Next week's Federal Reserve rate cut of 25 basis points and the Bank of Japan's postponed interest rate hike have basically been anticipated by the market.
The Federal Reserve's continued interest rate cuts and the Bank of Japan's postponed interest rate hikes are positive for the market, at least eliminating the negative impact of the Bank of Japan factors. For the crypto market, Bitcoin is oscillating at high levels, and altcoins are entering a phase of differentiation, with a trend where the strong become stronger gradually emerging. This means that investors need to focus more on those altcoins that have strong narrative support or are related to current mainstream trends. Although Bitcoin is still in an oscillation range, breaking through the current high may require a significant catalyst to push it further up.
Trump's statement while ringing the bell at the New York Stock Exchange has undoubtedly brought the U.S. stock market and the cryptocurrency market to the forefront, with the extent of policy easing becoming the current market's most concerned point. The market has made full expectations for policy easing, but the specific execution strength and effects remain unknown. If the policies exceed expectations, it could become a catalyst for the market, potentially sparking new upward momentum in early 2024.
In this context, Bitcoin remains a solid core holding, while altcoins need to focus on projects with strong narratives and policy support.
Ethereum is starting to take over the second half of the bull market! What other altcoins are worth paying attention to?
DOGE
Dogecoin (DOGE), ranked seventh among cryptocurrencies in the market, has always attracted attention for its performance. Recently, Dogecoin's trading price was $0.4038, up 3.04% over the past month. In terms of supply and market capitalization, Dogecoin has a total supply of 147.18 billion, with no maximum supply cap, meaning its circulating supply matches the total available tokens. The current market capitalization is $59.43 billion, with a 24-hour trading volume of $4.31 billion, accounting for 7.42% of the market cap.
In the past year, Dogecoin has grown by 315%, outperforming 83% of the top 100 cryptocurrencies like Bitcoin and Ethereum. Its current price is 97.32% higher than the 200-day simple moving average ($0.204641), indicating sustained bullish momentum. Additionally, Dogecoin recorded positive returns on 17 out of the last 30 days, showing its relatively stable performance.
Although market sentiment for Dogecoin remains neutral, the fear and greed index shows 'extreme greed', indicating optimistic market sentiment. Dogecoin's liquidity matches its market capitalization, meaning it has good trading activity and may continue to attract investor attention.
BONK
As the leading meme coin in the Solana ecosystem, Bonk maintains high popularity thanks to strong community support and a continuous token burning mechanism. The recent BURNmas event successfully burned 1.3% of the circulating supply, further enhancing Bonk's scarcity and laying a solid foundation for its price increase.
Currently, Bonk's price is stable at $0.00003789 and shows strong signs of rebound. With further promotion and exposure from platforms like Binance.US, market interest in Bonk is expected to continue heating up, making a price breakthrough to new highs a possible future development direction.
ENS
The creators of Ethereum Name Service (ENS), ENS Labs, are taking significant steps to enhance its scalability and accessibility. By the end of 2025, ENS plans to launch Namechain, a second-layer aggregation network aimed at reducing costs in the second-layer ecosystem and improving usability. This initiative demonstrates ENS Labs' firm commitment to innovation in decentralized naming systems, aiming to connect human-readable names with cryptocurrency addresses.
ENS has continuously attracted community attention with its forward-thinking approach. Although the token has faced challenges in breaking through key resistance levels this year, recent progress indicates that ENS may experience a turning point. If the current trend continues, ENS's price could see significant increases.
