Overview of the altcoins that we’re keeping an eye on in Q1 of 2024
Last Updated on 4 March 2024 by CryptoTips.eu
Exactly one month ago, on 15 January 2024, we told you that altseason had officially started and made an overview of the various altcoins for which we had good expectations if a new bull run would start. AI coin Render and DeFi coin Chainlink also appear quite often in our news items as of late.
How did all those altcoins do this past week now that Bitcoin is trading above $50k again?
Do note that this is not investment advice but simply short-term analysis. We expected these to do well if Bitcoin traded for a higher price. Bitcoin has been rising steadily for a week now and we are therefore discussing these altcoins. Invest at your own risk.
In the meantime, due to the sharp rise of the Bitcoin price in the past week, the altseason has officially ended, but the coins that we often are doing very well. If Bitcoin goes higher again in the coming days and weeks, we think these coins can rise further. A brief overview.
Ethereum and Ethereum Classic
Both Ether and Ethereum Classic have rallied this past week as Bitcoin trades above $50k again. For Ether, this is because there is an expectation that BlackRock will receive approval for an Ethereum ETF before the end of the year. This would automatically bring new investors to the second largest digital coin.
New crypto investors who are attracted to altcoins sometimes choose Ethereum Classic (because they think it is a ‘cheaper’ version of Ether) and push the price of that coin higher during any period that Ether tends to rally.
In the past week Ether rose by 15% while Ethereum Classic added 7% to its price.
Solana and Bonk
Cryptofans have proclaimed for a long time that Solana could be a possible ‘Ethereum killer’, a digital currency that can work even faster and more efficiently. Well-known stock picker Cathie Wood is also a big fan. Solana lived through its own ‘sell the news drop’ in January just as Bitcoin did but it has started a new climb in the last week. Solana’s memecoin, called Bonk, is also doing very well again and is slowly returning to its highest level.
Over the past seven days, Solana is up 15% while Bonk added 37% to its price.
Cardano, Chainlink and Render
Cardano, the coin of Charles Hoskinson (who together with Vitalik Buterin belonged to the team that used to work on Ethereum) always does well during a crypto pump. This time is no different. In the past week, Cardano rose 13%.
Chainlink, the largest DeFi coin, is still involved in a battle with Dogecoin for tenth place in the Coinmarketcap top 100. Interest in this altcoin has been steadily increasing and it seems it can reach its highest level again according to some analysts. The Chainlink Marines, Chainlink’s group of fans on social media, are ecstatic. In the past week, Chainlink rose by another 7%.
Finally, the global interest in AI has also spread to crypto. One of the AI coins that gets a lot of good press, Render, is also rising quickly. In the last seven days, Render’s price increased by 10%.
