The cryptocurrency market has experienced a correction over the last 24 hours, with total market cap falling 3.6% to approximately $2.35 trillion. This equates to over $237 million in liquidations across the industry as altcoin projects follow Bitcoin’s downward trend. However, some analysts see this correction as a positive development and has the potential to pave the way for a post-halving bullish scenario. There are only two days left until Bitcoin’s next halving event, where the new block mining reward will be halved.
2 altcoins to consider as the market drops
This decline in the market presents an opportunity for investors to “buy the dip” during the ongoing crypto super cycle, which is a long period of growth. While the market overall is experiencing a correction, certain altcoins are garnering increased attention on social media, potentially indicating strong future performance. Santiment shared 2 altcoins that he sees as likely to recover while BTC is falling. The first is Velo.
Velo (VELO)… This blockchain-based financial protocol facilitates digital lending and seamless cross-border asset transfers for businesses through smart contracts. According to market analysis platform Santiment, there has been a significant increase in online discussions regarding Velo. Recently, the Velo network announced a strategic partnership with Solana (SOL) to establish a state-of-the-art clearinghouse for Laos Digital Gold transactions.
However, Santiment urges investors to exercise caution, warning that Velo’s “Asia Ripple” potential may be exaggerated. As of this report, Velo is trading around $0.0106 against the US dollar, indicating an 8% decline in the last 24 hours. Despite the decline, the small-cap altcoin with a daily trading volume of $51 million is trying to climb to an all-time high.
OMNI is also on Santiment’s list
In second place is Omni Network (OMNI). cryptokoin.com As we reported, this ecosystem aims to overcome sharding issues in Ethereum rollups. The project has received a lot of attention from the cryptocurrency community. OMNI, in particular, boasts daily trading volume that exceeds its market cap by a staggering 213%, signaling investors are bullish. Additionally, leading exchanges such as Binance and Coinbase have listed OMNI, indicating significant support from the industry.
While the market correction may seem worrying to some, analysts suggest it could be a necessary adjustment before a potential rally. The upcoming Bitcoin halving is expected to reduce supply, which has historically led to price increases. The ongoing correction may be a natural market reaction, allowing investors to enter at lower prices before the expected uptrend post-halving.
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