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- An anticipated altseason will be triggered by a reversal in Bitcoin dominance as investors distribute profits to promising altcoins.
- The upcoming final decision of some spot Ether ETFs in the United States will be a major trigger of the altcoin volatility.
The cryptocurrency industry has continued to trend on wobbly sentiments despite the approval of spot Bitcoin ETFs in the United States and Hong Kong. The total crypto market cap has slipped more than 10 percent in the past four weeks to about $2.24 trillion at the time of this report.
Nonetheless, crypto pundits believe most altcoins are in the last major dip before entering the parabolic phase of the macro bull run. Furthermore, the crypto industry tends to rise every time fear grips traders.
Top Altcoins to Double Capital Soon
Although the meme coin industry, led by Dogecoin (DOGE), is expected to lead in bullish sentiment this cycle, altcoins in layer one and layer two have immense uptrend potential. Notably, DOGE’s price has more than tripled from its bear market lows to trade around 15 cents on Wednesday, May 8, 2024.
The altcoin industry is in the early phase of the macro bull run following an impressive performance in the first quarter. Although the Bitcoin halving event has turned out to be a classic sell-the-news event, a notable Dogecoin investor, having obtained a sense of financial freedom, is now focused on some few potentially bullish altcoins.
Abritrum (ARB)
According to the established Dogecoin investor, Arbitrum (ARB), a top-tier Ethereum-based layer-two scaling solution, is on the cusp of a bullish breakout. Notably, ARB price against the US dollar in the four-hour time frame has been hovering near the simple 50-moving average.
The mid-cap altcoin, with a fully diluted valuation of around $10 billion, has been forming a descending triangle in the past few days after establishing a support level of around $1. With the four-hour Relative Strength Index (RSI) showing bullish divergence, ARB price could eventually break out.
However, it is prudent to wait for the altcoin to consistently close above $1.19 to confirm bullish momentum.
Aptos (APT)
Aptos (APT), a fast-growing layer one ecosystem backed by Coinbase and Multicoin Capital, has continued to fluctuate between $8.49 and $9.64 in the recent past. As with Arbitrum, APT price has shown early signs of reversal after undergoing a healthy correction in the recent past.
Optimism (OP)
Optimism (OP) is a top-tier Ethereum-based layer two solution with a vibrant web3 ecosystem. In the past week, OP price has surged more than 4 percent to trade around $2.67 at the time of this writing.
With the notable long-term bullish outlook for the Ethereum ecosystem, OP price is undeniably going to shine in the coming months, perhaps reaching at least $80 billion in market cap by next year.
Celestia (TIA)
Celestia (TIA), a proof-of-stake (PoS) secured modular blockchain backed by Coinbase, has experienced significant volatility in the recent past. The mid-cap altcoin, with an FDV of around $10 billion, has been hovering around $9.18 and $11.05. In case TIA bulls take over, the altcoin could rise as much as 338 percent in the near term, based on the weekly Fibonacci Extension.
