The BTC price surged 3.2% during the U.S trading session on Friday, nearly retesting the $60000 psychological level. A potential breakout from this resistance could accelerate the ongoing recovery and drive a rally to $70000. Here are five altcoins to watch amid a renewed bullish trend.
5 Altcoins Poised for Gains as BTC Price Eyes $70K
The BTC price daily chart shows a V-shaped reversal from $52500 to $59900— a 13.5% increase within two weeks. The bullish turnaround can be attributed to the market expecting a potential 50 BPS interest rate cut at the Sept. 18 FOMC meeting. If it happens, Bitcoin could chase $70000 and fuel bullish momentum in these below altcoins.
- XRP
- Cardano (ADA)
- Tron (TRX)
- Polygon (POL)
- Sui
Xrp (XRP)
XRP, the native cryptocurrency of the global payment solution company Ripple, witnessed a massive inflow on Thursday following Grayscale Investments’ relaunching of its XRP Trust. This development suggests growing institutional confidence in XRP and could potentially lead to the introduction of a new crypto exchange-traded trust (ETT) focused on XRP.
The XRP price currently trades at $0.57, registering a 7% jump in the last 48 hours. Consequently, the market cap was boosted to $32.18.
According to the santiment data, the XRP Whales wallet, holding 10 million to 1 billion coins, has shown steady accumulation since January 2022, carrying 6.94 billion XRPs. This indicates rising interest from large holders, bolsters a potential reversal and stable rally.
Cardano (ADA)
Coinciding with other altcoins, Cardano coin showcased a notable bounce from $0.31 to $0.359, accounting for 14.5% growth. If the bullish turnaround sustains, the ADA price could surge another 7% before challenging the overhead trendline intact since May 2024.
A potential breakout from this barrier will signal a change in market sentiment and accelerate the bullish momentum.
In September, the Cardano coin experienced a steady rise in large transaction volumes, currently at 19.37 billion ADA. The consistent increase in large transactions suggests that whales and institutional investors drive the accumulation.
TRON (TRX)
Defying the recovery momentum from fellow altcoins, the TRX price is down 2.1% today to currently trade at $0.148. Several analysts have marked this reversal as a temporary cool-off after the August rally following the launch of the Sunpump meme coin generator.
According to Intotheblock analytics, TRON has seen a significant rise in long-term holders over the past year. The number of long-term holder addresses increased by 237%, reaching nearly 90 million. This trend reflects growing confidence in TRON’s future as more investors opt to hold TRX for extended periods.
Polygon (POL)
Polygon’s native token, POL (formerly MATIC), surged nearly 15% today after Binance announced plans to integrate it into several key products, including Earn, Buy Crypto, Convert, Margin, and Futures.
By press time, the POL price had traded at $0.418 and maintained a market cap of $2.98 billion. The bullish momentum was further accentuated by a sudden spike in the 24-hour active addresses to 1400, according to Santiment data. This indicates a surge in user engagement and activity on the network following the recent migration from MATIC to POL.
Sui (SUI)
Like XRP, the SUI price recently garnered investors’ attention following the launch of Garyscale’s SUI Trust Fund. This new investment vehicle has sparked optimism for SUI’s future, as it opens up institutional access to the asset, increasing potential liquidity and market participation.
The SUI price reacted strongly bullish on Thursday’s announcement and surged around 11.35% to reclaim the $1 mark. According to DeFiLlama, the Total volume locked (TVL) in SUI surged past $700 Million, indicating the investors are actively locking their assets in SUI-based decentralized finance (DeFi) platforms, which could boost the liquidity and sustainability of the protocol.
If bullish momentum is precious, the SUI price could attempt $1.1, and resistance coincides close to an inverted head and shoulder neckline. For a detailed analysis, check the best altcoins to buy article.
Frequently Asked Questions (FAQs)
If BTC price breaks the $60K resistance and continues toward $70K, it could create a bullish market environment, driving increased demand for altcoins
Cardano saw a 14.5% price increase from $0.31 to $0.359, with rising large transaction volumes suggesting increased whale and institutional activity.
TRON’s long-term holders grew by 237%, reaching nearly 90 million addresses, signaling investor confidence in TRON’s long-term potential.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/5-altcoins-to-watch-as-btc-price-eyes-70k/
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