The cryptocurrency market continues to follow a volatile course. While some analysts expect upward movements, others paint a pessimistic picture. Veteran analyst Miles Deutscher says he has some altcoin projects on his radar because of the various narratives.
Altcoin projects on the analyst’s radar
cryptocoin.comAs you follow, the crypto market has not yet achieved stability. Meanwhile, the leading crypto Bitcoin (BTC) managed to rise above $ 27 thousand again. However, BTC’s movement lacks strong momentum. On the other hand, the situation may be different for some altcoin projects. My master crypto analyst Miles Deutscher says he has some altcoins on his radar due to various narratives in the market. The analyst shared the following on his Twitter account regarding the issue:
I’ve been watching a few altcoin projects closely this week. Chinese coins: Hong Kong has June 1 crypto legalization. Litecoin (LTC): 80 days until halving. Stacks (STX): Because of the BTC narrative. LSDs: LDO, RPL and FXS.
The analyst is primarily interested in Chinese coins. This is because Hong Kong will take steps in crypto regulations on June 1. The analyst expects this development to bring regulatory clarity and positively impact these altcoin projects.
The past year has been quite turbulent for the cryptocurrency world. However, the sector started to exhibit some upward movements this year. While these developments are still in their infancy, we’ve seen a lot of the frenzy surrounding AI, LSD, and ZK simultaneously. However, it is now a popular view that the next narrative is undoubtedly centered around Chinese coins. Examples of Chinese coins are Neo (NEO), Vechain (VET), Conflux (CFX), and Alchemy Pay (ACH).
Litecoin (LTC): upcoming halving
Litecoin takes advantage of the unique features of Blockchain technology. Thus, it provides fast, secure and low-cost payments. The Litecoin ecosystem has gained significant momentum since reaching ATH in December 2017. The third largest Proof-of-Work (PoW) consensus Blockchain project after Bitcoin and Dogecoin. Altcoin had its second halving in 2019. But during the next crypto bull market, the price never managed to surpass the previous ATH. The analyst says that LTC is watching as there are 80 days left until the third halvig event.
Stacks (STX): BTC narrative
Stacks is a Bitcoin Tier for smart contracts. That is, it enables smart contracts and decentralized applications to use Bitcoin as an asset and execute transactions on the Bitcoin Blockchain. Bitcoin is the largest, most valuable and most durable decentralized asset. The Stacks layer unlocks $500 billion worth of BTC capital using Bitcoin L1 for decentralized applications.
Meanwhile, Stacks is well-informed about the whole state of Bitcoin thanks to the Proof of Transfer consensus and the Clarity language. In this way, he has the opportunity to read from Bitcoin whenever he wants. All transactions in the Stacks layer are automatically hashed and resolved in Bitcoin L1. In addition, Stacks blocks are secured with 100% Bitcoin hashpower. To reorder Stacks blocks/transactions, an attacker needs to reorder Bitcoin. The analyst also suggests that STX will benefit from this Bitcoin narrative.
Lido DAO (LDO): Liquid staking narrative
Lido is a liquid staking solution for Ethereum. The altcoin project allows users to stake their ETH, as well as participate in on-chain activities such as lending to generate returns. Lido Finance, the largest liquid staking protocol on Ethereum, has been upgraded to version 2, a critical change that allows users to withdraw ETH from the platform. The transition to version 2 was accepted in an on-chain vote where community members negotiated the proposal. Governance vote 156, launched on the Aragon platform on 12 May, was approved today.
Rocket Pool (RPL): Liquid staking narrative
Rocket Pool is a decentralized Ethereum staking pool that offers up to 4.33% APR for ETH2 staking. It is possible for users to join Rocket Pool with its decentralized network of node operators. Or they have the possibility to run their own nodes with only 16 ETH. In the latter case, they can earn a commission by staking ETH and earn additional RPL rewards up to 6.36% APR for ETH and additional RPL rewards by securing RPL. Meanwhile, Rocket Pool led the weekly market gains with 12.8% price gains even amid the broader bearish action in the broader crypto market.
Frax Share (FXS): Liquid staking narrative
Frax Share is an innovative stablecoin project. The altcoin has seen a 7% 40% increase in the last 24 hours. Frax Share’s algorithmic model continues to be praised for its unique approach to maintaining stability. However, recent market trends have shifted investor attention to more lucrative options like Tradecurve. Frax Share’s current challenges are also based on several factors for increased competition. Because the stablecoin market has become more and more saturated. This made it difficult for Frax Share to maintain its unique selling points. According to experts, as new and innovative projects like Tradecurve enter the scene, FXS faces an uphill battle to stay relevant.
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