AI-related cryptocurrencies enjoyed a remarkable surge in the first quarter of the year, riding on the coattails of the AI sector’s unprecedented growth, sparked by the revolutionary emergence of ChatGPT. Investors flocked to these tokens, enticed by the promise of cutting-edge technologies.
Nevertheless, the once fervent interest has dwindled rapidly in recent times, as weekly trading volumes now plummet to levels not seen since January, digital asset data provider Kaiko noted on July 27.
After handpicking a group of assets investors should steer clear of, Finbold now elected three cryptocurrencies that have the potential to reward investors in the near term, following a comprehensive analysis of the latest crypto market trends on July 28.
Bitcoin (BTC)
Bitcoin (BTC) is among the top crypto assets investors should consider adding to their portfolios ahead of a fresh bull cycle. While some may have expected to see some less-known, more exciting crypto tokens on this list, there is a reason why BTC is always at the center of attention.
If this next bull run materializes the way experts expect it to, Bitcoin will be leading the charge. This is because the recent rebound in crypto prices is largely thanks to the growing institutional interest in BTC as some of the biggest Wall Street firms are seemingly bullish on the world’s largest cryptocurrency.
Earlier this week, crypto market analyst Tony “The Bull” said that something “absolutely massive is coming” for Bitcoin, citing extremely tight Bollinger Bands (BB) on the cryptocurrency’s chart. In fact, he said 1W BBs were “the tightest in its entire existence.”
At the time of writing, Bitcoin’s price stood at $29,213, down 1.1% in the past 24 hours. The crypto asset lost 2% on a weekly basis and more than 3.6% on the month.
Chainlink (LINK)
As crypto market expert Michaël van de Poppe highlighted in his recent video, the crypto world needs Bitcoin to make blockchain-powered payments, while Ethereum (ETH) serves to acquire smart contracts in order to get a mortgage or some other type of deal.
But to achieve all of this, crypto users need oracles – third-party services that feed smart contracts with external data. In other words, these entities serve as bridges between the blockchain and the real world.
Having said that, crypto whales – individuals or entities that hold large amounts of cryptocurrency – have been accumulating their positions in the largest crypto oracle, Chainlink (LINK) recently, buying roughly 11 million tokens over the past month, which translates to about $77 million.
At press time, LINK was down 1.3% at $7.86. The cryptocurrency fell more than 3.5% over the past week, although its monthly gains remain strong at more than 30%.
In his more recent post, Poppe voiced his bullishness on Chainlink after the cryptocurrency’s recent retest of its support level at $7.5. In turn, LINK is now “ready for $10,” the analyst added.
Ethereum (ETH)
While its 2023 underperformance has likely failed to excite some in the crypto community, better days may be on the horizon for Ethereum (ETH), the world’s second-biggest cryptocurrency.
In fact, a panel of 29 finance specialists expects ETH to increase in price in the coming months, and end the year at $2.451, suggesting a potential upside of more than 30% from its current price level.
The experts also believe Ethereum could peak at around $2,700 this year, describing it as “the standout second choice investment for both the retail and institutional investor alike.”
Ethereum’s price was changing hands at $1,866 at the time of publication, down about 0.67% on the day.
The crypto token fell over 1.1% over the past week while gaining 0.2% on the monthly chart.
Year-to-date, however, Ethereum is up over 55%.
With the crypto market potentially entering a new bull cycle, investors are presented with an opportune moment to delve into thorough research and seek the best investment prospects.
As experts foresee a promising trajectory ahead, prudent decision-making during this period could prove rewarding for those navigating the world of cryptocurrencies.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
