The crypto market experienced a further decline in market capitalization, dropping by 1.34% in the last 24 hours. However, the trading volume for the crypto market saw a significant increase of 764.73%, reaching $242.7 billion. Within this surge, the decentralized finance sector contributed $65.01 billion, while stablecoins accounted for $240.75 billion in trading volume.
Bitcoin’s market dominance currently stands at 49.17%, with a marginal decrease of 0.01% in the last 24 hours. Despite the overall market reversal, there are still some assets that maintain their position in the green.
The Japanese Yen also declined following the Bank of Japan’s decision to maintain its ultra-easy monetary policy. Stocks and bonds faced downward pressure as investors prepared for the possibility of higher US interest rates.
Now let’s take a look at some potential cryptocurrencies that could explode in the near future.
1. Wall Street Memes (WSM)
Wall Street Memes is nearing the end of its presale and is set to launch on a Tier-1 centralized exchange soon. With over $25 million raised during its presale and a growing community of over one million supporters, Wall Street Memes has generated significant interest. Its marketing campaign has been successful, with many experts suggesting that it could be the next cryptocurrency to explode.
2. Terra Classic (LUNC)
Terra Classic has shown impressive gains in the past 24 hours, rising by 10.01%. While it has been in a declining position for several weeks, historical data suggests that there is potential for a bullish breakout. Crypto experts believe that LUNC could see a value increase of up to 25%, with the next major resistance level at $0.000075.
However, it’s important to note that there is current market instability, and some analysts predict a prolonged bearish trend for Bitcoin and altcoins.
3. THORChain (RUNE)
The integration of THORChain with Metamask is a significant development for the protocol. Metamask, with its large user base, has the potential to transform the trading landscape for THORChain. This partnership could push RUNE to become the next cryptocurrency to explode. Analysts project that RUNE could rise to $2.55 by the end of the year.
Traders should remain cautious as overbought conditions may lead to selling pressure.
4. Zcash (ZEC)
Zcash is known for its commitment to privacy and anonymity, making it a preferred choice for individuals who prioritize data privacy. The increasing demand for privacy-focused coins and institutional interest in ZCash’s solution have contributed to its recent upswing. These factors position ZEC as the next cryptocurrency to explode, with the token currently priced at $26.19 as it heads for a bull run.
In conclusion, while the crypto market experienced a decline in market capitalization, there are still opportunities for certain cryptocurrencies to explode in value. It’s important to consider market conditions and do thorough research before making any investment decisions.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.