According to data from the Cryptocurrency Exchange, the amount of funding raised in the crypto sector in March exceeded US$1.16 billion, the second highest amount in the past 12 months and a 52% jump from February.
Data shows that most of the funds were invested in crypto infrastructure and decentralized finance (DeFi) projects, especially those built on the Ethereum blockchain. Other popular blockchains include Polygon and BNB Chain. About a third of the funds were allocated to projects based in the United States.
With the beginning of the Bitcoin halving event, the cryptocurrency market has ushered in a new wave of investment craze. Experts have predicted that the value of Bitcoin is expected to touch the staggering $200,000 mark. Driven by this craze, investors began to turn their attention to the huge potential of the altcoin market. Not only are these altcoins likely to follow Bitcoin's lead and rise significantly, they may also provide investors with huge returns.
1. THIS
Decentralized finance (DeFi) protocol Ethena (ENA) launched on Tuesday and is performing well.
Allegedly, “Ethena is a synthetic dollar protocol developed on the Ethereum blockchain, offering a new stablecoin called USDe.”
ENA last traded at around $0.82, up about 20% from its IPO price of nearly $0.60.
Its market cap is currently around $1.2 billion, and its fully diluted market cap is $12.3 billion. The token just opened its airdrop today, which has attracted a lot of attention. USDe holders will be able to claim 5% of the ENA token supply.
As hype continues to build, innovative protocols may see further upside. That’s why it ranks as one of the best cryptocurrencies to buy today.
2. LTC
Despite generally bearish market trading conditions on Tuesday, Litecoin (LTC) remains vibrant.
According to data, LTC is up 8% in the past 24 hours to around $107. LTC has been exploring the possibility of a breakout above the 2023 highs and towards the $140 resistance area.
Litecoin may be the best cryptocurrency to buy today as it could be about to break out of its 2023 highs, opening the door for further gains
The prospect of a near-term 40% gain means Litecoin is likely to be the best cryptocurrency to buy today. Litecoin is often referred to as digital silver. This is a nod to the fact that Bitcoin is sometimes called digital gold. This is because unlike Bitcoin, Litecoin has very fast transaction times and very low fees.
3. UN
Jitocoin’s price action formed a clear rounding bottom pattern from December 9, 2023 to March 16, 2024. However, the price correction since mid-March suggests that the pattern could potentially shift to a bullish formation known as a “cup with handle.”
Currently, the price of Jito coin is stable around $4.3127 and is accompanied by a strong upward momentum. Looking at its daily chart, we can see that the price has shown a significant upward trend starting from the opening price of $3.18. Therefore, there is reason to believe that the current price action may break the upper limit of the existing ascending channel.
But it’s worth noting that if buyer power fails to sustain the market’s upward push, traders may foresee the price falling back below the $3.50 support. Once this support is broken, the price may fall further and hit support at $3.30 or even lower. At the same time, we observe that the 9-day moving average is hovering above the 21-day moving average, which provides us with more optimistic signals.
4. GIVE
JUP is currently quoted at $1.63, showing strong market support, which may indicate that it will have the potential to rise further, with the primary target price being the resistance level of $1.68. If the positive sentiment in the market is maintained, the digital currency may even challenge the second resistance level at $1.81.
However, such optimistic expectations need to be treated with caution, especially considering the 10-day moving average of $1.31, which suggests that the market may experience a period of consolidation before any substantial breakthrough.
For investors, they should note that the nearest support level is at $0.42, while the minor support level is at $0.30. Any negative shift in market sentiment could trigger a downward move in prices. If these support levels are broken, it could signal a more severe correction. As the long-term outlook is unclear, keeping a close eye on these support levels as well as the 10-day moving average will be crucial to assess future price action.
Summarize the three iron laws of long-term layout of altcoins:
Stay away from stocks with huge market capitalization that have exploded, as they are likely to fade away;
Don’t even think about touching someone with a small market value and no story. It’s sheer naivety to imagine becoming a dark horse;
Those with outdated concepts will be blocked directly. The cryptocurrency circle loves new things, so stay away from those who are outdated.
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Finally, there are still many things that I haven’t written down, such as specific opportunities and specific decisions. These things are often not summarized in one article. If you are interested, you can follow my homepage and I will update it at any time.
