The hoarding of BTC to hedge Bitcoin ETFs has reduced overall liquidity, creating opportunities for altcoins that can capture liquidity from new sources, as demonstrated by recent market developments and the influence of artificial intelligence.
In the ecosystem of Cryptocurrencies and a volatile year For the main token by market capitalization, Bitcoin, some altcoinsin the midst of an adjustment phase, could benefit significantly from a potential rebound in BTC in the short term.
Ethereum (ETH)
Ethereum decisively breaks the dynamic resistance of $3,200, supported by the recent approval of Ethereum spot ETFs by the SEC. This development suggests an optimistic outlook for ETH, with a recovery projection that could take the price up to $4,600. On a 4-hour chart, a pullback is observed that validates the recovery of the $3,200 level, pointing to a possible bullish continuation.
Against Bitcoin, ETH has been trading sideways between 0.044 BTC and 0.06 BTC. Following an 8% correction influenced by Donald Trump’s participation at the Bitcoin Conference 2024, Ethereum is at 0.047 BTC. If this level holds, Ethereum could experience a new rally that takes it to the 0.052 BTC barrier.
Solana (SOL)
Solana has proven to be one of the most resilient ecosystems in 2024, standing out especially in the memecoin sector, with a market capitalization of over $9.2 billion in the last weeks of July. Despite a 35% drop in its value against the dollar, Solana has consolidated its price above $120. If it manages to stabilize above $160, it could reach $260, marking an increase of 55%.
In relation to BitcoinSolana has recovered the 0.0025 BTC barrierIf it remains at this level, it could experience a rise with a target of 0.00085 BTC, which represents an increase of close to 34%.
Ronin (RON)
Ronin, which had suffered a decline of over 70% in value, has shown a remarkable recovery in the last two weeks of July. While Solana has been the market leader this year, Ronin has shown strong activity and is positioned as an attractive alternative, just behind TRON. Against the dollar, RON has managed to stabilize around $1.6, and a recovery above $2.39 could take the price up to $3.5.
bitcoin cryptocurrencies
Reuters
In terms of Bitcoin, RON has consolidated its position above the 0.000028 BTC mark. If it breaks above the 0.000037 BTC mark, it could project towards 0.000075 BTC, representing a potential 112% increase.
The crypto ecosystem is undergoing a structural transformation. The strong correlation between Bitcoin and other altcoins, which was previously due to the circulation of liquidity by large investors, has diminished. The hoarding of BTC to cover Bitcoin ETFs has reduced overall liquidity, creating opportunities for altcoins that can capture liquidity from new sources, as demonstrated by recent market developments and the influence of artificial intelligence.
These altcoins have the potential to outperform Bitcoin in 2024, if current trends continue and key levels in their respective cryptocurrency pairs hold.
Source: Ambito
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