As Bitcoin (BTC) price hit $67K on Friday, the altcoin industry, led by Ethereum (ETH), signaled bullish sentiment. Most altcoins have reached the top of a weeks-long consolidation that began earlier this year. Furthermore, online data shows that many institutional investors have accumulated heavily in recent years in preparation for the euphoric phase of the cryptocurrency bull cycle.
Additionally, most altcoins have retested the bullish breakout from the macro downtrend.
With the inevitable reversal of Bitcoin dominance, paying attention to the altcoin industry is essential to maximize profits.
$Btc Dominanc#Btcis consolidating in this range now expecting a downside breakout in case of successful breakou#Altscould yield huge gains in the medium term
— World Of Charts (@WorldOfCharts1) July 24, 2024
Top Altcoins to Buy for Maximum Profit
According to market intelligence platform Santiment, crypto investors should closely monitor the average trading returns of different assets.
“If you believe the market is about to skyrocket, history shows that buying assets that traders have had the most trouble with will likely yield higher returns for you,” Santiment notes.
After critically analyzing market data, Santiment believes that Shiba Inu (SHIB), Uniswap (UNI), Polygon ($MATIC ), Chainlink ($LINK ), Cardano ($ADA ), and Ripple-backed XRP are the best large-cap altcoins to buy now to maximize future gains.
Meanwhile, Santiment highlights that Toncoin (TON), Bitcoin, Ethereum (ETH), and Dogecoin (DOGE) are at higher risk of maximizing profits during the expected altcoin season.
Increased crypto volatility is expected to continue in the coming days as traders prepare for next week’s FOMC report. Additionally, August could quickly turn bearish for the entire crypto industry, as historical data suggests.
However, the crypto industry will largely correct the bullish trend in Q4, fueled by the US elections and anticipated interest rate cuts.
This is not investment advice, this is helpful advice
