Bulls seem to no longer have any control over the Bitcoin (BTC) price they have been facing again great difficulty to break the resistance fixed at US$ 38 thousand.
In addition, the recent decision by the FMOC, in the US, to increase interest rates had a strong impact on the crypto asset market and made cryptocurrencies lose over $100 billion within minutes.
For Art LangleyCOO of Swapzone, the decision of the American regulator was a disastrous one for the crypto-assets market and this should impact the performance of Bitcoin throughout the entire month.
“We are less than a week away from May, but all majors, including Bitcoin cryptocurrencies, have seen double-digit losses. Will BTC continue to fall in May? According to data from May 6, BTC is down around 10%, marking a bad day in an even worse month; unfortunately, the rest of May is unlikely to be kind to BTC; the Federal Reserve’s decision to raise rates has rocked the markets, and inflation is set to continue to spiral, which is why We think the price of BTC will likely continue to fall in May,” he said.
Also sharing Langley’s opinion is Tammy Da Costa, an analyst at DailyFX. She points out that the correlation between cryptocurrency and stocks was discussed extensively afterwards. that Bitcoin and Nasdaq100 showed a higher positive correlation than initially expected.
“While Bitcoin, Ethereum and the ‘older’ cryptocurrencies have seemed quite susceptible to these issues so far, I believe that interest rate hikes are likely to jeopardize short-term profit potential,” he pointed out.
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However, faced with a scenario of uncertainty in the cryptocurrency market Art Langley points out that traders and investors should turn their eyes to altcoins because while Bitcoin may face difficulties to see its value increase in May, altcoins offer opportunities for traders watch your movements.
In view of this, he points out 5 cryptocurrencies that he believes can circumvent Bitcoin’s fall and present a substantial rise in the month and the first cryptocurrency on the CCO list is Ethereum, the second largest cryptocurrency on the market.
Langley justifies his opinion by claiming that Ethereum is advancing very strongly in its change from Proof-of-work (‘PoW) to Proof-of-Stake (PoS) and this will certainly impact the price of ETH.
“You can still keep an eye on ETH despite its recent dip due to the network’s upcoming switch to Proof-of-Stake, known as Ethereum 2.0. If the switch goes smoothly, ETH could hit new all-time highs “, he highlighted.
Another cryptocurrency on the analyst’s list is Terra (LUNA) which is trading 35% below its all-time high. However, he believes that due to its secure asset connection through its native UST stablecoin, it is a strong bear market play.
“And that’s why Swapzone sees LUNA recovering from its current trend and outperforming the overall altcoin market,” he pointed out.
Third the analyst points to Solana (SOL), often referred to as the ‘Ethereum killer’ and which is currently trading nearly 70% below its all-time high.
“But here at Swapzone we believe that Solana developers continue to improve the network, increasing the threat to Ethereum’s Layer 1 dominance,” he said.
Already in fourth position, the expert falls to Cardano (ADA) cryptocurrency that was the great sensation in the first half of last year and then fell into oblivion, involved in its difficulty to promote Daaps and DeFi applications as robust as those built on Ethereum.
“ADA might also be added to your watchlist, as Cardano is right there with Solana in terms of Tier 1 potential, and ADA is trading 75% below its all-time high, making it a potential ‘fat cow. ‘ for those who want to make money in the long term,” he said.
Finally, the analyst points to Tron (TRX) which has risen more than 30% in the last month, making it one of the few tokens on the market that has resisted the general bearish sentiment.
“Tron is booming with the launch of its native stablecoin (USDD), and we at Swapzone hope that this positive sentiment continues as it did with Luna and UST.”
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