Altcoins
These 3 Altcoins to Buy in May Can Make You Rich in 2024
It gets darkest before the dawn! This may be the phrase every cryptocurrency investor needs to get used to considering the crumbling structure of the market right now. The period before and after the approval of Bitcoin ETFs has significantly changed the outlook for cryptocurrencies, causing a sea change in the fortunes of holders. As Bitcoin hit a new all-time high of $73,837, buy-to-buy altcoins like Terra Classic (LUNC), Shiba Inu, and Sui were beaming in hopes of reaching unprecedented levels.
Over the past 24 hours, volatility has dominated the market, with Bitcoin first bouncing above $63,000 before sliding to test support at $60,000. Potential altcoins to buy followed quickly, posting double-digit losses on Friday.
Total market capitalization fell to $2.38 trillion, from $2.41 trillion at the start of the day. Ethereum it lost the support at $3,000 and is currently above the support at $2,900. Solana it is back below $150 and trading at $147 at the time of writing, while Dogecoin, Cardano and others sink further into losses.
That said, narrowing down a few altcoins to buy could help investors see the bigger picture. DCA strategies could help build holdings, thus positioning you for maximum returns as the cryptocurrency market recovers towards the end of the year.
1. Terra Classic (LUNC)
Price Terra Classic is currently at $0.0001072, showing an increase of 2.38% over the last day. Despite this price increase, trading volume saw a decline of 18.19%, totaling approximately $24.13 million over the past 24 hours. The market capitalization is now equal to $621.91 million, placing it in 113th place in the market capitalization ranking.
LUNCUSD price chart
The LUNC market has seen a notable increase of 7% over the past week, highlighting growing investor interest. Despite a broader downtrend this month, with a decline of 17%, there appears to be a slight recovery. Prices fluctuated between $0.0001 and $0.00012, indicating cautious optimism among traders.
The growing bullish sentiment in the market could push the price of Terra Classic above the $0.00011 level. Such a move could accelerate momentum towards the test of the $0.00012 resistance. If the bullish pressure persists, the price may even approach the $0.0002 mark.
2. Shiba Inu (SHIB)
Shiba Inu coin has shown remarkable resilience and a robust recovery in the last few hours. This increase comes after a series of declines today, attracting the attention of both investors and analysts. Over the past week, SHIB has seen a slight increase of over 3%, with prices ranging between $0.0000224 and $0.0000261.
Despite a 14% decline over the past month due to market corrections, the current rise in its value suggests growing optimism among investors, potentially marking a transition from bearish to more bullish market conditions. This shift in sentiment could signal a shift in investor confidence, heralding a new phase for the cryptocurrency.
SHIBUSD Weekly Price Chart
In recent news, meme cryptocurrency Shiba Inu has caught attention with a significant increase in its burn rate, soaring by over 5500%. Second Shib burning, approximately 26 million SHIB tokens were removed from circulation yesterday. This action has injected optimism into the market of this canine theme cryptocurrency.
If the market recovery persists, the meme cryptocurrency could break above the $0.000025 mark, potentially taking its price to $0.00003. This increase could pave the way for reaching the $0.00003 level. With continued bullish pressure, SHIB it could rise to $0.00005 by the end of April.
3.Sui
Sui (SUI), an innovative layer 1 blockchain platform, is rapidly gaining attention for its focus on the secure, rapid and private management of digital assets. It stands out for offering scalable blockchain solutions, which is evident in its significant Total Value Locked (TVL). The recent spike in Price on at $1.09, marking an 8% increase in one day, signals strong market interest.
SUIUSD weekly price chart
Despite a slight decline in previous weeks, this increase suggests growing confidence in Sui’s potential as a leading alternative cryptocurrency. It currently ranks 46th on CoinMarketCap, with a market capitalization of $2.5 billion. Investors see Sui as a competitive option against Solana, potentially turning a $10,000 investment into $500,000.
Bottom line
Investing in cryptocurrencies requires resilience but also the ability to adjust and rebalance portfolios accordingly. Instances of risk taking are also key. Buyable altcoins like SHIB, LUNC, and SUI allow investors to position themselves ahead of the bull market.
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