Here Are The Top Altcoins That Are Rebounding For The Month Of July 2021, According to BeInCrypto
In the recent video, crypto KOL Jessica Walker from popular channel BeInCrypto reveals the top 5 altcoins with technical potential to grow massively in July.
“One thing we will hint at is that in terms of investment-worthy altcoins, July 2021 does look very promising already. All five have one thing in common, they’ve all grown with double digits in the last week, but the story behind each of them is different”.
The first altcoin on the list is Solana (SOL). According to analyst Walker, the network has recently made two price-catalyst announcements.
The more recent one was the announcement that Pyth, a decentralized financial market data distribution network, has added LMAX Digital, an institutional exchange operator, as its data provider. LMAX Digital, which has recorded over $6.6 billion in cryptocurrency trading in one day, is the first exchange to join Pyth, a decentralized financial market data distribution network built on the super-fast Solana blockchain, which is backed by FTX chief Sam Bankman-Fried and Chicago-based Jump Trading, among others.
“Markets interpreted this as a sort of institutional approval of the Solana-backed project, and it pushed the price up on a down day for crypto”.
Another news is about the successful $314 million funding round led by Andreessen Horowitz, one of Silicon Valley’s most prominent venture-capital firms. This was complemented by Polychain Capital, a crypto hedge fund that also does VC-style investments.
According to the analyst, Solana became a “buy the dip” coin for a large percentage of traders last week. This is because it reached a resistance of $20 and bounced right back to $26 on the same day.
Internet Computer (ICP)
The next altcoin on BeInCrypto’s radar is Internet Computer (ICP). Unlike SafeMoon, Shiba Inu, and other new cryptocurrencies in 2021, Internet Computer has been in development for several years by some of the greatest minds in cryptography. As the crypto KOL says, Internet Computer is a bit unlucky as it launched its coin about a week before the crash.
However, the momentum it has in social media, as well as its mission and backers, have put it at the top of the recovering altcoins. It is also prominently backed by a16z and Polychain Capital.
In terms of price movement, the price seems to be breaking out on a four-hour chart, but it is still largely susceptible to what larger cryptos are doing. The trader hence advises to keep a close watch on the price movement.
“We’d still keep an eye on this one, as its wings don’t seem to have been broken after the 90% crash in its first weeks”, the trader advises.
Next on the list is Tron (TRX). The network has reached over five million daily active users, and this accumulation could be the reason for the 12% move in the last week. The project’s CEO, Justin Sun, also announced a couple of days ago that Tron is the fastest-growing public chain in the world.
“So there’s a lot going on here and there could be more sharp moves on the chart”.
As of the chart, Tron has been completely battered during the crypto crash, but this most recent jump caught our eye. This is because of a signal for a real rebound for the TRX token.
Shiba Inu (SHIB)
Fourth on the list is Shiba Inu (SHIB). The coin has grown 12% in the last seven days. This is the second most popular meme coin was in the news again last week when Elon Musk tweeted about his new Shiba dog called Floki. SHIB was created as a meme coin and can be called as an DOGE coins version on Ethereum. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies.
“This quickly prompted both the #Floki hashtag and that of #ShibaInu to trend on Twitter and across other social media, seen once again as an endorsement from him”.
At the time of the recording, the price seems to be at an inflection point, according to some analysts, but you have to expect wild swings with this one, just like with its bigger brother Dogecoin. On the more technical side, the community is waiting for the launch of Shibaswap, the community’s own decentralized exchange. There still isn’t a set date for that with the only indication being that it’ll be ready in the summer.
Last on the list is Decred (DCR). Decred, had a 20% jump on a rolling seven days basis.
“It’s actually our best performer on the list. It’s not among the most popular, but it does have a very solid and involved community”.
Decred (DCR) is a blockchain-based cryptocurrency launched in February 2016. The Decred token and protocol were created to facilitate open governance, community interaction, and sustainable funding policies. Decred is an innovative project because it bets on blockchain technology’s decentralized nature to prevent monopoly over voting status in the project itself. One of the main goals of the Decred protocol is to ensure that all DCR holders have the same amount of decision-making power and that large institutions cannot swing the votes in their favor.
Decred was heavily influenced by Bitcoin. This is because it utilized many of the underlying principles of the original cryptocurrency. But in its case, the community approves all transactions and changes made regarding the protocol. So there is no way for big Decred holders to manipulate the operation of the protocol.
“It has broken into the top 50 during this rally and with its hybrid proof-of-work and proof-of-stake approach it could be getting some more attention in the weeks and months to come”.