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Bitcoin (BTC) recently reached a new record high of $77,000. However, the blockchain analytics platform Lookonchain suggests that this bull cycle may not have reached its peak.
Lookonchain shared that its analysis of Bitcoin’s potential price trajectory relies on five specific indicators. Each metric assesses Bitcoin’s current market position and forecasts a possible upward movement. Meanwhile, altcoins are also experiencing positive price trends. Here are the best altcoins to watch today for those looking to capitalize on the current market optimism.
6 Best Altcoins To Watch Today
NEAR is trading well above its 200-day simple moving average, indicating high liquidity and strong positive sentiment among investors. Currently, Polygon’s price stands at 0.376413, reflecting a 1.45% rise over the past 24 hours. MultiversX (EGLD) has seen a notable increase, now priced at 29.44, after gaining 10.10% in the last day. ORDI is trading at 37.76, showing a 7.92% rise within the same period, and market sentiment surrounding ORDI remains favorable.
In other news, Pepe Unchained recently reached $25.5 million in its initial coin offering (ICO), capturing investor attention, particularly from those interested in meme coins. Analysts also suggest that Bitcoin could be on a path to reach $100,000 following Trump’s election victory.
1. NEAR Protocol (NEAR)
NEAR Protocol and Socket have introduced the Chain Abstraction Framework for Consumer Apps to simplify interactions across blockchains. This new framework aims to bring a user-friendly experience to Web3 applications, making them feel more like traditional Web2 apps.
The framework addresses some of the major challenges of on-chain activity. Today, users must manage multiple wallets, pay high gas fees, and track fragmented assets across different chains. The new framework allows users to access a unified balance and make seamless transactions.
The future is abstracted.
Introducing the Chain Abstraction Framework, powered by NEAR and @SocketProtocol.
Now you can build consumer apps that just work, no chains attached. https://t.co/4zrLJCy4Wm
— NEAR Protocol (@NEARProtocol) November 8, 2024
NEAR Protocol’s recent performance reflects growing market interest. Currently priced at 4.43, NEAR has risen 4.93% in the last 24 hours. NEAR trades significantly above its 200-day simple moving average and shows high liquidity and strong investor sentiment. The Fear & Greed Index scores 69, indicating positive market conditions.
2. Polygon (MATIC)
Magic Labs has recently announced a wallet solution and cross-chain smart contract wallet for the AggLayer. By collaborating with Polygon Labs, Magic Labs aims to support Newton’s goal of simplifying user and developer access to applications and liquidity across crypto networks.
This partnership allows Magic Labs to offer developers a range of tools designed to streamline building on the Newton network. These features are intended to enhance the accessibility of cross-chain development and encourage broader adoption of the Newton platform.
AggLayer’s road to mainnet:
the version of the AggLayer that supports connecting to any EVM chain will be live in early December
AggLayer v0.2 supports the tooling for integrating existing EVM chains using the pessimistic proof, a novel ZK proof that ensures safety & is…
— Polygon (※,※) (@0xPolygon) November 7, 2024
Today, Polygon’s price is $0.376413, up 1.45% over the last 24 hours. The sentiment around its price trend remains neutral, though the Fear & Greed Index shows a reading of 69, indicating some optimism.
3. MultiversX (EGLD)
MultiversX (EGLD) is priced at 29.44, showing a 10.10% increase in the last 24 hours. Market sentiment appears bullish, with the Fear & Greed Index at 69, indicating a “Greed” phase among investors. This upward trend marks a gain over its original token sale price, while the token also demonstrates high liquidity relative to its market cap.
Projections suggest a potential price rise of 31.52%, bringing MultiversX to around 38.11 by December 9, 2024. While technical indicators reflect a neutral sentiment, the Fear & Greed Index reinforces the prevailing level of interest.
Bridging community building and large-scale decision-making with on-chain governance.@PeerMeHQ simplifies DAO creation and management with intuitive, powerful and flexible tools.
To open the fastest lane for any organization towards web3 on MultiversX.https://t.co/OGyJ8khdtT
— Multiversᕽ (@MultiversX) November 8, 2024
In the last month, MultiversX experienced green days on 47% of trading days, paired with price volatility of 6.11%. These factors suggest that EGLD could present a favorable buying opportunity for those interested in its growth potential.
4. ORDI (ORDI)
ORDI is priced at 37.76, showing a 7.92% increase over the past 24 hours. Market sentiment around ORDI remains optimistic. This is supported by a Fear & Greed Index score of 69, which indicates a market leaning toward greed.
Over the last year, ORDI has seen substantial growth, with its price rising by 76%. It has also outperformed 56% of the top 100 cryptocurrencies in this period. Presently, ORDI is trading well above its 200-day simple moving average of 13.55.
Forecasts for November suggest ORDI may continue on its upward path, with the potential to reach 74.00. Based on last month’s market performance, the expected price range lies between 37.60 and 126.86. If ORDI reaches this forecasted range, investors buying at current prices could see a potential ROI of 236.26%.
5. Pepe Unchained ($PEPU)
Pepe Unchained has recently hit the $25.5 million mark in its ICO, attracting interest from investors, particularly within the meme coin community. This fundraising milestone reflects the coin’s appeal, fueled by unique features that continue to draw substantial attention from large investors. For example, following recent political events, one notable investor purchased $86,000 worth of PEPU on November 6th, suggesting strong confidence in the coin’s future.
Market conditions also appear favorable for meme coins, especially as recent shifts like the Federal Reserve’s 25 basis points rate cut and Chair Jerome Powell’s dovish comments have generated optimism in the crypto sector. The sentiment is further supported by notable growth in other new meme coins, like Goatseus Maximus and First Neiro on Ethereum. For Pepe Unchained, these conditions might create the environment for substantial gains.
As of today, the top 5 meme coins launched on competitor launchpads have a cumulative market cap of over $1 Billion.
That means YOU could not only launch and run your own coin. But profit massively from its success.
— Pepe Unchained (@pepe_unchained) November 6, 2024
Pepe Unchained may stand out in the meme coin space with its relatively low market cap and some degree of utility. Some analysts are cautiously optimistic about its potential, with influencers like Crypto Nitro, who has 146k YouTube subscribers, suggesting it could be one to watch in the upcoming market cycle. Another crypto influencer, KIFS Crypto, has reportedly invested in the PEPU presale, projecting returns of up to 100x, though such outcomes remain speculative.
Pepe Unchained is priced at $0.01239 and is anticipated to increase on Sunday. Interested buyers can access the presale on the project’s website, where an OTC widget facilitates purchases.
6. BNB (BNB)
Binance Coin (BNB) has recently seen positive momentum, with a current price of 624.63, reflecting a 4.73% increase over the last 24 hours. Over the past year, BNB’s value has surged by 148%, performing better than Bitcoin and Ethereum. It has outperformed 70% of the top 100 crypto assets, showing robust growth within the competitive cryptocurrency landscape.
Its position relative to key technical indicators may be a significant factor behind this performance. BNB trades 16.80% above its 200-day Simple Moving Average (SMA) of 535.67. This position suggests an overall bullish trend, supported by the market sentiment reflected in the Fear & Greed Index, which currently shows a “Greed” rating of 69.
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— BNB Chain (@BNBCHAIN) November 7, 2024
Adding to the positive trend, BNB has recorded 15 green days within the last 30 days. This consistent performance underlines its resilience and strong standing in the market, offering optimism for its potential going forward.
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