When it comes to investing in the cryptocurrency market, there is no one-size-fits-all solution, and for many, trial and error is the only way to succeed at buying cryptocurrencies and increasing their portfolio by 10x to 100x.
Bitcoin Price Following the spot ETF approval in Q1, Bitcoin hit a new all-time high, an unprecedented milestone that broke the norm of hitting new all-time highs after every halving.
However, Bitcoin managed to retrace its gains to a record high of $73,8737. Coin Gecko Data shows that the price fell to as low as $56,500 in early May. In addition to apparent profit-taking, rising geopolitical tensions, regulatory pressures and other domestic and international uncertainties were responsible for the correction.
Bitcoin regains momentum with the launch of Ethereum ETF
Recent Approvals Ethereum ETF This was a positive move from the Securities and Exchange Commission, and while the development was unexpected, it has major implications for legitimizing the cryptocurrency industry and opening up digital assets to future generations.
Bitcoin’s reaction to the news was spectacular, breaching $70,000 before suddenly stalling at $72,000, while Ethereum surged above $3,000 and nearly reached $4,000 before dropping to $3,760 on Wednesday.
The largest cryptocurrency was trading at $67,423 during US trading hours, maintaining a 0.5% decline over the 24 hours. Most altcoins are also in the red amid mixed signals for buying XRP, SOL and other coins from the cryptocurrency space. Whiff.
1. Cryptocurrency to buy – Solana (SOL)
Over the past week, Solana’s price has fallen by over 5%, indicating an underlying bearish trend in the market. SOL has been trading in a range of $160 to $168, reflecting increased volatility and cautious investor sentiment.
Driven by ETH ETF approval hype and a slight market crash, Solana has surged 23% in the last month, demonstrating its resilience in volatile markets. Solana price is trading bullishly, breaking through resistance levels and maintaining strong support despite minor corrections, signaling investor confidence and the solid performance of the underlying network.
If bullish momentum returns, SOL could rise to the $170 level. Increasing buying pressure could send the price soaring above $180 and potentially even hitting $200 in the next bull run. This potential move highlights the volatility and dynamic nature of Solana’s market performance.
2. Dogwif Hat (WIF)
The market value of Dogwifhat (WIF), a cryptocurrency on the Solana blockchain, has seen an impressive rise. Since its launch, WIF has surged 2,162%, establishing itself as one of the most successful altcoins on Solana this year. This meteoric rise has allowed investors to significantly multiply their investments, potentially resulting in 100x gains.
WIF’s bullish trend has also sparked interest in other meme cryptocurrencies such as PEPE, BONK, FLOKI, DOGE, and SHIB. Despite the market-wide correction, these coins are benefiting from WIF’s positive momentum. WIF is trading at $3.83, up more than 3% in 24 hours. It ranks 28th on CoinMarketCap with a market cap of $3.7 billion.
3. Ripple
XRP price has been trading below all three short-term exponential moving averages (EMAS) including the 20-day, 50-day and 200-day on the 4-hourly chart. Overhead pressure continues to intensify after the token hit a wall at $0.54 last week.
Two important levels may be determined XRP Price We can see either a bullish or bearish outcome. The first is the lower support border of the ascending channel and the buyer congestion at $0.52. A breakout of these two levels will leave XRP vulnerable and increase the chances of a correction below $0.50.
A breakout above the $0.54 resistance will confirm the growing bullish presence in the market. If XRP breaks out of the $0.7 resistance, the path of least resistance will turn upwards, paving the way for a bigger move to $1.
Final thoughts
Investing in cryptocurrencies can require an element of risk. However, with due diligence, investors can identify projects that have the potential to make huge profits. As Bitcoin finds its way, cryptocurrencies such as SOL, WIF, and XRP have risen to prominence, offering the potential for 10x to 50x gains.
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