Posted on

FLOKI Skyrockets 32% Higher Following DWF Labs’ $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097.

DWF Labs Strengthens Partnership With Floki Inu

According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem. 

As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity.

The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption. 

Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement:

This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run

Price Soars, TVL Rises, And Chinese TV Exposure

Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024.

According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market.

The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition.

Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products.

In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years.

This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them.

FLOKI

The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update.

Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Market Expert Highlights Top Coins To Watch As Ethereum (ETH) Reaches 22-Month High

Market expert Miles Deutscher has identified several key trends and developments in the cryptocurrency market, particularly focusing on the Ethereum (ETH) rally and its implications for Layer-2 (L2) decentralized finance (DeFi) altcoins. 

Deutscher highlights that ETH’s recent surge to a 22-month high of $3,130 has sparked increased interest in L2/DeFi altcoins, presenting potential opportunities for investors.

Ethereum Price Strength Continues

In a recent post on social media X (formerly Twitter), Deutscher notes that Ethereum continues to show strength, especially compared to Bitcoin (BTC), which remains in a key consolidation phase at $51,100. Holding above the significant psychological level of $3,000, ETH’s bullish momentum is further fueled by reports of Justin Sun, the founder of TRON, purchasing over $500 million worth of ETH in recent days. 

Deutscher remains optimistic about ETH and ETH-betas leading up to the proposed exchange-traded fund (ETF) dates in May and the upcoming Dencun upgrade in March. There are also potential indications of ETH/BTC breaking out, with investor Andrew Kang actively increasing his ETH long position.

First, on his altcoins watchlist, Deutscher highlights the fee switch proposal underway at Uniswap (UNI). This US-based decentralized crypto exchange has seen notable price gains of over 37% in the past week, which could have significant implications for the entire industry from a regulatory standpoint.

Notably, the analyst believes that this development could potentially trigger a broader rotation into other DeFi 1.0 tokens such as Curve DAO (CRV), Compound (COMP), Aave (AAVE), and Frax Share (FXS), THORchain (RUNE), GMX, as investors seek to capitalize on the DeFi landscape.

Moving on to another altcoin that could see a price spike, Deutscher suggests that this week’s anticipated launch of Blast L2, founded by the same individual behind BLUR, presents an opportunity for BLUR stakers to receive tokens from the airdrop and potentially be further integrated into the ecosystem. 

Deutscher suggests that BLUR provides an alternative way to gain exposure to the Blast project, which has garnered bullish sentiment from numerous funds and thought leaders.

Following the positive news surrounding Uniswap, DYDX has been on the rise, with the token seeing a 7% increase in price over the last seven days. However, Deutscher cautions that a significant unlock is expected this week, which may tempt some recipients to sell, potentially causing a temporary dip in price.

Next in the spotlight, speculation surrounding the upcoming launch of Aevo (AEVO), which will allow developers to launch their protocols on its rollup and introduce an incentive program, is growing and generating interest in Ribbon Finance (RBN).

Given these developments, Deutscher notes that the prospect of pre-markets and IOU markets gaining “massive” attention and the recent record $4 million in fees positions RBN within an exciting narrative.

Deutscher’s Insights Point To Promising Trends

Following Deutscher’s mention of COTI last week, the coin has seen over 100% growth, breaking through key resistance levels. With the launch of their new privacy-enhancing L2 coinciding with the upcoming Ethereum Dencun upgrade, Deutscher notes that the protocol is in a favorable position for further price growth in the market.

On the other end of the spectrum, Deutscher acknowledges the rapid pace of market rotation and suggests keeping a close eye on Artificial Intelligence (AI) coins, which, as reported by NewsBTC, have seen significant gains with the hype surrounding AI projects such as Worldcoin (WLD).

Finally, with signs of life emerging over the weekend, according to the analyst, Rollbit Coin’s (RLB) burn mechanics position it as a leader in the “Rev Share/Real Yield” narrative. With the market potentially entering an “explosive bull run,” Deutscher believes the casino/gambling narrative could gain traction, benefiting projects like Rollbit, which has also seen gains of over 7% in the past 24 hours.

