Cryptocurrency

Bitcoin

The post <a href="https://coinpedia.org/news/identifying-the-next-big-altcoin-this-market-cycle/" rel="noopener noreferrer nofollow">Identifying The Next Big Altcoin This Market Cycle</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Cryptocurrency analyst Scott Melker recently had a conversation with Dan Tapiero, Founder of 1Roundtable Partners and the duo opened up about the current state of the market. Melker questioned Dan if a drop in the Federal Reserve’s interest rates from 5% to 3% could significantly boost Bitcoin’s price, possibly pushing it above $100,000.&nbsp;
<a href="https://www.youtube.com/watch?v=Jbl675TSr6g&amp;t=2560s" rel="noopener noreferrer nofollow">Melker said that</a> without ETFs, Bitcoin might be trading between $35,000 and $45,000, but the ETF has driven it higher, creating the impression that the entire market should follow, which hasn’t happened for altcoins.&nbsp;
Reacting to his statement, Dan said that the inflow of money from ETFs is substantial and ongoing, bringing $100 trillion worth of assets into the market. This makes it easier for a large pool of capital to be invested in Bitcoin, accelerating adoption. This new accessibility means there are now more buyers ready to support Bitcoin at various price levels, helping its growth.
Dan said that an Ethereum ETF could shift interest toward decentralized finance (DeFi) and potentially start a new altcoin season, although it might look different from past cycles. Some projects may not recover or perform as before. Ethereum’s success is important for driving excitement and investment in the broader crypto ecosystem.
Melker then said that the next big token in the market cycle is likely something new rather than existing well-known coins. The market tends to favor new, exciting projects, which often see dramatic price increases and declines.
Bitcoin and Ethereum are seen as core assets, while many other cryptocurrencies are more like venture projects. Some projects, especially those ranking around 30th or 40th in market cap, might be overvalued or even defunct, yet they still trade and hold value.&nbsp;
Dan said, “I don’t know that like the alt season is not the be all and end all. I think Bitcoin and ETH are really the only core assets of the space. Solana is sort of transitioning that way, but the other cryptocurrencies—it’s incredible how much value they hold.”

Identifying The Next Big Altcoin This Market Cycle

CoinPedia News

2024年7月1日公開の他の記事

BTC Surpasses $62,500 and Altcoin Prices Begin to Rise

Vitalik Buterin Proposes Ethereum SSF for Faster Transaction

Amid Cardano’s Woes And AAVE’s Unrealistic Ambitions, Will Qubetics Whitelist Win The Crypto Race?

Aptos Foundation proposes deploying Aave V3 on Aptos mainnet

Render (RNDR) Price Stabilizes Amid Market Uncertainty

Dogecoin Beri Tanda: Apakah Harga Akan Segera Naik Lagi?

ニュースレターを購読して暗号資産の最新情報を毎日入手！