Bitcoin continues its price action above $20,000. The leading cryptocurrency fell after its rise to $25,000 and is still in this trend. Analysts say that whether BTC will hold the critical support of $20,800 will determine the price action. However, the current decline is also affecting altcoin projects.
Leading altcoin Ethereum briefly broke above the $2,000 level on August 14. cryptocoin.com As we reported, the rise of Ether was related to Merge expectations. However, the price surge has plummeted following BTC despite the hype. ETH is trading at $1,655 according to available data. So which altcoins should investors watch as price drops continue? Cryptocurrency analyst and trader GCrypto sought the answer and created a chart.
“Watch these 10 altcoin projects on the decline”
Cryptocurrency analyst, nicknamed Ben GCrypto, shared altcoin projects to watch in the bear market. It also published a chart showing the market values, names, logos and volume changes of these projects. According to the analyst, these 10 cryptocurrencies have extremely low market capitalizations. They also hold great potential for investors among altcoins. GCrypto says we should watch these tokens in the bear market and they can make big gains:
“This time, we looked at cryptocurrencies with current market caps under $300 million. Then we made a list of the top 10 projects that, in our opinion, are promising for their future pricing.”
What does the graph say?
When we look at the list prepared by the analyst, we see that IoTeX (IOTX) has the highest market value with 296 million. Yearn Finance (YFI), in second place, stands out with its market value of $286 million and a 38.8% increase in trading volume in 30 days. However, we see that Optimism, an Ethereum layer-2 scaling solution, has high transaction volume compared to market cap. The altcoin has a trading volume of $160 million with a market cap of $257 million.
GCrypto; IoTeX, Yearn Finance, OMG Network, Harmony, Livepeer, Just, 0x, Optimism, Reserve Rights and Golem are quite optimistic on their prices. The analyst says that these are among the altcoin projects with the highest potential in the bear market. When we look at the types of projects, various areas such as Layer-1, Layer-2, DeFi and Web3 draw attention. No one knows which cryptocurrencies will rise in the bear market, but the analysis gives us an idea.
When will the altcoin bear market end?
The altcoin market mostly follows the Bitcoin price. Therefore, BTC needs to rise in value for altcoins to rise in price. No one knows when the current BTC bear market will end. According to some analysts, it is almost over, while according to others, the bear market is just beginning. It can help investors to follow developments and analysts’ forecasts on this issue.
