The cryptocurrency market looks bullish with some coins attempting to rebound. Bitcoin (BTC) is gradually heading back towards $70,000 in hopes of finding support for its next big move. Investors need to remain alert during this consolidation phase as this could be an opportunity to catch an uptrend.
Institutional investors are now more focused on interoperability and tokenizing real-world assets. The prices of these assets are already climbing before the market fully takes off. The goal is to identify the next breakout cryptocurrency and inform investors and traders about each token.
The next cryptocurrency to explode in the bull market
PERSON
The native token of decentralized AI project Bittensor, TAO, has seen a sharp increase in value. TAO has risen more than 10% over the past day, likely due to unconfirmed rumors that Grayscale plans to register a new trust for the token. Bittensor’s price has risen by 11.55% to $475.64. This represents a 20.85% increase compared to last week, according to CoinMarketCap.
This recent achievement has made TAO one of the top 100 performing assets on CoinGecko, surpassing even the most popular ETH meme coin, PepeCoin. An anonymous crypto Twitter user named CEYEBER, who created the official Bittensor community channel on Telegram, claimed that the rumors about Grayscale have been "confirmed by close sources." However, there is no supporting evidence in the SEC filing.
If TAO is structured as a closed-end over-the-counter fund for wealthy investors, similar to the Grayscale Bitcoin Trust before it became a spot ETF, then regulatory filings are likely. Taobot had a successful week as part of the Bittensor ecosystem.
On Tuesday, the team announced that it was accepted as one of the first projects to join the beta version of Akash Network’s LlaMa 3 API. The Taobot team also began working with the Bittensor Subnet 15 project Blockchain Insights. The collaboration aims to enable users to analyze blockchain data using simple language.
LPT
Since the beginning of the month, LPT price has shown a strong upward trend, up 87.95%. In addition, in the past 24 hours, the altcoin's trading volume has surged to $169.24 million, up 134.79%, and the price has increased by 6.45%.
Livepeer is one of the blockchain projects that is significantly changing the way we consume content. Recently, Livepeer launched a new feature: an AI video generation layer. The update, announced during Berlin Blockchain Week, was highly anticipated. Livepeer will showcase its latest advances in decentralized content creation and streaming at this event.
The new features add generative AI capabilities and a video generation subnetwork to Livepeer’s fast, decentralized approach to streaming. Through decentralization, content production and viewing becomes simpler and more affordable. Creators are responsible for writing, editing, and submitting their work, while Livepeer handles distribution.
Livepeer's LPT tokens are distributed as rewards to the 100 coordinators who set the network consensus. Recently, the number of delegated tokens has been reduced, and new coordinator rewards have been introduced, causing the inflation rate to slowly decrease to 0.046%. Livepeer also plays an important role in the Arbitrum network, while maintaining some activity on Ethereum.
TO US
Ethereum Name Service (ENS) has seen a significant surge as the likelihood of a spot Ethereum ETF approval has grown. As a result, ENS has started to see profit taking, having gained as much as 50% in the past two days. In the past 24 hours alone, it has experienced a significant increase of over 12%.
The price of the ENS token has seen a significant increase over an extended period of time, rising by more than 72% in the past week and 55.38% in the past 30 days. Due to this surge, there has been a growing interest among investors and traders, leading to an increase in the 24-hour trading volume of ENS.
Ethereum Name Service (ENS) is a decentralized, open, and flexible naming system on the Ethereum blockchain. ENS converts human-readable Ethereum addresses into alphanumeric codes used by wallets such as Metamask. It aims to simplify and improve user accessibility to Ethereum-based networks.
Technical analysis suggests that ENS is trending upward, approaching the $26.5 level. However, the $26.5 level poses significant resistance. The daily ENS chart suggests a correction is possible, given that ENS has surged over 50% in the past three days.
PEOPLE
Today, ConstitutionDAO (PEOPLE) tokens saw a 12.30% increase in price and a 3.96% increase in trading volume. This sudden rise comes as the token attempts to break out of a descending trendline that has limited its price action since early March. During this period, PEOPLE has fallen by 70%.
Now, as the price is rising, the bulls are hopeful again. They are looking for a clear breakout of the downtrend line. If this happens, it could result in a 100% increase in the price very soon.
It is worth noting that this is not the first time that one has seen a surge in price. Previous attempts to break above the descending trendline have failed. Two weeks ago, the coin tried to break above this line but failed to sustain the move.
Experts say that if PEOPLE token reaches the projected resistance level of around $0.036, a decisive breakout and successful retest will occur. While the current price action is exciting, caution and analysis are essential. It is crucial to carefully observe key levels and confirm the sustainability of the breakout before making an investment decision.
