Ethereum

Solana

The post <a href="https://coinpedia.org/news/from-worst-to-best-these-beaten-down-altcoins-could-soon-lead-the-market-as-frontrunners/">From Worst to Best: These Beaten-Down Altcoins Could Soon Lead the Market As Frontrunners</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
An analyst recently shared details about various cryptocurrency narratives, expressing confidence in the potential of meme coins, real-world assets (RWA), and artificial intelligence (AI) as major players in the current cycle. Despite gaming’s current lack of popularity,<a href="https://www.youtube.com/watch?v=a5rDvR55NNU" target="_blank" rel="noreferrer noopener nofollow"> analyst Miles Deustcher</a> believes it holds the potential for major growth in the future. However, in a contrarian move, the analyst chose to focus on a lesser-discussed altcoin sector that has been heavily beaten down but could emerge as a frontrunner as the market recovers. 
Examining year-to-date performances, the analyst said that layer one blockchains have shown mixed results. <a href="https://coinpedia.org/news/ethereum-in-trouble-solanas-strategic-push-into-l2-rollups/" target="_blank" rel="noreferrer noopener">Solana and Ethereum</a> have posted gains of 30% and 32%, respectively, while AVAX has suffered significant losses. 
The worst-performing category has been new launches, particularly those backed by VCs with low float and high fully diluted valuations. These tokens often launch with high valuations, causing poor price performance.&nbsp; 
However, there are interesting developments within this sector. One example is Celestia, which, despite being down 50% year-to-date, has seen a 40% increase over the past few days after significant unlocks and FUD caused a price drop. 
<h2 class="wp-block-heading" id="h-focus-on-beaten-down-altcoins">Focus on Beaten-Down Altcoins:</h2> 
Celestia: With no new unlocks for several months, the coin has shown explosive growth. This setup is not unique to Celestia; other altcoins with similar characteristics—beaten down, strong tech, strong catalysts, and finished unlock periods—could also see strong recoveries.” 
ZK Sync: Similar to Layer Zero, it doesn’t have an unlock for 11 months. It raised funds at a multi-billion valuation, meaning current market prices are similar to those during its fundraising rounds. ZK Sync has started to break above resistance levels, indicating potential for rapid expansion. 
Athena: Currently valued at $6 billion, it launched with a significantly higher valuation. Its next unlock is in 8 months, and it has been heavily beaten down. This token is reflexive to funding rates, making it potentially explosive in bullish conditions. 
Rune: This token performs poorly in a bad environment but exceptionally well in a bullish market. It has shown price recovery potential, making it a worthwhile addition to a watch list. 
Read Also: <a href="https://coinpedia.org/price-analysis/is-this-the-next-big-altcoin-during-the-upcoming-bull-rally/" target="_blank" rel="noreferrer noopener">Is This The Next Big Altcoin During The Upcoming Bull Rally?</a>

From Worst to Best: These Beaten-Down Altcoins Could Soon Lead the Market As Frontrunners

Table of Contents

CoinPedia News

Other articles published on Jul 12, 2024

Some Altcoins like Ripple (XRP) Just Hit a Critical Fibonacci Support, Why This is Massively Bullish

Genesis moves $760m BTC to Coinbase amid sell-off

Samson Mow Shares Epic Take as Bitcoin Holds $57,000, 'Everything is Accelerating'

How Inflation Data Could Impact Shiba Inu (SHIB) and Other Meme Coins

President Joe Biden Can ‘Still Win’ on Crypto Basis Against Trump – U.S Chamber of Progress

SEC ends investigation into Stacks developer Hiro Systems

Join our free newsletter for daily crypto updates!