As the week starts, the broader cryptocurrency market is witnessing losses in what might be a wary response to the possible approval of a spot Bitcoin ETF.
Altcoins are facing challenges as the week of the potential Bitcoin ETF approaches. This is unsurprising given the current emphasis on Bitcoin (BTC). However, momentum is expected to return to altcoins after the ETF event, crypto analyst Michael van de Poppe X noted on January 8.
“Altcoins are suffering as Bitcoin ETF week is approaching. Not strange, as the focus is entirely skewed towards Bitcoin. After the ETF, momentum is likely coming back in altcoins. Range remains defined on Bitcoin. Buying 10%+ dips, selling at $48-51K,” he noted.
With this development around altcoins, Finbold compiled a list of 6 altcoins that may be a potentially lucrative investment for traders this week below $1.
XRP (XRP)
In a recent report on January 3, Ripple announced its strategic expansion plan targeting the $1.5 trillion IT industry.
Envisioning a transformative role in the IT sector, addressing longstanding challenges related to cross-border payments and other financial complexities that have persisted in the industry might prove to be a bullish catalyst for XRP (XRP) as Ripple uses it as a bridge currency to facilitate the transfer of value between different fiat currencies for its customers.
Dogecoin (DOGE)
A noteworthy catalyst that might impact Dogecoin (DOGE) price in a positive manner is the announced adoption in 2024 of DOGE as a payment method on X social media by Elon Musk, and with the current fall in price, investors might be looking at the ‘buy the dip’ opportunity.
At the time of press, DOGE was trading at $0.07804, notching a decrease of -2.44% over the past day, -13.23% in the last 7 days, and -23.85% in the previous month.
Polygon (MATIC)
The TD Sequential indicator recently indicated a buy signal on the 4-hour Polygon (MATIC) chart.
Should there be a notable increase in buying pressure at present levels, there is potential for a rebound in MATIC, with a possible upward trajectory towards $0.88 and a further potential peak at $0.96, as per a post on X from crypto analyst Ali Martinez on January 6.
Currently, MATIC is trading at the price of $0.79, marking a decrease of -5.37% in the last 24 hours, as well as a downside of -20.08% over the previous 7 days and -15.25% in the last month, as per latest data from January 8.
Shiba Inu (SHIB)
Despite recent struggles with its price, Shiba Inu (SHIB) retains investors’ confidence, which can be seen through the opening of new addresses, and recently, SHIB surpassed the 3.74 million threshold in addresses, according to statistics from data platform Glassnode on January 8.
Meanwhile, SHIB was trading at $0.000009175, which comes after a loss of -2.90% in the previous 24 hours, -12.19% over the last 7 days, and a -10.90% decrease on the monthly chart, as per the latest data.
VeChain (VET)
VeChain’s (VET) recent trademark acquisition can potentially have a revolutionary impact. With the prospect of ISO 20022 compliance, VET stands in a position to disrupt the trillion-dollar payments market and pave the way for collaborations with central banks, as per a report from January 7.
At the time of writing, VET is changing hands at $0.03014, marking an increase in the price of 1.16% over the past 24 hours, contrary to the losses over the last 7 days of -13.01%, and adding to gains of 9.18% in the previous month.
Cardano (ADA)
Recently, Cardano (ADA) has been forming a bullish pennant formation with investors and analysts speculating whether it will incur gains for ADA, and 30% to 40% is being predicted by a crypto analyst Captain Faibik post on January 2.
Meanwhile, ADA was priced at $0.5063, with a -2.89% decrease over the last 24 hours, a loss of -16.07% in the previous week, and a -18.66% downside in the last 30 days.
While the current market downturn has most crypto assets trading in red, this might present a potential ‘buy the dip’ opportunity for traders looking for the near or distant future upside.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
