Instability continues in the crypto markets. After the market price decreased from 2.6 trillion to 1.3 trillion dollars, it failed to rise above the 1.5 trillion dollar resistance. While some altcoin projects manage to rise in one-on-one time, others cannot get rid of selling pressure. For this reason, in the company of an expert, we will examine 5 cryptocurrencies that are expected to increase in the short term… President, we start with crypto money…
Analyst chooses Bitcoin first before altcoin projects
When it comes to the cryptocurrency market, Bitcoin (BTC) is always a viable option. Stating that the BTC price is currently suitable, the analyst adds that it is less risky to buy in this period. Additionally, BTC managed to grow 7% in two weeks, reaching $34,800. However, adding that it has decreased by 3% last week and decreased by 3% in the last 30 days and 46% from its all-time high level of $64,804, the analyst warns investors against fluctuating movements.
On the technical side, as the chart shows, Bitcoin’s reinforcement level has been gradually increasing since the end of June. It has managed to rise steadily from the $30,000 level to $32,000, $33,000 and now almost $34,000. In other words, although the resistance level cannot rise in parallel, it becomes a more confident purchase. This increase in Bitcoin’s underlying level is due to the fact that larger players find the BTC price cheap, according to the analyst. As the tweet below shows, the BTC metering on OTC tables is gradually decreasing…
Analyst draws attention to Bitcoin supply
As the analyst noted, BTC supply on exchanges is also gaining real momentum down. Thinking that the effect is preparing the market for a definite fluctuation in the coming period, the analyst emphasizes that Bitcoin is one of the best assets that can be purchased in the future and in the future, accompanied by this information. The table of Bitcoin supply on exchanges is as follows:
The next name after BTC is Ethereum, the largest altcoin ecosystem
As we mentioned earlier , Ethereum is currently performing the best in the midst of major altcoins. ETH, which managed to increase by 4% during the day and increase by about 10% in a week, to $ 2,375, is also able to get rid of the downward pressure that has been after May 12 by increasing 26% in two weeks. Leading altcoin managed to reach $ 4,356, at the peak of all time.
Together with these, Ethereum managed to get rid of these bases, although it fell to $ 1,700 on June 26. As the analyst noted, reinforcement and resistance levels increase in parallel and gain new momentum. From the tweet below, you can examine the stability of ETH/BTC…
In the continuation of his analysis, the analyst, who thinks that the Ethereum 2.0 upgrade is the biggest factor in the recovery of ETH, reports that 6.2 million ETH is currently staked in the smart contract of Ethereum 2.0, from the data from Dune Analytics. At the same time, according to the analyst, the analyst, who stated that the rise to the last steps of Ethereum 2.0 can continue without mistake, predicts that the beginning of 2021 or 2022 will be these periods. Additionally, some analysts even suggest that 30% of the circulating Ethereum supply could be staked after Ethereum 2.0 is released. This could have a huge impact on the price of ETH, especially as just 5.3% of the available supply is currently locked.
Uniswap (UNI) takes third place
Giving third place to one of the DeFi giants, Uniswap (UNI), the analyst adds that UNI is currently trading at $23 and has grown by 6% in the last 24 hours and by 23% compared to last week. At the same time, UNI is up 40% in the last two weeks and is down 49% over the past 30 days compared to its ATH of 11% and $44.92. However, the analyst states that this decline is shaped by the market in general.
On the other hand, UNI’s recent rise is not related to the release of Uniswap V3, according to the analyst. Together with V3, it brings a number of optimizations for liquidity providers, including better order execution and higher capital efficiency. According to the analyst, the update of the protocol attracts the attention of investors.
Additionally, Uniswap recently launched liquidity mining. This means that users can earn extra tokens for staking. According to the analyst, this has likely increased demand for UNI, which has increased by about 27% since the feature was announced.
Finally, for the analyst, in the long run, Uniswap arguably has a very bright future as a DEX. Recently, Binance, a centralized exchange, has received a lot of negative attention from regulators and banks. However, as a decentralized exchange, Uniswap is less likely to be affected by this type of resistance. Therefore, its recent rise may be the work of market pricing in avoiding future regulatory pullback. If so, UNI definitely deserves to be one of the best cryptocurrencies to buy, according to the analyst.
on stage at Ethereum Classic (ETC)
Ethereum Classic (ETC) is another cryptocurrency to watch for the analyst. At $55, it’s up 50% in the last two weeks and is up 14% from last month. This puts UNI 67% behind its peak of $167.09 (set on May 6).
According to the analyst, there is a big drop of 67%, but he thinks ETC can recover strongly. This claim is made even more possible by the fact that it will benefit from the launch of Ethereum 2.0. With the transition of Ethereum to the PoS system, miners will have to migrate to a new blockchain. ETC stays at the center of events as it shares a precedent algorithm with Ethereum. Just as miners flock to Ethereum Classic, the strength of ETC as a network will increase even more. Parallel to this, the analyst, stating that the depth and liquidity of the ETC market will increase, expects this to have a positive impact on the ETC price in the long run.
The last altcoin project on the list is Compound (COMP)
According to the analyst, Compound COMP) is one of the most successful projects of recent days. It has managed to rise by just over 100% in the last 14 days to $477. Also, since it was launched just a year ago, it has grown 23% last month and 144% last year.
Finally, Compound launched the “Treasury” service. This will give digital banks and fintechs access to the Compound DeFi system, allowing them to earn 4% interest on their US dollar deposits. However, the service is currently limited to California alone, noting the potential that Compound (COMP) has, while the analyst reports that it will expand to the entire America in the near future.
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