Against the backdrop of Bitcoin’s strong price growth, which has increased by 15.8% over the past period, surpassing $30k, it is worth noting that thanks to this surge, the market situation is quite positive, with a majority of coins in the green. Therefore, I believe that now is the perfect time to invest in something worthwhile. Allow me to present five altcoins this July that, in my opinion, deserve mention in this article.
Top 5 altcoins to invest in July 2023
1. Ethereum (ETH). Market Cap $231 billion
Ethereum (ETH) is not regarded as a security by the SEC and numerous analysts. This asset continues to be highly favored by developers due to its versatility, primarily attributed to its smart contracts that autonomously execute based on predetermined conditions.
Ethereum has significantly increased in price. Just a year ago, the asset was priced at around $1,100, whereas now it stands at $1,933 at press time. Even observing the recent dynamics, the price continues to rise. According to analysts from the Changelly blog, ETH will reach its peak in 2023 at around $2,474 per token and end the year at $2,184 per unit.
Trading Ethereum Strategies
- Gain insight into the factors influencing ETH price fluctuations. Multiple approaches exist for evaluating the price dynamics of a particular cryptocurrency, and the resulting price assessments can vary depending on the chosen analytical model and the significance assigned to specific market conditions.
- Take into account the seasonal patterns. Ethereum (ETH) exhibits distinct months during which its performance is strong, as well as periods when it underperforms. Notably, September, June, and March are the months in which it tends to perform poorly, suggesting that these periods might present favorable buying opportunities for investors.
Related Reading: Top 5 Trending Cryptos in the Market Right Now: A Closer Look at the Crypto Market
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2. Cardano (ADA). Market Cap
Cardano has proven itself as a project with incredible potential that traders engage with to make profits. Built on peer-reviewed academic research, Cardano has gained many investors’ support over the years.
The Cardano (ADA) market cap from CoinMarketCap
Although the asset’s price is lower compared to the previous year ($0.45 in 2022), we can see it slowly gaining value. Currently, Cardano is priced at $0.29. According to analysts from Changelly Blog, the price of Cardano could reach $0.349 by the end of 2023, with a minimum predicted value of $0.190.
Trading Cardano Strategies
- Short-term investing. You have the opportunity to take either a long position, anticipating an increase in ADA price, or a short position, anticipating a decrease. This approach represents a form of short-term investment, as CFDs are typically used for trading in shorter timeframes.
- Hedging. Sell an equal amount of perpetual or inverse ADA contracts to hedge your ADA risks, protecting yourself from losses in case of a price decrease.
Also Read: Exploring the Potential of Cardano as a Long-Term Investment
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3. WhiteBIT Token (WBT). Market Cap $767 million
WhiteBIT Token is the native token of the WhiteBIT crypto exchange, launched in August of last year. It has maintained a stable price range of $4–5. The exchange’s team recently announced plans to launch their own Mainnet, generating significant interest within the crypto community. Many users have already had the opportunity to assess it through the Testnet.
Whitebit token market cap from CoinGecko
In the past week, WBT has grown by 6.47% and is currently valued at $5.36. Despite being a relatively young asset in the market, analysts from Ambcrypto believe that WBT may reach $8.92 by 2024, with the asset’s price expected to continue steadily rising.
Trading WhiteBIT Token Strategies
- Short-term strategies. Short-term traders place their cryptocurrencies for a brief period, which can range from a few minutes to a few hours or days. This trading strategy is particularly effective for coins with micro capitalization. Short-term strategies provide traders with the opportunity to generate quick profits within a short timeframe while safeguarding themselves against potential losses.
- Balanced portfolio strategy. The volatile nature of cryptocurrencies can significantly impact your financial situation. This strategy involves allocating equal amounts of investment across various cryptocurrencies.
