Contrary to the adverse macroeconomic figures, the cryptocurrency market has held up well, with alternative coins (altcoins) demonstrating considerable resilience. Ethereum, a leading altcoin, has notably pushed its annual high higher, showcasing a healthy market. Meanwhile, altcoins with smaller market capitalizations have experienced even more rapid price climbs, hinting at an upbeat market sentiment.
Loopring’s Remarkable Market Recovery
Loopring (LRC), which is listed on the Binance exchange, has seen a significant rally, surging to $0.197 since October 20, 2023. Despite a substantial pullback after a 121% price jump within 70 days, the coin is on the mend following Bitcoin’s recent correction, with its value bouncing back from a low of $0.208 to $0.265. Should LRC consolidate support around $0.264, targets of $0.29, $0.318, and potentially $0.3575 are in sight for investors.
Ethereum’s Bullish Trajectory Continues
Ethereum, the preeminent altcoin, currently trades at $2,931. Its surge past the previous struggle point of $1,900 is partly attributed to Exchange-Traded Fund (ETF) applications. Market optimism is buoyed by anticipated spot Ethereum ETF decisions in May and the upcoming Dencun network update. The hard fork is poised to slash layer2 transaction fees by 90%, fueling investor enthusiasm and potentially enabling Ethereum to compete more effectively with low-cost blockchain networks like Solana.
Moreover, Ethereum’s network enhancements, coupled with the forthcoming ETF decisions and the allure of ETH staking for ETF investors, lay a robust groundwork for a continued rally. Over the past three weeks, Ethereum’s price has soared by around 30%, with the next goals set at $3,182, $3,586, and finally $4,108, as indicated by the strong weekly chart performance.
ONDO Coin Hits New Highs
ONDO Coin has achieved its anticipated all-time high, touching $0.34. If it can maintain $0.32 as a support level, the coin could climb to new highs near $0.5. While setting a precise target is challenging, a drop to support levels of $0.28 and $0.25 is possible if it falls below the current threshold. Presently, ONDO Coin’s price stands at $0.338, reflecting the dynamic nature of crypto markets.