Ethereum

Featured image from Shutterstock, chart from TradingView.com

Posted on

Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

Posted on

Hedera (HBAR) Soars 50% To Mark New 20-Month High, Fuels Bullish Price Targets

Hedera (HBAR), a decentralized public network known for its near real-time consensus and developer-friendly environment, has emerged as one of the top-performing altcoins in the cryptocurrency market. 

As the overall market experiences a resurgence of bullish sentiment, HBAR has demonstrated impressive growth, positioning itself as one of the leaders among the top 100 cryptocurrencies by market capitalization.

Trading Volume For HBAR Spikes 200%

Over the past fourteen days, HBAR has recorded substantial gains, surging by nearly 50%. This upward momentum extends to the thirty-day and year-to-date time frames, with gains of 36.8% and 15%, respectively. 

In the past seven and twenty-four hours alone, HBAR’s price has continued its bullish trajectory, skyrocketing by 33.5% and 17%, respectively. These price movements have propelled HBAR beyond its previous 19-month high of $0.1015, reaching a new 20-month high of $0.1060. 

The surge in trading volume, which currently stands at $218,438,657 in the last 24 hours, reflects the increased market activity surrounding HBAR, representing a 204.90% increase from one day ago, according to CoinGecko data. 

Hedera

Despite HBAR’s impressive performance, the road to its all-time high (ATH) of $0.5759, achieved in September 2021, presents a formidable challenge. Currently facing an almost two-year downtrend structure, HBAR would require a staggering 443% uptrend to reclaim its previous milestone.

In the near term, HBAR faces a crucial hurdle at the $0.110 level, which must be defended to prevent further gains. A breach of this level would open the door for testing the $0.1148 and $0.1285 resistance walls. 

Should bullish momentum persist, attention will then shift to the resistance at $0.1506, followed by $0.1690 and $0.1822. These levels represent the final obstacles before potentially reaching the $0.2000 mark, a threshold not surpassed since April 2022. 

On the downside, the $0.0855 level is expected to act as a support, preventing HBAR from establishing a lower low within the current market uptrend structure.

Hedera Network Welcomes Mondelēz International

As the adoption of cryptocurrencies gains momentum among major companies worldwide, the Hedera Council, responsible for overseeing the Hedera public network, has recently announced a series of significant partnerships. 

One notable addition to the Council is Mondelēz International (Nasdaq: MDLZ), a prominent multinational food company renowned for its global brands, including Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka, and Toblerone.

On February 14, the Hedera Council revealed that Mondelēz International had joined its ranks. This collaboration marks a significant milestone as Mondelēz International, with its mission to empower people to “snack right”, sets its sights on leveraging distributed ledger technology (DLT)-based solutions on the Hedera network. 

Per the announcement, the initial focus of the partnership will revolve around digital transformation initiatives, supply chain management, and enhancing core business processes to deliver elevated customer experiences.

With an emphasis on digital transformation, Mondelēz International seeks to streamline processes, enhance transparency, and optimize supply chain management using the Hedera infrastructure.

All around, the Hedera protocol and its native token HBAR have experienced substantial growth in market capitalization, trading volume, and partnerships, reflecting the increasing interest from investors in the protocol’s offerings. This positive environment sets the stage for future growth and development of the protocol.

However, it remains to be seen whether HBAR can sustain investor attention and continue to achieve price gains, considering the possibility of market corrections following the significant gains recorded in the past 30 days. Nonetheless, HBAR appears well-positioned to emerge as one of the top-performing altcoins in the current bull run.

Featured image from Shutterstock, chart from TradingView.com

Posted on

SEI Token Rocks Altcoin Market With 50% Surge: What’s Driving The Momentum?

Turning the tide in the altcoin race, Sei Network’s SEI token has experienced an extraordinary 50% surge in the last 24 hours, outperforming the top 100 cryptocurrencies. This surge has pushed the token’s current trading price to $0.3638. 

