Altcoins
Altcoins to have in your wallet after US independence
The celebration of the United States Independence Day will have a slight impact on the way investors perceive financial assets, including Bitcoin (BTC) and altcoins. Currently, the cryptocurrency market is in free fall, as the price of Bitcoin has fallen below $58,000. Likewise, several altcoins have also suffered a crash, leading to major outflows.
As macro sentiments plummet, cryptocurrency users are halting trades while others are repositioning their portfolios in anticipation of the next bull run. US markets have a major impact on cryptocurrency prices due to volumes compared to other jurisdictions. This can be seen in Bitcoin hitting an all-time high above $73,000 following the approval of spot Bitcoin ETFs in the US. Here are the altcoins to consider in your portfolio after July 4th.
Ethereum (ETH)
Ethereum price has been in a downtrend for the past few weeks, in line with the cryptocurrency market. At press time, the asset is trading at $3,129, down 4.73% in the past 24 hours, while the weekly and monthly figures are in the red zone. However, bulls are pointing to the period as a phase that could lead to more highs in July.
The awaited place
Ethereum ETFs price this summer is a major factor in a future price rally. Market commentators believe that inflows from traditional investors will push the price to new highs.
Solana (SOL)
Solana is among the altcoins set to benefit from the ETF initiative.
SOL trades at $133, a 5.82% decline today and a 19% exit this month. Despite this, the asset is known to outperform the market in recovery, and with the expected bullish gains, users are bracing for a surge. Users also point to higher on-chain volumes and the popular Solana meme coins.
Toncoine (TON)
The fast-growing crypto asset fell this week after a collapse in market sentiment wiped out earlier gains. Toncoin has outperformed many altcoins this year, hitting a new all-time high of $8.24 in June. Although 12% below the cap, holders see potential in the momentum of its decentralized applications and play-to-earn games.
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David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.