There are extraordinary developments in the world of Bitcoin and altcoins. China is being put in the center for the next bull run. Well, which cryptocurrencies are likely to explode in this case. We researched for you.
Explosion situation for 3 Altcoins
June 1 is approaching. That’s why Hong Kong and Chinese investors are looking forward to legally trading cryptocurrencies once again. Ultimately, this has an impact on the cryptocurrency market. So far, Chinese coins have led the way in earnings. Here are the three most popular Chinese tokens that are likely to rally if the uptrend continues. First of all, altcoin Neo (NEO) has long been a favorite of Chinese investors. In this context, it is often referred to as the “Chinese Ethereum”. Cryptocurrency is among the leading coins in the region. Therefore, it is not surprising that investors are back on the agenda as they will start trading cryptocurrencies in Hong Kong on June 1. NEO gained attention with a 14% increase last week. On the other hand, it experienced increases approaching 4% in the previous day. However, there is still a long way to go before starting trading. Therefore, NEO may be a good choice for investors who want to take advantage of the new bull rally led by Chinese investors.
Another altcoin is Conflux (CFX). CFX is one of the best Chinese coins that traders should consider during this time. Conflux is a blockchain company based in China. The company’s token CFX has been very successful this year. However, the drop in the price of the coin over the past month has not deterred investors. Also, as the Chinese narrative gained ground, so did the token. Just like NEO, its price increased by 9.96% last week. As a result, it once again pushed its price above $0.32. The trading volume of the cryptocurrency also exceeded $117 million in a 24-hour period. This shows that the altcoin was invested before June 1st.
Other cryptocurrency
The third and final altcoin is VeChain (VET). VET is one of the oldest blockchains in the field, founded in 2015, the same year as Ethereum. While VeChain has not grown as much as Ethereum, it has not remained stagnant either. It has also become one of the leading Chinese coins. Accordingly, this makes it an excellent candidate for those who want to capitalize on the current narrative.
While VET hasn’t performed as well as others on this list, it’s still bullish, gaining 5.58% last week. There is also a modest 1.67% rise on the 24-hour chart. But the last two days on the way to June 1st. Therefore, the hot sentiment continues for the altcoin. If the trend continues, VET could be looking to break the $0.03 resistance before the week ends.
China and the cryptocurrency space
China banned cryptocurrencies in 2021, when the price of Bitcoin rose to $60,000. This move triggered a crash in the market where Bitcoin soon recovered. However, it has resulted in Chinese investors not being able to adequately participate in a market they previously dominated. Until Hong Kong makes a move. The country has passed a new law that will allow Bitcoin and altcoin exchanges to offer services to investors. Ultimately, this made it possible for investors to participate in the market once again. This gives investors in China a way to trade cryptocurrencies without worrying about breaking the law.
cryptocoin.com As we mentioned, the law will enter into force on June 1, that is, less than two days later. As this date approaches, a study by Forex Suggest showed that Hong Kong is the most crypto-ready country in the world. However, it is not yet clear how this event will result in the Bitcoin and altcoin market.