Attracting Global Attention? 

According to CoinGecko data, Sei Network’s blockchain, explicitly built for trading, has optimized every layer of its stack to provide infrastructure for trading apps of all types. 

Sei claims to outperform other Layer 1 blockchain, such as Solana and Aptos, by offering a native order-matching engine in Layer 1. This engine enables exchange apps built on top to scale more efficiently than ever.

One of the standout features of the protocol is its speed, with a lower bound time to the finality of 300ms, making it the fastest chain in existence. This speed is achieved by implementing the Twin Turbo consensus, consisting of intelligent block propagation and optimistic block processing. According to CoinGecko, these innovations reduce the time required to achieve consensus securely and reliably.

Moreover, Sei’s market-based parallelization sets it apart by offering a specialized kind of parallelization that differs from other leading blockchains. Additionally, Sei implements order batching to prevent frontrunning, enhancing the fairness and efficiency of its trading ecosystem.

On the other hand, the Sei blockchain, launched on August 16, has amassed a market cap exceeding $380 million and a 24-hour trading volume surpassing $1 billion. Notably, the blockchain has witnessed a surge in new user registrations, with over 40,000 new users joining in the past two days. 

SEI

This influx of new users has further propelled the token’s market cap and trading volume, underscoring the growing interest in the Sei blockchain.

Sei v2 Proposes Seamless EVM Integration

Sei Labs co-founder Jayendra Jog recently unveiled the first “parallelized” Ethereum Virtual Machine (EVM), combining the aspects of Solana and Ethereum. According to Jayendra, this “hyper-optimized” execution layer leverages the tooling and mindshare surrounding the EVM, addressing a major pain point for developers. 

As announced, Sei v2 introduces EVM support by integrating go-ethereum and enabling seamless deployment of contracts from other EVM chains. This compatibility allows developers to leverage existing Ethereum-based tooling and resources without additional effort. 

Furthermore, optimistic parallelization eliminates the need for developers to define dependencies explicitly, enabling the chain to handle parallelization autonomously. This enhancement reduces developer friction and guarantees maximum parallelization of transactions whenever possible. 

Sei Labs’ co-founder stated that Sei v2 boasts orders of magnitude greater throughput with Sei’s speed than Ethereum’s Layer 1 or Layer 2 solutions. 

The protocol’s upper bound of 12.5k transactions per second (TPS) is supported by early load tests, which have already observed over 5k TPS. Sei v2 will launch on a public testnet in the first quarter 2024.

As Sei Network continues to garner attention from developers and traders alike, the future looks promising for this open-source Layer 1 blockchain. 

SEI

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Token Spotlight And Next Run Predictions: Analyst’s Weekly Altcoins Watchlist Unveiled

Cryptocurrency analyst Miles Deutscher has provided insights into potential altcoin opportunities as the crypto market experiences a sharp correction and many altcoins consolidate after recent gains. Deutscher’s analysis focuses on several altcoins that he believes could be poised for significant upside movement.

BTC, AVAX, And INJ Stand Out Amid Market Correction

Bitcoin (BTC), although not an altcoin but the largest cryptocurrency on the market, is one of the coins Deutscher mentions, noting that it is currently retesting the break of an ascending channel on the daily chart. 

Deutscher suggests that the recent market correction was necessary to flush out over-leveraged positions and sees the price action as reminiscent of previous bull market environments.

Another altcoin that Deutscher highlights is Avalanche (AVAX), which he describes as one of the clear altcoin leaders. Despite the market downturn, AVAX quickly recovered from the dip, and Deutscher expects further continuation. 

Altcoins

However, the analyst points out that the risk-reward ratio for AVAX is diminishing, and suggests considering other rotation plays that have not experienced a significant price appreciation.

Injective Protocol (INJ) is another standout performer mentioned by Deutscher. Despite the broader altcoin market downturn, INJ has remained in the green, showing a 17% increase over the past 24 hours. Deutscher praises INJ’s performance over the past few weeks and suggests accumulating on major pullbacks.

