The crypto market is attempting a recovery following the United States’ tentative deal to avoid a catastrophic debt default. As well as Bitcoin, selected altcoins are showing signs of short-term up-moves. However, sustaining the rally at higher levels may prove difficult for the bulls. After the debt ceiling deal, traders are expected to focus on the Federal Reserve’s rate hikes. The hot Personal Consumption Expenditures data on 26 May increased the likelihood of a rate hike at the Fed’s June meeting. Selected altcoins that could jump include XRP, Arbitrum, EOS Token and Aave.
This article originally appeared on cointelegraph.com
Bitcoin has made an impressive comeback over the past week to reclaim $28,000 after a few weeks of volatility, and experts agree that this could be good news for other cryptocurrencies as well. The recent bullish trend in the market has prompted analysts to begin eyeing other digital tokens, such as ARB, XRP, EOS, and AAVE, to see if they will follow Bitcoin’s lead and experience a rise in value over the coming weeks.
According to recent reports, Bitcoin has surged nearly 25% in the past week, bringing its total market capitalization to more than $500 billion. This sudden bullish trend is due in part to increased institutional adoption of Bitcoin, which is seen as a hedge against inflation and other economic uncertainties. As more businesses and financial institutions invest in Bitcoin, demand for the cryptocurrency has skyrocketed, leading to higher prices.
But what does this sudden surge mean for other cryptocurrencies in the market?
Analysts predict that ARB, XRP, EOS, and AAVE could be the next digital currencies to experience a rise in value. ARB, for example, has already seen a 300% increase in value since November 2020, and experts believe that this trend will continue as more businesses begin to adopt blockchain technology.
XRP, on the other hand, has had a rocky start to the year, with the US Securities and Exchange Commission filing a lawsuit against Ripple Labs, the company behind XRP. This has caused the value of XRP to plummet, but analysts suggest that there may be some hope for the cryptocurrency in the long run, especially as Ripple Labs fights against the lawsuit.
EOS and AAVE are also two cryptocurrencies to keep an eye on. EOS is a decentralized platform that allows developers to build decentralized applications (dApps), while AAVE is a decentralized lending platform that uses smart contract technology to allow users to borrow and lend cryptocurrencies without the need for a central authority. Both cryptocurrencies offer unique value propositions within the blockchain space, which could make them attractive to investors as the market continues to grow.
Overall, the recent surge in Bitcoin’s value is a positive sign for the entire cryptocurrency market. As Bitcoin continues to gain more mainstream adoption, it’s likely that other cryptocurrencies will follow suit. While ARB, XRP, EOS, and AAVE all have their own unique challenges and opportunities, they could all benefit from the growing interest in digital currencies. Whether or not they will experience a surge in value remains to be seen, but it’s clear that the future of cryptocurrencies is bright.
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