Top altcoins to watch as chain analysis points to a Bitcoin bottom
Terra Classic and ApeCoin have the hype factor to them if Bitcoin rebounds.
Glassnode has indicated that Bitcoin chain analysis shows the bottom is in, or it’s very close.
Bitcoin tends to uplift the whole market with it whenever it rallies. This means high potential altcoins could be at the bottom as well.
In this environment, Terra Classic and ApeCoin could be among the top cryptocurrencies to buy now.
Bitcoin is the number one cryptocurrency market mover, and the market tends to follow where it goes. In essence, the latest news about Bitcoin could be a good reason for investors to start shopping for undervalued altcoins to buy now.
According to a Bitcoin analysis by Glassnode, Bitcoin has either hit bottom or is very close to it. The Glassnode data shows that long-term investors are not selling their cryptocurrencies despite an average loss of 33%. This indicates that whales expect BTC to make a rebound off $20k, or pretty soon. That’s regardless of whether there is another shakedown or not.
What this means for altcoins
From the perspective of the altcoins, this is good news. That’s because altcoins are trading at massive lows, and if Bitcoin were to make a rebound, investors chasing a high ROI would take advantage of the super-low alt prices.
In this environment, a couple of altcoins stand out as high potential buys in the short to medium term. Among them are as below:
Terra Classic (LUNC)
Terra Classic (LUNC) stands out as one of the top cryptocurrencies to buy if Bitcoin rebounds and uplifts the entire market. That’s because, after the debacle that saw it almost go to zero, LUNC has attracted a lot of speculators, and many expect it to significantly rebound off its current prices.
The speculative wave around Terra Classic is driven by the high number of tokens that investors are willing to burn in a bid to shore up the price. Over the past week, Terra Classic has been one of the best-performing cryptocurrencies in the top 100. It is an indicator that Terra Classic could be hugely rewarding to investors if a whole market rebound comes.
ApeCoin (APE) hit the market with a lot of hype in Q1. Unfortunately, a strong bearish wave across the market saw ApeCoin record a considerable drop from its most recent highs.
However, one thing is clear, the hype around NFTs is still there. For instance, this week, a cyberpunk NFT sold for $2.6 million. If such high-profile sales gain traction again, The Bored Ape Yacht NFTs, being the most popular, could also see a resurge in demand. The same could also trigger a price renaissance for ApeCoin.
Add to that the potential for Bitcoin to uplift the entire market, and it’s not hard to see why ApeCoin has a bright future ahead both in the short and medium term.