7 Best Altcoins to Invest in Right Now January 03 – Maker, Celo, GMX

General

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When exploring crypto investments, the appeal of altcoins often stands out. Beyond the well-known coins, these alternative tokens offer opportunities for investors to diversify their portfolios or examine the waves of innovation. 

However, discerning the best altcoins to invest in becomes a quest for potential gems. Hence, Insidebitcoins helps investors streamline this search by curating a list of the best altcoins to buy.

7 Best Altcoins to Invest in Right Now

The NFT sales volume on Solana outpaced Ethereum in December 2023, reflecting a shift in the market dynamics. Data from CryptoSlam revealed that Solana recorded approximately $366.5 million in NFT sales. This means it surpassed Ethereum’s sales, which totaled $353.2 million during the same period.

Reviewing the data while excluding wash trades, Solana’s sales retained strength at $366.5 million. As such, it closely approached its previous peak of $373.5 million in October 2021. In contrast, Ethereum’s sales remained relatively consistent, with December figures aligning closely with November’s sales of $350 million.

1. Maker (MKR)

Recent data from Lookonchain has revealed an accumulation of Maker (MKR) tokens in the past week. The tokens totaled approximately $18.6 million across three new wallets. These buyers withdrew MKR tokens from Binance, opting for self-custody, indicating a strategic move. 

MKR Price Chart (2)

Hence, this move suggests a long-term investment stance anticipating potential price surges. Furthermore, this accumulation trend observed just before the close of 2023 could signal bullish inclinations for MKR heading into 2024. 

Meanwhile, Maker’s price predictions lean towards optimism, coinciding with a Fear & Greed Index reading of 70. This indicates a prevailing sentiment of greed in the market. Notably, the strategic accumulation of MKR and the withdrawal from an exchange in favor of self-custody align with projections hinting at a potentially positive trajectory for MKR in 2024. 

2. Theta Network (THETA)

The recent market analysis of Theta Network’s token price suggests an ongoing uptrend. This indicates further upward movement with the possibility of new highs. Over the past week, there has been an approximate 11% increase in THETA’s value, coinciding with the formation of a bullish pattern.

THETA Price Chart (1)

Moreover, market observations indicate a dominance of bullish sentiment. This prediction is notably evident in the $1.00 price point defense, highlighting buyer presence at lower levels. 

In addition, the overall trend of the token remains upward, consistently maintaining positions above both the 50-day and 200-day EMAs. Notably, the token’s price recently found support near the $1.200 mark, demonstrating an upward rebound from this level. This reinforces the ongoing upward trajectory of the token’s value.

3. GMX (GMX)

A recent analysis highlights GMX, the native token of a decentralized exchange (DEX), indicating potential bullish movement on its weekly chart. The assessment identifies an inverse head and shoulders pattern, a commonly perceived bullish indicator in technical analysis.

GMX Price Chart

This assessment suggests the possibility of a significant rally, potentially nearing a 90% increase in value for GMX. The condition for this surge hinged on GMX, surpassing its immediate resistance level, positioned at $56.26. If breached successfully, this resistance level could pave the way for a price target of around $106. 

Hence, this signifies adherence to the measure rule linked with inverse head and shoulder patterns. At the time of the report, GMX is trading at $62.46, having already surpassed the mentioned resistance level. This development indicates an upward shift in buyer expectations, showcasing willingness to engage at higher price points.

4. Threshold (T)

Threshold Network recently introduced the tBTC SDK Bounty Program. This move signifies a strategic push to incentivize inventive uses of the SDK within blockchain app development, integrating Bitcoin seamlessly. Developed by the Keep Network team, this TypeScript library simplifies Bitcoin integration into blockchain applications. 

T Price Chart

While aligned with Ethereum, the SDK aims to expand its reach to Base, Solana, and other chains. Threshold’s project offers adaptability across diverse blockchain environments, spanning Bitcoin and Ethereum mainnet or testnet. Moreover, it accommodates varying project needs, from basic monitoring to intricate transactions.

Analyzing the Threshold Network Token (T) from a market perspective reveals notable price fluctuations. Market sentiment leans bullish for the Token’s price prediction, with the Fear & Greed Index at 70 (Greed), reflecting heightened market sentiment.

Over the past year, the Token has witnessed a significant 75% price surge, consistently trading above the 200-day simple moving average. In the last 30 days, 15 green days were observed, constituting 50% of the period, indicating a favorable market trend.

5. PancakeSwap (CAKE)

The CAKE token has seen notable price action recently. After a slow start, it took a bullish turn, surging by 2.19% intraday. This surge hints at a possible morning star pattern forming at a key support level, suggesting a potential uptrend.

CAKE Price Chart

Based on this pattern, analysts predict a move beyond the $4 mark in early 2024. However, concerns linger due to the surge’s lack of strong volume support. Following sideways movement, CAKE found support at the 78.60% Fibonacci level, leading to an upward bounce. 

Furthermore, a robust reversal pattern emerging at a critical demand base suggests an increased likelihood of an upward trend for PancakeSwap. This has piqued interest among sideline traders, sparking curiosity about this altcoin’s future movements.

6. Celo (CELO)

OKX Wallet and BaseSwap, an automated market maker (AMM) decentralized exchange on the Celo blockchain network, recently entered a partnership. This integration enables users of OKX Wallet to access advanced trading features. 

Celo Price Chart

Moreover, it allows users to earn yields directly within their wallet interface. BaseSwap is recognized for its efficient asset-swapping capabilities and the ability for users to earn yields by participating in liquidity pools. These DeFi functionalities are now extended to OKX users.

BaseSwap’s integration into the OKX Wallet allows users a simplified route for decentralized trading. In addition, it enables users to yield generation without the hassle of managing multiple platforms. Moreover, this update caters to users seeking a more straightforward way to tap into DeFi capabilities within the convenience of their familiar wallet interface.

7. Sponge V2 ($SPONGE V2)

The Sponge V2 cryptocurrency has experienced significant growth since its inception, starting at a valuation of $1 million and reaching a peak market capitalization of over $100 million in 2023. Presently, it stands at $16 million, attracting a community of more than 11,500 holders.

A notable feature of Sponge V2 is its introduction of the Stake-to-Bridge model. This model aims to facilitate the transition for $SPONGE holders to V2 by incentivizing and retaining existing holders through staking mechanisms.

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Furthermore, the project’s roadmap includes plans for primary exchange listings, and it has gathered support from a community of 30,000 members. These developments position the $SPONGE V2 project for potential growth. As such, it has drawn interest from prospective investors exploring opportunities in the cryptocurrency market.

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