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Top Altcoins Set to Outperform This Week as Crypto Bull Run Begins

TokenTalk Staff

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These Altcoins are expected to outperform the crypto market in May!

In a recent Crypto Banter video, the focus was on the changing dynamics of altcoin investments, particularly the problematic role of venture capital (VC) in launching new tokens. He became more interested in how venture capital firms often inflate cryptocurrency valuations, making new tokens less attractive to retail investors. Additionally, it provided insight into promising altcoins that could outperform, particularly if the Ethereum ETF is refused.

Issues with VC-backed tokens

Crypto Banter criticized venture capitalists for driving up the valuation of tokens before they hit the market. Previously, the new tokens raised funds at a valuation of $20-30 million. Today, they are valued at more than $1 billion before retail investors can buy them. This means that retail investors often pay a premium and then suffer heavy losses. StarkNet is an example of this: its value fell 74% after reaching $1 billion due to low buyer interest.

Best Altcoin Picks

To counter the risks posed by these venture capital practices, it recommends several altcoins with high market capitalization relative to fully diluted valuation (FDV) ratios. This means that most of their tokens are already in circulation, reducing the risk of a sudden increase in supply. These tokens will likely perform well, especially if the Ethereum ETF is denied.

Solana (SOL)

Solana’s token circulation is 78% and growing. This is a high-conviction bet due to the extensive ecosystem and technical base.

Near protocol (NEAR)

Another good option is Near Protocol, which has 90% of its tokens in circulation. High circulation reduces the drop in token release value.

Ghost (FTM)

Fantom is particularly notable due to its recent Sonic upgrade, turning it into a high-speed sidechain for Ethereum. With most of its tokens in circulation, it presents a promising investment opportunity.

Injective (INJ)

Injective stands out for its innovation and market position. Investors who want to avoid projects dominated by venture capital may consider it.

Avalanche (AVAX)

Avalanche is a stable cryptocurrency investment due to its large market size and high proportion of tokens in circulation.

BNB (BNB)

While not traditionally a top pick, BNB’s technical chart shows promising uptrends, making it a potential buy.

Arweave (AR)

Arweave is particularly attractive since 100% of its tokens are already on the market. Its recent outperformance against Filecoin highlights its potential.

Polka dot (DOT)

With 94% of its tokens in circulation, Polkadot offers an attractive investment, especially with its recent technological upgrades.

Conclusion

It is crucial for investors looking to navigate the altcoin market amid venture-dominated projects to focus on tokens with high circulation and strong fundamentals. Crypto Banter highlights tokens such as Solana, Near Protocol, Fantom, Injective, Avalanche, BNB, Arweave and Polkadot that offer promising opportunities while minimizing the risks associated with venture capital influence.

Also discover: Top Altcoins to Watch Closely Amid Hype Over Spot Ethereum (ETH) ETF Approval

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

TokenTalk Staff

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Shiba Inu Eyes Recovery, Analyst Eyes Rise to $0.0001

Shiba Inu (SHIB) is currently eyeing a recovery surge as it slides into the oversold region, with one market analyst predicting an imminent rise to $0.0001.

The recent market bloodbath claimed many lives, and Shiba Inu was one of them. In particular, the Crypto Basic confirmed that the turmoil, which analyst Mike Deutscher attributed to “altcoin dispersion,” led to a loss of $137 billion in the combined market capitalization of the top 125 altcoins in two weeks.

Specifically, Shiba Inu lost $4.21 billion in valuation during this period, as its market cap fell to $10 billion. This is due to a fall from a high of $0.00002633 on June 5 to the current value of $0.00001820, representing a massive collapse of 31% in just two weeks.

Shiba Inu now extremely oversold

Although this decline has left many investors in a losing position, some technical indicators have slipped into bullish regions. For example, the Shiba Inu Relative Strength Index (RSI) has since fallen to an all-time low of 15, according to the market. data from CryptoQuant.

Shiba Inu RSI oversold CryptoQuantShiba Inu RSI oversold | CryptoQuant

This extremely low value indicates that SHIB is significantly oversold. This low RSI value suggests that selling pressure is very high and Shiba Inu may be undervalued. The current position of the RSI is generally interpreted as a potential buying opportunity, with market analysts expecting a price reversal or rebound soon.

With Shiba Inu Eyeing a recovery from recent lows, market participants are increasing their holdings in anticipation. Santiment data shows that small investors holding between 100,000 and 1 million tokens purchased 2 billion SHIB this month, while large whales holding at least 1 trillion SHIB accumulated nearly 500 billion tokens .

Shiba Inu addresses Santiment 4Shiba Inu addresses Santiment 4Shiba Inu Addresses | Feeling

An imminent recovery

Interestingly, market analyst Sam_TCR predicted this rally in a previous TradingView. analysis. The analysis was carried out when Shiba Inu had not fallen to this level, trading at $0.000022. With SHIB now below the $0.00002 level, the analyst’s projection of a resistance point at $0.00002320 remains valid.

