The post Ethereum and XRP Prices Fall as Crypto Market Continues to Struggle But These New Altcoins Still Look Bullish appeared first on Coinpedia Fintech News
Ethereum and XRP have slumped over the past 24 hours, with ETH down 2.78% and XRP down 3.96%. The selloffs come after a strong month for both cryptos, indicating it may be time for a cool-off before the next leg up.
However, several other altcoins are still going strong and look primed to take advantage of the loss of recent pullback.
Market’s Bullish Momentum Stalls as Uncertainty Creeps In
The most significant crypto event over the past 24 hours is that top money manager Fidelity Investments filed for an Ethereum spot ETF. The firm reportedly boasts $4.5 trillion of assets under management, indicating the tremendous potential if the ETF is approved.
A healthy market response would have been a substantial uptick in price from Ethereum, but this was not the case. Given its recent strong uptrend likely exhausting buyers, combined with other on-chain and fundamental issues, its price has decreased since the news broke.
Ethereum’s main issue is gas fees and competition. Currently, Ethereum gas fees are incredibly high, peaking at around $220 recently. However, they will likely ramp up even more as we near the next bull run.
As such, market participants have opted for alternative layer one networks like Solana, Cardano, and Avalanche. This was highlighted by Alex Becker, who stated they “all work as described and do the same thing as ETH for less than a cent.”
Historically, Ethereum’s competitive edge over these chains has been its security and decentralization. However, a recent unsuspecting change to the Bitcoin network increased its functionality, enabling devs to launch NFTs.
These NFTs are called Bitcoin Ordinals and have just hit their highest-ever trading volume. Moreover, analyst Trevor.btc noted that if the trend continues, the Bitcoin Ordinal NFT volume will overtake Ethereum’s NFT volume in one week.
While Bitcoin does not boast smart contract functionality, the threat of it becoming an Ethereum competitor with greater security and decentralization risks making Ethereum less relevant.
Ultimately, rising competition from all angles, combined with exhausted buyers, has created uncertainty and rendered investors unresponsive to bullish news.
Moving to XRP, its recent downturn is also a correction following an uptrend. However, the catalyst that caused its selloff is whales transferring significant amounts of XRP to exchanges. Moving crypto to exchanges often indicates that the holder is about to sell.
The transactions were noted by blockchain analytics X account Whale Alert, highlighting four transactions equating to over $50 million sent to Bitstamp and Bitso. Moreover, rumors are circulating that these transactions are associated with Ripple Labs, raising further concerns for XRP holders.
Top 5 Altcoins to Buy Now
Despite Ethereum and XRP’s issues, other cryptos continue to push ahead. Some of the most promising projects are newly released and yet to pump, enabling them to enter price discovery regardless of broader market conditions.
Bitcoin ETF Token: Deflationary Stake-to-Earn Presale With 255% APY
With excitement surrounding Bitcoin ETFs driving much of the market’s recent price action, a new project, Bitcoin ETF Token, aims to harness this hype to generate massive growth potential.
It is a deflationary Stake-to-Earn token, currently providing holders with a whopping 255% APY. However, the APY decreases as the staking pool grows, incentivizing early investors.
It also features a burn mechanism, destroying 25% of $BTCETF tokens across five key Bitcoin ETF milestones. This will create a sense of scarcity while hype is highest, attributing to massive price potential. It also features a 5% burn tax on transactions, making the token deflationary and incentivizing long-term holding.
Bitcoin ETF Token also features a news feed on its website, keeping users updated on the latest Bitcoin ETF advancements and analysis. Its news feed could help garner an active and long-lasting community.
The presale launched ten days ago and has already raised almost $1 million, illustrating the viral and mainstream allure of the project. This is also evident in its media coverage in outlets like Cointelegraph, Crypto News, Yahoo Finance, Finbold, and many more.
Potential investors can buy $BTCETF for $0.0054, but they must be fast as its price will rise in two days.
Meme Kombat: Multi-Purpose Meme Coin With 582% APY and Doxxed Team
Meme Kombat is a thrilling new project blurring the lines between crypto gambling and meme coins. These two niches have recently fared as crypto’s hottest trends, providing significant potential to Meme Kombat.
Despite the market’s recent downturn, Meme Kombat’s unique positioning has enabled it to surge in its presale, recently surpassing $1.8 million.
The project lets users gamble on AI-generated battles between infamous meme coin characters. It features various game modes (including single and multiplayer) and will feature different seasons packed with new characters, rewards, and battle types.
It also boasts traditional odds mechanics, creating a realistic and engaging gambling experience.
However, unlike most normal crypto-gambling projects, Meme Kombat’s social media features a thriving “meme game.” It continually posts compelling and relevant memes, helping bring the exhilarating nature of gambling to the meme coin market.
Users need the $MK token to gamble, providing a solid demand stream that could explode its price when coupled with its meme coin allure.
It also features a staking mechanism with a 582% APY, creating passive rewards and enabling holders to compound their investments.
