The recent actions of the U.S. Federal Reserve and the nation’s banking turmoil are paving the way for a bullish sentiment for the crypto market. As the Cryptoverse is bracing for a bull market, the optimistic trend might boost the momentum for altcoins. As per analysts, set to dominate in April 2023 are Arbitrum, XRP, dYdX, Polygon, and Ethereum.
Arbitrum (ARB)
Whales have reportedly accumulated 13,310,000 Arbitrum (ARB) tokens worth $17.54 million after ARB‘s record-breaking airdrop. Among ARB’s top five recent whale transactions as reported by Lookonchain is a trade of 3,700 Ethereum worth $6.79 million for 4.94 million ARB tokens.
Sharing the details, Lookonchain tweeted:
https://twitter.com/lookonchain/status/1639111212096167937
An Ethereum scaling altcoin, ARB has even made it to the top 40 most valuable cryptocurrencies lately. As per its market cap, ARB is the 38th largest digital asset, per CoinGecko (CG) data. ARB tokens worth $2.5 billion changed hands on March 24, as per Dune Analytics.
With a CG Market Cap Rank (MCR) of 37, ARB, at press time, is trading at $1.33, up +9.6%. ARB’s all-time high (ATH) peak, per CoinGecko, is $8.67, from which level its price is down -84.70%.
Ripple (XRP)
Ripple’s (XRP) market cap (MCAP), at press time, is $27,578,214,865, and it is trading at $0.536819, down -2.5%, per CoinGecko. While the U.S. Securities and Exchange Commission (SEC) reportedly sees XRP as a security, Ripple maintains XRP is a currency.
The XRP-SEC legal tussle is nearing its culmination, which, if in XRP’s favor, might zoom it to a record high price peak. XRP’s ATH as on CoinGecko is $3.40 (peaking on January 7, 2018), from which it is down -84.29% at press time.
Notably, XRP’s trading volume soared to billions of dollars on South Korean cryptocurrency exchanges. While on UpBit XRP’s trading volume was 18% (against the USD), on Bithumb it was 37% (against Korean Won), and on Korbit 50% (against Korean Won), per CG and CoinMarketCap (CMC) data.
dYdX
The U.S. CFTC-led probing faced lately by Binance might benefit the decentralized exchanges, such as dYdX, per analysts. dYdX is a decentralized exchange platform allowing buying and selling of cryptocurrencies via a peer-to-peer (P2P) network.
With a CG MCR of #117, dYdX’s current MCAP is $372,072,925, with an ATH price peak of $27.86. dYdX is down -91.42% from its ATH. Reportedly, the dYdX exchange has recently announced a departure from Ethereum. Bracing to embrace a blockchain led by Cosmos, dYdX is set to launch a private V4 testnet.
Polygon (MATIC)
The founder of Cardano, Charles Hoskinson, recently expressed his appreciation of the launch of Polygon’s zkEVM. With Vitalik Buterin executing the first ever Polygon zkEVM transaction, Polygon co-founder Sandeep Nailwal tweeted:
https://twitter.com/sandeepnailwal/status/1640363226973065218
Buterin’s first ever transaction was directed towards a decentralized finance protocol, 0vix. MATIC’s ATH price peak as per CoinGecko is $2.92, with a MCR of #10, and a MCAP to the tune of $9,916,449,884, at press time. MATIC is currently trading at $1.09, down 2.5%. A $1.30 price resistance in a bull market might be incoming for MATIC, per analysts.
Ethereum (ETH)
The biggest altcoin of the Cryptoverse, Ethereum’s (ETH) current MCAP is $214,631,097,323, and it is trading at $1,781.02, down 1.4%, per CG. With an ATH of $4,878, ETH is down -63.51% from that price level.
ETH is 411,049.32% up from its all-time low (ATL) of $0.432979, CoinGecko data shows. Ethereum reportedly claims over 17% of all the existing (over 20,000) cryptocurrency assets. The Shanghai update is soon approaching, which could potentially soar ETH’s price to the $2,000 mark with the bulls.
