The case for altcoins and memes as Bitcoin faces potential correction | Wilnesh News
As Bitcoin slowly approaches $100,000 this week, the cryptocurrency market saw a shift towards other cryptocurrencies or “altcoins” on Thursday after current SEC Chairman Gary Gensler announced his resignation. In a sharp turn, the commission’s regulation is enforced. There are thousands of altcoins on the crypto market that are smaller, cheaper, younger, and less complex than blue-chip Bitcoin. Rob Ginsberg of Wolfe Research said that Bitcoin has benefited from the rally of the flagship coin this year, hitting new records and is poised to continue rising, while Bitcoin is in overbought territory approaching $100,000. “While we’re by no means trying to convince you to put your 401k into a currency like Dogecoin, it’s still fascinating to see the sixth-largest cryptocurrency by market capitalization rise 270% in three months,” he wrote in a note. Surprised. “This is not alone… cryptocurrencies have rallied across the board in recent weeks. Relatively speaking, cryptocurrencies will certainly continue to outperform stocks as we enter year 25.” DOGE.CM = 1 Million Dogecoins Having been one of the biggest winners of Trump 2.0, Bitcoin may soon face a correction. Galaxy Digital CEO Mike Novogratz warned on CNBC’s “Squawk Box” on Thursday that “there’s a lot of leverage in the system right now…The cryptocurrency community has reached the limit of leverage, so there will be a correction.” Wolf’s Gold Sberg said Bitcoin’s breakout higher “has brought prices into deeply overbought territory.” However, he was more optimistic, adding that during previous swings of this magnitude, Bitcoin “historically has either entered a period of consolidation or ignored overbought conditions as investors rushed in.” Today, Bitcoin is in a category of its own, but altcoins cover a variety of use cases and projects: Ethereum and Solana represent the smart contract world of cryptocurrencies. Tokens associated with Uniswap and Cardano are one way to express interest in decentralized finance. There is also a whole cultural sector, including apps for games, art and music – think non-fungible tokens (NFTs). If President-elect Donald Trump’s incoming administration makes good on its pro-crypto stance, any of these industries could benefit more than Bitcoin. From a regulatory perspective, flagship cryptocurrencies have long since eliminated risks, while other cryptocurrencies have not. The riskiest businesses at the far end of the risk spectrum are meme coins like Dogecoin, whose trading surged after the election. Adjusted for market capitalization, Meme Coin has three to four times the trading activity of Bitcoin and Ethereum, making it a lucrative product for those new to the market who feel they are missing out on Bitcoin. Historically, they have been a measure of retail interest and risk appetite in cryptocurrencies, despite most warnings about them. “I urge long-term investors not to put too much emphasis on memecoin activity – it’s easy come, easy go,” said Bitwise Asset Management analyst Ryan Rasmussen. “In the long term, there are few winners in the memecoin market. And with thousands of tokens being issued every day, choosing a specific meme coin is like buying a lottery ticket,” said Zach Pandl, director of research at Grasycale Investments, although they are purely speculative and may lack any intrinsic value. is part of internet culture and reflects the origins, culture and permissionless nature of the cryptocurrency industry. “One of the great things about cryptocurrency is that anyone can contribute — there are no institutions or gatekeepers holding people back from participating in the market — so we get some serious, brilliant ideas, and we also get some relatively cool ideas. Yan’s thoughts. “That being said, I don’t think Dogecoin is going anywhere. Investors should be very cautious when approaching meme coins and know that the potential risks are much greater than other crypto assets, but we should Expect Dogecoin to Become Part of Crypto Assets’ Bread and Butter? The popularity of meme coins in the crypto bull market could be a boon for the election, says Robin Needham analyst John Todaro. Later, the trading volume of the top five meme tokens by market capitalization hit a daily high of $70 billion, more than double the peak before March 2024, but he did not disclose the names of these tokens, the largest of which is on Robinhood. Listed with revenue of $45 billion. HOOD has held 1 million Robinhood shares in the past month. “We expect the coming retail-oriented cryptocurrency bull market to be beneficial for HOOD, as the company has a track record of successful launches in meme stocks,” he said. “While meme stocks such as Gamestop and AMC only account for a small part of the stock market, meme coins account for a larger share of the cryptocurrency market and account for a huge share of trading volume.” He said that Robinhood currently offers the best trading With three of the top five meme coins active, he expects the company to add two more and possibly more in the future. Robinhood supports 19 cryptocurrencies, while Coinbase supports more than 200 cryptocurrencies. He added: “We expect HOOD to be able to list meme coins early and successfully list assets that retail traders find attractive — a strategy we view as HOOD’s ‘bread and butter.’” —CNBC’s Michael Bloom contributed reporting.
