Top Altcoins to Watch: XRP, DOGE, and SHIB Poised for Bullish Moves?
The post Top Altcoins to Watch: XRP, DOGE, and SHIB Poised for Bullish Moves? appeared first on Coinpedia Fintech News
The altcoin industry has continued to bleed to Bitcoin (BTC), as depicted by the rising market dominance. According to the latest market data, Bitcoin dominance hovered around 56.20 percent on Wednesday, as Bitcoin price slipped below $66k again.
With the Bank of Japan (BoJ) having raised its policy rate by 25 basis points, the US Fed is expected to hold its interest rate at 5.50 percent later today. Consequently, the crypto market led by Bitcoin and Ethereum (ETH) could continue in a correction mode soon.
Furthermore, historical data shows that August is not the most bullish month for the entire crypto industry, especially the halving year.
When Will Altseason Start?
According to a popular crypto analyst, Benjamin Cowen, the altcoin industry will bottom out in August and possibly begin to rebound in September. The crypto analyst based the argument on the chances that the US Fed will cut its benchmark rate in September.
Mixed news as far as coin exchange flow as July is coming to a close:
Bullish: Ethereum just had a 2-month high 80.8K ETH outflow from exchanges. This reflects less risk in future selloffs that could impact ETH's price negatively.
Bearish: Tether just had a 5-month… pic.twitter.com/Oq4i7SUZCz
— Santiment (@santimentfeed) July 30, 2024
Meanwhile, market intelligence platform Santiment highlighted a mixed signal for altseason from crypto exchanges. According to Santiment, Ethereum had a two-month high exchange outflow of more than 80k units.
Since the launch of the US spot Sther ETFs, Tuesday was the second day of net cash inflow, with a total of about $33 million.
On the other hand, Santiment noted a bearish signal, whereby Tether USDT registered a five-month high of exchange outflow of about $346 million.
An increase in exchange outflows involving stablecoins is perceived as a decline in the overall purchasing power.
Top Altcoins to Buy
Some altcoins have signaled an inevitable bullish breakout with the anticipated altseason in the near term. For instance, Ripple-backed XRP has gradually decoupled from the rest of the crypto industry with the recent bullish breakout.
Top meme coin projects led by Dogecoin (DOGE), and Shiba Inu (SHIB) have accumulated for the past five months, thus signaling an inevitable bullish breakout ahead.
Meanwhile, top layer one projects led by Solana (SOL), and Cardano (ADA) received some much-needed regulatory clarity in the United States after the SEC dropped an investigation into securities law violations.
