Many cryptocurrencies are proving to be resilient in the face of the FTX trauma, with some top altcoins like Ethereum (up 2.20%) and Ripple (up 5.17%) recording gains in the past 24 hours. Meanwhile, Bitcoin continues to hover around $16,500 after hitting a new two-year low of $15,480 earlier this week. Another top altcoin, BNB is also in the green, up around 1% in the past day and holding its gains of 11%+ over the past week.
Why Some Altcoins Are Rallying
The relative resilience of some altcoins could be due to a combination of factors, including lower-than-expected inflation in October, a Fed pivot on interest rates, and publicly expressed bullish sentiment from investors such as Ark Invest founder, CEO, and CIO Cathie Wood, and MicroStrategy chairman Michael Saylor. Wood has continued to express optimism regarding the future price potential of Bitcoin and other digital assets despite the FTX fiasco.
JUST IN: Cathie Wood tells Bloomberg she thinks #Bitcoin will be worth $1,000,000 by 2030 pic.twitter.com/o0G1tptwaD
— Bitcoin Magazine (@BitcoinMagazine) November 22, 2022
Saylor, meanwhile, has argued that the FTX crash could actually benefit Bitcoin due to its decentralized nature, which eliminates the need for intermediaries and trust-based relationships like centralized exchanges.
“It means you don’t have to trust the FTXs of the world,” Saylor explained to Fox Business’ ‘Making Money with Charles Payne‘ on Nov. 22. “So yeah, I am a big believer because I believe that although crypto in this case may have been the problem, bitcoin is still the solution.”
The performance of many altcoins suggests that there may even be underlying demand for digital assets as investors seek out alternative investments amid a turbulent macroeconomic environment. Additionally, with jurisdictions across the world beginning to adopt regulatory frameworks towards cryptocurrencies, some investors may be betting that digital assets could continue to gain mainstream acceptance.
Crypto investors may wish to be cautious in the current market, but there may be room for further gains if macroeconomic conditions hold steady. One strategy would be to bottom fish and look for investment opportunities in crypto assets that have been undervalued due to the FTX crash. One could imagine Ethereum and BNB, for example, rebounding intensely in the event of a market rally.
I really think so, and I’m not trying to be overly bullish here – we’ve a pivot in the narrative from central banks, increasing M2 (that’s super important for #crypto), and the FTX collapse likely accelerated policy in #crypto – all very bullish for fwd looking assets#Saitama pic.twitter.com/fw4KeR0KYN
— SaitamaUniverse, CFA (@SaitamaUniverse) November 22, 2022
Overall, while the FTX debacle has had a huge impact on the cryptocurrency market, some top altcoins have managed to find support despite the turmoil and have continued to bounce back today. With further developments in regulation, investor sentiment, and macroeconomic conditions likely to affect prices going forward, it remains to be seen how these currencies will perform in the future if macroeconomic conditions risk worsening and FTX fallout uncertainties in the greater crypto markets continue.
Top Cryptocurrencies to Buy
It would be wise for investors to hedge their bets with alternative assets such as ground-floor altcoin projects currently in presale such as Dash 2 Trade (D2T), RobotEra (TARO), and IMPT.
Dash 2 Trade (D2T)
Dash 2 Trade is an innovative social trading and crypto analytics platform that helps investors make informed investment decisions.
Some features of Dash 2 Trade include:
- Trading signals with buy/sell opportunities in the market,
- Social sentiment and on-chain analysis to spot trending coins,
- Strategy builder and social trading tools for easy trading and strategy adoption,
- Bespoke scoring system to participate in crypto presales,
- Crypto listing alerts to get new listings announcements benefits, Trading competitions for subscribers.
The D2T token is the fuel that powers the Dash 2 Trade ecosystem. It is a tax-free ERC-20 token that will launch on the Ethereum network. The D2T token gives users access to crypto on-chain analytics, signals, and social trading features — everything needed to take advantage of opportunities in the market.
Due for launch in Q1 2023, D2T has raised nearly $7 million so far. The project has announced listings on BitMart and LBANK Exchange at the start of 2023.
RobotEra (TARO)
As the name might suggest, RobotEra is a futuristic robot-themed game following an immersive metaverse concept where individuals can buy and own virtual real estate and purchase and build in-game assets tied to NFTs. In the RobotEra Metaverse, individuals are free to come up with their self-made games and experiences, which are supported by the TARO token.
1 TARO is currently $0.020 USDT (purchased using USDT or ETH), but this will increase to $0.025 in stage 2 of the presale starting soon.
IMPT
Simply put, IMPT.io is a project designed to help fight climate change. It does this by letting users earn carbon credits by shopping at over 10,000 different retailers who then contribute a percentage of sales to carbon capturing projects. In addition, users will also be able to keep track of their impact and progress with a global score and receive IMPT points for various activities on the platform.
IMPT.io is a great way for individuals and businesses alike to make a positive contribution towards climate change and work towards achieving our collective goal of reducing emissions and protecting our planet.
Since its sale began in October, IMPT has raised over $13.1 million, with 1 IMPT currently sold for $0.023.
IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st