Altcoin: The crypto market has fallen hard, accompanied by a number of macro factors and the bankruptcy of crypto lenders. Now with the market rebounding slightly, analysts are looking for the next altcoin projects. In this article, let’s take a look at 4 altcoins that are giving bullish signals from analyst Mike Ermolaev’s list.
- 1 June summary of the cryptocurrency market
- 2 Mike Ermolaev’s picks for top performing altcoin projects
- 3 Share this:
June summary of the cryptocurrency market
After tech stocks and stock indices rallied on Fed Chairman Jerome Powell’s comments, the Bitcoin price has shown some signs of recovery after a sharp 22.9% drop the previous week.
Bitcoin has come under selling pressure lately after Celcius suspended withdrawals and cryptocurrency fund Three Arrows Capital suffered heavy losses following the LUNA collapse, as well as broader market concerns.
Stocks and bonds soared on statements of Powell’s words. That’s because the Fed chairman reiterated his commitment to fighting inflation, which has now reached its highest level in 40 years. Powell also says he thinks economic growth will pick up in the second half of the year. The Fed increased interest rates by 75 basis points at its June meeting, the highest increase in 28 years. In July, interest rates are expected to increase by another 50-75 basis points.
So, which altcoin projects stand out in this environment? FXStreet analyst Mike Ermolaev answers this question in his latest analysis…
Mike Ermolaev’s picks for top performing altcoin projects
THORChain is a liquidity protocol that allows users to exchange their assets without giving up full custody. In this case, RUNE acts as an intermediary so that funds can be moved without relying on order books for liquidity. According to the developers, after nearly four years of development, THORChain has gone live on the native Blockchain. Following the release of Mainnet, the developers plan to integrate the protocol with more decentralized exchange aggregators.
AmkNews.com The announcement we quoted increased the price of RUNE by 23.06% on Thursday and 5.70% on Friday. However, its price fell in line with the market over the weekend. He slashed his weekly earnings to 24.5%, wiping out most of his earnings.
The project recently introduced Web3 mobile phones. Solana CEO Anatoly Yakovenko describes this as helping cryptocurrency “go mobile.” On Thursday and Friday, the SOL price gained about 12%. With the weekend sales, Solana lost some of its weekly earnings to 19.8%. Solana has now surpassed Terra as the largest circulating altcoin by market cap.
On Friday, Avalanche (AVAX) price gained 12.25%. It maintained Thursday’s gain of 13.82% after the project launched a local bridge to the Bitcoin network. Avalanche’s newly launched wallet allows users to bridge the DeFi ecosystems of Bitcoin and Avalanche. It also offers new possibilities for users. Avalanche Bridge started last August. Thus, it allows users to transfer ERC20 between Ethereum and Avalanche networks. In less than a year since its launch, more than $50 billion has been transferred over the bridge. As a result, Avalanche facilitates the rapid growth of the DeFi ecosystem.
MATIC hit $0.50 on June 23, just days after $0.317 in April 2021. This is an impressive 60% gain, outperforming Bitcoin and Ether over the same period. Meanwhile, data provided by Santiment reveals increased whale appetite for MATIC. The data shows that between 10,000 and 10 million MATIC wallets have an accumulation of MATIC, “collectively adding 8.7% more to their purse.”
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