Market Expert Highlights Top Coins To Watch As Ethereum (ETH) Reaches 22-Month High
2024年2月27日 - 11:00AM
NEWSBTC
Market expert Miles Deutscher has identified several key trends and
developments in the cryptocurrency market, particularly focusing on
the Ethereum (ETH) rally and its implications for Layer-2 (L2)
decentralized finance (DeFi) altcoins. Deutscher highlights
that ETH’s recent surge to a 22-month high of $3,130 has sparked
increased interest in L2/DeFi altcoins, presenting potential
opportunities for investors. Ethereum Price Strength Continues In a
recent post on social media X (formerly Twitter), Deutscher notes
that Ethereum continues to show strength, especially compared to
Bitcoin (BTC), which remains in a key consolidation phase at
$51,100. Holding above the significant psychological level of
$3,000, ETH’s bullish momentum is further fueled by reports of
Justin Sun, the founder of TRON, purchasing over $500 million worth
of ETH in recent days. Deutscher remains optimistic about ETH
and ETH-betas leading up to the proposed exchange-traded fund (ETF)
dates in May and the upcoming Dencun upgrade in March. There are
also potential indications of ETH/BTC breaking out, with investor
Andrew Kang actively increasing his ETH long position. Related
Reading: Solana Poised For Major Comeback – Analysts Spot Breach Of
$103 First, on his altcoins watchlist, Deutscher highlights the fee
switch proposal underway at Uniswap (UNI). This US-based
decentralized crypto exchange has seen notable price gains of over
37% in the past week, which could have significant implications for
the entire industry from a regulatory standpoint. Notably, the
analyst believes that this development could potentially trigger a
broader rotation into other DeFi 1.0 tokens such as Curve DAO
(CRV), Compound (COMP), Aave (AAVE), and Frax Share (FXS),
THORchain (RUNE), GMX, as investors seek to capitalize on the DeFi
landscape. Moving on to another altcoin that could see a price
spike, Deutscher suggests that this week’s anticipated launch of
Blast L2, founded by the same individual behind BLUR, presents an
opportunity for BLUR stakers to receive tokens from the airdrop and
potentially be further integrated into the ecosystem.
Deutscher suggests that BLUR provides an alternative way to gain
exposure to the Blast project, which has garnered bullish sentiment
from numerous funds and thought leaders. Following the positive
news surrounding Uniswap, DYDX has been on the rise, with the token
seeing a 7% increase in price over the last seven days. However,
Deutscher cautions that a significant unlock is expected this week,
which may tempt some recipients to sell, potentially causing a
temporary dip in price. Next in the spotlight, speculation
surrounding the upcoming launch of Aevo (AEVO), which will allow
developers to launch their protocols on its rollup and introduce an
incentive program, is growing and generating interest in Ribbon
Finance (RBN). Given these developments, Deutscher notes that the
prospect of pre-markets and IOU markets gaining “massive” attention
and the recent record $4 million in fees positions RBN within an
exciting narrative. Deutscher’s Insights Point To Promising Trends
Following Deutscher’s mention of COTI last week, the coin has seen
over 100% growth, breaking through key resistance levels. With the
launch of their new privacy-enhancing L2 coinciding with the
upcoming Ethereum Dencun upgrade, Deutscher notes that the protocol
is in a favorable position for further price growth in the market.
On the other end of the spectrum, Deutscher acknowledges the rapid
pace of market rotation and suggests keeping a close eye on
Artificial Intelligence (AI) coins, which, as reported by NewsBTC,
have seen significant gains with the hype surrounding AI projects
such as Worldcoin (WLD). Related Reading: XRP Price Soars: Analyst
Predicts Surge Beyond $200 Finally, with signs of life emerging
over the weekend, according to the analyst, Rollbit Coin’s (RLB)
burn mechanics position it as a leader in the “Rev Share/Real
Yield” narrative. With the market potentially entering an
“explosive bull run,” Deutscher believes the casino/gambling
narrative could gain traction, benefiting projects like Rollbit,
which has also seen gains of over 7% in the past 24 hours. Featured
image from Shutterstock, chart from TradingView.com
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