Last week, the collapse of centralized crypto exchange FTX sent shock waves in the market. Therefore, the cryptocurrency market has not had many favorable moments. Just as many altcoins seemed about to break out of the downtrend, they fell significantly from their previous anchors. However, there are a number of promising crypto assets. Here are eight altcoins that analysts expect to rise…
Analysts are hopeful for Bitcoin and these 8 altcoins
Koindeks.com As we have also reported, the FTX crisis had a negative impact on the markets. However, some analysts predict a rise for some altcoin projects. Analyst Rahul Nambiampurath; this week it reviewed Trust Wallet Token (TWT), PAX Gold (PAXG), GMX (GMX), Bitcoin Cash (BCH) and dYdX (DYDX). Prasanna, another analyst, examined Bitcoin, XRP and BNB.
Trust Wallet Token (TWT)
One of the most notable performers on this list is Trust Wallet’s Trust Wallet Token (TWT), which jumped over 70 percent mid-week. The fall of the FTX exchange has turned investors’ attention to non-custodial wallets, and Trust Wallet is one of the most recognizable options. With an unattended wallet, the crypto investor has sole control of the private keys of the cryptocurrency-related wallet, proving that the funds belong to them.
Demand for decentralized wallets increased following the collapse of FTX, which offers centrally controlled custody wallets, and this may have benefited Trust Wallet. TWT started at $1.16 last week and is currently around $2.43.
PAX Gold (PAXG)
The market cap of the PAXG token increased by 5 percent to its current issue of $560 million, and the price is currently hovering around $1,732. PAX Gold is a stablecoin created by Paxos and backed by physical gold. One token represents 1 ounce of London Good Delivery gold bar. In a period when many financial markets are volatile, some investors may turn to real-world assets or related assets such as PAX Gold. The FTX crash has spooked investors and it seems that crypto investors are leaving where possible.
The market cap of the GMX token rose 10% last week to $337 million. GMX is a decentralized exchange that offers both spot and perpetual contracts. Here, too, investors seem to be turning to decentralized finance alternatives, and GMX’s low prices and zero-price impact processes may be attractive to them. It stands out amid DEXs that traders can pass on in the wake of FTX’s collapse. Earlier last week, the GMX was worth $37.70. It is currently around $41.71.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is a little different amid the tokens to watch this week, especially as its price hasn’t increased to a particularly valuable extent. However, the coin’s hashrate has increased by an impressive 30%, and the mining difficulty has reached 9%. The first determines how much computing power is used to mine crypto on a network, while the second measures how much power it takes to mine a block. Another reason BCH has been successful is the positive recent social media sentiment about the project. The increase in mining difficulty and hash rate may be contributing to this.
Decentralized exchange dYdX’s DYDX token price rose 28 percent. Thus, dYdX became another DEX that experienced a price increase during the week. The token is currently trading at around $2.30. Like GMX, dYdX is likely seeing a price increase as there is more interest in DEXs after the FTX event, according to the analyst.
According to analysts, Bitcoin is most likely the cryptocurrency that multiple investors should rely on, especially during market downturns. The first and most valuable cryptocurrency has been around for 13 years and is considered to be much more stable than many contemporary cryptocurrencies. If the price of Bitcoin falls, almost every coin falls quickly. Bitcoin price determines the direction of the market. As a result, no other coin or token, apart from stablecoins, is as faithful in a crisis as Bitcoin. However, apart from the FTX crisis, external market factors are mostly positive. This could cause the Bitcoin price to stabilize in the next few weeks.
Binance Coin (BNB)
In the short term, BNB has benefited greatly from the expiration of the FTX token. After Binance announced that it would liquidate its FTX tokens, many investors were enraged at the world’s largest crypto exchange. He made accusations of market manipulation. However, FTX eventually found itself in a troubled financial situation. Even if many investors are outraged by Binance’s behavior, the situation in the midst of cryptocurrency exchanges cannot be changed. According to the analyst, the altcoin price has a chance to increase significantly in the coming weeks and months.
Before the crash, XRP had one of the best performances amid the smoothest cryptocurrencies. The main reason for this was that more and more positive information about the status of the legal dispute between Ripple Labs and the US Securities and Exchange Board (SEC) became available to view. In its current state, according to analysts, Ripple could win the case and give the XRP price a significant boost in the coming months. Many analysts believe that the XRP coin is still quite low priced. Ripple’s payment network has been operating for several years and is in a very good position.