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After just a few green days on the chart, the crypto market is back on a bearish trend. This follows the information that the Federal Reserve could also be making an attempt to increaseinterest rates. If the latest fee hikes cannot be helped, it is clear that the market is starting to anticipate and price rate hikesa lot sooner.
Review of vital cryptography show Bitcoin becoming illiquid. The data collected showed that 76% of all Bitcoins equipped are at present illiquid. Which means that only some large orders on the exchange could cause a major value surge.
This can be a double-edged sword, as it stands, Bitcoin could very easily test either extreme price point. It could dip to the low $10,000 or climb back into the high $40,000. A massive support have already been shown around the $20k mark, so it is quite possible that it’llskyrocket.
With the potential for such a surge, it might be time to buy altcoins, which have been known to followBitcoin lead.
Twoaltcoins likely to ride the Bitcoin trends are:
ETH stands out as one that could follow trend if Bitcoin recovers. Ethereum (ETH) is in the midst of it’s very own big news, and is primed for an up-swing.
Recently, an Ethereum merge was completed on the testnet with great success. It was announced that the merge would happen by September, during the recent EthCC, taking Ethereum to the next level with the aim of becoming the most secure and most scalable blockchain ever created.
Meme coins have been known to do quite well during market rebounds. One of the well-known and best performing altcoins, Shiba Inu (SHIB) is also setting itself up to ride a market rebound.
The Shiba Inu team recently introduced a Visa card that burns SHIB. A smart and effective concept, holders will burn SHIB every time they make payments. Which means a decline in aggregated supply accelerated by actual utilization.
