In a remarkable turn of events, the crypto market has witnessed a big leap in the past week. Bitcoin which was originally below $65k has suddenly surged past $70k. In a similar vein, Ethereum is one of the top 5 cryptocurrencies that has seen significant price increases in recent times.
Other top cryptos that have recently joined the bullish train are Solana, KangaMoon, and Avalanche with each of these tokens witnessing a complete bulls dominance. Analysts project that this swift turnaround is one of the attributes of a bull market and the next few weeks could roll in more crypto bullishness.
Bitcoin Price Climbs the 70k Ladder. Is 100k Possible in 2024?
In less than a week, Bitcoin has jumped above $70k from its initial price of $68k. This represents a significant 15% increase in the past week and a combined year-to-date increase of 163%. Similarly, the Bitcoin market cap has raced past $1 trillion with the Bitcoin trading volume going up by 157% within the same time frame.
Zooming in on the key market indicators, Bitcoin is trading above the 200-day simple moving averages having overcome that of the 50-day SMA that is located at the $65k threshold. In the same vein, the Bitcoin token is moving up the ladder as regards its relative strength index (RSI). In the past week, the RSI value has moved from 64 and is currently gunning for 70.
Another key market indicator that makes Bitcoin a good crypto to buy is the moving average convergence divergence (MACD). This indicator is forming a pattern along the green lines indicating that the token may be heading for a bullish crossover. If this happens, then the Bitcoin token may push for the $85k threshold. However, if the token reverses, the Bitcoin price prediction could drop below $60k again.
Ethereum Price Moves Closer to $4k Within A Week
Another crypto that has soared in the past week is Ethereum. The number two cryptocurrency leads with an impressive weekly increase of 30% as the bulls continue to hold strong footholds. As the price increases, some whales are beginning to capitalize. For example, data from Lookonchain shows that a giant whale has deposited 15k ETH worth $46 million into an exchange, anticipating an increase in the coming months.
In terms of technical analysis, Ethereum market sentiments are bullish with market indicators such as simple moving average, exponential moving average, and the relative strength index all showcasing bullish identities. In addition, the Ethereum market cap has crossed the $450 billion threshold with the trading volume also increasing exponentially in the past week.
With about 90% of Ethereum holders profiting from this latest surge, data from IntoTheBockreveals that over $5 million $ETH has been acquired by 2.96 million within this short frame. By turning this current range to a support level, experts opined Ethereum price prediction could go higher, potentially retesting $4k in Q2.
KangaMoon Token Set For Historic Listing
KangaMoon (KANG) is the only new crypto that is on this best crypto list. While still in presale, the token has performed brilliantly, currently holding a vast ecosystem of more than 32,000. In the same vein, the platform has raised $6.9 million in presale funding with the active holders’ address nearing 10,000.
Furthermore, buyers of this token have made a 400% profit - pointing to the token growth potential. The platform combines two strong fundamentals in GameFI and SocialFi. By creating an immersive gaming atmosphere, KangaMoon revolutionizes the gaming niche, aiming to break into the play-to-earn industry that is projected to reach $8856.95 million in 2028.
The platform is also boosting its customer loyalty through a series of social tasks aimed at rewarding them. A massive 250 million free tokens have been earmarked for this assignment. A unique staking dApp has also been created for investors who may like to contribute to the pool and earn high APY. Currently, KangaMoon is at the bonus stage and the token is worth $0.025.
From the prediction of analysts, this token is expected to return a 1000% profit by the time of its listing at exchanges in the coming days. The token has already been confirmed for listing on BitMart with more CEX exchanges joining soon. With the token listed by the two giant aggregator platforms CoinGecko and CoinMarketCap, KANG remains one of the top crypto coins with a good chance of giving 100x return in the bull run.
Solana Price Points Towards Bullish Dominance
Solana has an ecosystem that could potentially rival Ethereum. With a solid footing in the decentralized finance sector, Solana has grown immensely, indicating a robust and efficient ecosystem. As for the Solana price, the token has a 19% increase on the monthly chart before moving up by 25% in the past week, making it one of the top crypto coins to invest in 2024.
With Solana's market cap about to hit $80 billion, the token is the 5th largest crypto in the market. A look at Solana trading charts reveals that the bulls are in complete control. With Ethereum moving up in the past week, Solana is weighing up for a huge rise. However, the next target for Solana will be to move up to the next resistance trendline situated at $200.
With Solana market indicators showing bullish trends, the token may be set for impressive performance in the coming months. Based on analysts' projections, the SOL price could climb to $200 within May, making it the best crypto investment.
Avalanche Coin Could Hit $70
Avalanche has experienced significant progress since launch with a year-to-date increase of 180%. Following the market bullish sentiments of the last week, Avalanche gained almost 30% with the Avalanche market cap nearing $16 billion. Ranked as the 11th biggest cryptocurrency with the largest market share, Avalanche is one of the top cryptos to buy with notable partnerships with big decentralized projects such as SushiSwap.
Over the past week, the Avalanche token has shown great potential to continue the bullish momentum. With the $41 resistance level approaching, Avalanche coin has a good chance of mounting a charge at the $50 threshold. If this happens, analysts are setting a target of $70 before the end of Q2. However, if the bear rebounds, the token may go down to $35.
Conclusion
With the crypto market rising after the bearish correction, investors should create a unique portfolio filled with quality additions. Aside from KangaMoon, which is a new entry, other tokens have developed into the biggest cryptocurrencies. Fueled by cutting-edge technologies and robust ecosystems, these tokens are capable of giving a maximum return. However, KangaMoon is a good crypto to buy for low-cap investors. With a market cap that is not up to hundreds of millions, the token has all the necessary attributes to grow to a billion-dollar market cap.
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