2024-02-19 21:02:00 ET
Cryptocurrencies have emerged as the best-performing assets in the financial market this year. Bitcoin is now sitting comfortably above $52,000 while the total market cap of all digital coins has jumped to over $2 trillion. Bitbot, an upcoming crypto token has raised thousands, as you can see here .
This trend may continue going on ahead of Bitcoin’s halving and Federal Reserve rate cuts. Here are two of the most popular cryptocurrencies to put on your radar in the coming weeks.
Bitbot
Bitbot has emerged as one of the fastest-growing cryptocurrencies in the industry. It is an upcoming blockchain company that aims to disrupt the Telegram bot market, which is used by millions of users from around the world.
The developers have built a bot that helps traders make effective decisions in the market. It is built by advanced technologies that helps to improve the performance and security of the trader. Some of its top features are its advanced security in that it is a non-custodial platform, wallet integration, and a referral program.
There are several reasons why Bitbot has raised over $625k from global traders. First, this token sale is happening at a time when the crypto industry is in a strong bull run. In most periods, token sales do well in such periods because investors anticipate strong returns when it finally goes public.
Second, there is a strong demand for new cryptocurrencies. Most recently, we have seen some of the newest tokens like Celestia and Heroes of Mavia do quite well as demand rose. As such, investors believe that the same will happen in Bitbot.
Third, unlike other cryptocurrencies, Bitbot has a strong utility, as you can read in this white paper . Its utility will come from the token powering the ecosystem, providing rewards and discounts to its users. Most importantly, it will be used for governance purposes as it becomes more decentralised.
Stellar Lumens (XLM)
Stellar Lumens (XLM) is another top crypto to watch in the coming weeks. As shown above, the XLM token has been left behind in the ongoing altcoin bull run. It was trading at $0.12 on Tuesday, a few points above this month’s low of $0.106.
On the daily chart, Stellar has moved slightly above the 50-day moving average. The Stochastic Oscillator has moved to the overbought point, signaling that it has a bullish momentum. The Percentage Price Oscillator (PPO) has moved above the neutral point.
There are signs that the Stellar price is now in the accumulation phase of the Wyckoff Method. This part is characterised by sideways movements and low volume. Therefore, there is a likelihood that it will have a bullish breakout in the coming weeks. If this happens, the next level to watch will be at $0.1382, its highest point in November and December last year.
Taken together, Stellar and Bitbot will likely do well in the near term. In this case, I suspect that Bitbot capital raise will cross the $700k milestone soon.
The post 2 cryptocurrencies to put on your radar: Bitbot, Stellar Lumens appeared first on Invezz
