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The previous crypto week marked a highly profitable period in the crypto market for this year, notably with the abrupt rise of Bitcoin from below $43,000 to almost $49,000. Following Bitcoin’s success, the altcoin market has mirrored these gains, with various cryptos standing out as top performers across multiple timeframes. In this article, we’ll explore three noteworthy altcoins that warrant attention in the upcoming 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 communicate safely with outside data feeds, events, and payment methods. It also provides the essential off-chain data advanced smart contracts require to emerge as the main digital agreement form.
The price of Chainlink (LINK) on WazirX is INR 1,769.99 today. According to CoinMarketCap, the 24-hour trading volume of LINK is $615,748,368, with a circulating supply of 587,099,970 LINK and a market cap of $11,799,739,413.
Chainlink’s native token, LINK, has surged to a two-year peak, hitting $20 amidst a broader market slowdown. This remarkable ascent, exceeding 40% in the past month, aligns with substantial acquisitions by major investors. The acquisition of 5.6 million LINK, valued at $112 million, has fueled optimism, with influencers and analysts foreseeing a tenfold increase. LINK’s surge is not only a reflection of market dynamics but also underscores confidence in Chainlink’s project fundamentals. With ongoing integrations and collaborations across various chains, Chainlink’s growth trajectory remains robust, solidifying its pivotal role in decentralized finance.
#2 Immutable X (IMX)
Immutable X positions itself as Ethereum’s inaugural layer-two scaling solution for NFTs, addressing issues like low scalability, a subpar user experience, illiquidity, and slow developer processes. By leveraging STARK zk-rollups, a technology endorsed by Ethereum’s founder, Vitalik Buterin, Immutable X aims to offer users instantaneous trading, extensive scalability, and zero gas fees for minting and trading NFTs. This approach prioritizes user and asset security, creating a more efficient and user-friendly environment for NFT transactions on the Ethereum blockchain.
The price of Immutable X (IMX) on WazirX is INR 254.45 today. According to CoinMarketCap, the 24-hour trading volume of LINK is $257,118,498, with a circulating supply of 1,355,429,364 IMX and a market cap of $3,959,545,637.
Despite the broader market’s decline, IMX has showcased resilience, boasting a 10.4% gain in the past 24 hours, reaching a value of $3 and securing a market cap exceeding $4 billion. It now ranks as the 21st-largest cryptocurrency. While the 24-hour trading volume experienced a slight dip, hovering around $224 million, IMX’s performance is noteworthy. However, caution is advised as the Relative Strength Index (RSI) surged to 81.5, suggesting a potential downturn, possibly linked to whale manipulation. Maintaining a bullish stance requires IMX’s RSI to stay below 60.
#3 Optimism (OP)
Optimism (OP) operates as a layer-two blockchain atop Ethereum, leveraging the security of the Ethereum mainnet to scale the Ethereum ecosystem through optimistic rollups. This entails the trustless recording of transactions on Optimism, ultimately secured on Ethereum. As one of Ethereum’s major scaling solutions, it boasts a total value locked (TVL) exceeding $500 million.
The price of Optimism (OP) on WazirX is 3.651 USDT today. According to CoinMarketCap, the 24-hour trading volume of OP is $170,385,229, with a circulating supply of 957,378,568 OP and a market cap of $3,506,120,279.
As one of the fastest and most highly adopted Layer 2 blockchains, Optimism is gaining attention for its ease of use, especially notable in projects like Coinbase building on the OP stack. However, the road ahead may present challenges, as the market anticipates a potential dip in the wake of substantial token airdrops. While experts project optimism for Optimism’s future, the unlocking of 75% of its tokens, with an undetermined schedule, adds an element of uncertainty. The current significant selling pressure, with a fully diluted market cap of $14 billion, suggests a cautious outlook for an immediate 1000% price increase.
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.