According to him, if Shiba Inu manages to cross the $0.00002320 level, its next resistance will be at $0.00002550. He predicted that a push above the $0.00002550 roadblock would pave the way for an imminent rally towards the coveted $0.0001 price. Michael, another analyst, also waits a rally to the $0.0001 level.

Meanwhile, at its current price of $0.00001820, SHIB faces more formidable resistance on the way to $0.0001. The token must first break through the psychological $0.00002 level before using it as a launchpad for significant upside.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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Altcoins

Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

TokenTalk Staff

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Arthur Hayes Doubles Down on Dogecoin (DOGE) and One DeFi Altcoin Amid Crypto Downturn

BitMEX Co-Founder Arthur Hayes Increases His Bullish Sentiment on Dogecoin (DOGE) and Pendle (PENDLE) despite the sudden slowdown in crypto.

Hayes tell its 524,900 followers on social media platform

“I love this choppy downward trend in shitcoin prices. I add PENDLE and DOGE to my bags.

DOGE is trading at $0.12 at the time of writing, up more than 2% in the last 24 hours. Meanwhile, PENDLE is trading at $5.65 at the time of writing, up almost 13% on the day.

Hayes, who is also an advisor to the Pendle project, was recently spotted will lock $8.4 million worth of PENDLE tokens until September 5 this year.

PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity to the protocol. The PENDLE token lock can last up to two years and allows users to vote on governance proposals while earning 3% of all yield accrued by its Yield Bearing Tokens (YT).

Another project that Hayes said he is optimistic about is Ethereum (ETH) competitor Aptos (APT). Hayes predicted that the Aptos layer 1 (L1) smart contract blockchain will surpass Solana (GROUND) this market cycle in one to three years.

Aptos is trading at $6.81 at the time of writing, up more than 2% in the last 24 hours.

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Altcoins

The ALTcoin market has an incomplete impulse cycle

TokenTalk Staff

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The ALTcoin market has an incomplete impulse cycle

https://news.google.com/./articles/CBMiXWh0dHBzOi8vd3d3LmJhcmNoYXJ0LmNvbS9zdG9yeS9uZXdzLzI2OTM3NDcyL2FsdGNvaW4tbWFya2V0LWhhcy1hbi1pbmNvbXBsZXRlLWltcHVsc2l2ZS1je WNsZdIBAA?hl=en-US&gl=US&ceid=US%3Aen

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Is the crypto market ready to explode?

TokenTalk Staff

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Is the crypto market ready to explode?

The price of Bitcoin seems to have found its footing and is starting to rise again after a recent decline. Crypto trading expert Michael van de Poppe is among those supporting the argument that Bitcoin has reached its lowest point and is now on an upward trajectory. This change also has a positive impact on other cryptocurrencies.

Here’s an overview of current trends in the cryptocurrency market!

Recent Bitcoin Performance

Nowadays, Bitcoin is trading at $66,155. Recently, its price has been fluctuating between $63,000 and $65,000, indicating that it may have reached its lowest level. According to Michael van de Poppe, this range likely marked the lowest point for Bitcoin, which is now expected to rise further.

Bitcoin Market Indicators

The 1-day candlestick chart for Bitcoin/USD now shows a large green candle, signaling bullish momentum for Bitcoin. This is a positive sign that the price of Bitcoin is starting to rise from its recent low.

Impact on Altcoins

As the price of Bitcoin increases, other cryptocurrencies also see their performance improve. On June 6, 2024, the altcoin market capitalization peaked at $1.39 trillion. Today, June 20, 2024, it stands at $1.21 trillion, which is an improvement from yesterday’s $1.18 trillion. This suggests a recovery in the altcoin market alongside the resurgence of Bitcoin.

Bitcoin Dominance and Recent Movements

The dominance of Bitcoin The value is currently at 51.8%, close to its 6-month high of 52.47% reached on June 18, 2024. Earlier this month, on June 5, the price of Bitcoin was above $71,000. Since then, it has continued to decline, with a current opening price of around $64,915. Over the past 30 days, the price of Bitcoin has fallen by 6.9%. Over the last 7 days it has changed by -2.5%, but over the last 24 hours it has increased by 1.4%.

In conclusion, the fall in the price of Bitcoin seems to have stopped and it is now starting to rise again. This upward trend is also benefiting other cryptocurrencies, suggesting a positive change in overall market sentiment. The recovery in altcoin market capitalization further underlines this optimistic outlook.

Bitcoin’s rebound could signal a further surge in the crypto market, pointing to a more optimistic future for cryptocurrency traders and investors.

Read also: MicroStrategy Completes $800 Million Convertible Note Offering, Acquires 11.9K Bitcoin for $786 Million

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