Currently, Bitcoin is testing the support around 95,000. According to the liquidation map, the support around 95,000 is relatively strong over the past seven days, with resistance above at around 99,000. In the evening, when American institutions start working, it is expected to easily push up, so there is not much to worry about with daytime pullbacks. From the perspective of Bitcoin's market cap share, there is still some room for decline below, indicating that altcoins still have some room for a rebound.
Why are these old altcoins rising so sharply?
Mainly due to favorable policies from Trump. He hopes to eliminate all capital gains taxes on cryptocurrencies issued by American companies. This means that profits made by Americans holding crypto assets like ADA, ALGO, XRP, HBAR, etc., will be completely tax-free, as the creators of these coins are American companies.
At Coinbase, the top spot for spot trading volume surprisingly goes to XRP, with a trading volume equal to the total of BTC, ETH, and DOGE, indicating that the FOMO sentiment among American investors has risen. XRP's market cap has also reached a new high, returning to the top three, and it plans to issue a new stablecoin. The trading volume of Stellar (XLM) has also surpassed SOL. XLM is an old project launched in 2014 that dropped 90% over the past four years, but has quickly returned to historical highs in the last three weeks.
With the current trend, as Ethereum rises, funds are starting to flow into altcoins on exchanges. It’s not advisable to easily switch out of previously held altcoin projects, as there is a high probability of a rotation market. The lack of an altcoin season previously was due to the market lacking new funds, but with the Federal Reserve continuing to cut interest rates, the incremental funds in the market are gradually increasing.
Although many coins on exchanges are garbage, they can still be picked up and speculated on. However, there are methods to picking these projects. At present, the best speculative targets are new meme coins that have just launched and some old coins that have become active again. The recent surges have been from old coins from 2017 and new meme coins from this year, as they have the least supply pressure. Personally, I am optimistic about new projects, like the recent ACT. In this bull market, it is recommended to focus on new tracks and new narratives, as these projects have no upper limit on valuation and the market has a larger imaginative space for them.
A major rebound is imminent: 3 cryptocurrencies that will definitely rise by up to 100 times in the bull market!
TRX
As the token of the TRON blockchain, TRX benefits from TRON's strong stablecoin assets, so even when it seemed that the ecosystem wasn't developed, it continued to rise, because people didn't feel the use cases of TRON. In fact, the main users are not us, but institutions and whales that need stablecoin transfers. Benefiting from this, TRX has always performed very steadily and strongly.
This year in the TRON ecosystem, the Meme Season has exploded, and there are still many users participating in TRON chain's Memecoins. This has added another layer of meme empowerment to the already impressive TRX, which could easily experience a secondary explosion. For example, looking at SOL, one can understand the role of the meme ecosystem.
The altcoin season is approaching, and TRX, as one of the top ten strongest assets by market cap, is bound to take off in this storm. Moreover, thanks to Sun's recent crazy operations, I believe TRX will be one of the best performers compared to other assets in the same track.
PENDLE
Pendle is a project that combines the trends of DeFi and LSDfi, dedicated to providing yield and innovative trading protocols for staked assets. The tokenomics of Pendle is closely related to the growth trend of LSDfi, especially as Ethereum upgrades, Pendle will benefit from the expansion in this area.
Pendle's current TVL (Total Value Locked) has already surpassed $6.2 billion, more than a 30-fold increase since last November, with an annual income of about $30 million. The project has received investments from many top funds in the market, and its capital raising ability is very strong.
DOGE
What started as a joke has now become a top market-cap cryptocurrency. Its success is inseparable from Elon Musk's promotion and the strong community support behind it. DOGE uses the Scrypt algorithm, which allows for fast transactions with low fees, making it very suitable for small transfers. Whenever Musk tweets, DOGE's price tends to soar quickly, showing its strong market influence.
Currently, the price of DOGE is 0.41, and I believe that in the near future, DOGE will bring us even greater surprises!
