Cryptocurrency prices have held steady in the past few weeks even as American stocks have retreated. As I wrote on Wednesday, the Russell 2,000 index has moved into a correction zone as it plunged by more than 12% from its peak. Other key ETFs like TLT, QQQ, and DIA have also crashed recently.
Bitcoin has been supported by the recent purchases by MicroStrategy (NASDAQ: MSTR) and the rising hopes that spot Bitcoin ETF will be approved. Further, as I have written before, it is quite surprising that Bitcoin has not plunged to zero as interest rates have moved from zero to 5.50%.
Therefore, there is a likelihood that we will see a new crypto bull run in the coming months. The key catalysts for this run will be the upcoming Bitcoin halving and Bitcoin spot ETF approval. Here are the top altcoins to buy if this happens.
Chainlink
Chainlink (LINK) is a crucial part of the blockchain industry. It is the biggest oracle in the industry, securing over $18 billion in the DeFi industry. Some of the assets it secures are AAVE, Compound, Venus, GMX, and Liquity. It has facilitated over $8 trillion in transactions over the years.
Most importantly, Chainlink is becoming a leading player in the tokenisation industry that is taking shape. It does that using its Cross-Chain Interoperablity Protocol (CCIP) technology. Along the way, Chainlink is now being used by key organisations like Swift Network, Nuon Finance, and ANZ Bank.
Chainlink has other use cases. Its technology provides solutions like proof–of-reserves and price feeds that are essential in a decentralised world. All this explains why LINK price has jumped by more than 30% from the lowest point in August.
Cardano
Cardano has lost its momentum and erased over $80 billion in market cap since 2021. ADA, its token, was trading at $0.2431 on Thursday, much lower than itsall-time high of $3. It is also hovering near the lowest level this year.
Despite all this, Cardano has made some progress in the DeFi industry. Data shows that Cardano has grown to become the 15th biggest chain in the DeFi industry with a total value locked (TVL) of over $181 million. In ADA terms, the TVL is sitting at an all-time high.
Cardano has achieved this without having large networks like Aave, Uniswap, and Compound in its network. Instead, the biggest dApps in its ecosystem are Minswap, Indigo, Liquid, and VyFinance. Therefore, there is a likelihood that Cardano will gain market share in the next bull run.
Filecoin
Like Cardano, Filecoin has lost the momentum during the last crypto bull run. Its price has crashed by more than 80% from its all-time high. A key fundamental challenge for Filecoin is that its storage network has not gained momentum over the years.
Recently, however, Filecoin has launched additional features that are helping the network. For example, they launched Filecoin Virtual Machine (FVM), which is gaining traction. The most recent data shows that FVM has gained a TVL of over $82 million, making it the 32nd biggest player in the industry.
Filecoin has also launched Filecoin Web Services (FWS) which aims to challenge other cloud networks like Amazon AWS and Microsoft Azure. Therefore, there is a likelihood that Fil price will do well in the next crypto bull run.
Other altcoins to consider are Tron, Litecoin, and Hedera Hashgraph. Tron is doing well, helped by JustLend while Hedera Hashgraph is gaining corporate customers. Litecoin could benefit if Bitcoin gets a spot ETF.
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