After several days of trading in the green, cryptocurrency markets have turned bearish once again. This is due to news that the Federal Reserve may soon raise interest rates. If recent rate increases are any indication, however, it is evident that interest rates are being priced in a much faster manner by the markets.
Bitcoin is becoming more liquid. This is the most important news about crypto. According to data, 76% of the Bitcoin supply is currently in liquid state. A few large orders placed on exchanges could cause a huge price rise.
This is a double-edged weapon as Bitcoin can easily test extreme prices, as low at $10k, and easily test prices higher than $40k. There is a good chance that Bitcoin could see a rise in price, with support as high as $20k.
There is a lot of potential for an increase in altcoin prices, so it might be a good idea to begin looking for altcoins which could follow the Bitcoin lead. Here are three that have the greatest potential.
This number two altcoin is a top contender and has the potential to rise if Bitcoin rallies. This is because Ethereum (ETH), the largest altcoin, is receiving a lot of attention.
The Ethereum merge was recently done on a testnet. It proved to be a huge success. The recent EthCC announced that the merger would take place by September. This will allow Ethereum to move on to the next stage in its goal to become the most secure and scalable blockchain platform.
This news could lead to Bitcoin soaring amid it. Ethereum could surpass many altcoins.
Shiba Inu (SHIB)
Meme coins have performed well during market rallies. Shiba Inu, (SHIB), is one of the most well-known and successful altcoins. Shiba Inu might do well if Bitcoin pulls off another rally. It isn’t just speculation about the past performance. There are many things going on in the Shiba Inu ecosystem right now.
The Shiba Inu team announced recently a SHIB-burning Visa Card. This card will allow users to burn SHIB while making payments. This means that SHIB is likely to see a rapid drop in total supply due to real-world usages. This is a strong reason to believe that SHIB can be restructured.
Despite the poor market performance of crypto in 2022 the demand for NFTs is strong. NFT cryptocurrencies may see a boost if Bitcoin surges and FOMO kicks into gear. ApeCoin (APE), a well-known NFT cryptocurrency, could see a huge increase in value.
APE could also benefit from the interest of large corporations in the Metaverse. If the Otherside Metaverse is adopted by a large corporation, it will be a boost to APE. The odds favor ApeCoin succeeding.