Lastly, it boasts a doxxed team and smart contract audit, attesting to the project’s security and protecting investors from the risk of a rug pull.
TG Casino: GambleFi Token of Telegram Casino With a Renowned Buyback Mechanism
TG Casino is a cutting-edge crypto casino available exclusively on Telegram. Launching on Telegram provides advantages like convenience, accessibility, and a notably better user experience.
Moreover, the casino is KYC-free, and users do not need to make an account, making getting started simple and increasing the likelihood of mass adoption.
On top of the casino’s benefits, its native token, $TGC, holds numerous utilities, which could equate to solid demand. Some of its utilities include access to exclusive games and rooms, free rewards, 25% cashback on losses, and a 225% staking APY.
However, one of the project’s most anticipated features is its buyback mechanism. This will repurchase $TGC tokens from the open market with a portion of the casino’s revenue. It will burn 40% and allocate 60% to staking rewards.
Consequently, the buyback mechanism will diminish the token’s supply while bolstering its demand and rewarding holders. Essentially, the buyback mechanism means holders benefit directly from the casino’s success.
This has drawn significant interest from analysts, with the Crypto News YouTube channel predicting that it could 10x after its presale. Meanwhile, Alessandro De Crypto called it the “Next big hype.”
Investors can buy $TGC for $0.16 but must act fast as its price will rise in three days.
Bitcoin Minetrix: Revolutionary Cloud Mining Presale That Raised $4.1M in 7 Weeks
Bitcoin Minetrix is another crypto displaying considerably bullish potential amid the broader market’s pullback. The project is a Bitcoin cloud mining solution, enabling anyone to earn free Bitcoin effortlessly.
It works by users staking $BTCMTX for Bitcoin mining credits. They can then burn these credits on the Bitcoin Minetrix platform for cloud mining power, which translates to free Bitcoin.
This solves several issues related to Bitcoin mining, like the cost and complexity of getting started. Users only need $BTCMTX tokens and an Ethereum-compatible wallet to get started on Bitcoin Minetrix.
Moreover, its decentralized and transparent $BTCMTX token eradicates the risk of cloud mining scams.
The project is massively beginner-friendly, pushing Bitcoin mining towards mass adoption. It even has Bitcoin mining experts in its Telegram group, from whom its community can learn.
Given its one-of-a-kind use case, it is no surprise that Bitcoin Minetrix is becoming popular among media outlets and analysts. It has received coverage from tabloids like Business Insider, Cointelegraph, Bitcoin Magazine, and many more.
Bitcoin Minetrix is currently undergoing a presale, having raised a whopping $4.1 million in seven weeks. Investors can buy the token for $0.0117, but they must be quick because its price will rise in four days.
Launchpad XYZ: Crypto Analytics Tool Providing 10X Trade Suggestions and “All of Web3 in One Place”
Launchpad XYZ is a compelling presale providing deep data insights and access to all web3 in one place.
It offers a vast array of tools, with its most popular being a trading signals service that tells users what cryptos to buy and when. It has already rendered significantly bullish results, with its most profitable call being a 29x on a project called ELON 2.0.
Meanwhile, it boasts an AI-language model, assisting users with trading insights. The platform also features a trading strategy builder and a trading terminal, enabling users to build, backtest, and execute trades from one dashboard.
Combining these tools, it becomes evident that Launchpad XYZ is a true powerhouse in the decentralized finance industry – but it goes beyond this, striving for all-out crypto mass adoption.
It features a learning platform, helping onboard new users to crypto. Moreover, it aims to provide “all of web3 in one place”, allowing users to browse every NFT, metaverse, presale, and more – all from within its platform.
Its groundbreaking use case is complimented by $LPX’s central role in the operation. Users require the token to access the services, likely equating to a long-term demand stream.
The presale has already raised over $2 million, and those who buy can get an 8% bonus for the next four days.
Chainlink: Decentralized Oracle Provider With New Cross-Chain Utility
Chainlink is arguably the most crucial piece of blockchain infrastructure, providing decentralized data feeds of off-chain data to blockchain protocols. It is currently used by almost every prominent protocol, effectively monopolizing the oracle provider market.
While this use case alone is strong enough to make it a solid investment, its newly released iteration, Chainlink Cross-Chain Interoperability Protocol (CCIP), provides even more utility in another crucial crypto market.
One of crypto’s most pressing issues is interoperability and the secure flow of data and liquidity between incompatible blockchains. Currently, most cross-chain data and liquidity flows through blockchain bridges, which are notoriously risky and the number one source of crypto exploits.
However, Chainlink’s decentralized network of oracles enables a decentralized and trustless flow of data and liquidity between networks, significantly improving the overall crypto user experience and bolstering blockchain security.
LINK will be required to pay CCIP transaction fees, providing an added layer of utility that could create significant demand and growth potential.
Chainlink’s current price is $13.37, down 4.23% in the last 24 hours and 9.9% this week. This could present a timely opportunity to buy LINK before the next leg up.