As per analyst Nicholas Merten, also known as Datadash, although Bitcoin is not currently at its peak, many altcoins are trading at discounted prices compared to their previous valuations. This presents a great opportunity to identify emerging players in the market.
Merten also pointed out that the total altcoin market cap, excluding the top 10 cryptocurrencies, has decreased from $325 billion to approximately $234 billion. This decline in market speculation suggests that weaker projects have been weeded out, paving the way for stronger projects to thrive. Here’s a breakdown of why these altcoins are worth monitoring:
Stacks – Leveraging Bitcoin’s Momentum
Stacks is a project that interacts with Bitcoin, enabling smart contracts and decentralized applications to operate on the Bitcoin network. As Bitcoin gains strength, Stacks stands to benefit. Historically, Stacks has experienced rapid price surges, and analysts anticipate potential gains of 130% to 250% from its current levels. While it may not reach previous highs, Stacks remains a solid choice for those bullish on Bitcoin’s trajectory.
Render – Tied to the AI Surge
Render is another altcoin closely associated with AI technology that has exhibited positive performance trends. With higher lows and approaching key resistance levels, Render could be propelled further by the overarching AI trend. This makes Render an attractive option for investors who believe in the potential of AI.
Fetch.AI – Midcap AI Project with Growth Potential
Fetch.AI is an AI-focused project that has outperformed many midcap altcoins recently. It proved to be a lucrative investment during the market downturn and still offers room for growth. For investors seeking exposure to AI-related assets, Fetch.AI presents a promising trading opportunity.
BitTensor – Emerging AI Contender
BitTensor is another AI project gaining momentum in the market. Despite being relatively lesser-known, it has experienced significant price surges recently and could potentially rise by 100% from its current levels. While there may be resistance along the way, BitTensor is worth monitoring for investors interested in strong performing assets.
Aleph Zero – Revolutionizing the Blockchain Landscape
Aleph Zero is an emerging Layer-1 blockchain project with the capability to challenge established networks like Ethereum and Solana. Its emphasis on privacy through zero-knowledge proofs sets it apart in the industry. With its newfound compatibility with Ethereum’s ecosystem, Aleph Zero is poised for sustained growth in the long term.
