Even though Bitcoin's price action showed a slight recovery of over 3% in the last 24 hours, analysts forecast a slight drop in Bitcoin's price and predict a significant rebound in altcoin valuations in the next few moves.
According to information disclosed in the Cronista news portal, it has been stated that "While Bitcoin stabilizes, alternative cryptocurrencies are catching investors' eyes. The exponential growth of decentralized finance (DeFi), continued advances in the scalability of blockchains and the increasing use of smart contracts are key factors that are expected to drive a significant rebound in altcoins."
On the other hand, it was also mentioned that "Against this backdrop, analysts expect several altcoins to reach a market capitalization of USD 5 billion, which is an all-time high in valuation"
To say the 2 cryptocurrencies that will reach the largest market capitalization in May, "Render has once again reached a critical price level, now standing at USD 10.77, attracting investors' attention. After touching a low of USD 7, Render has shown a remarkable recovery, registering an increase of 50.79% in the last 7 days and exhibiting solid upward momentum."
Now, it is predicted that the second secondary cryptocurrency would be the largest market capitalization in May will be Hedera which "uses the Hashgraph consensus technology, which offers faster transactions and enhanced security. It recently processed more than 50 billion transactions, demonstrating its capability and growing confidence in its platform"
SOURCES CONSULTED
Cronista. Goodbye Bitcoin: two cryptocurrencies to reach a capitalization of USD 5 billion in May. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cronista
