In a recent video analysis by Altcoin Daily, analysts highlighted five altcoins with enormous potential under a pro-crypto government led by Trump, while providing insights into the latest developments in the crypto space.
Analysts point out that the Fit21 crypto bill classifies digital assets as commodities, provided their blockchain is sufficiently decentralized. That said, the Republican-controlled Senate may increase the chances of it becoming law. The definition of decentralization is that no single entity owns more than 20% of the network, thereby clearly distinguishing commodities (regulated by the CFTC) from securities (regulated by the SEC).
The bullish wave led by political change is creating space for currencies beyond ETH and BTC.
Here are this week's hot picks!
Chainlink (LINK)
Chainlink stands out with its Chainlink Runtime Environment framework, designed to seamlessly connect traditional financial systems with blockchain protocols. By supporting familiar programming languages, the framework simplifies the creation of advanced smart contracts and facilitates interoperability. This innovation makes Chainlink a key player in integrating traditional institutions into the blockchain ecosystem.
Chainlink (LINK) is currently trading at $14.23, experiencing a 4.67% intraday pullback, and has ended a 7-day bullish momentum with a 45% increase. The pullback may test the 200-day moving average, with potential support around $12.89. Despite the temporary decline, the bullish trend remains strong, as indicated by the positive crossover between the 100-day and 50-day moving averages. After the pullback, LINK is expected to break through the resistance level of $16.75, potentially reaching $21.69 by the end of the month.
XRP
XRP was once the second-largest digital asset but has been under pressure due to a lawsuit from the U.S. Securities and Exchange Commission. However, Ripple CEO Brad Garlinghouse remains optimistic. Recently, there have been rumors that Ripple will meet with President-elect Trump, sparking speculation, and XRP surged 10% after the election. Although Ripple's 40% custodial holdings remain a concern under Fit21, the possibility of burning tokens may address this issue. An XRP ETF could further facilitate growth.
Cardano (ADA)
Cardano is heavily investing in integrating Bitcoin DeFi into its ecosystem. Cardano founder Charles Hoskinson plans to establish Cardano as the leading platform for decentralized finance based on Bitcoin. These efforts may drive adoption and expand its ecosystem, especially in an increasingly competitive landscape.
AIT Protocol
AIT Protocol is a newer entrant that is pioneering a decentralized marketplace for AI model training. Its subnet is built on BitTensor, specifically designed to solve logical and mathematical problems. While its execution remains a gamble, its innovative approach to AI and blockchain integration may determine its success in this cycle.
Solana (SOL)
Solana's decentralized trading volume has surpassed the total of Ethereum and all its L2 solutions, marking a milestone in adoption. This highlights its growing dominance in the DeFi space and makes Solana a blockchain to watch closely.
The combination of mature and emerging projects reflects the diversity and innovation in the crypto space, signaling significant opportunities in a crypto-friendly regulatory environment.
