The bubble-like growth in the number of altcoins in 2024 and the risks it brings.
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Between 2023 and 2024, the overall market value of the Crypto market did not show a parabolic rapid growth, and it has not even returned to its all-time high in 2021. These growth bubble predictions are not for the crypto market, but for other data and objects that have a significant impact on the crypto market.
The following is a summary and assessment of these growth phenomena.
Growth in the number of altcoins in 2024 and the risks that come with it
Although the market value has not returned to its peak, the number of altcoins and new projects has already exceeded the peak and has increased many times compared to the previous cycle. This has led to a situation of "small land and many people" in the market, with too many projects sharing a smaller and smaller market value pie.
Data from Coingecko Research shows that as of April 2024, the number of tokens on the market has exceeded 2.5 million, compared to 1.98 million in 2023. This means that in less than half a year in 2024, more than 500,000 tokens have been created. Coingecko said that an average of 5,300 new tokens are created every day.
Meanwhile, market volumes have tapered off, and market cap has not returned to its 2021 highs. Recently, Binance took the unprecedented step of launching an early warning feature to alert users which tokens are likely to be delisted. This is because there are too many coins on the market, but poor liquidity.
It is expected that the number of tokens with lack of liquidity and low trading volume will increase in the near future. Many tokens/altcoins will be delisted and investors will need to re-examine their portfolios and reallocate funds to truly high-quality tokens.
Top altcoins under $1 worth investing in before a new bull run begins
The Future of ZkSync (ZK)
In the vast space of the cryptocurrency market, ZkSync (ZK) is quietly setting sail, and the curtain of its trading journey has just been opened. Given the current market dynamics and subtle changes in technical indicators, we have reason to believe that ZK is about to usher in an exciting period of price fluctuations. In particular, the continued upward trend of the relative strength index (RSI) indicates that the price may be ready to complete a gorgeous parabolic rebound, pointing directly to the crucial neckline area - between $0.232 and $0.23. This area is not only the focus of technical analysis, but also a key battlefield for the game of long and short forces in the market. If the bulls can show enough resilience and strength in this area, then the price of ZK may usher in a new leap, easily crossing the threshold of $0.3, and starting a new journey of rising.
By then, market sentiment may undergo a fundamental change from caution to optimism, which will catalyze a stronger upward trend. Looking ahead to the second half of 2024, ZK is expected to continue to hit new highs driven by this optimistic atmosphere and bring rich returns to investors.
A turning point for Conflux (CFX)
The recent trend of Conflux (CFX) seems to be a sign that the market is about to change. Although the price has pulled back after a wave of increases, forming a short-term mountain top pattern, the RSI indicator has shown unusual vitality. It has touched and tried to break through the average line again, which is a sign that the possibility of a trend reversal is quietly increasing. However, it is worth noting that the current market is still dominated by short forces, which means that the CFX price may experience a small correction to further consolidate the bottom.
But just like the calm before the storm, this pullback may be a sign that CFX is ready to go. It is expected that after an adjustment of about 18% to 20%, CFX will regain its upward momentum, not only recovering lost ground, but also leading a more violent upward wave, pointing directly to the upper resistance area of 0.21 US dollars. As the end of the year approaches, market sentiment is expected to gradually warm up, providing strong support for the further rise of CFX, and it is expected to hit and break through the 1 US dollar mark at the end of 2024.
ENA's road to rebound
Since Ethereum led the cryptocurrency market to stir up waves, ENA has also experienced the baptism of falling from highs to lows. However, it is this baptism that has made ENA show a strong desire to rebound after hitting the bottom. At present, the price of ENA is close to the historical high of $1.5. Although it faces certain adjustment pressure in the short term, its rebound potential in the long run cannot be ignored.
With the clear signal of RSI bottoming out, ENA price may usher in a strong recovery. It is expected that in the next few days, ENA price will easily break through the $0.5 mark and sprint to more than $0.65 before the end of the month. More optimistically, ENA's rebound momentum is expected to be widely recognized by the market, which will push its price to steadily climb above $0.8, and even challenge the psychological price of $1 in the next few months.
Mantle (MNT) is ready to go
Although the recent price trend of Mantle (MNT) is slightly weak, its inherent potential cannot be ignored. After breaking through the key upward trend line and touching the $0.8 support area, the price of MNT has been fluctuating violently in this area. This consolidation behavior is often one of the signals that the market is ready to go.
At present, the RSI indicator has reached the lower limit, indicating that a rebound is approaching. Once the rebound starts, the MNT price is expected to quickly get rid of the current consolidation pattern, regain its upward momentum, and stand above the 50-day moving average again. This new round of upward trend may lead the MNT price to easily break through the $1 mark and further test the upper resistance level close to $1.5. By then, MNT will become a dazzling star in the cryptocurrency market, bringing rich investment returns to investors.
Success is not based on luck, choice is more important than hard work, and the circle determines destiny
In the cryptocurrency world, in addition to having a keen eye for time-saving and situational awareness, you also need to keep up with a good team and a good leader.