Deutscher also draws attention to Celestia (TIA), a coin that has displayed resilience during the recent market correction. The analyst notes the strong “Solestia” narrative surrounding TIA, with several significant projects set to launch soon, indicating potential insider interest. 

Immutable X (IMX) is highlighted as a leading altcoin in the gaming sector. Deutscher mentions its push towards the next resistance level at $2.60 and emphasizes its strong fundamentals, with over 400 games launching on the platform.

PrimeDAO (PRIME) is one of Deutscher’s top gaming picks. The popularity of their game, Parallel, is growing, and the upcoming Coinbase listing for retail traders is viewed as a significant catalyst. Deutscher suggests that PRIME is currently in price discovery mode, and further upward movement would not be surprising. 

Undervalued Altcoins To Watch

Moving on to altcoins that have not experienced as significant price appreciation, Deutscher mentions Sei Network (SEI) and Sui(SUI). Deutscher suggests that these two altcoins could potentially have their time to shine in the current market conditions.

Near Protocol (NEAR) is another coin that Deutscher believes could have a breakout moment. The analyst notes the lack of significant resistance on the way to $5, indicating the potential for substantial price movement.

Deutscher also discusses Arbitrum (ARB), suggesting that people are considering it as a potential rotation play. Deutscher speculates that the launch of a meme coin and the upcoming Coinbase Futures listing of Arbitrum could attract liquidity and initiate a mini Layer 2 (L2) season.

Altcoins

Within the Solana ecosystem, Deutscher highlights the recent airdrops of Pyth Network (PYTH), Juggernaut (JTO), and Jupiter (JUP). Deutscher mentions the buzz surrounding airdrop farming and suggests that opportunities may still exist within the ecosystem.

Deutscher concludes by mentioning Frax Share (FXS), noting the upcoming halving, the launch of Fraxchain in Q1 2024, and the potential release of frxETH V2. Deutscher believes that FXS is currently undervalued and hints at the possibility of a future airdrop.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

What Are Altcoins? Guide: How To Spot Altcoin Season And How To Buy

Altcoins, or alternative cryptocurrencies, have become a buzzword in the digital currency landscape, offering a world beyond Bitcoin (BTC). This guide explores the essence of altcoins, answering the pivotal question: What are altcoins? From the historical rise of altcoins to the exciting phenomenon of altcoin season, we delve into the intricacies that define this dynamic market.

What Are Altcoins? Understanding The Basics

Altcoins, short for “alternative coins,” encompass a diverse range of cryptocurrencies that have emerged following the success of Bitcoin. They are not simply imitations of Bitcoin but represent a broad spectrum of digital currencies with unique attributes, purposes, and technological innovations.

Characteristics Of Altcoins

Each altcoin is distinguished by its unique blockchain technology and consensus mechanism. For instance, Ethereum, one of the most prominent altcoins, utilizes a Proof-of-Stake (PoS) consensus mechanism, which is less energy-intensive compared to Bitcoin’s Proof-of-Work (PoW) system.

XRP operates on a consensus protocol known as the Ripple Protocol Consensus Algorithm, designed for high-speed and energy-efficient transactions. Cardano employs the Ouroboros PoS algorithm, acclaimed for its security and scalability. These varying consensus mechanisms reflect the diverse goals and technological advancements of altcoins, ranging from enhancing transaction efficiency to ensuring greater security and sustainability.

Altcoins also vary significantly in their market capitalization, liquidity, community support, and real-world applications. For example, Litecoin, often referred to as the silver to Bitcoin’s gold, offers faster transaction confirmation times, making it suitable for smaller, everyday transactions. Meanwhile, Binance Coin (BNB) is intricately linked to the Binance exchange ecosystem, providing utility within that specific platform.

Differences Between Altcoins And Bitcoin

One of the stark contrasts between Bitcoin and many altcoins is their development and governance structure. Bitcoin, created by the pseudonymous Satoshi Nakamoto, who has since left the project in December 2010, operates in a decentralized and open-source manner without a central authority.

