Bitcoin’s price recovery and early signs of a price trend reversal began to appear after the release of the latest US Personal Expenditure Price Index (PCE) inflation data last weekend.
The US PCE index fell to 2.6% on a year-on-year (yoy) in May from 2.7% in April, in line with economists’ expectations. Core PCE, which excludes rising food and energy prices, rose 0.1% on a monthly basis in May, the smallest increase since November 2023, due slot gacor maxwin to falling prices of goods and minor increases in prices of services in the service sector.
Bitcoin was seen to be in the green almost 6% after the release of the data from the US$ 60,000 level to US$ 63,500 on July 1 and 2 after weakening for the previous few weeks.
The recovery was also reflected in a number of other crypto assets, especially crypto assets from the infrastructure sector such as ENS, ZRO, TAIKO, and meme coins such as WIF, POPCAT, WEN, and MOG. In addition, major crypto assets such as Solana (SOL) and Toncoin (TON) also appreciated.
Reku crypto analyst Fahmi Almuttaqin said that the dynamics that have occurred recently increasingly highlight the influence of developments in the US economic situation on the crypto market.
“The Fed’s efforts to achieve a ‘soft landing’ in the economy after the massive easing of the impact of the Covid-19 pandemic appear to have entered the final round. If we compare it to a football match, it is currently in the 80th minute and is slightly ahead by one point. Victory is in sight but anything can still happen,” said Fahmi, in his official statement, Thursday, (4/7/2024).
In terms of crypto assets themselves, several indicators such as the Alts Buy Signal compiled by Cryptokoryo on the Dune platform, currently indicate a strong buy situation for altcoins at levels never seen before. This indicates that there is still great potential in alternative crypto assets other than Bitcoin in current conditions.
“However, it should be noted that altcoins tend to have higher risks than Bitcoin. In addition to Bitcoin’s larger market capitalization and liquidity, altcoins’ popularity is also not as high as Bitcoin,” he said.
However, currently there are quite a few altcoins that have promising technological potential, which even if they reach a certain scale can have a potentially much greater benefit value than what Bitcoin can offer.
In addition to Altcoin, there are several other coins that have the potential to bring in profits in 2024. Here is the list quoted from Forbes Advisor:
- Bitcoin (BTC)
- Market capitalization: $1.2 trillion
- Annual return: 101%
Bitcoin, created in 2009 by Satoshi Nakamoto, is the first and most popular cryptocurrency. Bitcoin runs on the blockchain, a ledger that records transactions distributed across a network of computers.
With prices soaring from $500 in May 2016 to around $61,215 in June 2024, Bitcoin has grown by 12,143%.
- Ethereum (ETH)
- Market cap: $405.0 billion
- Annualized return: 79%
Ethereum is a blockchain platform that is highly favored by developers due to its potential applications, such as smart contracts and non-fungible tokens (NFTs). The price of Ethereum has soared from $11 in April 2016 to around $3,370 at the end of June 2024, an increase of 30,534%.
- Tether (USDT)
- Market cap: $112.9 billion
- Annualized return: 0%
Tether is a stablecoin that is backed by fiat currencies such as the US dollar and the Euro, making its value more stable than other cryptocurrencies. This makes Tether a favorite among investors wary of the extreme volatility of other coins.
- Binance Coin (BNB)
- Market cap: $84.4 billion
- Annual return: 139%
Binance Coin is used for trading and paying fees on Binance, one of the world’s largest crypto exchanges. The price of BNB has soared from $0.10 in 2017 to around $572 at the end of June 2024, an increase of 571,892%.
- Solana (SOL)
- Market cap: $63.4 billion
- Annual return: 709%
Solana was developed to support decentralized finance (DeFi), decentralized applications (DApps), and smart contracts. The price of SOL has soared from $0.77 in 2020 to around $137.18 at the end of June 2024, an increase of 17,716%.
- USD Coin (USDC)
- Market cap: $32.8 billion
- Annual return: 0%
USD Coin is a stablecoin backed by the US dollar at a ratio of 1 USD to 1 USDC. USDC is backed by Ethereum and can be used for global transactions.
- XRP (XRP)
- Market cap: $26.5 billion
- Annual return: -2%
Created by the founder of Ripple, XRP can be used to facilitate the exchange of various types of currencies, including fiat currencies and other major cryptocurrencies. The price of XRP rose from $0.006 in early 2017 to $0.48 in June 2024, an increase of 7,835%.
- Toncoin (TON)
- Market cap: $18.7 billion
- Annual return: 430%
Toncoin, originally developed as a layer-1 blockchain for encrypted messaging platform Telegram, is now managed by the TON foundation. Toncoin’s price has skyrocketed since the foundation took over.
- Dogecoin (DOGE)
- Market cap: $17.9 billion
- Annual return: 87%
Dogecoin, originally created as a joke in 2013, has grown into a popular cryptocurrency thanks to its dedicated community and creative memes. Dogecoin’s price rose from $0.0002 in 2017 to $0.12 in June 2024, an increase of 61,690%.
- Cardano (ADA)
- Market cap: $14.0 billion
- Annualized return: 36%
Cardano stands out with its proof-of-stake validation method that speeds slot gacor up transaction times and reduces energy usage. ADA’s price rose from $0.02 in 2017 to $0.39 in June 2024, an increase of 1,859%.
