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The cryptocurrency market is rebounding, with Bitcoin leading the recovery, and several altcoins indicating improvement, with the potential for substantial gains in December.
This positive outlook is due to several factors, including the expectation of a favorable Federal Reserve interest rate decision, the potential approval of a spot Bitcoin ETF, and growing institutional interest in digital assets.
Bitcoin is trading near $42,000, nearing its highest level since April 2022. Altcoins, referring to cryptocurrencies other than Bitcoin, are also recovering. Ethereum, the second-largest cryptocurrency, is trading around $2,200.
Top 3 altcoins to buy during a Bitcoin rally
In this guide, we will analyze the best cryptocurrencies to buy now, covering a wide range of projects to suit both short and long-term investors, just like Bitcoin and Ethereum.
TerraClassicUSD (USTC)
The spotlight is on TerraClassicUSD (USTC), and many are questioning whether it can make a comeback and hit $1. Despite doubts about its legitimacy and it being somewhat of a meme coin, there are reasons to believe in its potential.
To understand USTC’s future, we need to look at its market cap. The current market cap is $506 million, and for it to reach $1, it needs to be just under $9 billion. While this might sound like a big jump, it’s possible, considering USTC’s historical market cap of $18 billion.
The tokens saw most of their gains earlier this week following an announcement from Binance. The exchange, currently in a legal battle with the US government, introduced perpetual contracts for USTC with up to 50x leverage.
This led to a massive increase in USTC price to above $0.07 on November 27. Besides the Binance announcement, several factors contributed to the recent surge in USTC’s price. As of December 5, 2023, USTC is trading at $0.055, down 12.47% in the past 24 hours.
The token’s market capitalization is $500 million, with a circulating supply of 8.9 billion USTC. Various factors impact USTC’s price movements, including overall cryptocurrency market sentiment, Terra Classic-related news and events, the adoption and development of the Terra Classic blockchain, and potential regulatory changes.
Despite recent price fluctuations, USTC’s long-term outlook is promising. The Terra Classic community actively participates in governance discussions, and the project team continues to enhance the blockchain. USTC is expected to trade between $0.050 and $0.064 in December.
Analysts predict that USTC could reach $0.112 by 2025, indicating potential growth in the years ahead. Visit our guide to the best altcoins to buy now for 2023 here.
Terra Classic (LUNC)
Terra Luna Classic is the second altcoin making waves. The price of Terra Classic (LUNC) has been soaring recently, outperforming nearly every other cryptocurrency in the last month. Its price has surged over 260% in the past 30 days, bringing its market cap back over $1.4 billion.
While it may not reach its all-time high of $119, there’s still an anticipated significant surge, making it an altcoin worth keeping an eye on. As the coin continues to outperform, the chances of it reaching its previous all-time high market cap become more likely.
After the Terra collapse in 2022, the LUNC price crashed completely, dropping from above $100 to less than $0. As of December 5, 2023, LUNC is trading at $0.00024, up a remarkable 86% since breaking out at its key resistance level of $0.00012 in November.
The token’s market capitalization is $1.4 billion, with a circulating supply of 5.83 trillion LUNC. Several factors have contributed to LUNC’s impressive comeback, including the successful implementation of the Terra Classic Revival Plan. This plan introduced token burning mechanisms and a new community governance structure.
👀 over 456 millions $LUNC burned so far , there's still a whole day left 👀🔥🔥🔥🔥
More coming ………#LUNC #LunaClassic #LuncBurn #LuncBurnArmy #LuncArmy #Terra_army pic.twitter.com/zTD1wBXULa— Terra Luna army ™🦈 (@terra_army) December 4, 2023
Analysts predict a 65.19% price increase for LUNC before December 31. This movement would be twice the growth experienced by LUNC in November and is likely to be well received by the Terra Classic community.
The recent increase in LUNC’s price may reflect positive developments surrounding the cryptocurrency. This includes ongoing efforts to improve the Terra Classic ecosystem’s functionality and security with new features and upgrades.
LUNC’s appeal goes beyond its price surge; it has also attracted growing investor interest. There has been a 30% increase in LUNC’s 24-hour trading volume, reaching $1.25 billion. The growing adoption by investors and users interested in Terra Classic could positively contribute to the ecosystem.
FTX Token (FTT)
FTT, associated with FTX Token, is the third altcoin in focus. This contentious cryptocurrency has seen a substantial surge, leaping from $1.39 to nearly $5 in just six weeks, boasting a 24-hour trading volume of $245 million.
FTT’s recent surge indicates the potential for a fivefold increase from its all-time low. While uncertainties surround the circulating supply, its upward trajectory suggests it’s a cryptocurrency worth closely monitoring.
As of December 5, 2023, FTT is trading at $4.42, reflecting a significant 284% rise in the past 30 days. It experienced a 9.55% drop in the past 24 hours but is up by 4.94% in the past week. Its market capitalization stands at $1.42 billion, with a circulating supply of 328.89 million FTT.
Two key factors drive FTT’s recent price surge. Firstly, speculation about the potential relaunch of the collapsed FTX exchange fuels demand for FTT. Rumors sparked by comments from SEC chair Gary Gensler, emphasizing lawful operation, suggest a relaunch under new leadership to rebuild trust.
Secondly, FTT received a boost after FTX’s bankruptcy estate gained court approval to sell trust assets valued at around $873 million, including shares in Grayscale and Bitwise crypto funds.
The approval to liquidate these holdings is viewed positively as it aids in repaying creditors from FTX’s 2022 collapse, boosting investor sentiment around FTT. These catalysts significantly contribute to FTT’s ongoing price rally.
Despite FTT’s value still being 93% below its 2021 all-time high, the recent surge in trading volume and price indicates growing interest from some optimistic investors. Analysts predict FTT to trade between $4.50 and $5.50 in the remaining months of 2023, with a long-term price projection of $8.50 by 2025.
If you’re looking for other investment opportunities, check out our list of the top crypto ICOs to consider.
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- Terra Classic Price Prediction: LUNC Coin Surges 17%, But Crypto Whales are Stacking This Lesser Known Coin Instead – Here’s Why
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