In contrast, many altcoins have identifiable founding teams or organizations overseeing their development. For example, Ethereum is backed by the Ethereum Foundation, Solana is developed by Solana Labs, and Cardano is spearheaded by IOG (Input Output Global).

Another key difference lies in their transaction speeds and capabilities. Bitcoin, primarily designed as a digital store of value and medium of exchange, processes transactions approximately every 10 minutes. In contrast, altcoins like Ripple’s XRP have a much-shorter block time and can process transactions in seconds, making it a preferred choice for cross-border money transfers. Ethereum, with its smart contract functionality, enables a wide range of decentralized applications (dapps) beyond simple monetary transactions.

Furthermore, while Bitcoin’s maximum supply is capped at 21 million coins, altcoins have varied approaches to supply. For example, Ethereum initially had no cap. With the introduction of EIP-1559, Ethereum developers have introduced a mechanism that burns a portion of the supply with each transaction, potentially making its supply deflationary over time. XRP – like many other altcoins – was premined and has a capped total supply of 100 billion XRP.

The Rise Of Altcoins: A History

The history of altcoins is a captivating narrative of innovation, market dynamics, and the continuous pursuit of refining digital currency technology. Since the inception of Bitcoin, the first decentralized cryptocurrency, there has been a surge in the creation of alternative cryptocurrencies, each seeking to address perceived limitations of Bitcoin or to introduce new features and use cases.

The First Altcoins Gaining Traction

The journey of altcoins began soon after the establishment of Bitcoin, with the creation of Namecoin in April 2011. Namecoin aimed to decentralize domain-name registration, making internet censorship more difficult.
Following Namecoin, Litecoin was launched in October 2011, envisioned as the “silver” to Bitcoin’s “gold.” Litecoin offered faster transaction confirmation times and a different hashing algorithm (Scrypt).

Following these, another notable early altcoin included Peercoin, introduced in 2012, which was the first to implement a Proof-of-Stake/Proof-of-Work hybrid system. Another significant early player was XRP which was created in 2012. The XRP Ledger was launched in June 2012 by the founders of Ripple Labs, including Chris Larsen and Jed McCaleb. Shortly after that, Dogecoin was launched in December 2013, initially created as a light-hearted take on cryptocurrency.

Dogecoin cryptocurrency

Remarkably, not all early altcoins sustained their momentum. Many, like Feathercoin and Terracoin, which gained attention initially, saw their influence wane over the years. These coins, while innovative in their time, couldn’t keep up with the rapidly evolving cryptocurrency market or build a lasting community and development ecosystem.

Evolution Of The Altcoin Market

The altcoin market has evolved significantly over the years, expanding beyond simple variations of Bitcoin’s technology. The introduction of Ethereum in 2015 was a watershed moment. Ethereum’s innovation was not just in creating a new cryptocurrency but in introducing a platform for decentralized applications (dApps) through smart contracts.

This breakthrough opened the doors for a new era of blockchain technology, where altcoins could serve various purposes beyond mere currency, from powering decentralized finance (DeFi) to non-fungible tokens (NFTs). The market saw an influx of diverse altcoins based on Ethereum, each catering to specific niches and use cases.

Key Milestones In Altcoin History

Several key milestones mark the history of altcoins. The Initial Coin Offering (ICO) boom in 2017 was one such significant event. ICOs became a popular method for new cryptocurrency projects to raise funds, leading to the launch of thousands of new altcoins. However, this period also saw increased regulatory scrutiny and instances of fraud, leading to a more cautious market approach.

Another major development was the rise of DeFi in 2020, where altcoins played a central role in enabling decentralized lending, borrowing, and trading, independent of traditional financial institutions. This era also witnessed the surge in popularity of NFTs, with altcoins like Ethereum being at the forefront of this new digital asset class. These milestones highlight the dynamic nature of the altcoin market, continuously shaped by technological advancements and shifting market sentiments.

