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The cryptocurrency market has slipped after setting another record yesterday. Its total market capitalization has fallen back from over $3 trillion to $2.9 trillion, according to CoinMarketCap. As the market fell, most major coins fell with it, with Bitcoin (BTC) and Ethereum (ETH) down about 2% each. However, there are still some coins that are doing well today, and many of the large cryptocurrencies are likely to rebound as the end of the year approaches. Therefore, we have listed 5 cryptocurrencies that could be the next to break out. These coins have good short-term and long-term potential.
The next cryptocurrency that could explode
1. Loopring (LRC)
LRC has exploded over the past few days, but its rise may continue for a while. The current price is $3.27, up 55% in the past 24 hours, 128% in the past week, and 749% in the past month.
LRC's relative strength index (purple line in the chart above) has shown real momentum growth over the past few days. It is now just above 70, approaching overbought territory. That being said, LRC was also at 70 yesterday before setting another all-time high.
Loopring is a second-layer scaling solution for Ethereum. It uses zero-knowledge rolling to reduce transaction fees and increase transaction capacity, and works with various decentralized exchanges. As Ethereum fees rise, Loopring's usage has increased accordingly.
The cost is only 1/85, and the taste is as good as Ethereum
L2 switching is different
Image credit: Adam Browman (@A_Browman)
November 8, 2021
As Ethereum’s fees are expected to remain high at least until the transition to proof-of-stake next year, demand for LRC is expected to remain quite high. That’s why it remains one of the 5 cryptocurrencies we think are likely to break out next week, after already rising this week.
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2. Bitcoin (BTC)
Bitcoin may be down today, but it would be foolish to think the next rally is imminent. At its current price of $66,800, it is down 2% in the past 24 hours and 2.5% from its all-time high of $68,641 set a day ago. It is up 5% in the past week and 22% in the past month.
BTC’s technical indicators show that it has cooled off, at least temporarily. Its 30-day moving average (the red line in the above chart) is starting to move closer to its 200-day moving average (the blue line in the above chart). Meanwhile, its relative strength index (RSI) is 50, which is at a very modest level. This suggests that there is room to enter the Bitcoin market before the next major wave of gains.
Moreover, Bitcoin is likely to surge again soon. Last month, the U.S. Securities and Exchange Commission (SEC) approved the ProShares Bitcoin ETF, and more Bitcoin ETFs may follow. For example, Grayscale Investments recently applied to convert its Bitcoin fund into a spot ETF.
Moreover, when you take into account rising inflation, Bitcoin could really take off by the end of the year. This is the prediction of many analysts: Alex Krüger recently predicted a price between $75,000 and $85,000, while analysts at Kraken suggested $96,000 in a new report.
Likewise, the strand-to-flow model predicts that Bitcoin will reach a price of around $100,000 by early 2022. This is probably a best-case scenario, but the model has been pretty accurate so far this year.
Like clockwork
Image credit: PlanB (@100trillionUSD)
November 2, 2021
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3. Ethereum (ETH)
Ethereum also fell 2% today, with a price of $4,733. Compared with the highest point of $4,857 set yesterday, it fell 2.7%. At the same time, the current price has risen 3% in the past day and 38% in the past month.
ETH is also cooling down at the moment, but it is likely to rise before the next wave. Its relative strength index (RSI) is in the moderate zone, neither overbought nor oversold.
Meanwhile, Ethereum continues its impressive growth, with the total value locked reaching a new high of $182.64 billion, accounting for about two-thirds of the entire decentralized finance market.
Ethereum’s transaction volume will undoubtedly continue to drive demand for ETH, which is also the fee collected by ETH. At the same time, adjustments to the platform’s token economics this year make it more likely that ETH’s price will rise.
Specifically, the London hard fork (completed in August) meant that Ethereum destroyed some of its transaction fees. As a result, its issuance has recently turned negative. Over time, the decline in supply will have a huge positive impact on its price.
ETH price hits new high while record 16,900 ETH destroyed in past 24 hours
This also brings ETH issuance down to a record low of -1.1%
Image credit: Lucas (@LucasOutumuro)
October 29, 2021
More and more ETH holders are also sending tokens to the Ethereum 2.0 staking contract, which currently holds over 8 million ETH. This number will only increase as the transition to proof-of-stake approaches (expected in early 2022).
With all this growth combined, here’s why ETH is one of the 5 next cryptocurrencies we think has the potential to break out.
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4. Cardano (ADA)
ADA has lost 1.6% in the past 24 hours and is priced at $2.24. Nevertheless, it has gained 14% in the past week and 5% in the past two weeks.
ADA has recovered again after a period of relative stagnation. Its 30-day moving average has crossed above its 200-day moving average, indicating the formation of a new, longer-term level.
ADA’s resurgence can be attributed to recent Cardano developments. On November 5, Input Output Hong Kong launched a beta version of the Plutus Application Backend (PAB), a set of tools that helps developers create and test decentralized applications. In other words, this launch will facilitate the launch of dapps and services on Cardano, thereby increasing the demand for ADA.
This marks a significant step forward for Cardano in the decentralized finance space, simplifying the integration of on-chain smart contracts and smoothing the deployment path for decentralized applications.
ADA’s fortunes have also turned around thanks to the launch of smart contract capabilities in September, which showed that Cardano is on the verge of becoming a fully functional blockchain. Once it becomes such a chain, ADA could indeed break out.
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5. Avalanche (AVAX)
AVAX has gained 3% in the past 24 hours, with the price at $92.89. This is down 3.7% from the all-time high of $96.46 set two days ago, but it is up 37% in the past week. Not only that, the altcoin is up 64% in the past 30 days.
AVAX’s 30-day moving average continues to rise above its 200-day moving average, suggesting that its uptrend is still ongoing. Similarly, its relative strength index (RSI) has returned to a position where it can rise again.
Looking at the bigger picture, AVAX is one of the most exciting altcoins on the market right now. Its native platform, Avalanche, has experienced some very encouraging growth in recent weeks. In particular, its total value locked has reached $10.37 billion, a figure that was only $1 billion in mid-August.
Like Solana (SOL), AVAX has the potential to break into the top 5 cryptocurrencies by market cap. In fact, it recently launched a $200 million fund dedicated to promoting the development of the Avalanche ecosystem, so it’s only a matter of time.
The Avalanche Foundation has launched Blizzard, a $200M+ fund designed to accelerate the development, growth, and innovation of the Avalanche ecosystem.
See full details below ⬇️
https://t.co/AR25D8E2lL
Image credit: Avalanche (@avax)
November 1, 2021
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