Altcoins
Crypto Expert Gives Analysis of Top Altcoins, Market Sees Uptick
According to FxPro Senior Market Analyst Alex Kuptsikevich, the crypto market has remained relatively stagnant, showing a decline in market capitalization until today’s increase.
Ethereum (ETH) is trading at $2,977.88, an increase of 2.6% in the last 24 hours. Its market capitalization increased by 2.64% to over $357 billion, remaining the second largest cryptocurrency.
Kuptsikevich highlighted Ethereum’s challenges, noting its ongoing consolidation near the lower end of its price range and a “death cross” below its 200-day average, suggesting potential long-term declines. This contrast between the short-term rise and the analyst’s medium-term concerns shows the complexity of market forecasts.
24-hour ETH price from CoinMarketCap
Similarly to Ethereum, Cardano (ADA) saw its price increase by 2.43% to $0.4461, with the market capitalization increasing by 2.42%. Positioned as one of the 10 largest cryptos, ADA trading near the lower end of its range suggests a cautious outlook despite the recent rise, reflecting Ethereum’s consolidation trend.
CoinMarketCap ADA 24-Hour Price
Litecoin (LTC) price increased by 1.81% to $80.98 and its market capitalization increased by 1.82%. As the 19th largest cryptocurrency, LTC continues to test its 200-day average, indicating a potential continued struggle to regain stronger bullish momentum. According to Kuptsikevich, Litecoin could face a prolonged period of downtrends if it fails to quickly regain higher levels.
24-hour LTC price from CoinMarketCap
XRP is trading around a historically significant $0.50 level after losing key support earlier in April.
“XRP has fallen below an ascending support line, turning it into resistance for subsequent peaks. This creates a bearish scenario, potentially leading back to long-term support between $0.25 and $30,” Kuptsikevich remarked, suggesting a cautious approach to investors.
XRP’s modest price increase of 1.57% to $0.5135 contrasts with a minor 0.56% increase in market capitalization. XRP’s break below key support levels earlier this month, the 7th largest cryptocurrency, portends a tough road ahead despite some recovery, as the analyst indicated.
XRP 24-hour price from CoinMarketCap
On the other hand, Solana (GROUND) shows speculative potential, with forecasts from Merkle Tree Capital suggesting a rise to $400 by November 2024, driven by the popularity of meme coins linked to the US election campaign.
Since the Merkle Tree analysis, SOL has shown a notable increase. Its price increased by 7.54% to $152.76, while its market capitalization increased by 7.53%, making it the fifth largest cryptocurrency.
SOL 24-hour price from CoinMarketCap
While the short-term data of CoinMarketCap shows promising gains for these cryptocurrencies from US inflation data, Kuptsikevich’s mid- and long-term analyzes paint a more nuanced picture that could be affected by other external economic factors.