Top Altcoins To Watch

As the crypto market continues to evolve, a number of altcoins have risen to prominence, each offering unique advantages and innovations. This section highlights some of the top altcoins that have captured the market’s attention due to their technological advancements, community support, and potential for future growth.

top altcoins
Overview of Top Altcoins

  • Ethereum (ETH): Often regarded as the leading altcoin, Ethereum is renowned for its smart contract functionality, which has paved the way for decentralized applications (dApps) and decentralized finance (DeFi) ecosystems.
  • Solana (SOL): Solana has gained popularity for its incredibly fast and low-cost transactions, leveraging a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.
  • XRP: Despite legal challenges in the United States, Ripple has established itself and the XRP token as a significant player, primarily for its use in fast and efficient cross-border money transfers.
  • Binance Coin (BNB): Originally created as a utility token for the Binance cryptocurrency exchange, BNB has expanded its use cases to include transaction fee discounts, token sales, and more within the Binance ecosystem.
  • Cardano (ADA): Known for its strong focus on sustainability and scientific philosophy, Cardano offers a third-generation blockchain that promises more scalability and security through its unique Ouroboros proof-of-stake algorithm.
  • Polkadot (DOT): Polkadot stands out for its interoperability, enabling different blockchains to transfer messages and value in a trust-free fashion; it’s also scalable and customizable.

These are just a few examples of the numerous altcoins in the market, each contributing to the diverse landscape of cryptocurrency in their unique ways.

Features That Make Altcoins Stand Out

Altcoins distinguish themselves through various features that cater to specific needs and use cases:

  • Smart Contract Capabilities: Ethereum’s introduction of smart contracts revolutionized the blockchain space, enabling the creation of complex, programmable transactions and applications.
  • Scalability And Speed: Altcoins like Solana and Cardano have focused on solving scalability issues, offering faster transaction speeds and lower fees compared to older blockchain networks like Bitcoin and Ethereum.
  • Interoperability: Projects like Polkadot and Cosmos address the issue of blockchain interoperability, allowing different networks to communicate and exchange information seamlessly.
  • Niche Applications: Some altcoins target specific sectors or use cases, such as Chainlink’s focus on providing real-world data to blockchain networks through oracles, or Monero’s emphasis on privacy and anonymity.

What Is Altcoin Season?

Altcoin season or “altseason” is a term that describes a period in the crypto market when altcoins significantly outperform Bitcoin. It’s a phase where investors’ appetite for riskier assets grows, and capital flows from Bitcoin into altcoins, often resulting in substantial price surges for these alternative coins. Understanding when an altcoin season is on the horizon can be crucial for cryptocurrency traders and investors looking to capitalize on market trends.

Indicators Of An Upcoming Altcoin Season

A key indicator of an impending altcoin season can be the Bitcoin Dominance (BTC.D) chart, which tracks the percentage of the total cryptocurrency market capitalization contributed by Bitcoin. Technical analysts scrutinize this chart for signs of decreasing dominance, which may suggest that altcoins are starting to take up a larger share of the market.

Support and resistance levels on this chart can indicate potential shifts in market dynamics. For instance, a sustained fall below a major support level could signal the beginning of altcoin season.

Remarkably, the market often moves in cycles which can be broken down into four distinct phases, as illustrated in the image provided by crypto analyst Ted (@tedtalksmacro):

  • Phase 1: Bitcoin – The cycle often starts with Bitcoin’s price surging as money flows into Bitcoin, causing significant price increases.
  • Phase 2: Ethereum – Money begins to flow into Ethereum, which might struggle to keep up initially but then starts to outperform Bitcoin, leading to discussions about ‘the flippening’ (where Ethereum’s market cap could surpass Bitcoin’s).
  • Phase 3: Large Caps – As Ethereum starts outperforming Bitcoin, investors begin to venture into large-cap altcoins, which then start to see large buy-ups and price increases.
  • Phase 4: “Altseason” – In this final phase, enthusiasm spreads across the market; large caps have gone full vertical, and attention turns to mid and small-cap altcoins. All categories, regardless of fundamentals, tend to pump around the same time, leading to a parabolic increase in altcoin prices. This phase is marked by high levels of excitement and media attention.

