Will Bitcoin rebound or head for a major bull run?
There was a certain turnaround in the macro data last Friday, and the employment data was seriously below expectations. This shows two things. First, the data itself is really not good, the employment rate has dropped, and the economy has weakened. Second, the United States has raised its expectations and started to pave the way for the election. In short, liquidity will increase significantly in the period that follows, and we should expect new highs at any time.
Another signal is that last Friday, the US Bitcoin ETF saw another inflow, and the Grayscale ETF saw its first net inflow since its opening. The net inflows of several ETFs showed that the capital market is very optimistic about liquidity expectations for the future. This is the market's understanding of last Friday's data.
This inflow trend should continue when the U.S. stock market opens. The market is expected to remain strong unless new data is expected to deteriorate. After Bitcoin quickly rose last Friday, the fact that it has been able to hold up in the past two days shows that the market sell-off is not large, and this week's trend will most likely not be too bad.
3 Cryptocurrencies with a Chance of Exploding 100x in May!
1: STX
Stacks (STX) is a unique project in the world of cryptocurrency. It is not just another Altcoin; it is an alternative. It is a layer 2 blockchain that aims to bring smart contracts and decentralized applications (dApps) to the Bitcoin network.
Layer 2 solution for Bitcoin: Unlike traditional Altcoin that have their own blockchain, Stacks runs on top of the Bitcoin blockchain. This allows Stacks to leverage Bitcoin’s security and established network effects, but also comes with some limitations.
Smart Contracts and DApps on Bitcoin: The stack enables the creation of smart contracts and DApps on the Bitcoin network. This functionality, which is not available in the Bitcoin Core protocol, opens the door to innovative applications on a secure, decentralized platform.
Some things to consider about Stacks (STX):
Technical Complexity: The integration between Stacks and Bitcoin adds a layer of complexity compared to simpler blockchain platforms.
Limited functionality: Since Stacks is built on Bitcoin, it may not offer the same level of scalability and flexibility as some other smart contract platforms.
Competition: Stacks faces competition from other Layer 2 solutions and smart contract platforms vying for dominance in the blockchain space.
STX had been falling recently but rose slightly today. The broader crypto market is experiencing some volatility.
2: IMX
ImmutableX (IMX) solves a specific problem in the cryptocurrency space: the high gas fees and scalability limitations associated with non-fungible tokens (NFTs) on the Ethereum blockchain.
advantage:
Lower Gas Fees: Compared to the Ethereum mainnet, the Gas fees for minting and trading NFTs on ImmutableX are much lower. This makes NFTs more accessible to a wider range of users.
Faster Transactions: By processing transactions off-chain, ImmutableX significantly speeds up transaction times for NFT activities. This improves user experience and facilitates smoother NFT transactions.
Analogy: Think of the Ethereum mainnet for NFTs as a busy marketplace with long checkout lines (high gas fees) and slow service (slow transactions). ImmutableX is like a streamlined online marketplace for NFTs, offering fast checkout (low fees) and fast delivery (faster transactions), while still connecting to the main marketplace for browsing and selection.
Essentially, ImmutableX makes the process of creating, trading, and holding NFTs on the Ethereum blockchain faster, cheaper, and more scalable. This can benefit various stakeholders in the NFT ecosystem.
Some things to consider about ImmutableX (IMX):
Layer 2 Solutions: While ImmutableX offers benefits, it relies on the underlying security of the Ethereum blockchain.
Focus on NFTs: ImmutableX is primarily designed for the NFT market and its functionality may not be as extensive as some other Altcoin.
Emerging Technology: Layer-2 solutions are a relatively new concept in the blockchain space and ImmutableX is still under development.
IMX is seeing positive price gains today, but remains below its highs from earlier this year. The NFT market itself is experiencing some volatility.
3: SOL
Solana has retreated from its 2023 peak, when it surged more than 900% in value, but is still able to keep pace with Bitcoin through 2024. So far this year, Bitcoin is up 66%, while Solana is up 67%.
Much of this stems from Solana’s position as the “next Ethereum.” As Ark Invest’s Cathie Wood noted in November, Solana is essentially a cheaper, faster, and more efficient version of Ethereum. So, just as Ethereum was the best performing Altcoin during the last Bitcoin halving cycle, Solana has the potential to be the best performing Altcoin during the upcoming Bitcoin halving.
When you consider Solana’s sophisticated mobile crypto strategy, there’s a good chance that this cryptocurrency will stand out in the upcoming bull cycle. Unlike its competitors, Solana now offers a phone designed specifically for cryptocurrencies. This creates new prospects, including the possibility of gaining a larger share of the crypto gaming industry.
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