Cryptocurrency provides the best return on investment compared to any form of regular investment. The US market is growing at an average of 2-3 percent per year. Banks offer a 1 percent rate of interest on capital. Blockchain based tokens on the other hand give 11-15 percent return on investment, which is significant, considering the effects of compounding. With Bitcoin’s growth stalling, let us look at some growing altcoin projects which are here to stay.
The price of Ethereum Classic has recovered after falling to a multi-month low in March. It rose to an intraday high of over $44 as the altcoin season continues. As a result, its total market cap has grown to $5.8 billion, making it the 28th largest coin in the world. It is not the only altcoin to have recovered. Elrond’s price rose over 12% in the past 24 hours and 30% in the past seven days. IoTeX, EOS, Ave, and Xido Finance are some of the other altcoins doing well.
ETC, IoTex & Other Altcoin Prices Predicted to Go Up as Ethereum Merger Approaches
Even after the Federal Reserve’s hawkish interest rate decision, altcoins like Ethereum Classic and IoTeX are soaring. To combat rising inflation, the Fed hiked interest rates by 0.25% last week. The dot plot showed that officials expect to raise interest rates six more times this year.
Jerome Powell reiterated on Monday that the Fed will be more aggressive this year. In fact, he even hinted that he would support a rate hike of 50 basis points in the upcoming meeting. It is possible that this will be the Fed’s most hawkish period in a long time.
The Fed’s statements should be negative for stocks and cryptocurrencies, theoretically. A likely reason for the sell-off is that investors sold the rumours of a hawkish Fed and are now buying reality. The price of Ethereum Classic is also rising because analysts believe it has become extremely cheap. With Ethereum’s merger approaching, it is likely that most ETH miners will move to ETC mining instead.
Ethereum Classic Coin MACD Rises as Prices Predicted to Rise Further
On the four-hour chart, we can see that the ETC price has been in a strong bullish trend for the past few days. Along the way, the coin moved above the key resistance levels of $31.50 and $37.5. These were the coin’s high points in February. During the same period, the coin moved above the 25-day and 50-day moving averages, while the MACD rose. It is therefore likely that the Ethereum Classic price will continue to rise as bulls target the key resistance at $50. Then it is expected to experience a pullback due to profit-taking.
Elrond EGLD/USD Token 4H Charts Show Signs of Bottoming
My previous Elrond price prediction pointed out that the coin will likely keep rising, with the next target being $185. As a result of this forecast, the coin is now just a dollar below that level. The 25-day and 50-day moving averages are supporting the 4H chart and there are signs of bottoming. Thus, the coin will likely extend its rally as buyers target the resistance at $200.
EOS Bullish Trend Continues With 10 % Rise Despite “Ghost Chain” Status in The Crypto Community
Due to the emptiness of its ecosystem, I consider EOS to be a ghost chain.
Even so, its price has risen by over 10% in the past 24 hours, not leaving it behind in this altcoin rally. The coin is also above the short-term and long-term moving averages on the four-hour chart. Furthermore, it has crossed the important resistance level of $2.30. In the near future, the bullish trend is also likely to continue.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
