Markets
Here are the 2 best Altcoins to buy for quick profits
The market is changing: are you ready?!
After weeks of jitters and outflows, the total cryptocurrency market cap has surprisingly stabilized around $2.43 trillion over the past 24 hours. And leading the charge? None other than Bitcoin itself, suggesting a potential bullish turn of events.
After several weeks of significant outflows from cryptocurrency investment products, the trend has gradually changed in recent days.
For example, US-based spot Bitcoin ETFs saw a total cash inflow of nearly $130 million on Monday, with no issuer reporting negative cash flow. This positive momentum indicates growing investor confidence in the cryptocurrency market.
Market confidence gets a boost
The cryptocurrency market has benefited significantly from a positive regulatory environment in recent months. The European Union has already started enforcing the Market in Crypto-Asset (MiCA) regulatory framework. As a result, it is expected that more institutional investors will seamlessly enter the region’s web3 space.
Meanwhile, other major jurisdictions, including India, the United States, the United Kingdom, Singapore, and Hong Kong, are moving in the same direction. Despite China’s ban on Bitcoin mining, Chinese mining pools still hold nearly 54 percent of the market share.
Best Altcoins to Buy Now
Dots (DOT)
Polkadot (DOT), a rapidly growing layer-zero network supported by a vibrant community of developers and investors, has formed a bullish outlook on the weekly time frame. From a technical perspective, the price of DOT has already broken a macro-bearish wedge and is on the verge of a 40-50 percent rally.
With a fully diluted valuation of around $9.2 billion, this mid-cap altcoin has spent around $37 million on marketing since the beginning of the year. Notably, the Polkadot ecosystem invested $2 million in the Indy 500 by directly sponsoring Conor Daly, a legendary racing driver.
Cardan (ADA)
Cardano (ADA), a high-level layer-one blockchain, is in the final stages of its initial roadmap to achieve ultimate decentralization. With major network upgrades scheduled soon, the Cardano network has attracted more web3 developers ahead of the anticipated altseason.
Accordingly, popular cryptocurrency analyst Captain Faibik believes that ADA price is well positioned for a bullish breakout soon. The analyst highlighted that ADA could soon increase by at least 70 percent after confirming a bullish breakout of the falling wedge.
By focusing on these developments, investors can stay informed and potentially benefit from the bullish trends in the cryptocurrency market.
Remember, the cryptocurrency market is still young and volatile. Invest responsibly!