Bitcoin Dominance Rises as Bull Run Speculations Grow
Bitcoin (BTC) has been outperforming traditional finance assets and the majority of the cryptocurrency market in 2023, thanks to its recent price rally. This has sparked speculation about the beginning of a new bull run led by BTC.
While it’s still uncertain whether this is the start of a bull run or just a short flight for whales, Bitcoin miners, and big players to exit, BTC’s dominance has reached over two-year highs since April 2021. As of now, its dominance stands at 52.53%, according to TradingView’s Bitcoin dominance index (BTC.D).
Bull Runs and Altseasons
Historically, Bitcoin has often initiated bull runs by gaining market capitalization dominance over other projects. This trend is usually followed by an “altseason” in crypto trading.
ChatGPT Recommends 3 Cryptocurrencies for the Altseason
To identify potential low-cap cryptocurrencies with value asymmetry between their market cap and fundamentals, Finbold used ChatGPT through the GPT-4 API. The AI was asked to recommend three picks for value investors positioning themselves for the next altseason or bull market.
The Graph (GRT)
According to ChatGPT-4, The Graph (GRT) is a promising pick for the next bull run. Launched in December 2020, GRT serves as a data indexing tool for developers in the DeFi space. With the growing trend of DeFi, data indexing will play a crucial role in this ecosystem.
GRT is currently trading at $0.082 with 2.32% gains in the last 24 hours. It holds a market cap of $760 million.
Orion Protocol (ORN)
Orion Protocol (ORN) is another low-cap cryptocurrency recommended by ChatGPT-4. It aims to aggregate liquidity from the entire crypto market onto one decentralized platform, bridging the gap between centralized and decentralized crypto worlds. This positions Orion Protocol for future growth in DeFi.
ORN is currently priced at $0.50 with 1.85% gains in the last 24 hours. Its market cap stands at $17.1 million.
Injective Protocol (INJ)
The third recommendation from ChatGPT-4 is Injective Protocol (INJ), a decentralized derivatives exchange that offers peer-to-peer trading without intermediaries. Given the rising popularity of derivatives trading in crypto, Injective Protocol is well-positioned in an emerging market. Its layer-2 solution built on Cosmos could be advantageous if Ethereum faces scalability issues.
INJ is currently trading at $9.0 with 2.98% gains in the last 24 hours. It has a market cap of $754.2 million.
Hot Take: Bull Run Speculations and Risks
While these recommendations are based on current market conditions, it’s important to conduct thorough research before making investment decisions due to the volatile nature of the crypto market. Additionally, low market cap assets come with higher volatility and risks for traders and investors.
No one can guarantee whether a bull run has begun or if an altseason will occur. The future price action will depend on ecosystem developments and macroeconomics.
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