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If Bitcoin rebounds, Terra Classic and ApeCoin have a hype element.
Key Point:
Glassnode shows that Bitcoin chain analysis is bottomed out or very close.
Bitcoin tends to uplift the entire market with it every time it recovers. This means that potential altcoins may be at the bottom.
In this environment, Terra Classic and ApeCoin may be one of the top cryptocurrencies to buy today.
Bitcoin is the biggest move in the crypto market, and the market tends to follow where it goes. In essence, the latest news about Bitcoin could be a good reason for investors to start shopping to buy undervalued altcoin now.
According to Bitcoin analysis by Glassnode, Bitcoin has bottomed out or is very close to it. Glassnode data show that long-term investors are not selling cryptocurrencies, despite an average loss of 33%. This shows that whales are expecting BTC to rebound from $ 20,000 or soon. It doesn’t matter if there is another shakedown.
From an altcoin perspective, this is good news. This is because altcoin is trading at significantly lower prices, and if Bitcoin rebounds, investors seeking a higher ROI will take advantage of the ultra-low altcoin price.
In this environment, some altcoins stand out as high potential purchases in the short to medium term. Among them are:
Terra Classic (LUNC) stands out as one of the top cryptocurrencies to buy if Bitcoin rebounds and boosts the entire market. That’s because LUNC has attracted many speculators and many expect it to recover significantly from its current price after the blunder that saw it go to near zero.
The speculative wave around Terra Classic is driven by a large number of tokens that investors are willing to burn to support prices. For the past week, Terra Classic has been one of the best performing cryptocurrencies in the Top 100. This shows that Terra Classic can be very rewarding for investors if the market as a whole recovers.
ApeCoin (APE) hit the market with a lot of hype in the first quarter. Unfortunately, a strong bear wave across the market has caused ApeCoin to fall sharply from its recent highs.
However, there is one obvious thing. That is, there is still some hype about NFTs. For example, this week the Cyberpunk NFT sold for $ 2.6 million. As these high-profile sales regain momentum, demand for the most popular and boring ape yacht NFTs could also skyrocket. The same can cause the ApeCoin price renaissance.
On top of that, Bitcoin can uplift the entire market and it’s not hard to understand why ApeCoin has a bright future both in the short and medium term.