You May Like This: WhiteBIT Testnet Network Guide
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4. Ripple (XRP). Market Cap $25 billion
In 2012, David Schwartz, Jed McCaleb, and Arthur Britto launched the XRP Ledger with its native currency XRP, as a faster and more energy-efficient alternative to the Bitcoin blockchain. In the transition from 2017 to 2018, XRP experienced a staggering jump, briefly becoming the second-largest cryptocurrency by market capitalization after Bitcoin. Although its price started declining afterward, investors still have hope for the future of this asset.
XRP’s price has increased significantly recently. In the past month, XRP’s price has risen by 6.27%, adding a substantial average amount of $0.03 to its current value. This sudden growth indicates that the coin could become a solid asset if it continues to rise. According to analysts from Changelly Blog, XRP’s price could exceed $0.6 by the end of the year.
Trading Ripple Strategies
- Short-term trading. Traders using short-term trading often rely on a range of technical analysis indicators including Bollinger Bands, Ichimoku, moving averages, RSI, and others. These indicators serve the purpose of identifying trends, gauging momentum, and identifying potential reversals in trends.
- Strategy, “Bollinger Band’s Strategy”. This strategy involves initiating long positions when the price closes below the lower Bollinger Band and subsequently rises to close above it. Conversely, the opposite rule can be applied to initiate short positions. The results of these signals are displayed in the table below, with special emphasis on the highlighted regions.
Read This: Ripple’s Annual Report Suggests a Positive Future for Cryptocurrency
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5. Solana (SOL). Market Cap $7 billion
Sometimes, new trends are old ones rediscovered. Solana is one of those assets that never goes out of style, but instead gains popularity, especially in recent years. Solana’s impressive growth has attracted many investors, who have also discovered the project’s high usability and incredible functionality (consider the NFT boom that many experienced in 2022).
The price Solana (SOL) from CoinMarketCap
Solana’s price has shown strong growth over the past week, going from $16 to $19. Although the asset’s value has dropped by 1.94% in the last 24 hours, I believe that the growth is not over, and According to analysts from Changelly Blog, we can expect Solana to exceed $20 by the end of this year.
Trading Solana Strategies
- Estimate how much Solana you will need. Let’s assume you have $1000, and you intend to use it to purchase Solana. The amount of SOL you will receive will vary depending on the current price. For example, at a price of $177 per Solana unit, you would be able to acquire 5.6 SOL. If we look at Solana’s recent pullbacks, we can observe impressive movements in September.
- Purchase During a Pullback. Pullbacks or declines in price occur in markets due to various factors. For instance, the market may exhibit bearish sentiment or induce panic among investors.
Conclusion
Against the backdrop of Bitcoin’s strong price growth, the overall market sentiment is positive, with many coins experiencing gains. Here are five altcoins worth considering in July:
Ethereum (ETH): With its versatility and smart contract capabilities, Ethereum has gained significant popularity among developers. The price of Ethereum has been steadily rising, making it a potential long-term investment option.
Cardano (ADA): Built on extensive research, Cardano has attracted investor support. Although its price is lower than the previous year, it shows signs of gradual value appreciation, making it an intriguing choice.
WhiteBIT Token (WBT): As the native token of the WhiteBIT exchange, WBT has maintained a stable price range. The upcoming launch of their Mainnet has generated interest, and the token’s price is expected to continue rising.
Ripple (XRP): Despite experiencing price fluctuations, Ripple’s native currency XRP has shown recent growth. With positive market dynamics, XRP could become a solid asset, potentially surpassing $0.6 by year-end.
Solana (SOL): Solana’s popularity has been on the rise due to its usability and functionality, particularly within the NFT space. While Solana has experienced recent growth, there is potential for further gains in the coming months.
It’s important to note that investing in cryptocurrencies carries inherent risks, and it’s essential to conduct thorough research and consider your risk tolerance before making any investment decisions. Additionally, always use reputable cryptocurrency exchanges and platforms to ensure the security of your investments.
*Disclaimer: This price analysis article is for informational purposes only and should not be considered financial or investment advice. While we strive to provide accurate and objective information, market conditions are subject to change without prior notice. Always conduct your own research before making any financial decisions.
