After weeks of bearish action, cryptocurrencies have seen gains over the past few days. President cryptocurrency Bitcoin has increased by 7 percent to 10 percent. Leading altcoin Ethereum and other altcoin projects gained more than 20 percent. In particular, the leading memecoin project Dogecoin (DOGE) has seen a 100 percent increase in the past week.
These altcoin projects have bullish potential
With the recent uptrend, the market revived. Many investors are wondering how the market will progress in the next period. However, analysts state that the price increase may be a warning signal for the coming weeks. Due to the bear market, cryptocurrencies faced significant declines. Especially in the first half of 2022, we saw huge losses. In the second half of the year, we witnessed a clear stability. This bearish outlook first appeared in 2018, when the previous bear market started.
Looking at the previous crypto cycle, we can see that BTC and other cryptocurrencies have risen more sharply in the second year of the bear market. As we have reported as Koindeks.com; Bitcoin’s price rose in the spring and summer of 2019. As a result, the uptrend in the current market is likely to be repeated in 2023.
BAYC NFT collection’s altcoin project ApeCoin (APE) ranks first
Yuga Labs, the creative team of the popular NFT collection Bored Ape Yacht Club, built the APE ecosystem. However, there are developments that could trigger the rise of altcoin project APE. One of them was the work created in October with The Sandbox. A thank you statement was shared on the official Twitter page of the Bored Ape Yacht Club:
ApeCoin is the token of the ecosystem where you can buy NFTs and other items. We are pleased to share a small preview of the BAYC Sandbox experience that will be explored later in Sandbox. We would like to thank the CryptoCitiesDev team for their incredible efforts to create this experience.
ApeCoin appeared in the cryptocurrency markets in 2022. But it holds tremendous potential as a means of payment for NFTs and NFTs within a Metaverse-centric ecosystem. ApeCoin is powered by the Bored Ape Yacht Club. NFTs and the Metaverse ecosystem have the potential to be popular by re-entering the domain of more investors next year. Thus, the price of ApeCoin provides the potential to rise in 2023.
The Chainlink network is one of the most exciting projects in the cryptocurrency market. Probably one of the least expensive cryptocurrencies, the project is promising. The aim of the project is to transfer off-chain information to blockchain and turn it into on-chain information. Decentralized projects provide a marketplace to its name. However, last month, the Early Access Eligibility Application for Chainlink Staking v0.1 was now available.
Ripple’s altcoin project XRP has long been in the middle of the top ten cryptocurrencies by market price. According to analysts, it is impossible for the altcoin to remain low. XRP failed to reach the prices seen in the 2017 bull market during the previous bull market. However, its rise is expected with the latest developments.
Ripple and the ongoing legal process amid the SEC have been the reason for the company’s poor performance over the past 1-2 years. However, community members now think it will end soon. If the legal effort does not affect the price, we may witness the rise of the XRP price in 2023.