The crypto market is continuously changing, but during the past few days, the most important coins have been looking great.
Now, crypto trader Michaël van de Poppe analyzes some altcoins that he thinks are set to take off in August.
Top three altcoins to watch in August
It’s been revealed that in a new video, Van de Poppe says that scalable blockchain network Elrond (EGLD) is finding solid support in its Bitcoin pair (EGLD/BTC) at 0.0018 BTC and could reach between 0.007 BTC to 0.008 BTC ($278-$317) on the next leg up.
Van de Poppe’s EGLD/BTC prediction represents potential gains of over 344%, as the online publication, the Daily Hodl notes.
The next project that the analyst is talking about is the decentralized artificial intelligence tool Fetch.ai (FET), which Van de Poppe says will likely continue its bullish pattern in the next month against Bitcoin.
He said that FET is printing a bullish higher low setup at 0.000005, which could ignite a rally to resistance at 0.000027 BTC ($1.07) – this would mark an increase of 440%.
The third project that the analyst mentions is Ethereum compatible layer-2 solution Skale Network, which is forming a bullish divergence against Bitcoin (SKL/BTC), according to Van de Poppe.
“If SKL/BTC can print a higher low at 0.0000067 BTC or $0.27, the crypto strategist predicts a bullish ascent to resistances at 0.0000081 BTC ($0.31) and 0.00001 BTC ($0.40),” he believes according to the online publication the Daily Hodl.
Make sure to check out the video above in order to learn more details about the coins that the trader and analyst believe we should be watching during this month.
Regarding Bitcoin, it’s also important to note that the king coin continues to make headlines these days. PlanB analyst just dropped a pretty interesting tweet about Bitcoin’s realized cap.
#bitcoin realized cap is rising again! Realized cap is the average price at which all 18.77M BTC were last transacted (calculated over all utxo's). Also, the few sellers at the moment sell at a profit (not a loss like in May and June). IMO this is bullish. pic.twitter.com/q3mhSZ19oH— PlanB (@100trillionUSD) August 1, 2021
Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000
As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.
In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.
“As an investment, I think Ethereum has the most upside.”
Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.
“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”
Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.
Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.
Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.
Altcoin Designed To Enable Bitcoin Smart Contracts Has Surged by More Than 60% This Week
One Bitcoin-native altcoin shot up more than 60% this week as BTC continues its ascent towards $60,000.
The altcoin is Stacks (STX), a blockchain protocol that’s bringing smart contract capability to the Bitcoin network.
A recent update from the Stacks newsletter shares that non-fungible tokens (NFTs) built on Bitcoin have been exploding in the past week and that several NFT projects had successfully launched on Stacks.
In light of Stacks’ growing NFT market, the STX token soared from its sub-$1.40 price tag to a local high of $2.43 in the past week. STX is currently down slightly from its top and trading at $2.16, according to CoinGecko.
With a market cap of $2.2 billion, the token’s ascent moved STX up to the 67th spot among top cryptocurrencies.
In July, crypto intelligence firm Messari reported that Stacks was listed as one of the more popular holdings among crypto hedge funds and venture capital firms, with nine different firms holding the crypto asset.
As for Bitcoin, the top crypto asset is still running hot and currently trading at $57,872, up 31% in October.
Analytics Firm Issues Altcoin Warning, Says Crypto Asset That’s Surged 393,000% Year-to-Date Is Likely Overheated
Blockchain analytics platform Santiment says that a memecoin which has soared by nearly 400% over the past seven days could be due for a correction.
Santiment points out that the number of Shiba Inu’s (SHIB) active deposits is “extremely high,” which suggests a possible reversal in the future.
“Yellow flags starting here. Extremely high active deposits are suggesting that it’s probably a top forming.”
The crypto analytics firm says that even though SHIB inflow to exchanges is “not very high,” it nevertheless hints that a reversal could be imminent.
“It’s not very high, we would expect to see much higher. But still it’s suggesting the same, probably a top forming.”
Santiment also says that profit-taking by SHIB traders is low, an indication that traders are betting on the price of the memecoin surging even higher. The firm warns that markets often “punish” this kind of overconfidence.
“…potential profit-taking from Shiba is still relatively low, not a whole lot… yet.
We would notice that higher price tops are built on lower profit-taking spikes. This could potentially indicate that traders are becoming too confident on price action, like ‘no need to sell, it’s going to pump more.’ Market tends to punish this sort of confidence.”
Shiba Inu is trading at $0.000034 at time of writing, according to CoinGecko. Since the start of the year when the memecoin was priced at $0.000000000077, SHIB has surged by over 440,000%. SHIB is currently ranked 12th by market cap.