Altcoin Season

How to Buy Altcoins: A Step-by-Step Guide

Purchasing altcoins can seem daunting for newcomers to the cryptocurrency space, but by following a clear step-by-step process, it can be straightforward and secure. Here’s a simplified guide to help you through the process:
Research: Before anything else, conduct thorough research to determine which altcoins align with your investment goals and risk tolerance.

  1. Choose A Wallet: Select a digital wallet that supports the altcoin you wish to purchase. Wallets can be software-based (like mobile or desktop applications) or hardware-based for added security.
  2. Select A Cryptocurrency Exchange: Choose an altcoin exchange that lists the altcoin you’re interested in and is known for its reliability, security, and ease of use.
  3. Register And Secure Your Account: Create an account on the chosen exchange and set up strong authentication measures, including two-factor authentication (2FA).
  4. Fund Your Account: Deposit funds into your exchange account. This can often be done via bank transfer, credit card, or by depositing other cryptocurrencies.
  5. Place An Order: Navigate to the market or trading pair for your chosen altcoin and place a buy order. You can opt for a market order for an immediate purchase at current prices or a limit order to specify a price at which you’re willing to buy.
  6. Store Your Altcoins Securely: After the purchase, transfer your altcoins to your personal wallet for safekeeping, especially if you’re planning on holding them for the long term.

Where to Buy Altcoins

You can purchase altcoins on a variety of platforms, each offering its own set of features, fees, and security measures. Here are some of the most common places where you can buy altcoins:

  • Centralized Exchanges: These are the most common platforms for buying altcoins and include well-known exchanges like Binance, Coinbase, and Kraken. They offer a wide range of altcoins and are typically user-friendly.
  • Decentralized Exchanges (DEXs): DEXs like Uniswap and SushiSwap allow for peer-to-peer transactions without the need for an intermediary. They offer a higher degree of privacy and direct wallet-to-wallet trades.
  • Cryptocurrency Brokers: Platforms like eToro and Robinhood act as brokers, offering an easy entry point for buying cryptocurrencies. However, they may have a more limited selection of altcoins compared to dedicated exchanges.
  • Peer-to-Peer (P2P) Platforms: Websites like OKX P2P or Remitano connect buyers and sellers directly. While they offer flexibility in payment methods, they require a higher degree of trust between parties.

When choosing where to buy altcoins, consider factors such as security, fees, the variety of available altcoins, and the user experience of the platform. Always ensure that the platform you choose complies with the regulatory standards in your jurisdiction.

Are Altcoins A Good Investment?

The question of whether altcoins are a good investment depends on various factors, including market conditions, the specific altcoin’s potential for growth, and the investor’s risk tolerance and investment strategy.

Pros Of Investing In Altcoins:

  • High Growth Potential: Some altcoins have shown the capacity for high returns on investment, outperforming traditional assets in their best periods.
  • Diversification: Altcoins can diversify an investment portfolio, potentially reducing risk by spreading exposure across different asset classes.
  • Innovation: Investing in altcoins can be a way to support and be part of innovative blockchain projects that may transform various industries.

Cons Of Investing In Altcoins:

  • Volatility: Altcoins can be highly volatile, with the potential for significant price swings that can lead to substantial gains or losses.
  • Market Maturity: Compared to more established markets, the cryptocurrency market is relatively young and can be unpredictable.
  • Regulatory Uncertainty: Altcoins face regulatory challenges that can impact their value and legality.
    Investors considering altcoins should conduct thorough research, understand the risks involved, and consider speaking with a financial advisor. Investment decisions should be based on an individual’s financial situation, investment objectives, and risk tolerance.

Are Altcoins Dead Or Thriving?

