Table of Contents
A lot has been going on currently in the crypto industry, causing the market to experience bullish momentum. Traders and investors are closely monitoring the price movements of their favorite cryptos and have been making continuous speculations.
The buzz around a potential Bitcoin spot ETF approval continues to drive market excitement, serving as a catalyst for the ongoing Bitcoin rally (Currently trading at $37,018). Traders anticipate official approval from the US SEC, considering Bitcoin’s widespread acceptance.
The bullish momentum in Bitcoin is evident in its recent performance, anticipating the upcoming Bitcoin halving in less than seven months. Despite recent market dips, Bitcoin and top altcoins remain robust, providing opportunities for traders.
In this blog, we will see the altcoins that have been doing exceptionally well and may continue in the upcoming period. Let’s have a look at the altcoins that you can have an eye on this week.
#1 Chainlink (LINK)
Chainlink is a blockchain abstraction layer established in 2017 that allows for globally connected smart contracts. Chainlink, a Decentralized Oracle Network (DON), enables blockchains to safely communicate with outside data feeds, events, and payment methods. It also provides the essential off-chain data required by advanced smart contracts to emerge as the main digital agreement form.
The price of Chainlink (LINK) on WazirX is INR 1,232 today. According to CoinMarketCap, the 24-hour trading volume of LINK is $592,234,768, with a circulating supply of 556 Million LINK and a market cap of $7,863,181,860.
Chainlink’s impressive 125% surge in just 25 days, driven by substantial accumulation from the 200 largest wallets, has propelled its price to around $14. The current consolidation above key moving averages signals a robust bullish trend supported by positive market sentiment.
Sustained price support hinges on the substantial holdings by major wallets. However, caution is advised, and vigilance is crucial as a break below critical indicators could signal a trend shift. Maintaining momentum and monitoring whale activity will be decisive factors in determining whether LINK’s bullish trajectory continues or faces a potential short-term reversal.
#2 Solana (SOL)
Solana is a useful open-source project that uses the permissionless aspect of blockchain technology to offer Decentralized Finance (DeFi) solutions. The purpose of the Solana protocol is to make the creation of Decentralized Apps (DApps) easier. By combining the Proof-of-Stake (PoS) consensus built into the blockchain with a Proof-of-History (PoH) consensus, it seeks to increase scalability.
The price of Solana (SOL) on WazirX is INR 5,015 today. According to CoinMarketCap, the 24-hour trading volume is $1,244,513,637, with a circulating supply of 423 Million SOL and a market cap of $23,564,956,052.
Solana’s recent surge in price and popularity can be attributed to its unique blockchain architecture, promoting high performance, low fees, and innovative solutions for Decentralized Applications (dApps). Noteworthy factors include significant partnerships with Visa, the integration of Real World Assets, a thriving gaming ecosystem, and pioneering technologies like compressed NFTs. These factors collectively contribute to Solana’s upward trajectory, making it a noteworthy investment option.
#3 Avalanche (AVAX)
Layer one blockchain, Avalanche, is a foundation for bespoke blockchain networks and decentralized applications. It is a competitor of Ethereum with the goal of overtaking it as the most widely used blockchain for smart contracts. It seeks to achieve this by providing a significant transaction output of up to 6,500 transactions per second (TPS) without sacrificing scalability.
The price of Avalanche (AVAX) on WazirX is INR 2,090 today. According to CoinMarketCap, the 24-hour trading volume is $364,214,231, with a circulating supply of 365,108,182 AVAX and a market cap of $7,276,186,828.
Avalanche (AVAX) recently surged to new heights, driven by its unique consensus protocol and involvement in the Monetary Authority of Singapore’s Project Guardian, showcasing its potential to revolutionize asset management. The adoption by major banks like JP Morgan, Citi, and Bank of America for real-world asset tokenization has fueled AVAX’s remarkable growth. The financial sector’s increasing endorsement of Avalanche positions it as a preferred network for transactions, potentially catalyzing a multi-trillion-dollar industry. With its high-throughput blockchain capabilities and a robust DeFi ecosystem, AVAX’s monumental gains hint at further growth and a promising ascent in the market.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
