Top Altcoins To Watch in the Final Week of January

The crypto market is currently undergoing substantial shifts, particularly impacting Bitcoin (BTC) whose value has recently seen a significant drop, plunging over 12% in just a week, from $46,700 to $40,901. No one unexpected such a decline to happen, especially in light of the anticipated positive impact of spot Bitcoin ETFs which were predicted to spark a bullish trend. Contrary to expectations, BTC is now trading near its monthly low points, presenting a potential opportunity for altcoins to gain prominence.

Pantera Capital, a notable hedge fund specializing in cryptocurrencies, has released a report indicating that the market is moving into what they describe as “phase 2”. According to them, altcoins are expected to outperform Bitcoin – a trend observed in past market cycles. For instance, during the bull runs of 2015-2018 and 2019-2022, altcoins exceeded BTC’s performance in the final year. Currently, Bitcoin’s dominance in the crypto market has reached a three-month low, barely holding a 50% market share. 

With BTC’s price potentially dipping below $40,000 and the approaching halving event, altcoins such as Solana (SOL) and Ripple (XRP) might experience significant growth, making them key cryptocurrencies to monitor this week.

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As the ScapesMania presale nears its completion in February, the team is working hard to secure a quick listing on popular exchange platforms. There is a good probability that the token’s value will increase exponentially after the listing.

The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.

Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania (MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. 

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ScapesMania, a player in the $376 billion gaming industry, leverages the market’s growth potential. Post-exchange debut, holders can anticipate greater liquidity and easier trading.

The community’s excitement about the project is evident so far, with $4,500,000+ raised to date from crowd/retail contributions alone. Notably, the fundraising amount is growing by $50,000+ daily and the follower count has reached 60K+ and showcases a weekly growth of 12%.

The growing interest from crypto whales with checks of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.

ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the award-winning team behind ScapesMania secured a prestigious grant from a prominent player in the blockchain industry.

Furthermore, ScapesMania is notable for putting its community front and center. Driving customer engagement and making sure that everyone benefits through great tokenomics and generous rewards is where ScapesManias stands out.

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Solana (SOL): A New Hub for Stablecoin Activity

Solana (SOL) has recently achieved a record-high stablecoin transfer volume of over $300 billion in January. This has increased Solana’s (SOL) market share in the stablecoin sector to 32% – a substantial rise from just 1% a year ago. The Solana (SOL) network’s success is attributed to the high volumes of USDC transfers and the introduction of new stablecoins like Paxos’ USDP. Additionally, Solana (SOL) has seen a surge in DeFi activity, with its Total Value Locked (TVL) reaching $1.36 billion, the highest since September 2022.

Solana (SOL) is currently priced between $64.84 and $132.36. The 10-day Moving Average is at $94.51 and the 100-day Moving Average is at $67.82. Support and resistance levels are established at $27.97 and $163.01, respectively, with an ambitious target of $230.54.

Considering Solana’s (SOL) growing prominence in the stablecoin market and its increasing DeFi activity, there is potential for further price appreciation. However, Solana (SOL) needs to maintain network stability and continue attracting developer interest, if it wants to see the price move towards the higher end of its current range and reach its most desired ceiling.

Ripple (XRP): Navigating Market Fluctuations

Ripple (XRP) is currently experiencing fluctuations in its value, with a price range between $0.515 and $0.582. Altcoin has its market cap standing at $30.5 billion and shows resilience even despite recent dips. Ripple (XRP) has been on an upward trend since the start of the year, hitting a yearly high of $0.95 in July and breaking a long-standing horizontal resistance zone from September 2022.

The 10-day Moving Average for Ripple (XRP) is at $0.548, while the 100-day Moving Average is at $0.569. Support levels are found at $0.417 and $0.485, with resistance levels at $0.619 and $0.686.

Analysts have projected various future values for Ripple (XRP), including optimistic targets of $5, $10, and even $89. Historical patterns suggest the possibility of significant price growth, with a past surge of 75,000% from its 2017 value to an all-time high of $3.84. While these projections are bullish, the market’s volatility and the regulatory challenges faced by Ripple (XRP) could impact its price trajectory. A balanced view would consider both the potential for growth and the risks involved.

Conclusion

Despite the anticipation of a bull run post-Bitcoin ETF approval, the crypto king’s price drop set the stage for altcoins to capture the market’s attention. Pantera Capital suggests we are entering “Phase 2” of the crypto market cycle, historically characterized by alternative currencies outperforming Bitcoin. This presents a unique opportunity for Solana (SOL) and Ripple (XRP), each with its distinct potential and market position: Solana’s (SOL) increasing influence in the stablecoin sector and Ripple’s (XRP) resilience amidst market fluctuations position them as top cryptocurrencies to watch. Coupled with the broader market dynamics, SOL’s and XRP’s growth potential makes them particularly noteworthy in the current crypto landscape.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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