in buying pressure at current levels, MATIC could make a possible upside move towards $0.88, according to analyst Ali Martinez. Additionally, the token has potential for a rebound with another potential top at $0.96.
Meanwhile, at the time of writing, MATIC was trading at $0.79. According to the latest data, the altcoin lost 20.08% in value in the previous 7 days. Additionally, it has seen a decline of 15.25% in the last month.
Shiba Inu (SHIB) also enters the altcoin list
Shiba Inu (SHIB) maintains investors’ confidence despite the recent price difficulties. We see this situation from the increase in new addresses. According to the statistics of the analytics platform Glassnode, SHIB recently exceeded the 3.74 million threshold in addresses.
Meanwhile, SHIB was trading at $0.000009175 according to the latest data. The altcoin recorded a decline of 12.19% in the last 7 days and 10.90% on the monthly chart.
We don’t forget VeChain (VET) either
cryptokoin.comAs you follow from , VeChain (VET) recently purchased a trademark. This could also have a potentially revolutionary impact. In anticipation of ISO 20022 compliance, VET stands in a position to disrupt the trillion-dollar payments market and pave the way for collaboration with central banks, according to a Jan. 7 report. Meanwhile, at the time of writing, VET was changing hands at $0.03014. This indicates a loss of 13.01% in the last 7 days. However, the altcoin gained 9.18% compared to the previous month.
Last ranked altcoin: Cardano (ADA)
Recently, Cardano (ADA) has been forming a bullish pennant formation where investors and analysts are speculating whether it will lead to gains for ADA. The crypto analyst nicknamed Captain Faibik predicts a gain of 30% to 40% for the altcoin.
Meanwhile, ADA was trading at $0.5063 at the time of writing. ADA lost 16.07% in value in the previous week and 18.66% in the last 30 days.
The opinions and predictions in the article belong to experts and analysts and are definitely not investment advice. We strongly recommend that you do your own research before investing.
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