The crypto market has grown momentum recently, with Bitcoin ($BTC) leading the charge and experts predicting a significant rise. However, several Bitcoin alternatives are geared for immense growth during this bull run.
Bitcoin ($BTC) Leads to Charge and Sets the Pace for Altcoins to Follow
Bitcoin (BTC), the undisputed leader of the cryptocurrency world, has maintained its position as the most trusted digital asset. As the dominant store of value, BTC remains the go-to choice for institutional investors. However, its recent price fluctuations have left some questioning whether BTC can continue to dominate the market in the long term.
Bitcoin has faced months of sideways price action but is finally breaking out. In the past week, $BTC has gained over 8%, currently trading at $68,130. While many question Bitcoin’s long-term performance amid rising tensions in the Middle East and the upcoming US elections, Arthur Hayes, former BitMEX CEO, predicts that $BTC will “rise stupendously” as the tension in the Middle East intensifies.
In a blog post, Hayes, the co-founder of BitMEX, argued the US government’s financial response to the Middle Eastern conflict would encourage money printing and fuel the next bull run for $BTC’s price. In his post, Hayes explained:
“We know that war is inflationary. We understand that the U.S. government must borrow money to sell bombs to Israel.”
Adding;
“We know that the Fed and the U.S. commercial banking system will buy this debt by printing money and growing their balance sheets. Therefore, we know that Bitcoin will rise stupendously in fiat terms as the war intensifies.”
The former CEO further explained that global conflicts, particularly those involving the United States, often lead to monetary expansion. Hayes suggests that with more $USD entering the economy through government debt, Bitcoin, a decentralized asset, will benefit investors as they seek refuge from increased inflation.
Pauline Shangett, CMO at ChangeNOW, commented on BTC’s rally, explaining it was a nominal break above the previous high and an attempt to consolidate above descending channel resistance.
“An important factor is the continued optimism in US equity markets. Barring any sudden bouts of profit-taking, Bitcoin could consolidate the breakout of the multi-month downtrend. The first potential target of the new rally appears to be the high area historic figures as it approaches US$74,000, with a more distant target of US$80,000 by the end of the year.”
While Bitcoin continues to exhibit the bullish momentum witnessed over recent days, investors are increasingly looking for alternative investment options.
Altcoins Expected to Surge
The crypto scene is often accompanied by amusing phrases such as “When Lambo?” or “When Moon?” referring to the eager anticipation of crypto holders for the time the market finally breaks out and delivers long-awaited gains. Crypto enthusiasts have waited years and years for this to happen and are continuously searching for a project to reap the rewards of the highly anticipated breakout. We have seen many projects surpass Bitcoin’s growth, with this number increasing daily. While Bitcoin will forever remain the OG crypto regarded in the highest esteem, altcoins are more likely to deliver significant gains.
Husky Inu ($HINU)
Memecoins such as Husky Inu ($HINU) have entered the memecoin space to take advantage of investors’ increased interest in the altcoin market. Husky Inu was created to add more value and utility to its holders by leveraging the power of the Solana blockchain. Husky Inu is working hard to build a platform that fits its purpose. The project’s recently launched presale has gone very well, with the first stage selling out within days. The second stage of its presale sold out, and the project is undertaking its third fundraising round with great enthusiasm. Since going live, the presale has generated nearly $449,000.
Husky Inu’s presale is no surprise, given what the platform has in store. The project plans to launch its Earn App and Decentralized Exchange. Husky Inu’s Earn App will reward users with $HINU tokens for engaging with the project and completing simple tasks such as liking, reposting, and sharing content. The project’s Decentralized Exchange will facilitate decentralized trading, thereby improving the utility and value for $HINU holders. Beyond its grand plans, $HINU assures it prioritizes a reliable token ecosystem maintained through a well-set-out distribution model and capped token supply. $HINU has a capped token supply of 100 billion and boasts a deflationary quality. The deflationary aspect means that 50% of all platform fees collected from the upcoming Husky Inu Exchange and DEX will be used to buy and burn $HINU tokens to reduce the circulating supply of $HINU.
Stellar ($XLM)
The Stellar network is similar to the Ripple ($XRP) network. It is a decentralised payment platform and cryptocurrency that facilitates low-cost cross-border payments quickly and enables financial inclusion for individuals and businesses globally. The Stellar network was created to support digital representations of any currency but has its native token called Lumens (XLM). Stellar was developed as a fork of the Ripple protocol. It aims to create a global network connecting financial institutions, payment processors, and individual users, making cross-border money transfer easier and providing access to essential financial services. Stellar uses its consensus algorithm called the Stellar Consensus Protocol (SCP), allowing quick transaction confirmation by a network of trusted nodes and avoiding resource-intensive mining.
Lumens (XLM) are a bridge asset, enabling seamless value exchange between different currencies and facilitating cross-border transactions. Lumens protect the network against spam attacks and ensure its security and reliability. Stellar goes beyond payment capabilities and focuses heavily on supporting micropayments and enabling the issuance of digital assets through its decentralized exchange abilities. Stellar’s additional focus makes it desirable for applications such as remittances and tokenized assets and for facilitating access to financial services in jurisdictions lacking traditional financial infrastructure. Through an open and inclusive approach to connecting financial systems, Stellar aims to create an inclusive and accessible global financial ecosystem. Stellar’s main features include fast and inexpensive transactions and cheaper transactions than traditional remittance methods. The network can also be used to build dApps.
Over the past week, $XLM has gained nearly 5%, currently trading for $0.09675.
Turbo ($TURBO)
Turbo ($TURBO), an AI-generated memecoin, has taken the market by storm with its impressive recent growth. Over the past week, $TURBO has gained over 54% and is currently trading at $0.0118. Boasting a market cap of over $730 million, $TURBO has one of the most unique origin stories.
The now decentralized community-driven crypto project began when its creator, Rhett Mankind, tasked GPT-4 to create the next big memecoin with a budget of $69. With the guidance of GPT-4, Rhett named the project “Turbo Toad,” vowing to follow GPT-4’s instructions. The project’s tokenomics, whitepaper and structure were all developed by AI, highlighting this technology’s incredible power and potential in the crypto industry. This proudly community-driven initiative includes other key features, such as no taxes on transactions and renounced contract ownership. $TURBO is backed by robust community support, which will propel the project to future success. Turbo has undoubtedly provided its investors with substantial gains since its inception.
Visit the following links for more information on Husky Inu:
Website: Husky Inu Official Website
Twitter: Husky Inu Twitter
Telegram: Husky Inu Telegram
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/10/experts-expect-bitcoin-btc-to-rise-amid-middle-east-tension-3-altcoins-expected-to-follow-similar-path