Cryptocurrency market cap rose 1.4% to $859.2 billion today. Accordingly, most of the major cryptocurrencies experienced a price increase on Sunday evening. U.S. stock markets were trading quite calmly as the weekend ended. However, Bitcoin, which has a correlation with stocks, managed to rise despite this. Most major cryptocurrencies have seen gains, especially Bitcoin and the leading altcoin Ethereum. In light of these developments, a well-known analyst in the market shared 4 altcoins that woke up from their slumber.
“These 4 altcoin projects are waking up”
Legendary cryptocurrency analyst Michael van de Poppe said he expects bullishness for some altcoin projects. The trader cited Fantom (FTM), Avalanche (AVAX), Polkadot (DOT), and Ethereum (ETH) as examples of cryptocurrencies that are starting to “look pretty good”. In a seven-day period, FTM has risen 28.2%, AVAX 7.3%, DOT 6.2% and ETH soared. “Slowly but surely, some altcoins are showing strength,” Van De Poppe said in a separate tweet. He then stated that in this prediction, he specifically refers to DeFi coins.
According to Poppe, these altcoins and DeFi coins have the potential to see a better price rise in the near future. The decentralized finance (DeFi) space has weakened in recent months due to increased monetary tightening policies. As we have reported as Kriptokoin.com, the pigeon speeches of FED Chairman Jerome Powell were enough to give hope to the market. Therefore, DeFi coins are likely to become popular again. On the Ethereum side, Poppe points to $1200. According to him, ETH will continue to rise as long as it stays above this price level. ETH price is currently trading at $1,295.
Bitcoin price matters
CryptoQuant analyst Jan Wüstenfeld also shared predictions. Wüstenfeld said that since the last cycle, monetary policies have “influenced Bitcoin and altcoin prices.” According to him, BTC is very widely adopted. Futures markets continue to be promoted and institutional interest is turning to cryptocurrencies. As a result, naturally, Bitcoin becomes more dependent on traditional financial markets. So it is no longer driven solely by retail investment.
Wüstenfeld says that with recent price movements, multiple parties have again “declared Bitcoin dead.” But he adds that, given monetary conditions, it is appropriate to ask “whether the rate of interest will continue to rise indefinitely, or should it eventually fall.” The last Federal Open Market Committee (FOMC) meeting of the year is scheduled for next week. At the time of this writing, CME’s FED Watch tool was showing a 78.2% probability for a 50 basis point rate increase.
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