The altcoin market is a diverse ecosystem with a wide range of projects boasting various levels of innovation, utility, and community support. Similar to the early days of the internet which led to the Dot-Com bubble, the cryptocurrency space is experiencing its own form of natural selection where not all projects will survive in the long term.

The Reality Of Altcoin Longevity:

  • Oversaturation: The market has seen an explosion of altcoins, with thousands currently in existence. Many of these coins serve similar functions or aim to solve the same problems, leading to an oversaturated market where only the strongest or most unique can survive.
  • User And Company Adoption: For an altcoin to thrive, it must gain widespread adoption among users and businesses. However, with so many options available, not every altcoin will achieve the necessary adoption rate to sustain its network.
  • Innovation And Continuous Development: The technology underlying altcoins is rapidly evolving. Projects that fail to innovate or adapt to new advancements are likely to fall behind and eventually become obsolete.

Survival Of The Fittest:

  • The ‘Amazon’ Of Altcoins: There will be altcoins that manage to carve out a niche for themselves and become integral to the crypto economy, much like Amazon did for e-commerce. These projects typically have strong fundamentals, clear use cases, active development teams, and robust community support.
  • The ‘Pets.com’ Of Altcoins: Conversely, some altcoins will fade into obscurity, similar to the fate of Pets.com and other failed Dot-Com ventures. Reasons for this include poor management, lack of clear use cases, failure to deliver on promises, or simply the inability to compete with more successful projects.

Market Dynamics And Speculation:

  • Speculative Bubbles: The altcoin market is not immune to hype and speculation, which can lead to bubbles. Projects that rise rapidly on speculation rather than solid fundamentals are at risk of crashing just as quickly.
  • Regulatory Challenges: Authorities are still defining the regulatory landscape for cryptocurrencies. Altcoins that fall foul of future regulations or fail to navigate the complex legal environment may face challenges that could impede their growth or lead to their demise.

In conclusion, while the altcoin market as a whole shows signs of thriving, with continuous innovation and increasing integration into the broader financial system, it’s clear that not every altcoin will survive the test of time. Investors should be discerning, focusing on projects with solid fundamentals, active development, and real-world utility to identify those with the potential to succeed in the long term.

FAQ

What Are Altcoins?

Altcoins, short for “alternative coins,” are cryptocurrencies other than Bitcoin.

Who Is Altcoin Daily?

Twin brothers Aaron and Austin Arnold founded Altcoin Daily, a prominent cryptocurrency YouTube channel. With over 1.34 million followers, it covers daily updates on Bitcoin, altcoins, NFTs, and more.

What Is Altcoin Alert?

Altcoin Alert refers to a software and service that tracks and analyzes sentiment on a large scale in the cryptocurrency market. It predicts coin prices based on extensive data.

How Many Altcoins Are There?

The number of altcoins constantly changes with the creation of new ones and the obsolescence of others. As of the last known count, there are ten thousands of altcoins, each with its own value proposition and community, but also a lot of scam projects.

Are Altcoins Worth Investing In?

Altcoins can be worth investing in, but they carry their own sets of risks and potential rewards. Their worth as an investment will depend on individual risk tolerance, market research, and investment goals.

Can You Short Altcoins?

Yes, it is possible to short altcoins on many cryptocurrency exchanges. In short selling, an investor borrows a cryptocurrency and sells it on the market, anticipating a decrease in its price.

How Do Altcoins Work?

Altcoins work using blockchain technology, which is a decentralized ledger that records all transactions across a network of computers. Many alternative cryptocurrencies have different features and operate on various consensus mechanisms, such as Proof of Work, Proof of Stake, or others.

How Are Altcoins Created?

Creating altcoins often involves forking from an existing blockchain or developing a new blockchain and its underlying technology from scratch. The process includes designing the coin’s protocol, creating its blockchain, and launching it for public use.

What Is An Altcoin?

An altcoin is any cryptocurrency other than Bitcoin. The term “altcoin” encompasses a broad range of cryptocurrencies with various functions and underlying technologies.